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Thursday February 24, 2011 - 19:59:13 GMT
By Kiana Danial
Published: February 24, 2011
Thursday, February 24, 2011â€”FXCM Inc. (NYSE: FXCM) an online provider of forex trading and related services worldwide, announced the winners of its King of the Micro Contest for January. FXCM Inc. gives away cash awards every month to three Micro clients with the highest returns on their trades. 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.
January was an eventful month for the forex traders as China continued to tighten monetary policy in order to prevent the economy from overheating, while the EU was weighing alternative measures to address the sovereign debt crisis. At the same time, we saw the rally in the British pound gathering pace. Read below to learn how the traders reached the top of the leader board and what set apart the one crowned King of the Micro from the rest amid the reversal in the DXY (US Dollar Index).
January King of the Micro Gains a High Profit of 1181.58%*, Wins $25,000.
Madhusudhana Vasireddi from India achieved an impressive 1181.58% return. With two years experience in forex trading, Madhusudhana kept trades open from a few minutes to a maximum of five days mostly on the GBP/JPY, GBP/USD, and AUD/USD trades.
Trading Experience: 2 years
Preferred Trading Pairs: GBP/USD GBP/JPY AUD/USD
Average Trade Holds: Min of few minutes, max of 5 days
Average Daily Trading: 3 to 5 hours
Key for Success: Controlling his emotions
Read the January Kingâ€™s full survey and trading report on Dailyfx.com/press
SECOND PRIZE: Hongwei Gu from China sees 707.96%* profit, wins $10,000.
Trading Experience: 4 years
Preferred Trading Pairs: AUD pairs
Average Trade Holds: Min of 1 to 2 days or longer
Average Daily Trading: 3 to 4 hours
Key for Success: Being rigorous, bold, and decisive
Read the second prize winnerâ€™s full survey and trading report on Dailyfx.com/press
THIRD PRIZE: Chung Kai Chan from Hong Kong sees 304.41%* profit, wins $5,000.
Trading Experience: 1 year
Preferred Trading Pairs: GBP/USD, AUD/JYP, GBP/JYP, GBP/CHF
Average Trade Holds: Min of 1 day to max of few weeks
Average Daily Trading: 1 hour
Key for Success: Read extensively and think carefully
Read the third prize winnerâ€™s full survey and trading report on Dailyfx.com/press
To learn more about the contest, and to deposit money into your FXCM Micro account, view the King of the Micro Monthly Trading Contest Rules.
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.
* Past performance not indicative of future results.
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