I was speaking to a friend of mine yesterday who I have known to be a good trader in the past. He told me how he has no money for trading, normally this means he suffered a big loss. He also told me that he wished he had carried on.
When you take losses (I have just had two days of them), it’s easy just to say “oh it’s not for me”, but that is part and parcel of trading. Goes with the territory, the best thing to do is get your head down and learn from your mistakes. Was there anything that I could have done to stop this happening?
Anyway – so what do you do if you have no money, but want to trade.
Well there are a number of companies offering free trading competitions. This way you can trade for real money (giving you the excitement), *BUT* without the risk.
You have to be quite a good trader to win at these competitions but it will at least be a positive step towards your real trading, and if you do win you will end up with a trading account with some money in it.
I really like http://www.forexball.com – Weekly competition with not a lot of entries, only 2007 and it’s weekly! I have decided to have a bash at this for the next month and see how I get on. They use Metatrader 4, I will be posting my results here.
Another one I’m trying is http://theforexchampionship.com/ but this one has quite limited software – I can’t see how to change stops after the trade is opened. They only have a java interface and it’s a bit, well, not very clever.
http://www.fxstreet.com/contest/ is a trader of the year contest – this starts 30th September so there is a while to go and not a huge amount of prizes.
You can google others but they are mostly quite long term trading.