Forex Club Announces 70 Year Old Trading Contest Winner

Jan. 25, 2010 - PRLog -- Forex Club Financial Company, an NFA regulated Forex broker based in New York, has announced the winner of its “FXDrive Contest” today.  The FXDrive Contest is a monthly contest held on the company’s simple ExpressFX trading platform, which was designed to make the process of placing a trader easy for novice traders.  In accordance to the company’s contest rules, contestants are free to partake in the FXDrive Contest and are able to trade “virtual money” for a time spanning through the start of the week’s trading session until the contest’s end on Friday at 13:00 GMT.  The starting amount each contestant starts with is 1000 units of currency.

What’s interesting about Forex Club’s January FXDrive Contest was its top prize winner; an Armenian trader named Sos Mhitaryan who ended the contest with a balance of $21,500.43.  He is seventy years old.

In the contest’s history, Sos Mhitaryan has been the oldest finalist.  With age comes wisdom, and this wisdom of the forex market was evident by reading Sos Mhitaryan’s trading report.  Sos made a majority of his wins by going short on GBPUSD and USDCAD, setting very high take profit orders and using no stop-loss orders.  While the tactic of exposing such an austere margin of loss is frowned upon when trading with real money, the strategy managed to work very well during the contest where no actual money was placed at risk.

For his efforts, Sos Mhitaryan was awarded $3,000 by Forex Club Financial Company and offered a brief interview about his successes on the market.  Sos’ focal point in his interview was about market psychology, and how a trader can yield higher profit amounts by properly planning and readying one’s mental fortitude prior to opening a new position.

We’d like to congratulate Sos Mhitaryan and wish him the best with his future trades.  More information about Sos Mhitaryan and the other winners can be found on this page- http://www.fxclub.com/company-news/review1710/