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 Forexmarket for over 10 years.
How did you get involved in Forex trading?
I was familiar with the Forex marketwhen I started investing in the US stock market in 2001 and then I started tolearn more through online magazines and articles.
What is your trading style?
My trading methodology is quitevaried, 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 setup 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 begreedy. 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 forme in a nearest session (over 10.000 USD profit), the price of the USD/CAD hasdropped a lot this year and I use the hedging to opposite the trend with the Martingalestrategy. The short reversal wave of this pair helped me to win. To use the Martingalestrategy, you must manage lot sizes and get short-term waves.
What advice would you give to new traders?
You need to practice and experimentwith trading methods to choose the one that suits your personality and risktolerance.
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 volatileyear for the financial markets and Forex market in particular. As an investoryou will have many opportunities to make profit but also high risk of losingmoney. You need to be constantly stay up-to-date with economic news (likeBrexit event, US election, Elon Musk’s statement about bitcoin, news aboutvaccines 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 isthat the broker is reputable and have a license. I also consider the broker’swithdrawal/ deposit conditions, spreads, slippage, competitive leverage forinvestors. So far, I am really happy with Tickmill.