Welcome to the world of trading competitions where your skills, strategies, and knowledge can lead to incredible prizes. The “Trade Day” contest, hosted by RoboForex, is a remarkable opportunity for traders to test their mettle and compete using demo accounts. In this comprehensive guide, we will dive deep into the critical aspects of this contest, including the contest schedule, participation prerequisites, criteria for selecting winners, information about prizes, and additional terms and conditions set forth by RoboForex Company.
Unveiling the Contest Schedule
When does the contest take place?
The “Trade Day” contest is a thrilling weekly event that exclusively involves demo accounts. Each competition kicks off on Wednesdays at 12:00 p.m. (server time) and concludes exactly 24 hours later on Thursdays. The concise duration of the contest adds an element of excitement and urgency to the competition. Participants must be ready to apply their strategies effectively within this timeframe to secure a winning position.
Essential Participation Requirements
What is required for contest participation?
To partake in the “Trade Day” contest, the initial step is to ensure your Members Area is fully verified. This verification process is a standard requirement to confirm that participants meet the essential criteria and comply with the contest’s terms and conditions. It is imperative to complete this verification in advance to ensure you are ready for the contest when it commences.
Single Contest Account
How to participate using a contest account?
Upon the successful verification of your Members Area, you can create a contest account that will be used for your participation in all the competitions within the “Trade Day” contest. It’s important to note that participants are allowed only one contest account, ensuring fairness and consistency across competitions. This single account requirement ensures that all participants start on equal footing, with the same initial balance.
What is the initial deposit required?
Participants are required to make an initial deposit of $1,000. Notably, this initial balance is deposited just one minute before the competition starts, ensuring that all participants commence the contest with an identical starting capital. This practice guarantees that everyone begins the contest on equal ground, eliminating any disparities in initial funding.
Understanding the Trading Conditions
Stop Out Level
What is the Stop Out level and its significance?
The contest enforces a Stop Out level of 0%. It is crucial to grasp the significance of this level, as it represents the point at which your trades will be automatically closed to prevent further losses. Effective risk management is indispensable to avoid reaching this level. Participants should have a clear strategy in place to manage risk and protect their capital throughout the competition.
What does the leverage of 1:2000 mean for traders?
The contest provides an exceptionally high leverage of 1:2000. Leverage plays a pivotal role in determining the scale of your trades. While high leverage can amplify potential profits, it also increases the risk. Traders should exercise caution and utilize leverage judiciously to avoid overexposure and significant losses.
Account Type and Trading Platform
Which account type and trading platform are used in the contest?
The contest operates with the MT4 Demo Pro account type, equipped with specific features and settings for traders to become acquainted with. The trading platform used in this contest is MetaTrader 4 (MT4). Renowned for its advanced charting and analytical tools, MT4 is a powerful platform favored by numerous traders. Participants should take the time to familiarize themselves with the platform’s features and capabilities to trade effectively.
Which instruments are available for trading in the contest?
In the “Trade Day” contest, participants trade currency pairs, offering a comprehensive range of trading options. Currency pairs represent some of the most popular and liquid assets in the financial markets, allowing traders to explore various strategies and opportunities.
Are there limitations on the number and size of positions?
The contest is characterized by remarkable flexibility. There are no specific limits on the number or size of positions that can be opened simultaneously, providing participants with ample room to implement diverse trading strategies. This flexibility allows traders to explore various trading tactics and experiment with different positions.
Expert Advisors and Automated Scripts
What are the restrictions on automated trading?
While the contest offers significant flexibility, certain restrictions are in place to ensure a level playing field and adherence to the contest’s rules:
– Expert Advisors (Scripts): The usage of Expert Advisors (scripts) is strictly prohibited during the contest. Participants are expected to rely solely on their trading skills and strategies, without the assistance of automated trading tools. This restriction fosters fair competition and highlights traders’ abilities to make manual decisions and execute trades.
