FXWW News/Trade Ideas

MDT update

We are almost 4 weeks into the Axi Trader million-dollar-trader competition and the front-runner Alfadhalah is showing no signs of slowing up. His performance has been quite extraordinary and I will post a more in-depth individual profile soon.

The trend-followers have had a lucky break in that the market is in the midst of some significant moves. It’s one thing getting on a trend and quite another thing to fully benefit from it, but it is quite clear from the top of the leaderboard that the trend followers are having the best of it.

Use of leverage is also reasonably consistent amongst the front-runners. Day-traders tend to cap their leverage at around 30:1 whilst the swing traders seem to stay below 15:1 in general. The better traders have the ability to take more risk when they are reading the market correctly and to ease off significantly as soon as their strategy starts to struggle.

The quants have not had a great time of it so far with market conditions obviously not favouring their approach. I guess it says a lot about the ‘new’ FX market but it’s the pure technicians across both day-traders and swing-traders who seem to be doing best. Thankfully there is one price-action trader who is vying for an Axi Select prize account; there’s hope for us old dinosaurs yet!