The
results are in! This month's King of the
Mini winner hails from China, with a dramatic
417% gain booked in his account! Download
his trading statement to see how he did
it, and read a breakdown of his best winning
trades below! The
King of the Mini Contest awards cash prizes
to the top five traders with the highest
percentage monthly gains, who also get
bragging rights for their respective countries!
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Over
$4000 in cash prizes
awarded monthly.Learn
more about prizes/contest
rules. Do you want to
be King of the Mini? Open
an Account.
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How the mighty have fallen!
It has been quite a month for the EUR/USD,
where we've seen political turmoil send
the pair plummeting to 8-month lows in a
matter of weeks! Even though the US data
through the previous month has been lukewarm
at best, the dollar is making its highs
partly because investor confidence in the
euro was shaken with the results of the
French referendum. Hot on its heels was
the Dutch no vote, which led to speculation
about the future of the Euro with some even
going as far as to refer to the dissolution
of the single currency! Realistically, the
change is in the hearts and minds of international
investors? to whom the prospect of investing
in politically divided Europe just became
significantly less appealing.
But even before the sharp move downward,
there were plenty of opportunities available
in the market for traders who were alert
to them. The May winner's biggest trades
were actually range trades, placed when
the market was trading sideways BEFORE the
French "no" vote came out! Read
below to see exactly how this trader took
advantage of indecision in the market to
make his formidable gains!
A
glance the May King of the Mini winner's
account statement reveals that this trader
possesses the hallmark characteristics of
a successful trader. His earnings were not
the result of luck, but rather a disciplined
strategy and superb money management. The
trader made 101 trades, of which 59 were
successful. This equates to a 58% success
rate. How then, did this trader turn $4,825
into $24,955? Looking
at his statement in detail, we find that
the average loss was $298 per trade, but
the average winning trade netted $555.
This is roughly a 2:1 risk-reward ratio.
Over time, even a relatively simple strategy
such as this can produce tremendous profits,
as we can see with this month's winner
who combined a simple support/resistance
strategy with exemplary money management
skills to produce tremendous gains in
his account. Here is a look at a few of
the winning trades based on simple technical
factors--namely, support and resistance.
Largest Single
Gain Long GBP/USD 300K at 1.8890,
Closed at 1.8936
Total P/L =
$1,380.00
Short GBP/USD
400K at 1.8424, Close at 1.8372
Total P/L
= $2,080.00
As we can see from the above trades, a
winning trading strategy does not have
to be complex or littered with technical
indicators. This month's King of the Mini
did not reinvent the wheel, but instead
implemented a strategy based on relatively
simple market analysis and most importantly,
superior money management.
Support and Resistance
Support and resistance are
at the heart of technical analysis, and
surprisingly easy to implement. Support
is simply a price level that the currency
pair has trouble falling below, and resistance
is a price level that a pair has trouble
breaking above. Since currency markets
are trade in a range roughly 80% of the
time, traders who understand how to trade
support and resistance are able to take
advantage of opportunities that other
traders often overlook! |
