HOW NOT TO GET YOUR ASS KICKED IN A TRADING CONTEST

Okay, so…

For quite some time, I have been observing the trends of some trading contests, and I told myself…Hey dude, why don’t you try it?

Well…, since I am a competitive kinda guy, and I got nothing to lose (so I thought), I took up the challenge and registered for the trading contest which commenced on the 24th of September and concluded on the 5th of October 2018.

Oh…by the way, I also published my shameful performance in the contest at the end of this article

So…, this contest lasted for two weeks, and along the line I learnt some valuable lessons that could be beneficial to you if you ever decide to get your behind whooped or dish it out to others. 

Here are some of the lessons I learnt during the competition:

1. DON’T BE RISK AVERSE

You remember those taboos we guard against when it comes to trading your personal account?

Exactly.., one of those being;

DO NOT OVER RISK OR OVER LEVERAGE when trading. This warning makes a whole lot of sense when trading for a client or yourself.

However, when in a trading contest, if you follow this rule, you are actually setting up yourself for failure.

In a forex trading contest, it’s NOT like you are competing in a race against other F1 drivers or standing face to face against another pugilist in a ring.

For Pete’s sake, no one is going to burn to death if you end up crashing a high performance car and certainly no one will suffer the risk of sustaining brain damage after a contest.

It’s just you and a bloody account given to you to manage by the organizers of the competition. So, push the freaking pedal to the metal when those high probability trades pop up on your charts.

Trust me, only then would you stand a chance of winning anything promised.

2. KNOW YOUR TRADING NICHE

For those who are getting inspired to join a forex trading contest:

Sit your butt down,I have got a word for you…

If you think you’re just going to sign up for a trading contest and WIN just because of my pep talk, YOU ARE A JOKER!

First of, do you have a trading niche?

YES or NO….

Oh, you think the trading contest is just about going in there with all gunz blazing right?, please let’s not kid ourselves. Just because I don’t want you to embarrass me for encouraging you, I will let you in on an open secret

Build a trading niche if you don’t have one and if you do, stick to your guns mate. A trading contests of such magnitude attract so many good traders, from all over the world, with more often than not great trading skills.

In order to emerge as a winner or one of the top traders in such competitions, you need to be a master of:

1. The time frame you trade in
2. The trading session you are great at
3. How to pull off great money management skills and
4. How to fight dirty when the odds are in your favor

If you are still trying to understand how your system works, or what works best for you, my friend, I would advice you to stay on the sidelines and pick a trader you would love to cheer on.

3. GET YOUR MIND SET

In such competitions, I agree that there is less attachment to your trades compared to when you trade live, however, there is GREAT EMOTIONAL ATTACHMENT when considering the fact that:

• You are competing against good traders
• There is a prize to be won
• Your freaking pride as a trader is on the line

Trust me, There is nothing like:

“I am in for the contest, and I have zero emotions”

If you say so, you either enjoy lying to yourself or you simply believe the people you are telling that crap to are FOOLS.

In my opinion, the right mindset for such competitions would be to just accept the fact that:

• You are not losing any money, so even if you don’t win, your landlord won’t be kicking you out of your apartment.

• You are putting your trading abilities to the test against other great traders, so you would need the right level of emotional fortitude to be at your best performance.

• You may also need to stop trading on your LIVE ACCOUNT, as switching between your personal trading account and the account meant for the contest could mess your mind up completely.

4. PRAY YOUR TRADING MUSE NEVER LEAVES YOUR SIDE

Trading has a certain percentage tied to LUCK.

Yes…, your trading system may be the baddest that there is,

your discipline may put devout monks to shame and

your money management skills may rival the prodigies of wall street but

hey…

In a 2 weeks contest, it all boils down to

1. How liquid the market is
2. How well your trading system adapts to the current market situation and
3. How well you can adapt to the psychological demands of a contest while tending to other pressing needs.

Sorry buddy, when it comes to luck and trading I guess every trader has to find his/hers. I really can’t bestow or bless anyone with luck. I can only pray your trading muse smiles at you during such psychologically competitive games.

Alright, alright, alright, enough of my banter.

Dddddddddddddddrums roll please…..

Just before the tournament ended (05/10/2018), I was able to nip out my result which is shown below.

Yeah,

That’s it: THE CRAFTER from NIGERIA. I earned 59.28% R.O.I in two weeks

Please don’t mind the TOP RANKING position I and the other traders were given, I would have felt better if that tittle reflected in my account (lol).

Anyway, I was honored to be part of a big contest and a rare privilege to compete among some of the finest traders in the world. At least I now know what my performance could be if I need EMERGENCY MONEY…lol

Kindly comment and share if this article was beneficial to you in any way.