forexgen

Protect Your Self

Before we go any further we are going to be 100% honest with you and tell you the following before you consider trading currencies:

All forex traders, and we mean all traders LOSE money on trades.
Ninety percent of traders lose money, largely due to lack of planning and training and having poor money management rules. Also, if you hate to lose or are a super perfectionist, you'll probably have a hard time adjusting to trading.

Trading forex is not for the unemployed, those on low incomes, or who can't afford to pay their electricity bill or afford to eat.
You should have at least $10,000 of trading capital (in a mini account) that you can afford to lose. Don’t expect to start an account with a few hundred dollars and expect to become a kazillionaire.

The Forex market is one of the most popular markets for speculation, due to its enormous size, liquidity and tendency for currencies to move in strong trends. You would think traders all over the world would make a killing, but success has been limited to very small percentage of traders.

Many traders come with the misguided hope of making a gazillion bucks, but in reality, lack the discipline required for trading. Most people usually lack the discipline to stick to a diet or to go to the gym three times a week. If you can't even do that, how do you think you're going to succeed trading?

Short term trading IS NOT for amateurs, and it is rarely the path to “get rich quick”. You can't make gigantic profits without taking gigantic risks. A trading strategy that involves taking a massive degree of risk means suffering inconsistent trading performance and often suffering large loss. A trader who does this probably doesn’t even have a trading strategy - unless you call gambling a trading strategy!

Forex Trading is not a Get-Rich-Quick Scheme!

Forex trading is a SKILL that takes TIME to learn.

Skilled traders can and do make money in this field. However, like any other occupation or career, success doesn’t just happen overnight.

Forex trading isn’t a piece of cake (as some people would like you to believe). Think about it, if it was, everyone trading would already be millionaires. The truth is that even expert traders with years of experience still encounter periodic losses.

Drill this in your head: there are NO shortcuts to Forex trading. It takes lots and lots of TIME to master.

There is no substitute for hard work and diligence. Practice trading on a DEMO ACCOUNT and pretend the virtual money is your own real money.

Do NOT open a live trading account until you are trading PROFITABLY on a demo account.

If you can't wait until you're profitable on a demo account, at least demo trade for 2 months. Hey, at least you were able to hold off losing all your money for two months right? If you can't hold out for 2 months, cut your hands off.

Concentrate on ONE major currency pair.

It gets far too complicated to keep tabs on more than one currency pair when you first start trading. Stick with one of the majors because they are the most liquid which makes their spreads cheap.

You can be a winner at currency trading, but as in all other aspects of life, it will take hard work, dedication, a little luck, a lot of common sense, and a whole lot of good judgment.

Forex Broker

Forex Broker

The main participants in forex market can be divided into the following types: banks, some commercial companies and some foreign currency brokers.

Broker is the intermediary who helps you access to foreign exchange (forex). Similar to a stock broker, these agents can also provide advice on forex trading strategies. This advice to clients often extends to technical analysis and research approaches designed to improve client forex trading performance.

Choosing a Broker

There are many forex brokers to choose from, just as in any other market. Here are some things to look for:

Low Spreads - The spread, calculated in "pips", is the difference between the price at which a currency can be purchased and the price at which it can be sold at any given point in time. Forex brokers don't charge a commission, so this difference is how they make money. In comparing brokers, you will find that the difference in spreads in forex is as great as the difference in commissions in the stock arena.

Bottom line: Lower spreads save you money!

Quality Institution - Unlike equity brokers, forex brokers are usually tied to large banks or lending institutions because of the large amounts of capital required (leverage they need o provide). Also, forex brokers should be registered with the Futures Commission Merchant (FCM) and regulated by the Commodity Futures Trading Commission (CFTC). You can find this and other financial information and statistics about a forex brokerage on its website or on the website of its parent company.

Bottom line: Make sure your broker is backed by a reliable institution!

