Trader of the Month earned PLN 85 in August. USD [Forex Competition]

Forex - Trader of the month competition - August 2023

A trader named Sebastian earned over $85 in August 2023. Seven years of trading experience resulted in a spectacular result, which took only 165 transactions. What's more, Sebastian shared with us his philosophy and approach to investing in an extensive interview (available at the bottom of the article). As usual, we decided to look at his transaction history. A trader from Argentina received the title of trader of the month and a bonus of $1000 in the competition Tickmill.

Congratulations to the winners!

Check it out: Trader of the Month earned PLN 100 in July. USD

Active capital management

Sebastian's transaction history is relatively short compared to what we usually observe Traders of the Month, because it counts "Just" 165 items. These are mainly transactions on gold (XAUUSD) and currency pairs related to the yen - USDJPY, EURJPY and CADJPY. About 1/3 of the items were set stop loss but it is possible that Sebastian may have also used hidden SLs using external tools. Take profit was more common. Did this hinder anything? I don't think so. This sounds like a well-thought-out strategy. The trader actively managed the capital by making regular deposits and withdrawals. This was probably his way of both securing his profits and controlling the overall risk in the account.

The Trader of the Month used a position grid - he often had several transactions open in the same direction and time, which he closed at short intervals. There were small profits and losses, as well as more serious transactions with a balance of +/- PLN 10. USD per position. This should not be surprising, because the volume started from a few lots but could reach 10.0 lots per position. There were a few more painful stumbles (e.g. a realized loss of -25 USD in a row), but patience and consistency allowed them to be gradually worked off - not immediately and not by force, thanks to which this approach had a chance to work in the long run. We encourage you to read the interesting interview below.

Sebastian's capital curve in August 2023.

Transaction history in numbers:

• Profit: $ 85,170.28

Trader's transaction history (PDF)

Interview with a trader

How long have you been involved in trade?

I have been trading Forex for about 7 years.

How did your adventure with Forex trading begin?

I got involved in Forex trading after hearing about its profit potential and the flexibility it offers. Initially, I was intrigued by the idea of ​​currency trading and decided to learn more about this market.

What is your trading style?

My trading style is mainly based on day trading and swing trading. I prefer short- and medium-term trades that allow me to take advantage of short-term market movements and trends.

Do you have any risk management policies?

Yes, risk management is a key aspect of my trading strategy. I always use stop-loss orders to limit potential losses and never risk more than a small percentage of my trading capital on a single trade. Diversification of my portfolio and position size are also key elements of my risk management strategy.

What good habits should investors be fooled about?

Good habits that smart traders develop include:

• • Continuous learning: Staying up to date with market developments and trading strategies.
  • Discipline: Following a well-defined trading plan and not letting your emotions dictate your decisions.
  • Risk management: Capital protection through appropriate selection of position sizes and stop-loss orders.
  • Patience: Waiting for the right opportunities and avoiding excessive orders.
  • Record keeping: Maintaining a trading journal to analyze past transactions and identify areas for improvement.

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

My most memorable trade was the EUR/USD swing. I used a combination of technical and fundamental analysis to enter the trade at the right time. I gained about 20% of my initial investment, and the strategy was to identify a strong support level and use a trailing stop-loss to lock in profits when the trade moved in my favor.

What advice would you give to novice investors?

I offer the following advice to new traders:

• • Educate yourself: Learn as much as you can about Forex trading before risking real capital.
  • Start small: Start with a demo account to practice and gain experience without risking money.
  • Developing a trading plan: Create a well-defined trading strategy with clear entry and exit criteria.
  • Risk management: Never risk more than you can afford to lose and use stop-loss orders.
  • Control your emotions: Control emotions such as fear and greed as they can lead to impulsive decisions.

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

In the current market environment, investors should keep an eye on several key news/events, including:

• • Economic data publications: Employment reports, GDP data and central bank decisions can have a significant impact on currency markets.
  • Geopolitical events: Political developments, trade tensions and international conflicts may affect currency rates.
  • Central bank policies: Central bank statements and actions, such as changes in interest rates, affect the value of a currency.
  • Market sentiment: Pay attention to market sentiment indicators such as the VIX (volatility index) and investor sentiment surveys.
  • Technological progress: The adoption of new technologies such as blockchain and cryptocurrencies may also impact the forex market.

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

• • Regulations: A reputable broker should be regulated by a recognized body to ensure transparency and security.
  • Trading platform: A reliable and user-friendly trading platform with essential technical tools and charting capabilities.
  • Spreads and fees: Competitive spreads and transparent fee structures to minimize trading costs
  • Customer service: Efficient customer service that quickly answers all questions and doubts.
  • Deposit and withdrawal options: Easy and secure methods to deposit and withdraw funds from your trading account.

These factors help ensure a safe and supportive 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.

Attention! The contest is for traders trading with Tickmill Ltd. Seychelles only.