ForexNewsNow – HYMarkets.com a London-based forex broker, is at this moment organizing a large-scale trading contest that will reward traders with a large variety of prizes. The competition began on October 1st and will last until the end of November. Among the large prize offered at the end of the competition, skilled traders will also be able to win weekly prizes and rewards.
Rules and Guidelines
In order to participate in the HY Markets Trading Championship 2012 traders will have to register first. After registering to the competition traders will be awarded with an initial trading capital of $10,000. This money has no actual value and all the profits gained though this money will be voided at the end of the competition.
The competition will take place using the demo account system HYMarkets provides. Traders will be able to use the $10,000 virtual money to trade on forex but also on other types of assets such as oil, natural gas, indices, agricultural products and precious metals.
The competition is built on weekly segments that began on October 1th. During each week, participants will have to use their $10,000 balances to increase their bankrolls as much as possible as well as achieve a high return of investment.
At the end of every weekly segment, traders will be ranked according to the rate of profitability they have achieved. The top ranked trader of the week will receive $1,500 real money trading credits added to his or her account as well as 6 month free access to the broker’s software Trading Central.
The weekly 2nd placed trader will receive a price of $1,000 trading credits as well as 3 months free access to the software Trading Central. The 3rd placed person during each week will receive a $500 trading credits as well as a full month of access to the Trading Central.
The grand prize of the competition is a real money trading account funded with $3,000 trading credits as well as a full year of access to the broker’s software Trading Central product. The big winner will be the person who achieves the highest return of investment during the 2 months the competition is active.
Participants and Current Ranking
At this moment there are already an extremely large number of traders who participate in the competition. The toplist on the page of the competition contains the nick names of the top 100 traders each week. Each one of these traders achieved notable profits and returns of investment, indicating that there are a lot more traders who participate in the competition but did not manage to get listed on the top 100 chart.
At this moment the first ranking trader managed to turn his or her $10,000 initial balance into $84075.26. This means a return of investment of 740%. This is followed by another trader who achieved a rate of 537%. Both these results were achieved during the first week of the competition.
During the current week of the competition the top-ranked trader achieved only a return rate of 172%. The second placed trader achieved 155% while the third ranked trader achieved 148%. It’s extremely likely that these rates will further increase as the week progresses.
The new and exciting HY Markets Trading Championship allows traders to test their skills against each other and win awesome prizes. The competition is also a great way for new traders to begin their career in the world of online trading.