Extensive Tools and Research - Forex brokers offer many different trading platforms for their clients - just like brokers in other markets. These trading platforms often feature real-time charts, technical analysis tools, real-time news and data, and even support for trading systems. Before committing to any broker, be sure to request free trials to test different trading platforms. Brokers usually also provide technical and fundamental commentaries, economic calendars and other research.

Bottom line: Find a broker who will give you what you need to succeed!

Wide Range of Leverage Options - Leverage is necessary in forex because the price deviations (the sources of profit) are merely fractions of a cent. Leverage, expressed as a ratio between total capital available to actual capital, is the amount of money a broker will lend you for trading. For example, a ratio of 100:1 means your broker would lend you $100 for every $1 of actual capital. Many brokerages offer as much as 250:1. Remember, lower leverage means lower risk of a margin call, but also lower bang for your buck (and vice-versa).
Bottom line: If you have limited capital, make sure your broker offers high leverage. If capital is not a problem, any broker with a wide variety of leverage options should do. A variety of options lets you vary the amount of risk you are willing to take.

For example, less leverage (and therefore less risk) may be preferable for highly volatile (exotic) currency pairs.

Account Types - Many brokers offer two or more types of accounts. The smallest account is known as a mini account and requires you to trade with a minimum of, say, $250, offering a high amount of leverage (which you need in order to make money with so little initial capital). The standard account lets you trade at a variety of different leverages, but it requires a minimum initial capital of $2,000. Finally, premium accounts, which often require significant amounts of capital, let you use different amounts of leverage and often offer additional tools and services.

Bottom line: Make sure the broker you choose has the right leverage, tools, and services relative to your amount of capital.

Things To Avoid

Sniping or Hunting - Sniping and hunting - or prematurely buying or selling near preset points - are shady acts committed by brokers to increase profits. Obviously, no broker admits to committing these acts, but a notion that a broker has practiced sniping or hunting is commonly believed to be true. Unfortunately, the only way to determine which brokers do this and which brokers don't is to talk to fellow traders. There is no blacklist or organization that reports such activity.

Bottom line: Talk to others in person or visit online discussion forums to find out who is an honest broker.

Strict Margin Rules - When you are trading with borrowed money, your broker has a say in how much risk you take. As such, your broker can buy or sell at its discretion, which can be a bad thing for you. Let's say you have a margin account, and your position takes a dive before rebounding to all-time highs. Well, even if you have enough cash to cover, some brokers will liquidate your position on a margin call at that low. This action on their part can cost you dearly.

Bottom line: Again, talk to others in person or visit online discussion forums to find out who the honest brokers are.

Signing up for a forex account is much the same as getting an equity account. The only major difference is that, for forex accounts, you are required to sign a margin agreement. This agreement states that you are trading with borrowed money, and, as such, the brokerage has the right to interfere with your trades to protect its interests. Once you sign up, simply fund your account, and you'll be ready to trade!

Forex Terminology

Forex Terminology

Pip

Every trader in the Foreign Exchange ‘FOREX’ hopes to make a profit from something called ‘PIP’. It may sound silly, but gains in pips can potentially make you over wealthy .Take your time with this information, as it is required knowledge for all Forex traders. Don’t even think about trading until you are comfortable with pip values and calculating profit and loss.

What is a pip ?

Pips stands for ‘PERCENTAGE IN PIONTS’. In the Forex trading, a ‘PIP’ is a unit of measurement which represents the smallest change in the price of currency or a currency pair. In the stock markets this is a classified as a ‘POINT’. As a result, some folks refer to pips as points. Pips are the last decimal point in an exchange rate or currency pair. For the majority of currencies a ‘PIP’ is equal to 0.0001. This means that if you purchased USD/CHF at 1.2310 and sold at 1.2330, you made 20 pips .On the other hand, there are some currency pair exceptions. FOR EXAMPLE: The USD/JPY pair has only two decimal places making a pip equal 0.01. Therefore,

USD/JPY:             110.78
             .01 divided by exchange rate = pip value
             .01 / 110.78= 0.0090269This looks like a very long number but later we will discuss lot size.

