How can investors who are new to trading gain experience without risking their money, and try out the flexibility of a new trading platform at the same time?
Sharpen your trading skills
The best way is by direct experience. Keeping this in mind, Phillip Futures has launched the Phillip Futures MT5 Spot Trading Challenge 2018
The promotion involves opening a demo MT5 account. This will allow you to trade without actually committing any funds. But the Phillip Futures MT5 Spot Trading Challenge 2018 is much more than just a demo account.
To provide new traders with a further incentive, Phillip Futures has introduced a competition as well. This is how it works:
- Participants will be provided with an amount of US$30,000 in their demo trading accounts.
- The challenge is to maximise this initial equity balance as much as possible by entering into profitable trades on the demo account.
- Trading activity has to be carried out on a demo MT5 trading platform that you will have to download. If you already have access to a demo MT5 account from another broker, it will still be necessary to download a new account from Phillip Futures.
What’s truly unique about the challenge is how it caters to traders of all experience levels. “The trading challenge – unlike a typical competition – is designed to reward not only top traders, but also anyone who is willing to give it a shot. In this trading challenge, the participants are competing only against themselves, they decide how much to push, what they want to achieve, and where is the limit for them,” explains Phillip Futures’ Lee Yi Jie.
Lee Yi Jie, Business Development Executive (Forex), Phillip Futures
“And, it is absolutely free, with three opportunities to win real trading credits.”
For traders with ZERO experience, Lee says the challenge will provide them with real exposure into the forex market, risk-free, with a renowned platform (MT5), and be rewarded for their good performance.
Novice traders will get the opportunity to put their strategies to the test with the motivation of real incentives, and see how easy it is to execute their strategy on the MT5.
What about experienced traders? They will be able to find out just how far they can push their strategies without risking real money, and be rewarded at the same time, adds Lee.
What is the length of time that participants will have to build their trading profits? There are three rounds to the Phillip Futures MT5 Spot Trading Challenge 2018:
- 1st round: 21 May, 5 am to 1 June, 5 am (SGT)
- 2nd round: 4 June, 5 am to 15 June, 5 am (SGT)
- 3rd round: 18 June, 5 am to 29 June, 5 am (SGT)
You can participate in as many rounds as you like. By taking part in all three rounds, you increase your chances of winning the challenge. You will also get the opportunity to develop your trading skills and try out different strategies. But regardless of the number of rounds that you participate in, you will eligible only for one prize.
What’s the MT5 platform all about?
Metatrader 5 (MT5) is the trading platform created by MetaQuotes, and is exclusively offered in Singapore by renowned forex broker, Phillip Futures. Using MetaTrader 5, you can place eight different types of orders. These include buy limit, buy stop, sell limit, sell stop, buy stop limit, sell stop limit, stop loss, and take profit. The platform’s technical analysis and charting tools are some of the best in class.
Lee also adds that the Phillips MT5 offers these other benefits:
- A library of 38 Technical indicators & 44 Graphical tools (Catering to technical traders)
- Access to the latest new events and economic calendar under the same trading window (Catering to fundamental traders)
- Automated trading made accessible to those without programming background (via the use of Expert Advisors)
- Ability to hold open long & short positions of the same currency pair (Hedge mode)
- Option to trade with much lower capital using varying lot sizes (Micro/Mini/Standard lot available)
Phillip Futures’ as a trusted broker in Singapore, also offers spreads of as low as 0.6pips on the MT5 and no commission fees.
Unlimited prize pool for winners
How can you become a winner in the Phillip Futures MT5 Spot Trading Challenge 2018? It’s very simple. All that you have to do is to maximise your starting equity balance of US$30,000 by maximising your trading profits.
Here’s how much you can win:
Source: Phillip Futures
So, if your opening equity balance of US$30,000 is converted into US$60,000 by the end of a particular round, you will be eligible for a credit entitlement of US$800. You can redeem this sum by opening and funding an MT5 account with Phillip Futures.
Remember that you can participate in as many rounds as you like. You can also enter a round on any day as long as that round is in progress. As an example, say, you want to enter the competition on the 25th of May 2018. On this date, the first round, which runs from 21 May, 5 am to 1 June, 5 am (SGT) will be in progress.
It’s possible to enter the first round on 25th May. However, you will have to start with an equity balance of US$30,000, which is the sum that other participants would have received at the beginning of the round. The challenge would be tougher for you as the other traders who are participating in the competition would have a greater number of days to build their equity balance.
Every participant who meets the pre-defined equity tier by making trading profits in the demo account will receive the prize of trading credits. If you are a winner, you don’t have to wait for the end of the last round to claim your prize. You can claim it at the end of the round in which you become eligible. The crediting of prizes will begin in August 2018.
Nothing to lose, literally
You can register for the Phillip Futures MT5 Spot Trading Challenge 2018 on its registration page by entering some basic details about yourself. Do note though, that the competition is open only to new MT5 clients of Phillip Futures.
If you participate and win, you can earn up to US$800 trading credits. There is no restriction on the number of winners. Everybody who meets the criteria of boosting the initial equity of US$30,000 to US$60,000 will be eligible to win the US$800 prize. Similarly, all those who build their equity up to a minimum level of US$31,500 will gain credits too, although the prize money will be lower.
What if you participate and don’t win any prizes? You have lost nothing since taking part in the Phillip Futures MT5 Spot Trading Challenge 2018 is absolutely free.
But you will certainly gain as you will enhance your trading skills by getting the opportunity to trade in the markets with make-believe money. This experience can be invaluable when you actually enter the market and start trading with real money.
This article first appeared on ZUU online.
ZUU online is an Asia-based financial education online portal. Founded in Japan by Kazumasa Tomita, a former private banker at Nomura Securities, the portal seeks to fill the information gap between institutional research houses and the private investor.