Trader of the Month earned 94 thousand. USD in November 2022 [Forex Competition]

Forex - Trader of the month competition - November 2022

$94 profit in a month sounds like a dream. And yet, for a trader from Malaysia named Wei, it's a success achieved in November 2022 as an added bonus, $1000 bonus and title Trader of the Month in the next edition of the competition Tickmill. How did he do it? About it below.

Congratulations to the winners!

Check it out: Trader of the month earned 64 thousand. USD in October

Pyramids on gold

Pyramiding and gold - sounds like we've heard it before. And indeed, gold quite often dominates the trading histories of the winners of this contest. It was the same this time. Wei mainly traded on XAUUSD. Literally only a dozen trades are scrolling on other instruments like GBPUSD and BTCUSD. Strategy? pyramiding in an almost classic version. Over the course of several hours, and sometimes even several days, a grid of positions was set up, which then, when a substantial profit was achieved, was completely closed within a few minutes, usually using Take Profit. And it was the golden pyramids that brought such a huge increase in the value of the trader's account of the month.

What about the risk issue? Well, it depends how we look at it. Stop Loss almost never used - but as you know, it is not the only determinant of risk control. There were also less successful pyramid schemes, which resulted in capital slippages of thousands. That means the game wasn't over "everything or nothing", and in case things were not going Wei's way, he reacted to the situation. Additional security was the withdrawal of earned profits, as well as small deposit payments when the trader felt that there was a need. This is an interesting approach, which is quite often repeated in the series of this competition.

However, the approach to capital management itself is puzzling. Regardless of what deposit was on the account, transactions with a volume of 1.0 lots prevailed. Is it blowing cold? Or maybe the lack of proper mental preparation to go a step further? It's hard to say, but it's safe to say that the result makes an impression.

Wei capital curve. Forex competition "Trader of the Month" - November 2022.

Transaction history in numbers:

• Profit: $93 965,78

Trader's transaction history (PDF)

Interview with a trader

How long have you been involved in trade?

For a year.

How did your adventure with Forex trading begin?

A friend of mine showed it to me.

What is your trading style?

Reading charts and data.

Do you have any risk management policies?

Tak.

What good habits should investors be fooled about?

They must apply risk management.

Describe your best / most-remembered transaction (How much did you earn? What strategy did you use? On which pair?)

I traded XAUUSD and made around $50-80K during the day. Don't be greedy.

What advice would you give to novice investors?

Trade in a safe zone. Don't overdo the trade.

Considering the current market situation, what do you think data / investors should pay attention to?

Yes, all types of news are valid, from CPI reports, NFP data to PMI data.

What is the most important thing you expect from a Broker?

Competitive conditions it offers.

Forex "Trader of the month" competition

The winner of the competition is chosen by Tickmill Jury. The win is not only determined by the rate of return - it is the total that matters. Factors such as earned profit, position management, risk and trading skills are taken into account. There is also one more necessary condition - interviewing the broker and consent to make the account history public. Only then does the prize of $ 1 go to the trader's investment account.

The principles introduced are aimed not only at showing that you can make money on the Forex market, but also consciously educate and encourage sharing experience with other traders.