Each month over $4,000 will be awarded to the top 5 mini account holders with the highest percentage gain. This is NOT a demo contest — this is a live trading competition open to all live mini account holders. At the beginning of each month, the slate is wiped clean and traders have a new opportunity to win the monthly prizes. What makes this contest unique? All prizes are CASH prizes with no restrictions on withdrawing the prize money!

Note that in September 2008 the King of the Mini contest will become the King of the Micro contest. There is no registration form or entry fee required. All live FXCM Micro accounts with a minimum balance of $500 by the first of each month are automatically entered in the contest.

Click Here to read the Contest Rules
Click Here to open an FXCM Micro account
Click Here to deposit more funds into your existing FXCM Micro account.

*To subscribe to this thread Click Here

__________________
http://www.forexmicrolot.com/trading-contest.jsp

by Jason Yu, FX Power Course Instructor


Not eligible this month? Fund your account with at least $1,000 now to ensure your place in next month's King of the Mini Contest!


Standing Country %Gain
1st United States 242.19%*
2nd Australia 218.39%*
3rd United States 208.61%*
4th United States 191.69%*
5th Canada 149.75%*


Over $4,000 in cash prizes awarded monthly. Learn more about prizes/contest rules.

*Past results are not necessarily indicative of future results.


Weekly Market Recap

When it comes to gauging the strength of the US dollar, one of the things we could look at is the USD Index. The USD Index is a weighted average of six foreign currencies against the dollar. Currently, the index includes the euro, the Japanese yen, the British pound, the Canadian dollar, the Swedish krona, and the Swiss franc.

Below is a monthly 30-year chart of the USD Index. As we can see, the USD Index is close to its historical lows as we speak. It is currently hovering around the major 30-year support level. If the USD can successfully bounce off from this level, then the weak dollar-era may come to a temporary end. In contrast, if this level fails to hold up, we could see the continuation of the weak dollar further down the road.


Note that the USD Index is only available to trade on the Futures Exchange. You will not be able to trade it in the Spot FX market.

If you would like to learn more about trading through technical analysis and the indicators we discussed, the FX Power Course is a good place to get started. On behalf of the FXCM Power Course Department, I wish everyone the best of luck!

Whether the market is trending strongly or ranging sideways, trading opportunities present themselves in the FX market every day! Let the FX Power Course instructors help teach you how to take advantage of opportunities in ALL market conditions! Speak to a course specialist today! http://www.fxcm.com/power-course-promo.jsp

Attached Images

 

__________________
http://www.forexmicrolot.com/trading-contest.jsp

by Jason Yu, FX Powercourse Instructor

Standing Country Name % Gain Prize
1st New Zealand Niwa Nuri 346.22% $2,500 *
2nd Taiwan Yu-Min Lin 259.62% $1,000
3rd United States Anonymous 158.10% $500 *
4th Sweden Anonymous 152.44% $250 *
5th China Anonymous 137.58% $100 *

Over $4,000 in cash prizes awarded monthly. Learn more about prizes/contest rules.

*Past results are not necessarily indicative of future results.



Volatility continues to pick up in June. Many currency pairs, such as USD/CAD, GBP/USD are at multi decade highs, and traders definitely enjoyed it.

The championship for the month of June goes to a trader in New Zealand. He is a short term trader who typically holds a position from several hours to two days. He started the account with $1,093.70. By the end of the trading month, his equity topped out $ 4,880.00, which translates to a whopping 346% return.

Now let’s take a look at one of the most profitable trades – shorted GBP/USD at 1.9708, and then liquidated at 1.9650 on Jun 8.

Starting off with the Daily chart, we can see that the GBP/USD has been trading in an upward slanting channel. The long term trend line has been acting as the major support. Under such market condition, we mainly look for buying opportunities as a position trader. GBP/USD lost momentum after breaking above the 2.000 handle back in Aprill. It then retreated to the 50% Fibonacci retracement level around 1.9650. The 50% Fibonacci level, the lower Bolling Band and the trendline were all acting as support levels. It was great to see such confluence. As MACD converges toward the center line (bullish divergence), bulls were back in the game. The winner decided to take the advantage of the retracement by shorting the pair at 1.9708 and taking profits at 1.9650 which is the 50% Fibonacci retracement level. Had he bought the pair after it tested the 50% Fibonacci retracement level (also confirmed by Double Bottom), his return would have been much greater.


