The winner of the currency trading portion of the Million Dollar Portfolio Challenge was relatively clear a few weeks ago, but this trader really gave it his all in the final days of trading. Indeed, the top contestant executed nearly 1,000 positions and made over $340,000 during the last week to end the contest with a portfolio balance of $773,751.95. In fact, currency trading is one of the primary reasons why Edward Burke of Shippensburg, PA was the Grand Prize winner in the Challenge.
But he didn't know that when he came out to CNBC studios on Monday July 28th. He only knew that he was one of the finalists when he received the exciting news live on Power Lunch. You can view that tension filled moment here.
Edward Burke's strategy of using large position sizes and scalping EUR/USD served him very well, as he managed to avoid getting hurt by event risk in the market since he was usually in and out of any given trade within 1-5 minutes. Given his substantial lead of over $400,000 ahead of contestants 2 and 3, this trader had some leeway to experiment with GBP/USD, USD/JPY, and USD/CAD on Friday. While he did well with GBP/USD, his bread-and-butter EUR/USD trades continued to be his main money-maker. You can learm more about his approach to the Challenge when he discusses his winning strategy with CNBC's Brian Shactman.
Congratulations Edward Burke and to everybody who participated in the currency portion of the Million Dollar Portfolio Challenge. You can meet all the final prize winners and also view your own portfolio to see your final standings.
Terri Belkas, Currency Analyst for DailyFX.com