USD/CHF:            1.1227
            .0001 divided by exchange rate = pip value
            .0001 /1.1227 = 0.0089070

USD/CAD:            1.2780
            .0001 divided by exchange rate = pip value
            .0001 / 1.2780 = 0.0078247

In the case where the US Dollar is not quoted first and we want to get the US Dollar value, we have to add one more step.

GBP/USD:            1.9799

            .0001 divided by exchange rate = pip value
So            .0001 / 1.9799 = GBP 0.0050507

But we need to get back to US dollars so we add another calculation which is

GBP x Exchange rate

So
0.00505076 x 1.9799 =0.0099998 When rounded up it would be 0.0001

Don’t worry, you don’t have to do that, but it’s really important for you to know how the Forex brokers will work this out.

What is a lot ?

The value of a pip changes based upon the size of your account, because the size of your account affects how much currency you can leverage. A standard full size account is 100,000 units of the base currency. If you are trading in USD, The Value of the ‘LOT’ in the standard account is $100.000.A mini ‘LOT’ is 10,000 units of the base currency. If you are trading mini ‘LOTS’, you can leverage $10,000.This is why a pip in a mini account is worth less than a pip in a standard account. Let’s assume we will be using a $10,000 lot size. We will now recalculate some examples to see how it affects the pip value.

USD/JPY at an exchange rate of 110.78
(.01 / 110.78) x $10,000 = $0.092 per pipUSD/CHF at an exchange rate of 1.1227
(.0001 / 1.1227) x $10,000 = $0.98 per pip.

In cases where the US Dollar is not quoted first, the formula is slightly different.

GBP/USD at an exchange rate of 1.9799
(.0001 / 1.9799) x GBP 10,000 = 0.50 x 1.9799 = $1 per pip

How do I calculate profits and losses?

When you close out a trade, you can calculate your profits and losses using the following formula:

Price (exchange rate) when selling the base currency - price when buying the base currency X transaction size = profit or loss Assume you buy Euros (EUR/USD) at 1.2178 and sell Euros at 1.2188. If the transaction size is 100,000 Euros, you will have a $100 profit.

($1.2188 - $1.2178) X 100,000 = $.001 X 100,000 = $100

Similarly, if you sell Euros (EUR/USD) at 1.2170 and buy Euros at 1.2180, you will have a $100 loss.

($1.2170 - $1.2180) X 100,000 = - $.001 X 100,000 = - $100

You can also calculate your unrealized profits and losses on open positions. Just substitute the current bid or ask rate for the action you will take when closing out the position. For example, if you bought Euros at 1.2178 and the current bid rate is 1.2173, you have an unrealized loss of $50.

($1.2173 - $1.2178) X 100,000 = - $.0005 X 100,000 = - $50

Similarly, if you sold Euros at 1.2170 and the current ask rate is 1.2165, you have an unrealized profit of $50.

($1.2170 - $1.2165) X 100,000 = $.0005 X 100,000 = $50

If the quote currency is not in US dollars, you will have to con- vert the profit or loss to US dollars at the dealer's rate. Further, if the dealer charges commissions or other fees, you must subtract those commissions and fees from your profits and add them to your losses to determine your true profits and losses.

What is Leverage ?

This is the one characteristic that makes ‘FOREX’ trading so appealing trading more money than you have in your account. It’s of course a double sword and creates risk. The bulk traders fail at ‘FOREX’ trading because the over leverage their positions. For example, for every $1,000 you have, you can trade 1 lot of $100,000. So if you have $7,000 they may allow you to trade up to $700,000 of forex. Leverage to deal with it you need to enter & exit at optimum risk reward.

What is a margin call ?

A broker’s demand on an investor using margin to deposit additional money or securities so that the margin account in brought up to the minimum maintenance margin. This is sometimes called ‘fed call’ or ‘ maintenance call.You would receive a ‘MARGIN CALL’ from a broker if one or more of the securities you had bought (with borrowed money) decreased in value past a certain point. You would be forced either to deposit more money in the account or to sell some of your assets.