If you would like to learn more about trading the FX market, the FX Powercourse is a good place to get started. The objective of the Powercourse is to provide traders with all of the tools and resources they need to develop their own trading strategy and effectively trade the spot FX market. We cover the basics of the FX market, fundamental analysis, technical analysis, and last but not least money management. Professional course instructors monitor the course 24 hours a day. It is only $19.99. To sign up, please visit http://www.fxcm.com/power-course-promo.jsp


On behalf of the FXCM Powercourse department, I want to congratulate all June contest winners. Good luck with your trading in July!

Attached Images

  

__________________
http://www.forexmicrolot.com/trading-contest.jsp

by Jason Yu, FX Power Course Instructor


Not eligible this month? Fund your account with at least $1,000 now to ensure your place in next month's King of the Mini Contest!

Standing Country %Gain
1st United States 699.43%*
2nd United States 128.62%*
3rd UAE 107.58%*
4th United States 92.83%*
5th Egypt 77.29%*

Over $4,000 in cash prizes awarded monthly. Learn more about prizes/contest rules.

*Past results are not necessarily indicative of future results.


In FX trading, nothing is more exciting than the carry trade. With the Japanese Yen sell-off across the board, carry trade is likely to continue. I’ve been behind the carry trade for 2 years, and I am still behind them as we speak.

Yesterday, Bank of Japan decided was to leave the benchmark rate at 0.50 percent spurring further speculation that the August decision will be a hike of 25 basis points. Within the next month, GBP/JPY is likely to test the 250 handle, which has been my long term target for the past 6 months. EUR/JPY, already at historical high, is likely to go even higher.

The most interesting pair is the USD/JPY. We all know that the USD has been declining like a rollercoaster. But when you look the USD/JPY, you still see an uptrend. This means that even though both the USD and the JPY have been weak, the USD is still stronger than the JPY. USD/JPY broke a support level 2 days ago, and went down all the way to 121 to the test the ichimoku cloud. We believe that the carry trade is like to continue. Buying dips is a better approach than selling tops.

If you would like to learn more about trading through technical analysis and the indicators we discussed, the FX Power Course is a good place to get started. On behalf of the FXCM Power Course Department, I wish everyone the best of luck!

Whether the market is trending strongly or ranging sideways, trading opportunities present themselves in the FX market every day! Let the FX Power Course instructors help teach you how to take advantage of opportunities in ALL market conditions! Speak to a course specialist today! http://www.fxcm.com/power-course-promo.jsp

Attached Images

 

__________________
Sign up for the 8-day Course online: http://www.fxcm.com/power-course-promo.jsp

by Jason Yu, FX Power Course Instructor


Not eligible this month? Fund your account with at least $1,000 now to ensure your place in next month's King of the Mini Contest!

Standing Country %Gain
1st Bahamas 134.31%*
2nd United States 94.90%*
3rd Russia 88.41%*
4th Sudai Arabia 85.87%*
5th South Africa 79.60%*

Over $4,000 in cash prizes awarded monthly. Learn more about prizes/contest rules.

*Past results are not necessarily indicative of future results.


Every one in the Powercourse know that I've been bullish on the GBP/JPY for a long time. In the Powercourse Alumni Forum, I have been recommending buying the GBP/JPY at least 8 times. Where was my price target? 250.
Today, GBP/JPY has cleared 250, which was the high in 1992.

I've attached the monthly 30 year chart. Many traders got scared of this pair. They think GBP/JPY is too "high". They think it has to come down. Well, they thought GBP/JPY had to come down when it was at 200, 205, 210, 215...all the way to 250, just like people thought Google was too high at $300 (now at $556). I've always tell my students in the Powercourse not to pick tops and bottoms. The truth is 9 out of 10 times when you try to pick tops in an uptrend or bottoms in a downtrend, you will be wrong and you will lose money. By the time the real tops or bottoms emerge, you have no money left to trade with. Remember, the trend is your friend. Instead of fighting it, why not go with it?

Ok, back to GBP/JPY. My first target of 250 is reached. Now what? Well, it all comes down to the fundamentals because fundamentals determine tops and bottoms. 250 is just a technical resistance. Fundamentally speaking, GBP/JPY still has more room to the upside. The inflationary pressure in the UK has been intense and Japan has no complaint about the weak Yen. BOE has raised the interest rates many times over the past year and they are likely to raise it again, possibly to 6.25%. This will only support the carry trade. Just by looking at the monthly 30 year chart, GBP/JPY is still at a relatively low level.

If you would like to learn more about trading through technical analysis and the indicators we discussed, the FX Power Course is a good place to get started. On behalf of the FXCM Power Course Department, I wish everyone the best of luck!

