What are your experiences with trading competitions? I’ve seen brands like IronFX run tournaments where those with the highest percentage of profit can win cash prizes and there’s as much as $500,000 for the winners.

But do people really win money in these? What are they like compared to real trading? And do everyday traders really have a chance of winning?

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[Rafa]

The short answer is yes some people do make money. But you have to check the credibility of the trading platform (FxPro is big, regulated and well-known so you’re probably in good hands there).

Also look at the tournament conditions. They often encourage excessive trading over a short period and sometimes ban certain strategies.

Overall, you have a chance but you’ll be going up against advanced, highly skilled traders.

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[James BarraModerator DayTrading.com Team]

Trading competitions can be a good opportunity to practice your skills and even network with other traders.

However, it’s important to be aware of the risks:

• The requirement to generate high returns in a short period can lead to high-risk trading strategies.
• The competition environment can be stressful and lead to rash trading decisions.
• Contest providers are sometimes based in weakly regulated trading jurisdictions so it’s key you find a trustworthy provider.

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