Since March 2010, every month NordFX holds a two-week DemoCup contest. The monthly draw is $3,500. The annual prize pool is $42,000. Anyone may take part in the contest and absolutely free of charge.
Only practice (demo) accounts may participate in the contest, however all awards are real. Who might become a winner? The names of top 10 are announced on completion of each monthly stage of the contest – the names of those who can prove their trading strategies profitable, those who have the largest deposits after two weeks of trading with a virtual $10,000 in their demo accounts.
The rest of the participants won't be disappointed – 10 randomly selected contestants will receive consolation prizes!
The terms are the same for all participants – both for beginners and experienced traders. Excitement? Yes. Real trading atmosphere? More than enough! Prizes? Of course! Top 10 finalists will receive REAL money by trading VIRTUAL! Moreover, 10 more contestants will receive consolation prizes!
Would like to join and contend for prizes? Ready to try your luck and strategies? Prepared to prove the profitability of your trading tactics? Ready to win REAL money? If yes, this is the Place to Be!
Results and winners naming: 26.01.2015 00:00 (server time)
1st place - $1,000
2nd place - $700
3rd place - $500
4th place - $200
5th place - $100
6th place - $100
7th place - $100
8th place - $100
9th place - $100
10th place - $100
10 consolation prizes, $50 each
Throughout its history, the DemoCup contest held by NordFX has seen a few hundred prizewinners from various countries – Russia and China, Ukraine and India, Kyrgyzstan and Sri Lanka, Romania, Iran, Taiwan, Poland, Kazakhstan, Egypt, Belarus, Indonesia, Uzbekistan, Vietnam, Estonia, South Korea, Singapore, Hong Kong, Australia, Bulgaria, France, Pakistan, Lithuania, the Czech Republic, Moldova and the USA… The participants’ geography is very expansive, and you can hardly pin all the places on the globe, which just testifies to the popularity not only of the contest but also of NordFX as a company overall.
Naturally, DemoCup participants are people of different ages, jobs, religions and levels of income. However, what they all have in common is their great interest in Forex and the desire to win the contest.
What are the ways in which our participants achieve their success? It goes without saying that not all of them are willing to share the secrets of their mastery. The ability to earn on Forex is a big capital in itself, and it takes a lot of nerves and energy to acquire it. Grueling days and sleepless nights, a thorny way of gains and defeats – all these add up to the foundation of victories by DemoCup participants. It’s exactly why in response to the question about the strategies that led them to the winners’ podium they give just a few words and resort to some general statements in their answers.
Well, it’s quite understandable, although we did manage to learn some of the winners’ secrets and are ready to share them with you. We’ll make it clear from the start – everything you’re about to read here is no way a mandatory instruction manual for you to apply. It’s simply information, and we’d be happy if you found it both interesting and useful for yourself.
Here it goes. The great majority of winners trade manually during the contest. Half-manual half-automated trading is the max. Even those who develop their own expert advisors prefer in this case to keep their eyes on the chart and their hand on the computer keyboard, putting more trust in their intuition and reason rather than in a computer program. Apparently, neurolinguistic programming hasn’t yet arrived at the stage when a robot can fully replace a human.
“I’m confident that no expert advisor can compare with a human being,” opines Muhammed Nurzhanov, a DemoCup prizewinner and a Forex trailblazer in Kyrgyzstan. “I recommend only manual trading! Sure, there may be mistakes made because of your emotions but it’s those errors that help us learn after all.”
As for the use of technical or fundamental analysis, the overwhelming majority of our winners vote for the former. Some have quite a firm stance. For instance, I. Novoselov from Udmurtia in Russia, who took the first place in November 2013, considers “all these news ‘games’ as nothing more than a way to throw traders into confusion.” “Though, news trading is something… I enjoy!” – he adds with a smile to soften his opinion.
Alik Grigoryan from Ukraine has reached a compromise on this issue. He says, “Concerning the use of fundamental and technical analysis, I’d break it like this – 80% for technical analysis and 20% for fundamental analysis. I think it’s optimal to assess the market from the technical standpoint and then adjust your perspective with the help of fundamentals.”
Now about the timeframes used. Their range is extremely wide. Some use the minute timeframe and easily make 1,000 trades shaving off a ‘thin layer’ of 1-pip profit from each. Others, for the fear of the nerves, consider it normal to use just H4 and D1 in their trading. Many traders use M5, M30 as well as H1 in their trading strategies. All this only confirms the proverb – ‘Many men, many minds’.
As for indicators, DemoCup runners-up and winners, for some reason, ‘unanimously’ … keep mum. However, what they all say as one is that they dislike the Martingale system. It’s no wonder – as deposit amounts grow our traders gradually up the traded lot size but most of them think that indefinite buildup of a losing deal contrary to the market trend leads you nowhere. “I don’t think you can win this contest if you use the Martingale system,” shares V. Doroholskiy, a third-place DemoCup winner from Donetsk, Ukraine.
The contest held by NordFX is for demo, or virtual, accounts but many of the contest winners have a lengthy experience of trading in live accounts too. Actually, equity management is by far stricter in this case, thus results are much more modest. For instance, whereas on average a DemoCup winner increases his startup capital by 15-25 times during 10 contest days, his live trading results tend to be considerably lower. As one of the contestants admits, a 15-percent growth per month is just great.
We’ve saved the best for last. You surely know that every month 20 prizewinners divide a quite real $3,500 among themselves. When asked how they were going to spend the money, almost everyone said that they would invest it in Forex trading. Only one person spent his winnings on a New Year’s celebration, and that is OK, of course – Christmas tree ornaments and tinsel certainly outshine any trends and reversal patterns on the computer screen.
What about YOU? What will YOU spend your prize money on? We sincerely hope that we’ll be able to ask you this question soon. Good luck and may victory be yours!
At this point, your account will be included into the Preliminary List of Participants. After successful verification, the account will be added to Monitoring as confirmation of your participation in the contest.
To trade in your contest account, please download the MetaTrader 4 platform by the link at the bottom of the page.