Thread: King of the Micro - Hot Trader Spotlight

This thread will be where our very own DailyFX currency strategist, Terri Belkas, will take an in-depth look at the trades our top traders are making. She’ll go over their trades and let you know how they did what they did. I you’ve ever wondered, “how’d they do that?”…this will be the place for you!

Each day, you’ll get fresh analysis of the big trades in the previous 24 hours that are setting the bar for this competition.

First trade analysis will be available Tuesday, February 3rd recapping the start of trading on Sunday night until Monday at 5pm in New York.

Good luck!

One of the top 5 traders in the King of the Micro contest (as of Monday's close) made his profits trading GBP/USD. Here's how:

Originally Posted by Terri Belkas

One of the top 5 traders in the King of the Micro contest (as of Monday's close) made his profits trading GBP/USD. Here's how:

Lot's of pips left of the table. Obviously s/he was hoping it would go lower, but it reversed. Not a bad trade though. Thank you for sharing that with us.

One of the top 5 traders in the King of the Micro contest (as of Tuesday's close) made their profits trading GBP/JPY. Here's how:

I would just like to ask if the January portion of that trade counts towards the contest?

The initial trade was made on 1/23. I can see the second part counting in the contest but does the first part?

Anyways great trade!

~Snap

Is there a way to find out what our "opening balace" was at the beginning of the contest?

what charting software is used in that screen capture?
thanks

im currently using marketscope with metatrader and find both are inadequate

I've copied the questions from above and will answer them below.

I would just like to ask if the January portion of that trade counts towards the contest?

The initial trade was made on 1/23. I can see the second part counting in the contest but does the first part?

The Jan part would not count towards the overall monthly contest. It would only be P/L from Feb 1 onwards.

Is there a way to find out what our "opening balace" was at the beginning of the contest?

Simply run a report in your trading station (report button at the top) and choose the starting date as Feb 1,2009. The starting balance (or equity if different) will be what is counted.

what charting software is used in that screen capture?
thanks

im currently using marketscope with metatrader and find both are inadequate

Terri is using Intellicharts. They are a premium charting provider that uses the FXCM feed. You can get more details on them at the link below.

Currency Charts and News

Great questions!

-Brad
Micro Kingmaker

Lots of intraday trading going on amongst the top 5 traders! What sort of strategies are other traders going for? Do you think the latest moves in pairs like USD/JPY signify breakout potential or will they hold to some of the same trading ranges we've seen since mid-January?

The traders that came out on top on Thursday were short-term traders who rode the trends, buying and selling along with the sharp moves in EUR/USD and GBP/JPY. The contestant who was aggressively selling EUR/USD on Wednesday was still holding on to his/her positions by Thursday's close, so the trader's spot in the rankings will likely hinge on whether or not they closed out the positions overnight.

Where do other traders stand on the EUR/USD? Do you think we're seeing inklings of a sharper rally?

Many of the top 5 traders have been utilizing the volatility in the JPY crosses, and one of best trades closed on Friday was a long EUR/JPY position that netted roughly 600 pips in profit. The resurgence in risk appetite certainly worked in this trader's favor, but what do you think will happen in regards to risk trends and the JPY?


*Past performance is not indicative of future results, as returns may vary according to market conditions.

One of the top 5 traders sold GBP/JPY on Monday following its test of resistance at 137. The pair has since fallen hard as a surge in risk aversion has sent both the US dollar and Japanese yen higher. He/she still had the position open during Monday's close, so the status of this trade could determine this contestants spot in the top 5 tonight.

Where do other traders think carry trades will go in the near-term?

Originally Posted by Terri Belkas

One of the top 5 traders sold GBP/JPY on Monday following its test of resistance at 137. The pair has since fallen hard as a surge in risk aversion has sent both the US dollar and Japanese yen higher. He/she still had the position open during Monday's close, so the status of this trade could determine this contestants spot in the top 5 tonight.

Where do other traders think carry trades will go in the near-term?

Hi Terri Belkas i think really ur lucky to be in a exciting positons where you could see & comment on other traders trades.on reading about the trading postions its really exicting for me hope one day i will also make huge pips like that .ok usually if something is right then wrong will also exits in that point of view any traders are lossing big pips ,if yes why can't you show that also then we could learn from mistakes ya . then good lcuk for all the traders participating in Knig of Micro

Originally Posted by VloveFx

Hi Terri Belkas i think really ur lucky to be in a exciting positons where you could see & comment on other traders trades.on reading about the trading postions its really exicting for me hope one day i will also make huge pips like that .ok usually if something is right then wrong will also exits in that point of view any traders are lossing big pips ,if yes why can't you show that also then we could learn from mistakes ya . then good lcuk for all the traders participating in Knig of Micro

Hi VloveFx,

We like to be more positive and point out winning trades, hence the "Hot Trader Spotlight" title. However, this is certainly a great place for traders to talk about mistakes they've made themselves recently, and then everyone can learn from each other!

Sorry for the lack of updates recently, we had a few technical difficulties but are now fully functional! One of the top traders has absolutely made a killing trading GBP/JPY, check it out: