April's $10,000 Monthly challenge is quickly coming to a conclusion, and it's shaping up to be a down to the wire finish. Our top five competitors are neck and neck, with A.S. from Norman, Oklahoma currently in the lead at 352%. With just one week remaining in this month's competition, there is still plenty of time to see changes in the current leaderboard. To get a better idea of what is going on in the market, and get an idea of what our competitors may be trading, let's review some of the major themes occurring for the month of April.
Past Performance: Past Performance is not an indicator of future results.
The leaderboard shows the top 10 contestants out of thousands and does not represent a typical contestant's return. Positive returns are not guaranteed. All contestants have the potential to experience losses in excess of deposited funds.
First off, many traders this month have chosen to focus their trading on US Dollar based pairs. As we learned from February's 2nd place winner Tasha O., most of the volatility seen in US Dollar based pairs has revolved around central banks and interest rate speculation. Traders have specifically looked to the Fed in anticipation of any future rate hikes for key interest rates. At this point, Fed Fund futures suggests that the market doesn't expect a rate hike until 2017. However, with the FOMC meeting later this month on April 26th and 27th traders are again speculating on another potential rate hike.
What is next for the US Dollar? Get our DailyFX Dollar forecast HERE
Yen pairs have also been heavily traded this month, and for good reason. The USD/JPY has already fallen as much as 495 pips for the month of April, with the pair reaching a new 18 month low! Fundamental traders will be watching the next BOJ (Bank of Japan) meeting which is set on the calendar for April 27th and April 28th. Traders, such as January's 1st place finisher Phong V., may be watching the news for the increased volatility during these periods. Traders looking to take part in news trading may look for markets to reach quick extremes during these periods. As many of our previous winners have specified, trading the news does have its risks so proper risk management should always be a priority.
With all of the exciting action this month, it is hard to believe that April's contest will be quickly coming to a close. New traders that are looking to get into the market for May's $10,000 challenge should remember that DailyFX offers a variety of resources to help them get started with their trading strategy. Traders looking at market fundamentals can begin their research by reading the latest information on the Euro and US Dollar from our 2016 Analyst forecasts. Traders looking to revamp their risk management skills may also want to review our Traits of Successful Traders e-Guide. This is a great read to help traders get up to speed on the number one mistake traders make, as well as review the effects of trading with leverage.
Learn more about other traits that make a successful trader, Register for our free E-Guide HERE
If you are unfamiliar with the contest, the $10,000 Monthly Challenge is a currency trading contest hosted by FXCM, which gives away $10,000 in total cash prizes every month: $5,000 for the trader with the highest trading return, $2,500 to second place, $1,500 goes to third place, $750 for fourth, and finally a $250 prize for fifth place. For more information on the $10,000 Monthly Challenge and to read the rules for entry and how to win, click here.
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Unique experiences and past performances do not guarantee future results! Testimonials herein are unsolicited and are non-representative of all clients. Past performance is no indication of future results.
Source → April�s $10,000 Monthly Challenge Update
