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[cycle5]

The February winner of the king of mini contest from FXCM won with only ONE profitable trade out of 13. A position trade of 18 days. The rest of his trades were losses. Amazing! Go to fxcm.com and click on king of mini contest, go to winners colum and click on report, this gives their trading statement fot the month.

[forex fox]

Yes No1 winner in this contest was a bit of embarassment for the FXCM. That's why they have interviewed the winner No 2.
It was just one lucky trade . Nthing to do with the spot trading

[mig928]

The poor guy. Instead of getting bragging rights, he's now the laughing stock of the mini contest participants.

Advice to beginners: Never, never join a contest. It teaches the wrong skills for trading longevity. The prizes are miniscule. Bragging rights is meaningless in real money trading.

[currencia]

Hey Mig928:: How U? Being able to win with 13 losers and 1 winner is real good!! jajaja, most anyone in here would like to be able to do that consistently! I dind't know, as someone suggested here, that holding a trade for 8 days, 10 days, or X days means that one is not a spot trader? hmmm I know: "a spot trader is someone who trades no larger than the 5 min chart for no more than 10 minutes, getting spotty results" ?! What is a spot trader, anyway?

[mig928]

Hi currencia, I'm doing OK. I notice you've been giving some guy on the other forum a hard time eh.

For me a spot trader is someone who can see money and pick it up. I like to use the word sniper instead of scalper to describe my own trading. One bullet, one kill.

The February FXCM king of the mini was a sprayer. Sprayed his lawn and got a single weed. He could have just walked over and uprooted the darn thing. Save himself the effort and chemicals used.

I find it very insteresting that forex trading has many analogies in real life.

[currencia]

yes Mig, U R right, I will no longer tolerate posters who want to attack the messenger rather than to merely analyze the message. Anybody who attacks me personally is going to find very tough sledding.

The guy who took first place in th contest simply entered and exited at random on a bunch of trades to kep inside the contest rules of having to make X number of trades. And, he did twice as many as needed as a joke. Look at the enter and exit times of his numerous trades; he simply pushed the enter and exit button at random within a couple minutes of each other to qualify as a trade. When you think about it, it is not unlike many new traders do when they trade with little skill and a lot of emotion on a 5 min chart. I thought it quite good and quite comical. There is something to be learned from his performance, and I think it is a good pointer.

[Paul Koszarny]

It implies a very experienced trader who has been making his living on commissions charged on his clients. Otherwise there is no natural explanation to so many trades for no profit.

[cycle5]

Good point Mig928 about trading contest creating bad trade habits. The March contest winner gained 537%, but looking at his record, on March 6 he leveraged 200k on a $1200.00 account. This would be crazy if you are doing that for a living. I wonder if he trades like that all the time or just for the contest?

[mig928]

I think he does trade like that in real lfe. The rules of the contest requires a live account. If I were looking for someone to trade my account, I'd rather pick the 4th or 5th place winners. the volatility is not as severe.

[fxbillie]

I am new to FX trading and is trying to learn about successful strategies. Just watch the trading record of the lastest FXCM mini contest. My jaw dropped when I saw the results. The #5 winner of the November 2005 contest netted $67,663.82 for a month of trading. Who needs a job? Can this be a realistic income if you are successful in FX trading?

While most of the other winners over-leverage their accounts, this trader has a starting balance of around 26K. He is still above 10% but not as bad as other winners in this area. What is amazing is that he does not even have one losing trade out of around 40 trades. How does he do it?

Questions for more experienced traders:

1. Who is this guy and does he sell his trading signals or publish a book? Seriously, is there any way to contact these winning traders?

2. Why trading mini when his balance is that high?

3. Why FXCM does not have an interview with a 100% winning-trade winner
and publish it like they did a few years back?

4. Why are the other winners all over-leveraging their accounts? Are they
just too experienced & too confident?

5. Have there been winners who trade more within the acceptable rules of
good money management?

6. Will FXCM entertain to have many of their traders be so successful like
winner #5. Will brokers in general get into problem if a high % of their
traders are winning big? Isn't it like a bank with too many withdrawing? I guess what I am saying is that, does your broker want you to win consistently even though they take their spread? I guess what I am saying is when you win big like that, who is the loser, the broker, other traders, or what?

Any comment will be appreciated.