New York, July 20, 2010—FXCM King of the Micro Contest competitors struggled to profit from a forex market in transition during the month of June.  Following six months of steady appreciation for the U.S. dollar, the benchmark currency would finally work towards a meaningful correction as fears surrounding the European debt crisis and the possible collapse of the euro subsided.  The markets, however, remained as volatile as ever throughout the month, and disciplined traders reaped huge profits as currency pairs adapted to changing economic and political currents.

(Disclaimer: Although the information expressed below was obtained from actual FXCM account records, gains of the magnitude described are not typical and, therefore, are not representative of the majority of forex traders as past performance is not indicative of future results.)

Melquiades Matacot of Canada, raking in nearly 835% in profits, captured the crown and its accompanying $25,000 purse in June.  Trading primarily GBP/USD and GBP/JPY, Matacot deployed a variety of fundamental and technical strategies to beat out the competition.  A relative newcomer to the forex markets, Matacot started trading currencies less than two years ago.  But already, his new passion has had a profound impact on his life.  “[Forex trading] has changed my life for the better,” says Matacot.  “It has given me a new beginning and has made me a new person.”  For other traders that are also new to the market, Matacot advises them to develop patience, discipline, and emotional detachment; without those traits, successful trading is next to impossible.

Finishing in second place was Yu Quan Du of China with a 579% profit.  Du, who generally prefers to hold trades open between two and ten days, speculated entirely on USD pairs, garnering his biggest gain on a 1,170 pip GBP/USD trade.  Money management skills and an overall placid disposition have proven Du’s greatest assets as a trader.  “Success or failure lies in one’s mindset,” says Du.  “One needs to take profits timely and exit a trade decisively when loss is incurred.”

Rounding out the top three, with a 368% profit, was Ian Thomas of the United States.  Unlike Matacot and Du, who both incorporated long-term trades into their strategies, Thomas preferred scalping, a tactic whereby traders attempt to profit from multiple small price changes rather than a few large price changes.  This particular trading method is highly reflective of Thomas’s overall trading philosophy: “Every scenario developed can and often does fail.”  However, even with such a sober outlook of the markets, Thomas enjoys trading tremendously, and finds that it allows him to earn a modest wage while engaging with fascinating problems and challenges.