The leader in the currency trading portion of the contest continues to make his way higher in the ranks of the overall Million Dollar Portfolio Challenge, as he proves to be a jack-of-all-trades. Indeed, Edward Burke, who made over $4,000 on Tuesday on short-term EUR/USD trades, now has the third largest portfolio balance in the whole contest.
With event risk for the euro and US dollar relatively limited this week, conditions may be ideal for Burke’s trading strategy, which has clearly already served him well as he has made nearly $200,000 in the currency portion of the contest alone. Furthermore, he ended Tuesday with a balance of $393,705.44 and an overall portfolio balance (stocks and currencies) of $2,233,941.88.
Meanwhile, contestant number 2, Chi Ming Wong, was a day late and about 10,000 bucks short to the USD/JPY rally. Wong ended Tuesday down at $296,683.24 as he attempted to buy the pair early in the morning as it consolidated between 106.70 – 106.90. USD/JPY subsequently plummeted throughout the European trading session, which triggered Wong’s losses, though pair quickly rebounded as the US stock markets opened higher and led the Japanese yen crosses higher.
Contestant number 3, Dave Von Holten, had much better luck as he ended Tuesday up nearly $8,000 with a currency trading portfolio balance of $275,428.04. His best trades have been in some of the less popular currency pairs like EUR/GBP, NZD/USD, and AUD/USD. On the other hand, his biggest losses have been in EUR/USD and USD/JPY – which are consistently the most frequently traded pairs in the contest – which highlights the fact that traders need to hone their skills and utilize the best pairs to suit their own trading style.
Terri Belkas, Currency Analyst for DailyFX.com