New York âApril 28, 2010 To be King, you must have a strategy. Thatâs what put last monthâs King of the Micro winner, Cao Yanhui on top. Yanhui, who lives in China, won $25,000 in the popular trading contest with an impressive profit of 970.43% by focusing primarily on the EURUSD currency pair. By targeting one pair, Yanhui was able to concentrate his efforts and ultimately win the competition. He largely did so by increasing his positions within a few days of the EUR fall, raking in considerable profits. Having traded forex for over three years, Yanhuiâs trading preparation usually involves reviewing candlestick charts and analyzing forex commentary prior to placing trades. Although he takes trading seriously, Yanhui says he doesnât take a loss to heart and believes his untroubled attitude is what has made him so successful. He would advise other traders to think the same way saying, âDonât take results too seriously and enjoy the process.â View Yanhui's trading report and survey. Coming in behind Yanhui was Luo Yupeng, who lives in the U.S., winning 841.76% with focus on the GBPUSD and EURGBP pairs. He has found success in forex by constantly reflecting on his greatest weaknesses and working to correct them. He considers perseverance, excellent reasoning skills, and an objective mindset to be the most important traits of a successful trader. Adegeye Oluwaseun, also from the U.S., followed Yupeng to take third place with 526.59% and trading as many as five currency pairs. He encourages others to, âstay focused on the end result you desire⦠and with time it can be attained.â View Yupeng and Oluwaseun's trading report and survey. 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, and $5,000 goes to third place. For the past four years, King of the Micro has given traders around the world the chance to be King. In the past, winners have come from the U.S., China, Malaysia, Canada, and the U.K, among others. Itâs free to enter and no registration is needed, making it easier than ever to hit it big. All you need to do is be an FXCM client with $500 in your Micro account at the beginning of each month, and youâre 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, click here. 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. All participants of the King of the Micro contest can receive the FXCM Power Course free to improve their chances to be the King. FXCM Holdings, LLC Facts Forex Capital Markets (FXCM) 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 worldâs most respected financial authorities. *Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not necessarily indicative of future results. Read more: DailyFX - King of the Micro Winner - 970% profit* http://www.dailyfx.com/forex/fxcm_news/2010-04-28-1851-King_of_the_Micro_Winner.html#ixzz0mQQfAc4v
Lets be honest what this is all about, to draw all the newbies and suckers into a game with odds that are heavily stacked against them. You forgot to mention in your disclaimer that you trade against the clients positions and also that you sporadically disconnect the feed plus your price feed is your own that you yourself "fabricate" and may at times complete divert from where the real market is. Welcome to Mr. Bucketshop. Instead of pursuing GS what the SEC should really be doing is to close shady shops as yours, FXCM, DOWN. Your business practices are unethical and the only reason you still float around and try to catch unassuming newbies is because you operate in an "over the counter", unregulated, gray zone.
To FXCM's defense, their micro platform was recently converted to a NDD-model, the same as their standard retail platform. To that end, they no longer offer a platform whereby the firm trades against its clients (AFAIK). This not a recommendation, merely a clarification. That being said, I would argue that highlighting "970% monthly gains", from an advertising standpoint, is borderline unethical given the massive risk of ruin one would have to undertake to achieve it.
FX= unregulated scammers. Legalized gambling. 100 times worse than goldman slacks. Ought to be shut down.
not the fx market themselves but those bucket shops who take into their own pockets by a) manipulating the price feed (spiking, not moving prices) b) delaying or rejecting execution c) shutting down the platform during fast markets or other major news releases d) horrible fills/slippage this is all that FXCM is actively engaging in, just search the net. On the contrary I have traded with Interactive Brokers for over 15 years now (my personal trading), and several years also fx with them. They run an ECN feed, I have almost never had any of the above issues with the IB feed. Please note this is not about FXCM vs. IB, I just picked two examples, one where the end user is definitely getting scammed and the other where there is a fair market. Trading fx with IB I see ZERO advantage why I should trade fx futures instead. The biggest problem I find is that FXCM can run their price feed as they like, they can spike it, they can do anything to it and the end user has zero legal protection to have this stopped, this is PATHETIC!!! Of course FXCM and other bucket shops know about this criticism and rushed to change things, now they call it "Non-dealing desk model" which only means that not they themselves engage in those practice anymore BUT their liquidity providers and FXCM STILL GETS A CUT, they can deny this as much as they want. Anybody who has worked for those liquidity providers (institutional side) for several years can confirm this.
not to mention that there is nothing interesting about sponsoring a contest that focuses on celebrating the luckiest gambler for a month who likely used reckless money management and outlandish leverage to get there... It only smells like FXCM desires to show they like to play in the amateur leagues.
lol, I recommend you check out the spikes during news events, you may discover 30-50 pip divergences in extreme cases...this is just to get you started.
of course and guess why. Thats where the easy money is. Running amateur's stops and charging them larger spreads is a free money machine. This should be put to a stop. What a shame SEC is interested in defending dumb institutionals that bought into CDOs at the height of the feeding frenzy while they allow shady business practices in the fx world to whack retail guys.