July’s $10,000 Monthly Challenge Winners

FXCM and DailyFX are happy to announce the winners of Julys $10,000 Monthly Challenge! July’s $10,000 contest wrapped up with K.I. from Kapolei Hawaii taking first prize with an astounding 865% return. Second place was awarded to D.L, from California, produced a monthly return of 431% Rounding out our monthly winners, third place was S.G, (348%). B.B. in fourth. (341%) and finally K.V. came in 5th with a 334% return. Congratulations to all of last month’s challenge winners!

July’s trading contest was an exciting event, with our ultimate winner beating out tens of thousands of competitors with a decisive finish. As well, we had a close race for third place, with just 14% points separating our 3rd and 5th place finishers. So what exactly happened in the month of July? To help get a better insight into last month’s contest, I was able to interview our 2nd place winner D.L.

First off, D.L. is a part time trader who enjoys his full time job as a retail sales trader. He has been trading now for 10 years, and now strictly focuses on the Forex market. He enjoys trading Forex because it allows him to taking advantage of the 24 Hour market conditions. D.L mentioned that he likes to places his traders early in the morning and then monitor his trades throughout the day using the FXCM mobile app!

When it comes to strategy, D.L. primarily focuses on finding trending markets and trading key technical levels. He does this style of analysis strictly using price action, and elects not use any technical indicators when trading. This allows D.L to time retracements as well as identify point fresh breakouts in ongoing trends. For the month of July, D.L. exclusively focused on the EUR/GBP currency pair. He suggested that this is typical of his trading, and normally trades only one or two currency pairs at a time.

Follow SSI Updates in reat-time on DailyFX’s Sentiment Page

EUR/GBP, Daily Chart with Sentiment

(Created using Marketscope 2.0)

Technical traders should note that the EUR/GBP was in a technical uptrend for the month of July. The pair advanced as much as 378 from its monthly lows at .8248, allowing D.L. an ample opportunity to trade this directional market. In addition, traders tracking SSI (Speculative Sentiment Index) can see that readings remained near negative extremes for much of the month of July. Typically, SSI is read as a contrarian indicator. This means with SSI for the EUR/GBP showing that the majority of positioning was short, traders could couple this with trend-based analysis to look for opportunities to buy an uptrending market.

Now that we know a bit about D.L. and his trading. I wanted to know if he had any advice for new traders. D.L. suggested that it is easy to get greedy in your trading, especially when things are going well. His advice to avoid this is to make sure you take profit frequently. His reasoning for this is that by frequently taking profit you keep yourself from remaining in trades longer than expected and taking needless risk. Next, D.L. suggested that traders should keep their analysis simple and not focus on emotions. By following these points, D.L. tries to ensure that he does not make any rash decisions, and can remain focused on his trading plan.

These are all great points for traders to remember, and after talking to D.L. about this month’s contest, I wanted to finally know what was next for his trading. D.L. made it clear that he is excited to continue trading after last month’s win. This includes participating in another $10,000 challenge, and potentially going for a first place finish next time!

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What is the FXCM $10,000 Monthly Challenge?

FXCM wants to thank our winners along with all of our July participants, for taking part in our $10,000 Monthly Challenge. If you are unfamiliar with the contest, the $10,000 Monthly Challenge is a currency-trading contest hosted by FXCM, which gives away $10,000 in total cash prizes every month: $5,000 for the trader with the highest trading return, $2,500 to second place, $1,500 goes to third place, $750 for fourth, and finally a $250 prize for fifth place. For more information on the $10,000 Monthly Challenge and to read the rules for entry and how to win, click here.

August’s contest is quickly wrapping up. If you want to follow the action, you can view our leader board at any time.Click HERE for more details!

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Unique experiences and past performances do not guarantee future results! Testimonials herein are unsolicited and are non-representative of all clients. Past performance is no indication of future results.

July’s ,000 Monthly Challenge Winners
July’s ,000 Monthly Challenge Winners
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