Each trader has its own techniques and strategies and some of our Lucky 8 FX Trader of the Year contest winners have agreed to reveal theirs:
- Hantec Markets: How did you achieve your trading result?
AbrahamOwusu: I achieved my trading result by being patient and waiting for the right set-ups, sticking to my strategy and applying good money management.
Zviad Kajaia: Following trading signals with maximum risk.
Anouarkasri: Hard work
DmitriyKhoroltsev: In order to achieve the result I opened the maximum amount of positions, that is used the maximum risk. I traded on the levels and my view of the direction of the market.
pargo: Well, I always participate in demo contests, and I enter with the mentality of a winner, and thank God, I won!
baoxin: Luck played a big part this time but also the right analysis and a strict discipline.
- Hantec Markets: What trading strategy did you adopt? How many trades did you place and which were your best and your worst trades?
AbrahamOwusu: I basically applied a retracement strategy by considering strong supports and resistance. I also used the Fibonacci Retracement tool to allow me to accurately predict the price levels, where the reversals were likely to occur and I then placed my limit orders accordingly. By placing slightly over 50 trades, my best trade was GBPJPY (Sell) and my worse Silver (Buy.)
Zviad Kajaia: The strategy is trend following and reversal point finding. not too many trades as I remember.
Anouarkasri: I use Fibonacci in my trading. Best and worst trade with USD/ZAR
DmitriyKhoroltsev: Since the contest was held a week is quite short and the competition used intraday trading on the levels of support-resistance.
pargo: I depend on support and resistance, and trend line. I also follow the news, it’s that simple. My best trade was in the last moments in the contest when I entered short with USD/ZAR.
baoxin: Being patient and waiting for the right opportunity, after that you need to set stop loss. I did a lot of trades in the last week and especially the weekend. I was getting impatient so I lost a few trades. Luckily I was still able to cling onto the 2nd prize.
- Hantec Markets: What are your favourite instruments to trade?
AbrahamOwusu: My favourite instruments are currencies ( Spot Forex). I mostly prefer the EUR and GBP crosses.
Zviad Kajaia: EURUSD and GBPUSD
DmitriyKhoroltsev: My favorite instrument occupies the EUR / USD and other majors.
pargo: As long as it’s a contest, I chose the instrument with a high volatility – USD/ZAR.
baoxin: Spot gold, much more volatility in gold.
- Hantec Markets: Have you enjoyed the contest? How much time did you spend trading during the contest?
AbrahamOwusu: I really did enjoy the contest; the thrill and fun is unparalleled. I spent a couple of hours a day during the contest.
Zviad Kajaia: Yes I’ve enjoyed it. I traded until the end.
Anouarkasri: It’s a very good contest and I trade each time it’s running.
DmitriyKhoroltsev: The competition was exciting. The day devoted tracking the market is about 10-12 hours.
pargo: Of course I’ve enjoyed the contest, it was a great experience for me.
baoxin: Yes, very much! But I think 1st week is too short because when the time is as short as week 1, luck and gambling plays a big part. I spent more than 10 hours watching my trades every day in the last week.
- Hantec Markets: Have you participated in other FX trading contests before?
AbrahamOwusu: Yes I have; I participated in Hantec demo contest in the last 2 years.
Zviad Kajaia: Yes, I have participated in other fx contests many times.
Anouarkasri: Yes, I have won many contests before.
DmitriyKhoroltsev: I participated in many competitions, sometimes I took prizes.
pargo: Yes, many times.
- Hantec Markets: You have won a live Hantec Markets trading account. Have you ever traded a live trading account before?
AbrahamOwusu: Yes I have traded a live account before.
Zviad Kajaia: Yes I have traded live accounts.
Anouarkasri: I have been trading markets for the past 7 years and had live accounts.
DmitriyKhoroltsev: Yes, I am currently trading on a real accounts with several brokers.
pargo: Yes I have traded a live account, and I still do.
baoxin: Yes, but very badly.
- Hantec Markets: Do you think you will trade your live trading account the same way you have traded your demo contest account or will you be taking less risk?
AbrahamOwusu: I will definitely trade my live account the same way as I did the demo contest since I’ll be applying the same strategy. The only difference will be the fact that I will take less risks.
Zviad Kajaia: Sometimes I accept maximum risk on live account if I see a good trading signal, but it is impossible to trade live and demo accounts the same way.
Anouarkasri: I take risk when trading with my live account too this is why I lose money in forex.
DmitriyKhoroltsev: On a real account will be completely different trade than competitive. It is much less risk and profitability. There will also be a smaller number of transactions.
pargo: No, I will be taking less risk with a strict money management, because it’s the secret of success in forex market.
baoxin: Definitely not! When you trade on a demo, you are more like a gambler but you need discipline on live account otherwise you will be punished!