Example #1
Let’s say you open a regular Forex account with $3,000 (not a smart idea). You open 1 lot of the EUR/USD, with a margin requirement of $1000. Usable Margin is the money available to open new positions or sustain trading losses. Since you started with $3,000, your usable margin is $3,000. But when you opened 1 lot, which requires a margin requirement of $1,000, your usable margin is now $2,000.

If your losses exceed your usable margin of $1,000 you will get a margin call.

Example #2
Let’s say you open a regular Forex account with $15,000. You open 1 lot of the EUR/USD, with a margin requirement is $1000. Remember, usable margin is the money you have available to open new positions or sustain trading losses. So prior to opening 1 lot, you have a usable margin of $15,000. After you open the trade, you now have $14,000 usable margin and $1,000 of used margin.

If your losses exceed your usable margin of $14,000, you will get a margin call.

Remember: there's a difference between ‘USABLE MARGIN’ & ‘USED MARGIN’

Order Types

Order Types

The term "order" refers to how you will enter or exit a trade. Here we discuss the different types of orders that can be placed into the foreign exchange market. Be sure that you know which types of orders your broker accepts. Different brokers accept different types of orders.

Order Types

Basic Order Types

There are some basic order types that all brokers provide and some others that sound weird. The basic ones are:

Market order

A market order is an order to buy or sell at the current market price. For example, EUR/USD is currently trading at 1.2140. If you wanted to buy at this exact price, you would click buy and your trading platform would instantly execute a buy order at that exact price. If you ever shop on Amazon.com, it's (kinda) like using their 1-Click ordering. You like the current price, you click once and it's yours! The only difference is you are buying or selling one currency against another currency instead of buying Britney Spears CDs.

Limit order

A limit order is an order placed to buy or sell at a certain price. The order essentially contains two variables, price and duration. For example, EUR/USD is currently trading at 1.2050. You want to go long if the price reaches 1.2070. You can either sit in front of your monitor and wait for it to hit 1.2070 (at which point you would click a buy market order), or you can set a buy limit order at 1.2070 (then you could walk away from your computer to attend your ballroom dancing class). If the price goes up to 1.2070, your trading platform will automatically execute a buy order at that exact price. You specify the price at which you wish to buy/sell a certain currency pair and also specify how long you want the order to remain active (GTC or GFD).

Stop-loss order

A stop-loss order is a limit order linked to an open trade for the purpose of preventing additional losses if price goes against you. A stop-loss order remains in effect until the position is liquidated or you cancel the stop-loss order. For example, you went long (buy) EUR/USD at 1.2230. To limit your maximum loss, you set a stop-loss order at 1.2200. This means if you were dead wrong and EUR/USD drops to 1.2200 instead of moving up, your trading platform would automatically execute a sell order at 1.2200 and close out your position for a 30 pip loss (eww!). Stop-losses are extremely useful if you don't want to sit in front of your monitor all day worried that you will lose all your money. You can simply set a stop-loss order on any open positions so you won't miss your basket weaving class.

Weird Sounding Order Types

 GTC (Good ‘til canceled)

A GTC order remains active in the market until you decide to cancel it. Your broker will not cancel the order at any time. Therefore it's your responsibility to remember that you have the order scheduled.

 GFD (Good for the day)

A GFD order remains active in the market until the end of the trading day. Because foreign exchange is a 24-hour market, this usually means 5pm EST since that that's U.S. markets close, but I’d recommend you double check with your broker.

 OCO (Order cancels other)

An OCO order is a mixture of two limit and/or stop-loss orders. Two orders with price and duration variables are placed above and below the current price. When one of the orders is executed the other order is canceled. Example: The price of EUR/USD is 1.2040. You want to either buy at 1.2095 over the resistance level in anticipation of a breakout or initiate a selling position if the price falls below 1.1985. The understanding is that if 1.2095 is reached, you will buy order will be triggered and the 1.1985 sell order will be automatically canceled.

