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Top Currency Trader Shooting For a Win in the Overall Contest

Four days, over 700 trades, and nearly $311,000 into this week, our top contestant has brought his balance to a whopping $743,287.99 as of yesterday’s close. During Thursday’s trading session alone, contestant number 1 executed over 200 EUR/USD positions to net $83,500, widening his already-substantial lead even further. At this juncture, it’s fair to say that this contestant’s win in the currency trading portion of the contest is essentially guaranteed. However, constant number 1 is obviously trying to win the overall Million Dollar Portfolio Challenge, and it remains to be seen if his combined trading of stocks and currencies can lead him to win.

The efforts of contestants 2 and 3 should not be ignored, however, as they raked in hefty profits on Thursday as well. Contestant number 2 closed out multiple positions to net just over $30,000, with his most profitable ones being long EUR/JPY entries. Indeed, the massive rebound in US equities on Wednesday and Thursday signaled a return to risk-seeking behavior throughout the markets, which is part of the reason why EUR/JPY rocketed over 300 pips from Wednesday’s lows. Contestant number 2 flipped his bias, however, by selling USD/JPY yesterday afternoon following the pair’s failure at 107. Thus far, the position is profitable as USD/JPY has struggled with that resistance level, and if equities tumble during Friday’s trading session, the Japanese yen crosses could fall lower across the board.

Contestant number 3, on the other hand, made his net profits of nearly $14,000 on Thursday thanks to relatively short-term EUR/USD and USD/CAD positions. This trader bought both pairs in order to take advantage of the range bound conditions we’ve seen very recently. However, at the time of writing, contestant number 3 is also floating heavy losses of over $10,000 due to losing USD/CAD, EUR/CHF, EUR/AUD, and EUR/CAD positions. As we mentioned yesterday, traders that remain focused on single strategies tend to fare a bit better in the contest.

Be sure to check out our Currencies Update on Monday for a final look at the top 3 traders in the currency trading portion of the contest!

Terri Belkas, Currency Analyst for DailyFX.com