The trader of the month earned close to + 100% in April 2021 [Forex competition]

Forex competition - Trader of the month - April 2021

The winner of the April edition of the competition "Trader of the Month" became a trader named Chaobo. And it is in many respects the complete opposite of the winner from March this year. It is a great proof that there is no one right path to success and how individual trading can be. Chaobo concluded only 62 transactions a month (the trader in March closed over 14 of them!), Which resulted in a profit of over + 93%. Impressive effectiveness, many years of experience and a well-thought-out strategy. What else made the Trader of the Month so spectacularly successful? About it below.

Congratulations to the winners!

Check it out: The trader of the month completed 14 transactions in March 552

High efficiency, thoughtful transactions

62 positions are relatively few when looking at the achievements of recent winners. But as any more experienced trader knows, more is not always better. This is also the philosophy that Chaobo uses. This, combined with strict rules and risk management, resulted in high effectiveness. This, however, translated into a high rate of return. Interestingly, 61 out of 62 positions were closed on the GBP / USD pair (one on USD / CNH). The assigned Stop Loss had only 6 positions, but this does not mean that there was no "hidden stop loss" being used. Certainly, a very beneficial element supporting risk management was the regular payment of the generated profits. During the month, Chaobo ordered as many as 7 payouts for a total of $ 40. The gradual payments almost returned to the level of capital from the "start" of the investment.

The lack of regular payouts is a common mistake of traders using aggressive investment strategies. On the wave of short-term success and blinded by the mechanism compound interest, they forget about the risk and very often, as a consequence, they lose the entire profit earned (and even the deposit made) with a series of losses.

The transaction volume was rather moderate given the careful risk management and short-term nature of the transaction. Most transactions lasted a maximum of a few hours and were usually worth around 5.0 lots (min. 1, max. 10). In the middle of the month, Chaobo suffered a series of losses, but his account was not affected much. Some items were held for the next day, but this usually resulted in considerable profits. Patience and a well-thought-out strategy? Everything points to it. We keep our fingers crossed for the continuation of the success!

Chaobo capital curve. Forex competition "Trader of The Month" - April 2021.

Transaction history in numbers:

• Profit: 48 158,96 $
• Return: 93,11%
• Total number of transactions: 62
• Profitable transactions: 83,87%

Trader's transaction history (PDF)

Interview with a trader

How long have you been involved in trade?

I started trading on the currency market in 2010, so my experience is almost 11 years.

How did your adventure with Forex trading begin?

I found out about currency trading when I was in college, so I started self study and then started real trading with a small amount.

What is your trading style?

My investing style is intraday trading, I mainly focus on the currency pair GBP / USD.

Do you have any risk management policies?

Yes, I have a clear trading plan and I have clear stop loss standards for single losses and holding time. If there are constant losses or big losses, I will take a break for a period of time to adjust.

What good habits should investors be fooled about?

A smart trader must have a clear plan. Thereafter, this plan should be constantly improved and practiced. At the very end, it must be skillfully implemented.

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

The most memorable transaction took place in February this year. I mistakenly predicted that the GBP / USD price would fall as the GBP price was rising in the middle of the day. However, since I did not make a firm decision about stop lossas planned, the final loss was $ 9000.

What advice would you give to novice investors?

Take your time to make a big profit, use small funds first to fine-tune a set of trading rules that suit you, and if you can make a stable profit then make a plan to scale up your trade.

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

Recently, I have noticed that the impact of the news is waning and there can be positive gains in reverse trading on appropriate occasions based on the news. At the same time, we also need to highlight some news that have a big impact, like the Scottish independence referendum.

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

The most important thing is the security of your funds and then the stability of the broker's trading environment.

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.