Wednesday March 16, 2011 - 14:20:28 GMT
Wednesday, March 16, 2011Â¬â€”FXCMâ€™s King of the Micro contest is among the popular forex trading contests with winners from all around the world. All FXCM Micro clients with a minimum of $500 in their account at the beginning of the month are automatically entered in the contest. To remain eligible, they must execute a minimum of ten trades during the month.
Market volatility remained low through the month of February, but a continued US dollar downtrend meant that key pairs continued to hit major highs and lows. Trend traders likely outperformed through this stretch as they latched onto slow but steady US dollar declines.
GRAND PRIZE: $25,000 goes to Tommaso Battista from Italy with a 693.44%* Return
Trading Experience: 4 years
Preferred Trading Pairs: EUR/USD
Average Trade Holds: Min 2-3 hours to 2-3 days
Average Daily Trading: 3-4 hours
Key to Success: Follow the trend.
The former stock trader turned to forex trading after gaining knowledge in technical analysis and finding use of it in the foreign exchange markets. The only fundamental news he uses as trading guidance are ECB press conferences and NFP releases.
Read the February Kingâ€™s full Survey and Trade Report.
* Past performance not indicative of future results.
SECOND PRIZE: $10,000 goes to Mario Jemic from Croatia
Trading Experience: 3 years
Preferred Trading Pairs: AUD/USD, AUD/JPY, XAU/USD
Average Trade Holds: Several weeks to several months
Average Daily Trading: N/A
Key to Success: Emotional stability, confidence, and decision making skills. Avoiding fear and greed.
Read the second place winnerâ€™s full Survey and Trade Report.
THIRD PRIZE: $5,000 goes to Ling Meng from China
Trading Experience: 6 years
Preferred Trading Pairs: GBP/USD, EUR/USD
Average Trade Holds: Min of 1-2 days to max of a week
Average Daily Trading: 2 hours
Key to Success: Strict discipline, seize opportunities, not being greedy.
Read the third place winnerâ€™s full Survey and Trade Report.
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 FXCMâ€™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. Any opinions, analyses, or other information contained is provided as general market commentary, and does not constitute investment advice. Read full risk disclaimer.
Financial Public Relations Associate