To take part in the contest, you need to be
registered at
ForexRazor.com. You can register any time between March 18, 2013
and April 15, 2013 (which is when the contest will end). When you access the
“Contests” section of the site, you will be able to open the Trading Contest
page, read and accept the terms and conditions, and register. Then, when you
open your Meta Trader 4 account, you will need to access the server titled
“ExcelMarketsNZ-Demo”... and start trading. You will be given $10,000 fake
money, which you can use to compete for the $5,500 prize pool. The trader with
the biggest profit when the contest ends will be given a $3,000 prize. Second
place will win $1,250, third will win $400, fourth will win $250 and five to ten
will tin $100 each. The winnings will be paid within 30 days of the contest's
end via PayPal, Moneybookers/Skrill or wire transfer. Prizes that are not
collected after 30 days will be canceled.
Of course, just like any other Forex competition,
this one has certain specifications you would need to pay attention to. First,
leverage for all participating accounts will be 1:100, and margin calls will be
set to 100% of the required margin. Once the margin call is triggered, your
trades will be closed one by one. If you lose all your money, you will not be
able to register again and start over (there is a strict one entry per household
rule). Second, meeting or exceeding 50% drawdown will get you disqualified from
the contest. Drawdown will be calculated based on “peak to valley” equity, and
new account highs will have also affect drawdown tolerance.
The third thing you need to pay attention to is,
as stated in the official contest rules, that “any participant intentionally
hitting the demo price feed off market will be disqualified”. This means that if
you try to take advantage of any latencies between your connection and the trade
server, ForexRazor will find out and kick you out of the competition. Be
warned!
Like any demo Forex
trading competition, the Excel Markets Forex Trading Contest March 2013 sounds
like a nice, safe opportunity to test your skills and pit yourself against you
fellow traders, while making some money. We've already seen several such offers
this year, like
OANDA's Myfxbook Demo Contest and the
FBS March $999 Demo Contest. Some brokers go even
farther, offering immense prize pools, like the
Admiral Markets $541,000 ForexBall prize pool.
All in the spirit of friendly fun and competition, of course!
