Edward Burke, the leading trader in the currency portion of the contest now also has the 4th highest portfolio value in the overall contest. The top 3 currency traders from Wednesday are holding onto their top spots, but Burke, who currently has a portfolio value of $342,411.11 has widened the edge over his competitors.
The stock markets in the U.S. were closed on July 4th, but the FX market never sleeps. Although U.S. traders were off enjoying barbeques and fireworks, it wasn't a holiday in the U.K., Eurozone or Asia. Each of the top 3 traders approached the July 4th weekend differently, which ultimately impacted their equity.
Contestant number 1, Edward Burke took July 4th off and perhaps to compensate for this, he has traded more than 160 times on the 3rd. The markets were unusually volatile with the non-farm payrolls report and ECB President Trichet delivering his press conference at the very same time. Burke has been very consistent with his scalping strategy on the EUR/USD and GBP/USD. Between Wednesday and Thursday, he racked up another $45k in profits.
Chi Ming Wong continues to hold the second largest portfolio value. As of Thursday evening, his account value was $300,977.48. He went long USD/JPY 2 hours after the U.S. non-farm payrolls report and held the position until the wee hours of Monday morning. Holding over the July 4th weekend was the key to his profits since the dollar started to verticalize against the Japanese Yen Sunday evening.
In contrast, holding positions over the Jul 4th weekend for Carlos Godfrey, Contestant number 3 was a big problem. He cut his portfolio value by $22k remaining long the EUR/USD since Thursday afternoon.
Congratulations to our top traders and good luck!
Kathy Lien, Chief Strategist of DailyFX.com