New York, July 21, 2010—FXCM (www.fxcm.com) King of the Micro Contest competitors struggled to profit from a forex market in transition during the month of June. Following six months of steady appreciation for the U.S. dollar, the benchmark currency would finally work towards a meaningful correction as fears surrounding the European debt crisis and the possible collapse of the euro subsided. The markets, however, remained as volatile as ever throughout the month, and disciplined traders reaped huge profits as currency pairs adapted to changing economic and political currents.
(Disclaimer: Although the information expressed below was obtained from actual FXCM account records, gains of the magnitude described are not typical and, therefore, are not representative of the majority of forex traders as past performance is not indicative of future results.)
Melquiades Matacot of Canada, raking in nearly 835% in profits, captured the crown and its accompanying $25,000 purse in June. Trading primarily GBP/USD and GBP/JPY, Matacot deployed a variety of fundamental and technical strategies to beat out the competition. A relative newcomer to the forex markets, Matacot started trading currencies less than two years ago. But already, his new passion has had a profound impact on his life. “[Forex trading] has changed my life for the better,” says Matacot. “It has given me a new beginning and has made me a new person.” For other traders that are also new to the market, Matacot advises them to develop patience, discipline, and emotional detachment; without those traits, successful trading is next to impossible. View Matacot’s trading report and survey.
Finishing in second place was Yu Quan Du of China with a 579% profit. Du, who generally prefers to hold trades open between two and ten days, speculated entirely on USD pairs, garnering his biggest gain on a 1,170 pip GBP/USD trade. Money management skills and an overall placid disposition have proven Du’s greatest assets as a trader. “Success or failure lies in one’s mindset,” says Du. “One needs to take profits timely and exit a trade decisively when loss is incurred.” View Du’s trading report and survey.
Rounding out the top three, with a 368% profit, was Ian Thomas of the United States. Unlike Matacot and Du, who both incorporated long-term trades into their strategies, Thomas preferred scalping, a tactic whereby traders attempt to profit from multiple small price changes rather than a few large price changes. This particular trading method is highly reflective of Thomas’s overall trading philosophy: “Every scenario developed can and often does fail.” However, even with such a sober outlook of the markets, Thomas enjoys trading tremendously, and finds that it allows him to earn a modest wage while engaging with fascinating problems and challenges. View Thomas’s trading report and survey.
What is the FXCM King of the Micro Contest?
King of the Micro is a currency trading contest hosted by FXCM, which gives away cash prizes every month: $25,000 for the trader with the highest trading return, $10,000 to second place, and $5,000 goes to third place. Since its inception, FXCM has awarded over $500,000 in cash prizes.
In the past, winners have come from the United States, China, Malaysia, Canada, and the United Kingdom, among others. It’s free to enter and no registration is needed. All you need to do is be an FXCM client with $500 in your Micro account at the beginning of each month, and you’re automatically entered. You also must make ten trades during the month to remain eligible.
For more information on the King of the Micro Contest, to read the full contest rules, and to deposit money into your FXCM Micro account, click here.
FXCM Micro is a division of FXCM that provides new traders with access to the currency markets for as little as $25. With a small (1K) lot size, FXCM Micro provides a great way to get started in the forex market. FXCM Micro is offered for individual, self-traded accounts.
FXCM Holdings LLC Facts
Forex Capital Markets (FXCM) is a leading global forex and CFD broker† that caters to both retail and institutional markets. Founded in 1999, FXCM is one of the largest brokers, regulated by several of the world’s most respected financial authorities.
At the heart of FXCM’s client offering is No Dealing Desk** forex trading. Clients have Direct Market Access to some of the world's largest forex liquidity providers, enabling FXCM to offer clients spreads as low as 1 pip on major crosses. Clients also have the benefits of mobile trading, one-click order execution, and trading from real-time charts. FXCM’s CFD product offers no re-quote trading and allows traders to trade oil, gold, silver, and stock indices, along with forex on one platform. In addition to currency and CFD trading, FXCM offers educational courses on forex trading, and provides free news and research through DailyFX.com.
*Past performance is not necessarily indicative of future results.
†Please be advised that CFD accounts are not available to residents of the U.S or its territories.
**Please note, FXCM Micro, in its discretion, may or may not offset individual transactions unlike transactions in most FXCM standard accounts. For additional information, click here.
Trading foreign exchange and CFDs on margin carries a high level of risk, and may not be suitable for all.
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