We conducted an interview with the winner of the 12th round of our Trader Wars contest where they shared some of the secrets to their success, although they wished to remain anonymous.
Could you share some of your thoughts on the new contest? How does it differ from others?
It’s an absolutely enthralling contest, and pretty tense. I got through the first stage without too much difficulty, but the second stage was really something else. I had to be on my toes every day, pretty much around the clock, for the whole week. It was an incredibly intense week. However, I think that winning the contest was worth the hardship.
This is the most interesting contest for me. I like the way it’s run, how it’s organised, and the fact that it has two stages: the splitting into factions, and then a tense, head-to-head battle every day. There isn’t anything that I would change. The only room for improvement is that there could also be a cash prize for 4th place. Aside from that, the contest is excellent.
Tell us how you got started with Forex trading.
I got into Forex about 2 years ago, and before that I quite often got to hear about it from friends and acquaintances. One of them was fairly good at Forex trading and used to share their success stories with me. It was then that I started to think about trying it myself. I wasn’t very successful at first, but I guess everyone goes through that stage. Now I enjoy varying degrees of success, but I continue to work on improving. I think of it as a sort of hobby with the potential, or hope, of gaining financial independence.
What style of trading suits you best?
Recently, I prefer making mid-term trades. It’s less intense, and doesn’t take up so much time. I try to pay attention to key support and resistance levels and work with channels. I don’t really use indicators, except for the RSI.
What do your family and friends think about your passion for financial markets?
The only family member that knows about it is my husband, who is all for it! In fact, he was one of the people who got me into it.
Describe your perfect weekend. What would you do?
It varies; the perfect weekend depends on your mood and the situation. Sometimes you just want to be alone and have some some peace and quiet, other times you want to spend the day with your family, go for a walk, unwind, or go to the cinema or a café together. Sometimes you want to meet your friends and relax with a glass of wine. Other times you just want to sit at home without a care in the world and indulge yourself: take a bath, watch a film, and eat chocolates… just escape from everything. It’s always different. I guess the ideal weekend is one that you spend doing exactly what you want.
What advice would you give to people who are just starting to trade? What should they pay attention to and what should they ignore?
I would advise trading only on demo account to begin with. Don’t be in a hurry to start trading with real funds because you’ll lose them straight away. As obvious as it may seem, follow the rules of money management, and start out trading with low volumes. Calculate everything and don’t leave anything down to chance. This is not a place for luck or gambling. Intuition is another matter; you gain this over time with the experience of assessing a lot of different types of situations. Don’t think that you can earn a lot from the very beginning; it’s not going to happen.
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