– Close Family Members and Affiliated Persons: The contest rules unequivocally prohibit close family members and affiliated individuals from registering or participating in the same competition. This practice is a standard safeguard against potential advantages stemming from internal connections and ensures that each participant competes on their own merit.
– IP Address Usage: Participants are explicitly forbidden from using the same IP address (PC) for multiple contest accounts. This rule is designed to ensure fairness in the competition and mitigate any potential forms of duplicate participation. It safeguards the integrity of the contest by preventing any participant from having multiple entries.
– Rule Violations: Participants who breach the contest rules, whether intentionally or unintentionally, face disqualification. In such cases, they forfeit the right to claim any prize, underscoring the paramount importance of abiding by the established guidelines. Adherence to the rules is fundamental to maintaining the integrity of the contest.
How are orders closed at the end of the competition?
At the culmination of each competition, all open orders will be automatically closed by force. This process ensures the prompt settlement of all trades within the contest’s designated timeframe. In scenarios where it is technically impossible to close all orders simultaneously, they will be closed sequentially. Importantly, any differences in closing times will not be considered as a basis for complaints or requests for the recalculation of the participants’ final balances. This ensures fairness and consistency in the contest’s proceedings.
Determining the Contest Winner
How is the winner determined?
The process of selecting winners in the “Trade Day” contest revolves around the size of the deposit on the contest account. Here’s how it works:
– Largest Deposit: The participant with the largest deposit on the contest account at the conclusion of the competition is declared the winner. This criterion rewards traders who have successfully grown their trading capital during the contest. It encourages prudent risk management and strategic decision-making to enhance the account balance.
– Prize Distribution: The allocation of prizes beyond the top position follows the same principle—considering the size of deposits. It’s important to note that accounts with final deposits less than their initial deposits are not included in the ranking. This criterion motivates participants to aim for growth and profit generation throughout the contest.
– Complaints: Participants have the right to file a complaint concerning the contest results within one business day after the results are announced. These complaints should be submitted to [email protected], offering participants a channel to address any concerns regarding the results. This mechanism ensures transparency and provides participants with a means to seek resolution in case of disputes.
A Calendar of Opportunities
How often does
the contest occur?
The “Trade Day” contest is structured to encompass 24 competitions. This recurring schedule provides participants with numerous opportunities to test their trading prowess, compete with fellow traders, and aim for top positions in the contest. The frequent occurrence of the contest allows traders to refine their strategies, learn from experience, and strive for continuous improvement.
A Glimpse into the Prize Structure
What is the prize structure?
The “Trade Day” contest offers an attractive prize structure to reward successful participants. Here’s an overview of the prize distribution:
– 1st Place: $350
– 2nd Place: $200
– 3rd Place: $100
– 4th to 10th Place: $50
In cases where multiple participants achieve equal results, the prize fund is distributed among them based on their final ranking. This ensures fairness and equity in prize distribution, and it motivates participants to aim for the top positions.
How are prizes distributed to winners?
The allocation of prizes to the winners follows a specific process:
– The prize money is to be paid only after the winner successfully passes the verification procedure in their Members Area at the RoboForex Company. This verification step is in place to confirm the authenticity and eligibility of the winners, preventing any form of misconduct. It safeguards the integrity of the contest by ensuring that prizes are awarded to legitimate participants.
– Participants who secure prizes in the “Trade Day” contest have the flexibility to select the type of RoboForex trading account to which their prize money will be credited. The available account types for prize money receipt include Pro-Cent and Pro-Standard. This choice allows participants to align the prize with their trading preferences and objectives. It’s essential for winners to make this selection to ensure a seamless prize disbursement process.
– To receive their prize money, participants are required to email their real account number, with the base currency in USD, to [email protected]. This step ensures that the prize money reaches the intended recipient and the correct trading account. Communication is key to facilitating the transfer of prizes to the winners.
