We’re pleased to present the winner of the latest round of Trader Wars and one of the prize-winners: Vyacheslav Petrukhin and Larisa Tokareva. We asked them to tell us a little bit about themselves and to share some of the secrets of their success.
Larisa, you had a very interesting performance. You were in the lead for a while and you certainly caught the attention of your competitors! Tell us, what tactics did you use?
L: I used different tactics in each of the two stages. In the first one, I traded on the news. I usually select a few news items for the upcoming week that could have a significant impact on prices, and I try to enter the market gradually, opening positions of varying volumes with short stop levels just ahead of the news release. This doesn’t always work during the second stage, because there might not be a major news item on the day of the battle. So, during the second stage, I took a different approach. Usually, after the Asian session ends, I try to guess the direction of movement ahead of the European session. Sometimes I get it right, and sometimes not. If not, I try to make up for it in the early hours of the US session.
Vyacheslav, you’ve barely taken any risks compared to your competitors, but you’ve still managed to build up some decent momentum in your trading over the course of the two stages, earning up to 100% a day. Tell us, how did you manage this?
V: There was constant risk, and luck wasn’t always on my side. I managed to turn a profit in the round of 16. I only went through, though, because my opponent’s performance was worse than mine.
Larisa, you took on the trader known as Margl in the semi-final, losing the lead just at the last moment. What caused such a sharp reversal of fortunes?
L: The day got off to a bad start, but I managed to catch the right wave during the US session. I saw my opponent’s result and realised that he stopped trading in the second half of the day. So, I stopped trading as soon as my result has beaten his by 5%. Then, in the last 2 hours, he made up the 5%. It was a lucky day for me, but even luckier for my opponent.
Vyacheslav, you battled it out with Larisa in the semi-finals. What helped you to pull ahead and win the encounter?
V: This was the most stressful round for me. Larisa had significant drawdown for most of the day, but then she started to catch me up. This forced me back into action, although I hadn’t planned on making any more trades.
Could you share some of your thoughts on the new contest? How does it differ from the others in your view?
V: It keeps you constantly on the edge of your seat. You can’t really rely on luck, as in some of the other contests. Calculating and anticipating market movements are more useful here.
L: It’s a good contest; it’s dynamic. I think 3 weeks is the ideal length, and the prizes are substantial.
What got you interested in Forex? How did you start trading?
L: I know a lot of people who trade, so I decided to try it out myself.
V: I first tried it in 2012, losing my first deposit of 1,000 USD in the same month. I later started actively trying to master trading after having gained a firm grasp of the basics.
Complete the phrase: “Forex is…”
L: Not for everyone. I mean that it takes a certain type of person to be good at it.
V: Forex is risk. But with a balanced approach, that risk is justified.
What traits does a trader need to develop to become successful?
V: Control over emotions and perseverance..
L: Knowing when to stop. This applies both when you win big, and lose big. The worst thing is when you tell yourself “just a little bit more and I’ll break even”. You need to remember that the market has a mind of its own, and you’ll never be able to control it.
Are you the type of person that breaks the rules, or always tries to follow them? Why?
V: It’s better to follow the rules. If you break them, you lose money.
L: I always try to follow the rules. I want to set an example for my kids.
If you’re as confident in your abilities as Vyacheslav and Larisa, don’t miss out on the chance to compete for some emphatic prizes. Sign up and join the battle of the factions now!