Always check with your broker for specific order information and to see if any rollover fees will be applied if a position is held longer than one day. Keeping your ordering rules simple is the best strategy.

Summary

The basic order types (market, stop loss, and limit) are usually all that most traders ever need. Unless you are a veteran trader (yeah right), don’t get fancy and design a system of trading requiring a large number of orders sandwiched in the market at all times – stick with the basic stuff first.

Make sure you fully understand and are comfortable with your broker’s order entry system before executing a trade.

Currency Day Trading Examples

Currency Day Trading Examples

With the information we have covered so far, let's show a few examples of how much money can be made (or lost!) daily by trading currencies (please note that these are just examples for educational purposes).

Example 1:

A trader thinks the euro will gain value versus the dollar (EUR/USD is at 1.2150)
Let's say that the price of the euro-dollar pair is 1.2150 and a day trader, based on his strategy, gets a signal that the euro is going to continue to go up. The trader buys 100,000 EUR (1 lot) at 1.2155 (121,550 USD). If the trader's margin requirement is 2%, his margin deposit would be 2,000 euros or 2,431 dollars. The trader automatically sets a stop loss of 25 pips based on his technical trading strategy. As the trader expected, the EUR/USD goes up to 1.2225 (on paper, everything works!). Assuming this meets the profit requirements of his day trading system, the trader sells the 100,000 euros. He receives 100,000 x 1.2225 = 122,250 USD. Since the trader originally sold (paid) 121,550 USD for the euros, his profit is 122,250 - 121,550 = 700 USD.

Please note: Using leverage magnifies both profits and losses.

Example 2:

A trader thinks the yen will appreciate in value versus the dollar (USD/JPY is at 108.65)
The price of the dollar-yen is dropping and is currently at 108.65. A day trader gets a sell signal based on his trading strategy. He sells 100,000 USD (1 lot) at 108.60 and receives 10,860,000 Japanese yen. Assuming a 2% margin requirement, the deposit would be 2,000 dollars. Right after placing his trade, the trader places a stop loss of 30 pips based on his day trading strategy. The trader was right and the yen appreciates versus the dollar (dollar loses value relative to the yen), pushing the exchange rate down to 107.50. Satisfied with his profit, the trader sells the 10,860,000 yen at 107.50. He receives, 10,860,000 / 107.50 = 101,023 USD. Since he had originally paid (sold) 100,000 USD for the yen, his profit is 101,023 - 100,000 = 1,023.

Please note: Using leverage magnifies both profits and losses.

Example3:

Trader x has an account of USD 50'000.

He buys EUR/USD 500'000 @ 1.1500 at the market and places a stop loss order at 1.1460.

At this point his maximum risk is USD 2'000 and his margin utilization is 10%, well above the minimum.

During the day the forex market fluctuates and initially moves down to 1.1480.

At this point trader x has an unrealized loss of USD 1'000 and his margin utilization has fallen to 9.60% reflecting the effect of the downward move on his margin capacity.

Later still the price moves back up to 1.1550 and trader x decides to take profit. He sells at 1.1550 making a USD 2'500 profit which represents a 5% return on his account value. Note that trader x took only a risk of USD 2'000 and made a return of USD 2'500 this equates to a risk/reward ratio of 1.25. A high risk reward ratio is what every trader should be aiming for.

Please note that in this example no mention was made of the exact day trading strategy that the trader used to place his trades and set his stop losses. A trading strategy or system is extremely important and it has to be specifically defined, even if it was not discussed in these examples. Also, proper money management (how much should the trader have risked on the trades) was not discussed either. This was done for simplicity's sake. Generally speaking, a trader should never risk more than a certain amount of his trading capital on any given trade. Read my article about adhering to a specific day trading strategy.

Why is Forex so popular?

Why is Forex so popular?

