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Trader of the Month closed over 1600 positions in February 2024 [Forex Competition]

Trader of the Month closed over 1600 positions in February 2024 [Forex Competition]

created Paweł Mosionek20 May 2024

Forex - Trader of the month competition - February 2024

Is it possible to complete over 1600 items in the shortest month of the year? As it turns out, absolutely. What's more, with such high activity, Mohammad earned over $75, starting with just $1700. It sounds completely abstract, but it really happened. To make matters worse, most of the transactions were not set stop loss, and most of the positions were concluded on gold. Mohammad deservedly received the title of trader of the month and a bonus in the form of a $1000 bonus in the competition Tickmill.

Congratulations to the winners!

Check it out: Trader of the Month earned 75 thousand. USD in January 2024 [Forex Contest]

Over 1600 items in a month

Mohammad was not idle. During the shortest month of the year, he completed over 1600 transactions. Considering that February had only 21 trading days, this translates into an average of nearly 80 positions per session. Sorry, but we will not even attempt to analyze these plays, and with such a large sample, random analysis will probably not allow us to draw correct conclusions. However, it can be undoubtedly assumed that Mohammad used the machine because trading took place practically XNUMX hours a day.

As for the financial result, it is also incredibly impressive. A trader from Kuwait started the month with a deposit of USD 1700, and finally closed it with a balance of just over USD 36. USD. Where are the remaining funds? Mohammad adopted one of the best and most effective risk management methods - he regularly paid out the generated profits to minimize the risk of being left with nothing. When trading aggressively, especially using machines, where trading takes place 0.01 hours a day and we may often have trouble effectively monitoring its operation, successive withdrawal of profits is the best solution. And the risk was rather high. Most of the positions did not have SL set and there were often several or even a dozen positions in the game at the same time. The transaction volume itself varied greatly. Sometimes it was 5 lots, and sometimes 10-XNUMX lots (including gold). Trading took place on many instruments. From commodities, through stock indices, Bitcoin and oil, to currency pairs (mainly a few with the pound). Gold was the leading instrument, and there were also a lot of transactions on Nasdaq (USTEC) and BTCUSD.

Short transactions dominated, from a few to several dozen minutes. But you can also see longer ones, which probably resulted from the need to withstand losses in order to finally end the "pyramid" on a positive note. Already at the beginning of February, the first mistakes became visible. Mohammad regularly made quick deposit payments of PLN 3-10. USD to save the account and be able to maintain loss-making positions. And this actually shows the true scale of the risk taken. Of course, we managed to get out of these situations unscathed, and then the excess cash was paid out, but several times it almost happened otherwise. Interestingly, the pattern of rescuing the account with additional payments was repeated regularly, and Muhammad tried not to keep too much cash in the account throughout the entire period. Some may think it's risky, impractical or even crazy, but it can't be denied - in this case, there was a method to the madness that ultimately brought a handsome profit.

trader of the month February 2024

Mohammad's capital curve in February 2024.

Transaction history in numbers:

  • Profit: 74 540.18 $

Trader's transaction history (PDF)

Interview with a trader

How long have you been involved in trade?

I have been trading since the 2020 year.

How did your adventure with Forex trading begin?

I was recommended by a friend.

What is your trading style?

My trading style includes short and medium term speculative trading.

Do you have any risk management policies?

Yes, I practice risk management.

What good habits should investors be fooled about?

Good habits to develop are respecting stop-loss orders and maintaining balanced lots.

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

My most profitable trade was $3600 from a gold purchase in January 2024.

What advice would you give to novice investors?

I would advise new traders to study technical analysis through courses and videos and consider fundamental analysis while staying up to date with market news.

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

Investors should monitor monthly economic news such as interest rate announcements, retail sales, inflation reports, jobs reports and more.

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

Spreads, swaps and commissions, as well as the broker's reputation, problem-solving capabilities and speed of transfers of funds to and from my account. The main things I look for in a broker are spreads, speed of order execution, withdrawals and deposits, and responsiveness to any inquiries - all of these things I found at Tickmill.

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.

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About the Author
Paweł Mosionek
An active trader on the Forex market since 2006. Editor of the Forex Nawigator portal and editor-in-chief and co-creator of the website. Speaker at the "Focus on Forex" conference at the Warsaw School of Economics, "NetVision" at the Gdańsk University of Technology and "Financial Intelligence" at the University of Gdańsk. Twice winner of "Junior Trader" - investment game for students organized by DM XTB. Addicted to travel, motorbikes and parachuting.

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