There are 10 days left to the competition and over 622 bitcoin profits sitting in the top 10 players pockets. I thought it might be fun (without giving any secrets away) to look at how these talented traders have been making their profits.
The first thing that is notable and different from the other competitions we have run is that the most profitable traders are doing short term trading instead of adopting the buy and hold strategy that is most effective in a trending market. This means they are holding positions less than a day, sometimes no more than an hour. These people are looking for small moves frequently using the five times leverage to maximize the profit potential of their competition accounts. Also, people do not appear to be favouring long positions over shorting a stock. This is a trait that is not common among beginners and might lead us to believe there are more professionals and semi-professional traders involved in the competition this time.
Grandad, the current top trader has held that slot for the last 5 days. Grandad’s trading style is aggressive. He is using the 5 times leverage afforded by his 100 bitcoins starting capital to take positions as large as 10,000 units in one notable trade and rarely less than a few thousand. If Grandad was trading live capital he would have taken his initial stake of 100 bitcoins which equates to about 26,500 USD or 24,200 EUR and has turned that into 310.1171564 BTC or just over 82,200 USD! Over 200% profit in 11 trading days. He’s done it trading 6 stocks very actively, looking for small price moves. As a matter of fact, most of the TOP10 are short term day traders which has not been the case with earlier competitions.
Hedge_ninja seems to behave in a very Ninja-esque fashion. He sneaks into one market, picks up his profit before moving onto the next. He has amassed his 151BTC profit by trading only nine different stocks in 30 trades. If he were one of our 2 live trading account winners and he was trading using the 20 BTC worth of prize trading power he’d be sitting on a real profit of just under 8,000 USD, which is nothing to sneeze at for 11 days work.
The stocks our winners have selected for trading are also highly diversified with the only commonality being that many of the TOP10 traders have positions in Amazon (AMZN) and Apple (AAPL.) There are now 115 stocks to pick from and 4 alternative currencies if you want to also create profits using Currency Switch.
All in all this is the most exciting competition to date. And just for fun. If Grandad wins one of the 2 prizes which provides access to a live trading account loaded with 20 BTC worth of trading margin, he would be sitting on a profit of a modest 42BTC or 11,115 USD.
Let me know what you think! What are you trading in the competition and how is your trading experience going? There is still time to make a significant difference and maybe emerge victorious.
First Global Credit