English
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SpanishFeng showed excellent account and risk management skills in December 2021 and got a $1,000 prize!
Read Feng’s interview and see his account statement – to make your own success story
How long have you been trading?
10 Years
How did you get involved in Forex trading?
Online Advertising
What is your trading style?
I Am investor / intraday trader.
Do you practice risk management?
Yes
What are some good habits smart traders develop?
This is in a way an extension of the previous point on discipline. A trader’s job is to manage risk. Don’t get obsessed with returns. Remember, you do not control returns. That is something the market controls. But you definitely can control the risk and that is what you should focus on. If you define your risk per transaction, if you create strong walls around your trading capital and if you always trade with a proper risk-return trade-off, you are likely to see success as a trader.
Describe your best/most memorable trade (How much did you profit? What was the strategy? Which pair?
“I have made a strategy on my own, which has made me profitable but never a big loss.
( GBPJPY – 15660 USD Profit)”
What advice would you give to new traders?
“Rule 1: Always Use a Trading Plan
A trading plan is a written set of rules that specifies a trader’s entry, exit, and money management criteria for every purchase.
Rule 2: Treat Trading Like a Business
To be successful, you must approach trading as a full- or part-time business, not as a hobby or a job.
Rule 3: Protect Your Trading Capital
Saving enough money to fund a trading account takes a great deal of time and effort. It can be even more difficult if you have to do it twice.
Rule 4: Risk Only What You Can Afford to Lose
Before you start using real cash, make sure that all of the money in that trading account is truly expendable. If it’s not, the trader should keep saving until it is.
Rule 5: Know When to Stop Trading
There are two reasons to stop trading: an ineffective trading plan, and an ineffective trader”
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
You must keep track of the latest developments and fluctuations in the dollar rate.
What are the most important things you look for in a Forex broker?
“Trust,
Road Map,
Banking Facilities
Technology,
Appropriately Communication”