Trader of the Month closed almost 2000 trades in October [Forex Competition]

Forex - Trader of the month competition - October 2023

He earned over $93 and closed nearly 2000 positions. All this in just a month! Sheng-yuan, a trader from Taiwan, showed the amazing capabilities of his slot machine (EA) by achieving such a spectacular result. In the interview, which was published with a considerable delay (the result concerns October 2023), he did not provide too many details, but as usual, we decided to take a look at his transaction history. A trader from Taiwan 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 80 in September. USD [Forex Competition]

Over 1900 transactions, with a spoon, not with a ladle

Looking at Sheng-yuan's account history may surprise you. And it's not about spectacularly high profits or unusual transactions, but about their number. The statement consists of 20 pages and is one of the longest in the entire history of the competition. Initially, you might think that it covers at least a year. Nevertheless, it is only 22 trading days. How is this even possible? The answer is: Expert Advisor. The trader of the month traded using a machine, which he himself admitted in an interview. Besides, it's hard to imagine it being otherwise. It would be impossible for a person to stay focused for an entire month, making an average of 90 transactions a day, 24 hours a day.

A trader from Taiwan earned PLN 93. USD, trading on several major currency pairs and gold (occasionally there are also cross pairs such as GBPCHF or GBPAUD). The volume started with micro lots and gradually increased to up to 40 lots per single transaction. This is a characteristic feature of grid and averaging systems. Another confirmation is the creation of the entire grid of positions on a given instrument. Interestingly, he often had several such nets open on different instruments at the same time. How come? Well, he started October with a capital of over PLN 112. USD – so he had a large stock of cash. Probably, because he is a trader from Asia who is not subject to European regulations, he could use a leverage of 1:100 - 1:500. This is another trait that allowed him to use a more aggressive approach. What is very interesting is that the accumulated profit on the account has increased gradually and there is no significant stumble in the history. The largest capital loss I found was approximately PLN 20. USD and this with an account balance of approximately 219 thousand. USD.

The approach to risk management is even more interesting. Positions were occasionally held overnight, but it did not matter because the machine traded all night long. However, virtually no trades were set stop loss, and no profit payment was ordered during the entire month. This is probably due to the need to have a reserve of capital to conduct so many transactions at once, while increasing the volume and profit. But was the risk high? Honestly, it doesn't seem to be the case here. There have been losses of up to -10% of the account value, which tells us that the pain threshold set by Sheng-yuan is somewhere at this level. Sounds very reasonable.

Sheng-yuan capital curve in October 2023.

Transaction history in numbers:

• Profit: $ 93,273.45

Trader's transaction history (PDF)

Interview with a trader

How long have you been involved in trade?

I have been trading for over 10 years.

How did your adventure with Forex trading begin?

Through another Forex broker.

What is your trading style?

Speculating on price movements using different trading styles depending on market conditions and circumstances.

Do you have any risk management policies?

Yes of course.

What good habits should investors be fooled about?

Setting realistic goals, continuous learning, discipline, risk management and using smart trading tools are just a few.

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

I traded gold using Expert Advisors.

What advice would you give to novice investors?

Track your trades, stay up to date with current events and changes that may impact the markets, and perhaps start with a demo account before entering the real world of trading.

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

Economic indicators, central bank policies, geopolitical events, trade tensions, corporate earnings reports and key industry developments are on the agenda.

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

Trading costs, primarily competitive spreads and commissions, execution speed and slippage, available assets and trading platforms.

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.