Contents
- Introduction
- What is the Eightcap October Demo Trading Competition?
- How to Participate in the Eightcap Demo Trading Competition
- Who Can Participate?
- Competition Terms and Conditions
- Strategy for Winning the Eightcap Demo Trading Competition
- Gain Calculation Formula
- Risk Warning
- Conclusion
- Today Market Analysis
Introduction
Ready to showcase your trading skills for a shot at potentially taking home some real cold hard cash prizes without risking anything? The Eightcap October Demo Trading Competition is now open, with a combined $1,800 cash prize pool for the top three trading competition winners. You will be able to hone your strategies, perfect your style of trading, and have a possible opportunity for big wins risk-free!
This demo trading competition presents any seasoned or newbie trader with an excellent opportunity to be pitched up against their limits in a competitive, simulated trading environment. Here is everything you need to know to make a kill, maximize your returns, and claim your share of the prize pool.
What is the Eightcap October Demo Trading Competition?
The Eightcap October Demo Trading Competition is free for traders to compete on demo accounts and win real cash prizes based on their trading performance. Participants could stand a chance to win on a demo account without risking anything since a first place hold of $1,000 and a second place hold with $500, as well as the third place holder who stands a chance of getting $300.
The competition time frame shall be from 15th October 2024 to 31st October 2024, and the ranking shall be on return generated the highest in the course of the competition. This is one of the best opportunities for any traders to test their trading strategies by upgrading their skills and winning real prizes as a motivation.
How to Participate in the Eightcap Demo Trading Competition
The easiest thing to do is participate in this competition. This will take only some minutes. For the sake of getting you started, follow these steps to get in the competition:
Sign Up for the Competition
: Before the 15th of October 2024, sign up for the competition. Open the Eightcap site, click demo trading account, and you’re signed up automatically into the competition. Now it’s time to start trading:
Once the competition is open, trade on your demo account and try to make the highest return. The more successful the trades are, the more up the position on the leaderboard.
Watch Your Progress:
Track how you are doing compared to the other participants in real-time. The client with the biggest percentage return on their demo account by 31st October 2024 will be the winner.
Win Cash Prizes:
The first three participants will win a cash prize as shown below:
Winners-
a) First prize winner: $1000 USD
b) Second runner-up: $500 USD
c) Third runner-up: $300 USD
These amounts will be deposited in the winners’ account after verification.
Who Can Participate?
The competition is open to eligible clients of Eightcap. You will qualify if you meet the criteria below:
Before 15th October 2024, you’ll need to sign up for the demo competition.
Offer is not available for entry by residents of Australia, the U.S., or any other jurisdiction from which the participation in such offer is prohibited or where the promotion is restricted by law.
If you are eligible, then you can participate and compete for their prizes!
Competition Terms and Conditions
he reason is to understand the terms and conditions that your competition is offering so that you will be well-informed of how everything works. Here are some important details:
Multiple Accounts: In this competition, a participant is only allowed to have one demo account. If a participant has more than one account, that participant is disqualified from the competition.
Non-Transferable Prizes: The prizes cannot be transferred from one account to another or from one person to another.
Any evidence of fraud, manipulation, and abuse in aspects of competition shall lead to disqualification.
Strategy for Winning the Eightcap Demo Trading Competition
To have a higher probability of winning in the Eightcap Demo Trading Competition, it is very important to develop a sound trading strategy. Here are some tips:
Pre-Competition Planning
During the pre-competition period, prepare an action plan, which would outline entry and exit techniques, risk management strategies and the types of instruments that you prefer trading. A well planned will minimize likelihood of acting on emotions, so make sure to have one.
Do not put all the eggs in one basket; instead, spread your trades across different currency pairs, commodities, or indices. It will be possible to spread the risk and grab opportunities from multiple markets.
Leverage Your Account Wisely:
Levage can increase your earnings but also generates risks in your hands. Be cautious of how to use leverage, not to over-leverage in this competition since the rank depends on the profitability of your strategy. The higher levels of over-leveraging will result in higher losses that are difficult to gain back within the periods of the competition.
Major Market Events
Follow news releases on the economy and related market events. These often tend to create volatility, which is risky, but also means opportunity. Look at through technical and market indicators on how they are likely to behave during such an event and then make your decision .
Control Risk:
Even though it is a demo account, risk management is a crucial one. Utilize stop-loss orders to manage the potential drawdowns for your account balance. A trader who can minimize his drawdowns while keeping steady gains will do much better in the competition.
Keep Track Of Your Competitors:
If you fall behind in following the leaderboard in the competition, think of adjusting the strategy by taking more calculated risks.
Gain Calculation Formula
The ranking of your final ranking at the end of the competition depends on the performances of your account, calculated with the formula as follows:
Gain = ((EE + W) – (EB + B)) / (EB + D)
Where,
EE : Equity at the end of the Competition period
EB : Equity at the beginning of the Competition period
W : Withdrawals made during the Competition period
D : Deposits made during the Competition period
B : Balance
Rank a client with the highest trading gain higher. If tie, rank the client with a higher equity or lower maximum drawdown higher.
Risk Warning
Where demo trading eliminates the threat of losing real money, understand that forex and CFD trading carry extensive risks. Leveraged products can cause massive losses; thus, traders must thoroughly understand the risks before entering live trading. Always trade responsibly, and in any doubt, take independent financial advice.
Conclusion
The Eightcap October Demo Trading Competition is an exciting way in which traders test out their skills, develop new strategies, and win real cash prizes. Trading activities are at their best, with a total prize pool standing at $1,800-no risk involved.
Do not miss your chance to enter this one. Sign up by the 15th of October 2024 and get ready for the competition for the top. Whether your prize is the first of $1,000, or you want to find some experience before, the Eightcap demo competition is the place to be in October.