Trading Forex is so easy, anyone can do it. You don't need to watch Bloomberg TV every morning or to buy every financial newspaper to determinate the trend. The Forex Market is highly predictable. The forex market is so large and has so many participants that no one player, not even a large government, can completely control the long-term direction of the market. That's why so many experts have called forex the "most level playing field" on earth.

The ‘FOREX’ market is unique because of the following features:

-trading volume,

- the extreme liquidity,

- the large number of, and variety of, traders,

- geographical dispersion,

- long trading hours

- 24 hours a day (except on weekends).

- the variety of factors that affect exchange rates,

Average daily international foreign exchange trading volume was $1.9 trillion in April 2004 according to the BIS study Triennial Central Bank Survey 2004- $600 billion spot- $1,300 billion in derivatives, ie- $200 billion in outright forwards- $1,000 billion in Forex swaps- $100 billion in FX options. There is little or no 'inside information' in the foreign exchange markets. Exchange rate fluctuations are usually caused by actual monetary flows as well as by expectations of changes in monetary flows caused by changes in GDP growth, inflation, interest rates, budget and trade deficits or surpluses, and other macroeconomic conditions. Major news is released publicly, often on scheduled dates, so many people have access to the same news at the same time. On the spot market, according to the BIS study, the most heavily traded products were:- EUR/USD - 28 %- USD/JPY - 17 %- GBP/USD (also called cable) - 14 %and the US currency was involved in 89% of transactions, followed by the euro (37%), the yen (20%) and sterling (17%). (Note that volume percentages should add up to 200% - 100% for all the sellers, and 100% for all the buyers). Although trading in the euro has grown considerably since the currency's creation in January 1999, the foreign exchange market is thus still largely dollar-centered. For instance, trading the euro versus a non-European currency ZZZ will usually involve two trades: EUR/USD and USD/ZZZ. The only exception to this is EUR/JPY, which is an established traded currency pair in the interbank spot market.The main trading centers are in London, New York, and Tokyo, but banks throughout the world participate. As the Asian trading session ends, the European session begins, then the US session, and then the Asian begin in their turns. Traders can react to news when it breaks, rather than waiting for the market to open.

What Tools Do I Need to Start Trading Forex?

A computer with a high-speed Internet connection and all the information on this site is all that is needed to begin trading currencies.

How much money does it take to open a real money trading account?

If you're a new student of forex, you should first practice with a free practice account, often called "demo trading," using "pretend" money. When you feel ready to trade with real money, you can open a "mini" account with as little $250 USD, although we recommend starting with no less than $1000-$2000.

Scalping Enabled Account in FOREXGEN

Scalping Enabled Account in FOREXGEN

Trade and scalp the market ForexGen has the pleasure to announce the availability of both Dealing Desk and No Dealing Desk Platforms. No Dealing option provide traders with direct access to the best bid/ask prices through multiple bank access. No re-quotes & No dealer confirmation is the main characteristic of the no dealing option made specifically for “scalpers” and active FX professionals. Absolute freedom to trade during news and economic events. The no dealing desk option allows traders to place entry orders inside the spread! Unlike competing FX firms, ForexGen offers traders all the advantage of a “no dealing desk” option.

Advantages of No Dealing Desk Option

· Trade the news without intervention or restrictions

· Although spreads may vary in volatile market conditions, they are tried to be kept within the usually limits.

· Place scalping orders without intervention or restrictions.

· A client-friendly trading environment, No re-quotes.

· Ability to place orders inside the spread

· Competing rates from multiple banks

· Spreads are variable and can move sharply

· Ideal for active or professional FX traders

For more information about our current and future promotions, kindly visit this page often or contact one of our customers support agents at contact us or you can chat with our representatives, you can also request a call back from one of our agents by sending us your contact number and the best time we can reach you.

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Demo Accounts Contest in FOREXGEN

Win Cash Prizes

ForexGen has the pleasure to announce the launching of the Demo Account contest on the first of every month.

Interested clients who wish to participate in this event shall send an e-mail request on contact us including the following information:

- Full name:

- Phone number

Also provide us with the following identification document:

"Certified copy of the information pages of account holder current valid passport or government issued photo ID"

After we receive your request we will provide you with further details and with your demo account login information which will be used in the trading contest.