– It’s important to be aware of the company’s policy regarding account balances. In the event that the prize account is funded with a client’s own funds and experiences a negative balance, the company’s policy dictates that the client’s own funds are used first. This approach helps manage potential risks associated with trading and emphasizes the importance of risk management.
– Furthermore, participants should be cognizant of the fact that, once a Stop Out event occurs, Prize Money is written off the account. This emphasizes the importance of prudent risk management to avoid reaching the Stop Out level and potentially losing prize money.
Additional Terms and Conditions
What rights does RoboForex Company reserve?
RoboForex Company, as the organizer of the contest, holds certain rights to ensure the seamless and equitable operation of the event. These rights encompass:
– Use of Information: The company is authorized to use any information related to the prize accounts in advertising and may publish it on the company’s website and message board, as well as in various media outlets. This practice serves to spotlight the achievements of the contest winners and promote the event. It highlights the success of participants and adds visibility to their accomplishments.
– Interviews: The company may conduct interviews with the winners of the competition. These interviews not only offer recognition to the winners but also provide insights into their trading strategies and experiences. Sharing success stories can inspire and educate other traders, creating a sense of community and shared knowledge.
– Verification of Information: The company possesses the right to verify the adequacy of the participants’ registration information to ensure it aligns with the contest rules and requirements. This verification process helps maintain the integrity of the contest and ensures that all participants meet the specified criteria.
– Review of Server Logs: To uphold transparency and fairness, the company reserves the right to review server logs and statements of contest accounts. This action helps identify and address any discrepancies or irregularities in trading activity, serving as an important measure to ensure that the contest remains equitable. It provides a mechanism to detect any potential violations of the rules.
– Cancellation of Results: In instances where a participant is found to have used non-market quotes in the competition, the company may cancel the results or recalculate the results of that participant’s transactions. This action is taken based on technical statements issued by the Company’s Brokerage Department. The cancellation of results is a preventive measure against any unfair practices and underscores the commitment to maintaining a fair and level playing field.
– Disqualification: The company has the authority to disqualify any participant without advance notice or without providing a specific reason for disqualification. This authority is exercised when there is an obvious violation of the contest rules on the part of the participant. Disqualification helps maintain the contest’s integrity and fairness by swiftly addressing rule violations.
– Rule Changes: The company is entitled to change the contest rules with advance notice. Such changes will typically be published on the Company’s website or message board. Participants should regularly check for updates to stay informed and ensure compliance with the latest rules. Staying informed about rule changes is essential to ensure that participants are aware of any modifications to the contest’s operation.
– Prize Money Deduction: In certain situations, the company has the right to write off prize money previously awarded and cancel all transactions made using these funds, without disclosing the reason for such actions. This right is exercised in situations where it is necessary to maintain the contest’s integrity and fairness, even after prizes have been awarded.
Understanding these terms and conditions is crucial for participants, as they provide a clear framework for how the contest is administered and the rights held by the organizing company. Participants are encouraged to stay updated on the latest information and rules to ensure a smooth and successful contest experience.
In conclusion, the “Trade Day” contest for demo accounts presents an excellent platform for traders to showcase their skills and vie for valuable prizes. By adhering to the rules, comprehending the conditions, and making informed trading decisions, participants can maximize their chances of success in this dynamic and recurrent contest. Whether you are an experienced trader or just embarking on your trading journey, this contest offers a valuable opportunity to put your skills to the test, compete with other traders, and potentially secure financial rewards. As you embark on your journey in the “Trade Day” contest, remember that diligence, discipline, and risk management are key to your success. May the market be in your favor, and may your trading endeavors be both rewarding and enlightening.
With this comprehensive guide, you are well-prepared to participate in the “Trade Day” contest, understanding the rules, conditions, and potential rewards associated with this exciting trading competition. Whether you are looking to fine-tune your trading strategies, gain experience, or compete for prizes, the “Trade Day” contest offers an excellent avenue for achieving your trading goals. Best of luck, and may your trading strategies lead you to success in the “Trade Day” contest!