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Be the Next King in FXCM’s King Of the Micro Forex Trading Contest

By Kiana Danial
29 October 2010 18:53 GMT

FXCM has announced the winners of the King of the Micro Contest for September. Contest participants demonstrated the perseverance it takes to be King, as the market saw a decline in the EUR from a five-month high versus the USD as well as against 15 of its 16 major counterpartsover concernsabout bank debt. The live currency trading competition engaged a diverse group of forex traders. The title winner was Zhong Da Jian, who recorded nearly 2,860.58%* in profits and a prize of $25,000 for September.

Winners:

Standing

Prize

Name

Country

Percentage Growth*

1st

$25,000

Zhong Da Jian

Canada

2,860.58%

2nd

$10,000

Yong Ze Zhang

China

1,309.64%

3rd

$5,000

Wessam Elhamy Allam

Egypt

565.18%

More about the Winners and their Strategies:

1st Place:

Zhong Da Jian recorded nearly 2,860.58% in profits* and received a prize of $25,000 for September. Utilizing fundamental analysis and numerous technical indicators, Jian demonstrated his understanding of the financial markets as he traded GBP/USD, EUR/USD, AUD/USD, and EUR/JPY. As the first place winner and an avid trader, Jian recommends others to “follow the rules, be disciplined, and concentrate on trading and always be ready to learn.” View Jian’s trading report and survey.

2nd Place:

Runner-up Yong Ze Zhang is a devoted trader with five years of trading experience. He relied on financial news and currency market commentary to stay on top of the market. He took second place with 1,309.64%* in profits trading the EUR/USD and the AUD/USD. Zhang recommends that traders view weaknesses as opportunities to learn and to keep trading even if they experience a loss. View Zhang’s tradingreport and survey.

3rd place:

Finishing in third place was Wessam Elhamy Allam, who opened his first real Micro account in September. With seven months of trading experience on a demo account, Wessam attained a 565.18%* profit. Wessam finds educational resources not only beneficial but necessary as trading tools. He recommends others to “find a way to deal with your losses and to handle a losing trade when you are still on a demo, as this is one of the most difficult parts of trading.” View Wessam’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 that gives away cash prizes every month: $25,000 for the trader with the highest trading return, $10,000 for second place, and $5,000 for third place.

In the past, winners have come from different trading levels--from people whoare in the process of learning forex trading to trading experts. It’s free to enter and no registration is needed.

To be a part of the November King of the Micro contest, you must be an FXCM Micro client with $500 in your account at the beginning of the month.Everyone matting this requirement is automatically entered.

You must make ten trades during the month to remain eligible. To read more details, view the King of the Micro Monthly Trading Contest Rules. To deposit more money into your account, please visit MyFXCM.

About FXCM Holdings LLC

FXCM Holdings LLC (FXCM) is a global online forex and CFD broker† that caters to both retail and institutional markets. Founded in 1999, FXCM is 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 market access to FXCM’s large network of forex liquidity providers that enables FXCM to offer clients spreads as low as 1 pip on major currency pairs. Clients also have the benefits of mobile trading, one-click order execution, and trading from real-time charts. FXCM’s UK subsidiary, Forex Capital Markets Limited, offers CFD products† with no re-quotes, which allow traders to trade oil, gold, silver, stock indices, and 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 indicative of future results.

Please be advised that CFD accounts are not available to residents of the US or its territories.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Any opinions, analyses, or other information contained is provided as general market commentary, and does not constitute investment advice. Read full risk disclaimer.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

29 October 2010 18:53 GMT