New York, September 22, 2010—FXCM crowned the King of the Micro for August amongst 21,570 contestants. Even though August was a complicated month for forex trading, the August King of the Micro gained nearly 1,284% in profit—higher than July’s King  (see August Trading Facts below).*

Taking first place and the $25,000 cash prize is Jack Chou of the United States. Chou started trading five years ago when he, out of curiosity, opened a demo account followed by a Micro account. Today, he is August’s King of the Micro. The happily married Chou says that his keys to trading success are following good trends and listening to his wife.

Coming in second with a profit of 883% is Wenzhen Wang of China. Wang, whose favorite source for news is DailyFX Hong Kong, started online forex trading five years ago and spends eight hours a day trading, trying to learn from his past trading mistakes. During the past five years Wang’s trading spirit has remained the same. “Dare to lose money when you make a trading decision,” he says. “Play with your spare money and improve your trading skills by learning from your own mistakes.”

Finishing in third place is Zhanhai Guo of China with a 599% return. Guo believes that following the trends and comparing analysis are the best ways of trading. He trades three hours a day and says his most memorable trade was going short 200K of AUD/USD on August 18.  “I entered the market at 0.89745 and exited at 0.88139, holding the trade for five trading days,” he says.  “Several times I had thought of exiting early, but I managed to follow my original plan and make a profit of $3,122.”

Read more about our winners here.                                            

Do you want to be the next King?

It’s not too late to take part in the October King of the Micro contest. No registration is required, it’s free to enter, and all Micro accounts with equity of at least $500 at the end of September automatically qualify. The King of the Micro contest is available to FXCM Micro clients worldwide. Recent winners have hailed from the United States, China, Malaysia, Canada, and the United Kingdom.

August Trading Facts

In August, many of the most liquid pairs fell back into congestion as underlying risk appetite struggled to reestablish a clear trend after the very large and clear trends which ended in  July. For traders, this shift in market conditions required a shift in trading approach. Setups meant to exploit momentum and medium-term breakouts no longer worked. Instead, positions that worked with ranges and were developed around short-term opportunities tended to have a more successful outcome. Will this congestion-based scenario continue into October and beyond, or is a new trend just around the corner? The answer to this question could help decide the next King of the Micro.