Admiral Markets is about to launch the 4th round (out of 4) of its ForexBall forex trading competition. This one is an interesting concept as through several rounds it allows traders to participate and earn awards more than once. There’s also an additional round just for winners – with bigger prizes.
In general competitions if properly structured can attract large portions of new clients and are still not prevalent enough in this market.
ForexBall™ Trading Competition
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ForexBall™ is an international trading competition that is being carried out on Admiral Markets demo accounts. Basically, it is a competition using virtual money that pits forex traders against each other to see who can generate the most profit within a fixed time frame. The top earners get a cash prize with a total prize pool of $60,000!
The ForexBall™ Rounds
There are a total of 4 rounds in the ForexBall™ 2011 competition. All 4 are standard rounds in which each of the traders start with $5,000 in demo money and trade whichever currencies they want to make as much money as possible within the round’s time limit (schedule). Contestants are broken down into divisions based on the geographical region that they live in and only compete against other contestants in their own division. At the end of each of the standard rounds, the top 5 earners in each division will be declared the winners.
In a special round called the “Gold Rush” round, only GOLD will be available for trading on the contestants demo accounts. In this round contestants will not be separated into divisions but will instead be competing against everyone at the same time. At the end of this “Gold Rush” round, a total of only 5 winners will be declared.