Dukascopy Trader Contest Review
Heard anything about Dukascopy Contests? We have found one that might interest you. We have to say, that nowadays good contests are actually difficult to find. Read our full Dukascopy Trader Contest review to see all what it can offer you! See all terms before you start competing in it so you will know what is waiting for you
Dukascopy Demo Contest Description
First of all, you need to know that this contest will take place until the end of 2015. It consists of monthly rounds, so every month you will be able to get your share of the dedicated prize pool. So if you have a lot of free time and are into Forex trading, you cant try this contest.
Monthly prize fund of the Dukascopy Trader Contest is rather generous especially considering that there are 30 places paid. Of course, the best prizes are reserved for three best traders and are:
- 6,000 USD for monthly winner,
- $3,5k to runner-up,
- 2,500 USD for the third best Dukascopy Demo Trader.
Dukascopy Trader Contest Review of Terms and Conditions
As for terms and conditions, they seem pretty difficult and contradictory for participants. Firstly, you will trade on demo account with starting balance of 100,000 USD and maximum leverage of 1:300.
But, in case your total losses exceed your initial deposit amount – you will be out of the Dukascopy demo championship. So, even if you make a profit of 1 million and after that experience a loss of 100 thousand, you will be out of the championship. Not cool, huh?
More to that, your strategy has to be so cool that you will “encourage other traders to copy you”. So, you should not just care about making maximum profit, but also make sure that others will agree with you and get encouraged to open the same positions as you do. How do you actually do it?
This is not actually everything, as Dukascopy Trader Contest Review found out, you should be able to explain every trading decision that you made together with your strategy. So if you do have a great strategy and do not want to share it with the world, do not go for this Forex championship.
If you trade without any stop loss or take profit, there is no place for you in this contest. Rules suggest that any opened order should have both, TP and SL levels. But, it is not just that, you will not be able to cancel the levels that you have placed. And there are specified ranges for every currency in which you have to set your levels. So, if you forget about any SL or you would like to take more than 2% increase from EUR/USD, Dukascopy Trader Demo Contest will not allow you to do so. And, do not forget that on the end of each Friday Dukascopy offers only 1:30 leverage, which is kind of low, if you as us.
With all the controversy that this Forex championship has, we would not advise you to take part in it. It is definitely better to take funded account from deals below and show how good you are there!