Is Forex Demo Contest a bummer?

[mumuy]

Are you a fan of Forex demo contest? Since plenty of Forex brokers offer demo contest as a marketing strategy in order to promote their company. However, in my opinion it’s a poor way of promoting one’s company since it exploits new traders who has insufficient capital.

In addition, the performances by the winners are extremely high in a very short time frame, which is very disturbing since new traders are blinded by the amount given; say $10,000 in five days. However, there is still a large disparity in trading in a demo account and in a real account, since demo contest is more of a gambling.

 

[Rockefeller]

When I started trading forex then I participated on one demo contest. On beginning I tried to trade responsibly but after few trades I had a draw down and then I started to gamble. Now I think it`s a waste of time and does not offer any extra value to you as a trader

 

[Rambo35]

I think they are terrible and misleading while they also promote the wrong mindset and trading approach. It is nothing more than gambling and damaging more than anything else.

 

[Azforex]

So far as per my knowledge, Forex demo contest is most probably for attract new traders. For example Trade with virtual money and get real money or some of the kind.

 

[Rambo35]

So far as per my knowledge, Forex demo contest is most probably for attract new traders. For example Trade with virtual money and get real money or some of the kind.

It is to attract new traders, but for all the wrong reasons. Those who fall for this marketing gimmick are usually the type of traders who won't last very long.

 

[Azforex]

It is to attract new traders, but for all the wrong reasons. Those who fall for this marketing gimmick are usually the type of traders who won't last very long.

Somehow I`m agreed with your words but as per my knowledge its all depend on trader.

 

[mumuy]

It's a marketing ploy to attract newbie traders.

 

[Fxpipper]

I wouldn't bother with a demo contest..frankly, it's more of a sales pitch sans any substance of real value..
And yeah, some of the demo accounts vary widely from the real version..