Trung showed excellent account and risk management skills in January 2021 and got a $1,000 prize!
Read Trung's interview and see his account statement – to make your own success story
How long have you been trading?
I have been investing in the Forex market for over 10 years.
How did you get involved in Forex trading?
I was familiar with the Forex market when I started investing in the US stock market in 2001 and then I started to learn more through online magazines and articles.
What is your trading style?
My trading methodology is quite varied, I used to use technical analysis in combination with analysis of fundamentals (as news is an important factor), I also use automatic EA-s (robots) to trade. Right now, I am focusing on trading using Expert Advisors (robots), it is set up according to my own trading method.
Do you practice risk management?
Of course, even when you use 100% automatic trading method, sometimes you still have to intervene on your positions to minimize risks. Markets are always volatile, there is no 100% safe trading method.
What are some good habits smart traders develop?
Always be disciplined and do not be greedy. Always find out why the transaction failed or succeeded.
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?
The USD/CAD is a profitable pair for me in a nearest session (over 10.000 USD profit), the price of the USD/CAD has dropped a lot this year and I use the hedging to opposite the trend with the Martingale strategy. The short reversal wave of this pair helped me to win. To use the Martingale strategy, you must manage lot sizes and get short-term waves.
What advice would you give to new traders?
You need to practice and experiment with trading methods to choose the one that suits your personality and risk tolerance.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
This year is an extremely volatile year for the financial markets and Forex market in particular. As an investor you will have many opportunities to make profit but also high risk of losing money. You need to be constantly stay up-to-date with economic news (like Brexit event, US election, Elon Musk’s statement about bitcoin, news about vaccines for Covid-19…) then come up with suitable strategies for your trading.
What are the most important things you look for in a Forex broker?
For me, the most important thing is that the broker is reputable and have a license. I also consider the broker’s withdrawal/ deposit conditions, spreads, slippage, competitive leverage for investors. So far, I am really happy with Tickmill.