So far, the widely circulated forex trading contests have quite long durations, ranging from weekly, monthly, and even yearly. This is what sometimes makes traders feel reluctant to take part. As a matter of fact, some traders are only interested in joining daily forex contests for the practicality and their preference to run short-term strategies.

Daily Forex Contests to Participate in

Daily forex contests have many benefits that traders can reap. The main reason is of course because of the short time required. You only need to devote 1 full trading day to competing in daily forex contests; no need to wait and be anxious for days to maintain your ranks.

If you are a trader who applies scalping or day trading, here are some recommended daily forex contests to show your skills.

InstaForex FX-1 Rally

InstaForex presents the FX-1 Rally competition as a daily demo trading contest with a prize of $1500. Traders who register to take part in this contest will receive a virtual deposit of $40,000 and make transactions with leverage of up to 1:500. This contest runs from 00:00 Friday to 23:59 Saturday. The registration process is open throughout the previous week until one hour before the contest starts.

The minimum trade size is set at 0.01 lots, while the maximum is up to 10 lots. FX-1 Rally not only provides incentives to participants with attractive prizes but is also a good platform to develop trading skills, especially in terms of short-term strategies. If you have any questions or want to find out more information about the FX-1 Rally daily forex contest, contact the official InstaForex email at [email protected].

Grand Capital Cup

Grand Capital hosts the Grand Capital Cup, a daily forex demo contest where participants have the opportunity to show off their trading prowess with a virtual balance of $10,000. The top prize for this tournament is $500 cash plus a rewarding title of "Professional Trader".

This tournament lasts for 24 hours, starting at 15:00 on Thursday and ending at 15:00 on Friday. Participants can take part in the competition using the MetaTrader 4 or Web Trader platforms. The instruments available for trading are forex and metals.

To participate, traders must be active traders of the Grand Capital. All newcomers can participate as long as they have completed the verification and made at least one transaction.

Tips during Daily Forex Contests

Daily forex contests are ideal for short-term traders because the time required to participate is relatively short. However, this doesn't mean that you can be less focused on this kind of competition. Limited trading time will expose you to short-term volatility risks, so if you don't watch the price carefully, things can change drastically in an instant and affect your performance in the daily contest. For this reason, make sure you have prepared to devote all your time, focus, and energy during the competition.

No less important than the strategy are the contest rules that must be obeyed. Each competition has different policies. Pay close attention to what is allowed and what is not, because rule violations can result in disqualification or ineligibility in winning the contest.

If the daily trading contest feels too draining and you prefer to only occasionally monitor your trades, weekly forex contests could be a better option for you.