The Monday morning review is where we analyze the state of the World TopInvestor on a week over basis. The goal of our weekly review is to keep you aware of how participants are doing. After a -4.4% decline in the SP500 in the prior week, the market managed a slight recovery from severe oversold conditions. In the end the major markets told us very little by closing up around 1% for the week. It seems everyone was holding their breath to see if this massive sell-off would lead to something worse. Meanwhile activity in global currency markets was heating up, and that seemed to benefit participants of the World TopInvestor
The third week of competition was fairly sucessful for Slovene traders as most managed to enhance the value of their portfolio as compared to the end of week 2.
The competitor Aleš, 31-year-old chemist who works in a laboratory, was of course in first place throughout the week in Slovene standings, as he even led the overall standings all week long. His most profitable trade was shorting XAUUSD over the first weekend in march – he sold at 661,49 on Friday and bought at 640,20 on Monday. He also closed two other short positions on EURCHF and AUDUSD. He currently has open three positions on American CFDs, two long and one short, that are all profitable.
Aleš said the biggest factor for his decision to short gold was technical analysis, as the trend canal, moving averages and other studies suggested an impending move downwards. He currently focuses on a few crosses, mostly the above-mentioned XAUUSD, AUDUSD and EURCHF. He does not plan to radically change his strategy, since he was not extremely aggresive on the first trade either (25 % margin utilisation), although he will be even more careful with risk management after such growth. He invests both in short and long term views and believes gold may drop in price again soon.
The biggest positive leap in week 3 was made by Borut 3, who ended week 2 with -16,66 % and climbed to 26,22 % in week 3. He made his profit through long positions on two European stock indices that have not yet been closed.
So the 31 year old Slovenian Ales is leading for the second week in a raw at world level with gains of 103,84%, followed in second place by the Hungarian Tamás Schmidt with 94,64%.. Hungary has 4 participants at global level in the top 10, Slovenian comes after with 2, one Polish, Slawomir Tkaczyk with gains of 44% trading futures contracts on gold and silver and Forex products, one American, trading only forex, one Bulagarian ,Alexander Nikolov and the Danish Timothy Dion closing the list in 10th place.
Alexander Nikolov regained his leading position in the Bulgarian league and climbed up to sixth position in the overall ranking of participants. During the past week he benefited from the range trading in EURUSD and sold at the top of the range. He also bought GBPUSD around the lows of the drop on Monday as he believed the sterling is being oversold. Alexander traded USDJPY around the middle of the week as in his opinion there was the right time for a correction in the closing of carry trades in the pair. So far he retains his impressive performance of no losing trades. For the current week expects the USD to be range traded, unless there are more news supporting the greenback. He will keep a close eye on the GBP as well, as in his opinion the pound needs to strenghten towards the USD and the EUR. The leader from the past week erased all his gains as he traded very risky during the volatile movements in GBPJPY on Thursday and Friday.
