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As the Greek sovereign debt crisis prolonged the euro’s precipitous decline (EUR/USD shed 1042 pips for the month) and sent shockwaves throughout the global economy, the safe haven U.S. dollar saw huge gains while the Japanese yen benefitted tremendously from the unwind of carry trades. Lucrative trade opportunities abounded and smart traders took big advantage.
(***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.***)
Artus Modras of Poland, our winner, achieved an extraordinarily impressive 3110%* return for the month. Utilizing fundamental analysis and a host of technical indicators, Modras kept trades open for up to several weeks to rack up substantial pip increases on the GBP/JPY, GBP/USD, and EUR/USD trades. Along with a few admittedly lucky breaks, Modras attributes much of his success to the sixteen years of trading experience he has acquired, beginning at the Warsaw Stock Exchange. “Experience is the key to success,” says Modras. “Traders have to spend many years in the market to develop the reflexes required to enter and exit trades at the right moments.”
In second place, Chin Lin Chong of Malaysia scalp traded his way to a 1132%* profit on EUR/USD and EUR/JPY. Chong is a relative newcomer to the forex market with a year of experience under his belt. Although trading has not changed his life too much yet, Chong believes he possesses the confidence, discipline, and patience needed to overcome greed and thrive as a currency trader.
Finishing in third place was Hongyan Jin of China with a 787%* return. Keeping trades open anywhere between three days and over a week, Jin made his largest profits trading USD/JPY and EUR/USD. Jin encourages fellow traders to continually reexamine their trading habits in order to sharpen their instincts and identify the strategies that work best.
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, making it easier than ever. 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, visit forexmicrolot.com/.
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.com) is a leading global forex 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
FXCM Micro, in its discretion, may or may not offset individual transactions unlike transactions in most FXCM standard accounts.
** Please be advised that CFD accounts are not available residents of the U.S or its territories.
Risk Warning: 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.
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