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Day Trader Wins 25K in Monthly Forex Trading Contest

By Kiana Danial
30 June 2011 15:40 GMT

Day trading or scalping the forex market seems to be making a comeback. This was seen by this month’s King of the Micro winner who made an outstanding profit of 2116.39%.*

Wenzhen Wang, from China, appears to have used scalping strategies on a broad range of currency pairs. Scalping, or short-term trading, can mean making dozens to thousands of trades a day. This is Wang’s second time winning the King of the Micro title and the $25,000 cash prize. Read Wang’s full survey and trade report to learn more about his strategies.

* Past performance is not indicative of future results.

Other Contest Winners

Second Place: Hui Zheng sees 886.85% return on his trades; wins $10,000.

Day_Trader_Wins_25K_in_Monthly_Forex_Trading_Contest__body_x0000_i1026.png, Day Trader Wins 25K in Monthly Forex Trading Contest

CHINA

Hui Zheng’s Advice to Traders:

  • What to Do: Staying focused gives you more inspiration in seeking opportunities, while confidence is your motivation for seizing opportunities.

  • What Not to Do: Don’t compare your own holdings to other currency pairs that show greater potential. You may suffer a loss each time you change your holdings.

Read Hui Zheng’s full survey and trade report.

* Past performance is not indicative of future result.

Third Place: Valdis Filipovs sees 607.52% profit;* wins $5,000.

Day_Trader_Wins_25K_in_Monthly_Forex_Trading_Contest__body_x0000_i1025.png, Day Trader Wins 25K in Monthly Forex Trading Contest

LATVIA

Valdis Filipovs's Advice to Traders:

  • What to Do: Be disciplined and ready to learn from mistakes. Learn to trade just one currency pair well first.

  • What Not to Do: Don’t be impatient to wait until the opportunity arises. Many losing trades could be winners if [traders] just wait for the right moment. Don’t be greedy and don’t push for quick profits—knowledge will come with time.

Read Valdis Filipove’s full survey and trade report.

* Past performance is not indicative of future results.

The winners competed for the highest return on their trading accounts during the month. Traders who have a minimum of $500 in their FXCM Micro account and place a minimum of ten trades during the month are automatically entered in the contest. Read more about the contest’s rules.

About FXCM Inc.

FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers worldwide.

At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM’s large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution, and trading from real-time charts. FXCM's UK subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade forex, oil, gold, silver, and stock indices on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read full risk disclaimer.

Contacts

DailyFX

Kiana Danial

Financial Public Relations

646-432-2449

kdanial@fxcm.com

FXCM Inc.

Jaclyn Sales

VicePresident, Corporate Communications

646-432-2463

jsales@fxcm.com

30 June 2011 15:40 GMT