Market Alert: Euro Breaks Through Major Resistance

Posted by TopstepTrader on January 12, 2018

Euro.jpgIn European trading, the Euro (EUR/USD) broke through major resistance from the September 2017 high at 1.2090 on a spot basis. The move marks the second consecutive jump higher that has seen the price gain from the mid 1.19s.

In the front-month futures contract ($6EH8), the price has rallied from 1.1981 to 1.2180. (Futures contracts trade at a premium because interest-rate differentials are factored into the delivery date.)

Does this move present an opportunity? Or is it in its waning days? 

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Topics: Market Updates, Forex, Futures

Turning $2,000 to $70,000 in 1 Year - on the Way to Tens of Millions

Posted by TopstepTrader on December 18, 2017

Randy McKay is a name that many traders have likely not heard of. He is one of the rare breed of trader that was able to find success immediately - without blowing up an account or experiencing many of the challenges that even successful traders face. He was able to turn a $2,000 stake into $70,000 in his first year trading currency futures on the floor. That was a short pit stop to making tens of millions during his trading career.

Here are the three pieces of advice he gave traders in Jack Schwager's The New Market Wizards to improve their performance. 

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Topics: Trading Basics, Trading Lessons, Market Wizards, Forex

This is How a Currency Trader Picks His Trades: Bloomberg Interview

Posted by TopstepTrader on November 28, 2017

It is always interesting to get insight into how professional traders at large firms - trading large dollar amounts - think about trading. On a recent episode of Bloomberg's Odd Lots, hosts Tracy Alloway and Joe Weisenthal talked with Ken Veksler, a currency trader and director of Accumen Management. 

Ken was able to offer real-world examples of how he structures his trades and expresses his market opinion. Specifically, he noted that ahead of Brexit, he wanted to go short the British Pound. However, instead of focusing on the Pound relative to the U.S. Dollar, he tried to identify the currency that the Pound would most reliably weaken against. That led him to the Australian Dollar - a currency that he thought could hold its ground regardless of where the U.S. Dollar moved. 

Ultimately, that trade turned out to be a large winner for Ken as the British Pound got hammered in the aftermath of the vote - across the board. Things that Ken considers: market positioning, expectations and his own analysis. 

Here's that interview. Enjoy.

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Topics: Trading Basics, Forex

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