By the end of each contest:

1. All participants that manages to open at least 20 lots will be awarded a Live Account with $50 credit

2. All participants that manages to open at least 20 lots and keep their demo account initial balance will be awarded a Live Account with $100 credit

3. The highest 5 accounts with the highest profits (including the floating P/L) will be awarded a Live Account with $250 credit.

The contest starts on the first Sunday of each month at 10 pm GMT and ends on the last Friday of that month at 10 pm GMT.

For more information about our current and future promotions, kindly contact one of our customers support agents at contact us, or you can chat with our representatives, you can also request a call back from one of our agents by sending us your contact number and the best time we can reach you.

Refer A Client to FOREXGEN

If you have any friends who trade in the Forex market, and may be interested in joining ForexGen.com, why not get a FREE cash bonus from their trading activities?The referring party will receive $100 USD to their ForexGen account, at the end of the month in which the following criteria are met:

1. The referred party has opened a live standard account of at least $2,500 USD and has traded 20 round turn lots.

2. The referred party has opened a live mini account of at least $250 USD and trades 20 round turn lot, the referring party receives $10 to their ForexGen account.

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For more information about our current and future promotions, kindly contacts one of our customers support agents at contact us , or you can talk with one of our representatives on the live chat.

Also, you can request a call back from one of our agents stating the best time we can call you back.

FOREXGEN Promotions;

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Special Promotion for New Clients

Free cash bonus when you open your new live account withen the next 30 days. You will recieve a FREE cash bonus which will be added to your trading account. The cash bonus depends on the account type you open.

Account Type

Free Cash Bonus

Mini Account

10% of your deposit

maximum $250

Standard Account

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Live Accounts Contest in FOREXGEN

Trade, Compete, and Win - Begins the 1st of Every Month!

ForexGen has the pleasure to announce the launching of its first monthly Live Accounts contest,

This is NOT a demo contest

This is a live trading competition open for all live mini account holders. At the beginning of each month, the slate is wiped clean and traders have a new opportunity to win the monthly prizes.

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All prizes are CASH prizes with no restrictions on withdrawing the prize money!

How Do I Enter?

You don't have to pay any fee to enter this contest, all ForexGen mini Accounts with a balance of "$1000" and a default leverage of 1:200 are entitled to participate in this contest upon their account holder request by sending an e-mail request on contact us including their "live Account Number".

By the end of each month, the highest 5 accounts with the highest profits (including floating P/L) will be granted the following prizes:

First place: 50% of the account profit

Second place: 40% of the account profit

Third place: 30% of the account profit

Fourth place: 20% of the account profit

Fifth place: 10% of the account profit

(Profits will be added to the live account balance)

The contest starts on the first Sunday of each month at 10 pm GMT and ends on the last Friday of that month at 10 pm GMT.

Winners will be announced by the 15th of the following month. For more information about our current and future promotions, kindly contact one of our customers support agents at contact us, or you can chat with our representatives

You can also request a call back from one of our agents by sending us your contact number and the best time we can reach you.

Why trading in FOREX with FOREXGEN?

Why trading in FOREX with FOREXGEN?

Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
ForexGen offers Forex trading in the major currency pairs; crosses and CFDs.
Low capital start, with $250 as a minimum account size.
Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
ForexGen offers a free trial Forex demo account that allows you to test your skills and practice without risking real money.

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AT LAST, for those willing to take the challenge and follow through, professional trading can be a worthwhile goal. But before you dive too deep into forex trading, dip your toe or get your feet wet in the shallow end first, and become familiar with the water. As you get more comfortable, make your way slowly to the deeper end. Take your time.

· Be honest with yourself.

· Be ready to sacrifice your time and money.

· Never stop learning and, most importantly, never quit.

· Winners never quit and quitters never win.

· The price of becoming top trader is extremely high, but certainly worth it.