Whether the market is trending strongly or ranging sideways, trading opportunities present themselves in the FX market every day! Let the FX Power Course instructors help teach you how to take advantage of opportunities in ALL market conditions! Speak to a course specialist today! http://www.fxcm.com/power-course-promo.jsp

Attached Images

 

__________________
Sign up for the 8-day Course online: http://www.fxcm.com/power-course-promo.jsp

Are you doing away with posting the trading records of the winners of the contest? I thought it was very useful to see what and how they were trading. I have searched and been unable to find any results other then the list of the winners.

Hello Takeabyte,

Thanks for posting - we welcome the feedback. Here are the trading records of the top 5 traders:

Attached Files

	1st New Zealand_Niwa Nuri_05-31-2007_06-30-2007.pdf (15.6 KB, 9106 views)
	2nd Taiwan_Yu-min Lin_05-31-2007_06-30-2007.pdf (17.5 KB, 3183 views)
	3rd United States Anonymous_05-31-2007_06-30-2007.pdf (16.2 KB, 2274 views)
	4th Sweden Anonymous_05-31-2007_06-30-2007.pdf (15.8 KB, 2087 views)
	5th China Anonymous_05-31-2007_06-30-2007.pdf (73.2 KB, 2615 views)

__________________
http://www.forexmicrolot.com/trading-contest.jsp

by Jason Yu, FX Power Course Instructor


Not eligible this month? Fund your account with at least $1,000 now to ensure your place in next month's King of the Mini Contest!

Standing Country/Region %Gain
1st HongKong 204.42%*
2nd Singapore 181.23%*
3rd United States 126.08%*
4th Sudai Arabia 99.22%*
5th United States 81.76%*

Over $4,000 in cash prizes awarded monthly. Learn more about prizes/contest rules.

*Past results are not necessarily indicative of future results.

The most FAQ traders have been asking recently is how far the USD weakness will continue. The USD Index will answer that question.

The USD Index was hovering above the major 30 year support level last time when I posted it in the forum. This support level failed to hold up. We could very well see a continuation or even an acceleration in the USD sell-off. The next key support level is 80.

If you would like to learn more about trading through technical analysis and the indicators we discussed, the FX Power Course is a good place to get started. On behalf of the FXCM Power Course Department, I wish everyone the best of luck!

Whether the market is trending strongly or ranging sideways, trading opportunities present themselves in the FX market every day! Let the FX Power Course instructors help teach you how to take advantage of opportunities in ALL market conditions! Speak to a course specialist today! http://www.fxcm.com/power-course-promo.jsp

Attached Images

 

__________________
Sign up for the 8-day Course online: http://www.fxcm.com/power-course-promo.jsp

Hello Moderator
Would you please post may winners results, it would be very helpfull
thank you.
P.S: If it is possible would you post april results too.

Hi Zanata,

We will only be posting results from June onwards on the forum.

DailyFX Forum

Dear Moderator,

You have mentioned in your post that the July winners as on July 22nd ARE AS given below.

Standing Country/Region %Gain
1st HongKong 204.42%*
2nd Singapore 181.23%*
3rd United States 126.08%*
4th Sudai Arabia 99.22%*
5th United States 81.76%*

Over $4,000 in cash prizes awarded monthly. Learn more about prizes/contest rules.

*Past results are not necessarily indicative of future results.

However I would like to mention that I also have a live mini account with FXCM and it had $1065 on July 1st and my gains as on july 22 were close to 300% which is more than the max % gains listed here. Please let me know why my name is not here. I have confirmed the same from myfxcm report.

Thx
mkrawat

Dear mkrawat,

These results are for the weekly leaders in July. Since the month is not out yet, we are not able to determinie who will be this month's winner.

Best of luck trading!

__________________
http://www.forexmicrolot.com/trading-contest.jsp

Hi Moderator, everyone else,

Would be very helpful to see (like it was done before) to see all winners reports to provide the rest of us with useful insight.

Thx, good luck to all!!

Ditto to wanting to see the records of the months winners! It helps to see how people deal with profitable trades as well as losing trades. I also use it as a tool to help others who I've spoken to about FX to show them how people can recover from losses. This actually comforts people to see in black & white how different people trade and how profitable it can be.

I also would like to note that I hope that this thread won't continue to grow as it'll be very long and time consuming for those of us on grrrrrrrr........ "dial-up"! Thanks for your site!

KID

I agree also! Most of the posted winners have major losses, yet continue on and overcome any losses and prosper. This inspiration and determination I need to see in black and white also. I also find the commentaries by the winners inspirational, especially if they have been trading a long time and are just now reaping their rewards.