Currencies: May 2008 Archives

Now that currency trading has started I would like to share my experience so far. There are 20 currency pairs available for trading 24x7. The major currency pairs are included. However, I am sure that some currency traders would like to see additional pairs.

You can go long or short currencies. I found the fact that from my initial trades I could not purchase more than $90,000 worth since there seem to be fees that are applied. Couple the fees with the fact that you cannot enter the exact buy/sell amounts makes the interface a little quirky. Instead, there is a drop down selection for the buy/sell amounts. This essentially means that $10,000 of your $100,000 initial cash cannot be spent until you make a profit.

Trades are processed almost in real time. I noticed that my currency portfolio auto-refreshes with the latest values approximately every 30 seconds. CNBC.com states that although currency trading begins later than equity trading, Week 2 will end on Friday May 23 at 4:00PM EST for both parts of the contest.

Log into your portfolios and have fun trading currencies. http://contests.cnbc.com/milliondollar/main.do

I have managed to reach the top 0.4% in the contest as of tonight's update, thanks in part to my USD/JPY trade. I sold all my stock holdings today in my top portfolio so hopefully the market takes a hit tomorrow. It is rare for me to sell everything in the contest so I hope it pays off. Good luck everyone.

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This page is a archive of entries in the Currencies category from May 2008.

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