Sergei Kisil became the first winner of our King of the Hill Contest. The aim of the contest is to achieve the best results for number of trades and their profitability when trading binary options. Sergei kindly agreed to answer a few questions and share his experiences with our readers.
Sergei, is binary options a way to earn money for you or just a way to take a break from trading Forex?
Binary options are the same as working with Forex for me; bringing money and pleasure. I keep trading Forex when working with binary options and I don’t split these two services into different camps.
What do you think is necessary to become a successful binary options trader?
First and foremost: patience, financial and trading plans and responsibility when opening trades. If you were to have everything, then you definitely need to have experience trading on standard live accounts. PAMM service investment experience also wouldn’t go amiss.
Why did you decide to take part in the contest?
I decided to take part since it was a chance to demonstrate that my trading method is one of the best. This was important for me because I sometimes hear criticism about how my method is wrong and is only set to bring my deposit to an end with losses. However, in the way that I trade I am constantly proving that the naysayers might be right a fraction of the time, but on the whole they are way off the mark. After a fall it’s imperative to double or triple your deposit and, as a result, cover all of the previous losses. Don’t be afraid to lose since if you don’t trade then you won’t make money! And I’ve been making money from Forex for over two years.
The contest rules are pretty simple, but they don’t give room to rest up. Did you find it difficult to win?
It was really difficult to win since, even when at the top of the rating, there’s a chance that you could fall at any moment. This risk increases your responsibility when trading, when you have no ongoing trades: these points are important. Another thing that was important for me was to win cleanly. As such, even when I knew I was already ahead enough to win, I continued my trading all the way to Friday.
What is your favourite instrument and trade size when trading binary options?
I try to use only instruments which I know well. At the moment this is the euro/dollar and pound/dollar. The size of the trades depends on how I feel for each particular market situation. This could be just 1 dollar or 100 dollars.
What do you do other than trading?
Other than trading Forex I conduct scientific work in one of the research institutes of my city and I lecture at a university.
Thank you Sergei for taking the time to answer our questions. Don’t forget, the next round of King of the Hill has already begun. Register to get involved in the fight for our 1,075 USD prize fund.