Trader of the Month earned PLN 42. USD in November [Forex Competition]

Forex - Trader of the month competition - November 2023

Do you have to make multiple trades to make money? NO. But you can! A trader named Chunping closed over 400 positions that brought him a total profit of $42 in November 2023. He focused mainly on two currency pairs and aggressively increasing his volume, trading without a stop loss - and this risk paid off. A trader from China received the title of trader of the month and a bonus of $1000 in the competition Tickmill. And as usual, we decided to take a closer look at his transactions.

Congratulations to the winners!

Check it out: Trader of the Month closed almost 2000 trades in October

Grid without SL and nerves of steel

The capital curve itself suggests one thing - we are dealing with a grid. All you need is a quick glance at your transaction history to clear your doubts. Grid of positions on one pair, volume increasing step by step, no setting stop loss, and relatively small profits per position. But is that bad? Absolutely not. If a trader is aware of the scale of the risk he is taking, manages his capital appropriately and earns money at the same time, it can be considered a success.

Most of the trades were made on AUDUSD and USDJPY pairs. Occasionally, there were positions on US30 (CFD on Dow Jones 30) or crude oil. Losses were ruthlessly held, and the lack of SL suggests that the Chinese trader really had nerves of steel. Even more so if we take into account that he operated with a volume ranging from 1.00 lots to 10.00 lots per position (and sometimes he had several positions of 10 lots open at once). Analyzing randomly the places where he entered positions, it can be seen that he did not enter the market after any breakouts or spurts - rather, these were moments when there was little happening on the market. The transactions themselves usually lasted a few or a dozen minutes, and only in case of failure they were held longer. Hence the capital curve, which increases like a ruler. The moment of crisis appeared exactly in the middle of the month, when after almost XNUMX hours it was necessary to say "stop". After a strong increase in the AUDUSD rate, the market was entered too early (short positions - entry moment marked on yellow, the moment of exit red), which resulted in an adjustment to the account balance by -20% (approx. USD 20).

The moment of opening and closing transactions responsible for the largest capital drawdown in the month. AUDUSD Hourly Chart.

But that's the beauty of grid trading. One failure can be extremely painful and significantly reduce our account, or even wipe it out. Hence, a frequently used technique is regular withdrawal of profits from the account. In this case, the trader did not use this type of security, although in the interview he admits that he has some (although it is not known what kind). Either way, we keep our fingers crossed for his continued success!

Capital Chunping curve in November 2023.

Transaction history in numbers:

• Profit: $ 42,035.71

Trader's transaction history (PDF)

Interview with a trader

How long have you been involved in trade?

I have been trading on the Forex market since 6 for years.

How did your adventure with Forex trading begin?

I got involved in Forex trading through the recommendation of a friend.

What is your trading style?

I am an aggressive investor.

Do you have any risk management policies?

Yes, I practice risk management.

What good habits should investors be fooled about?

I believe that good habits for smart traders include trading with appropriate position size, following the trend and taking a long-term perspective. I think using stop losses is a good habit for a smart trader to have.

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

My most memorable trade was on AUDUSD. After a long-term downward trend, I read a trend reversal. I engaged in short-term intraday trading while also holding a number of long-term positions. So far, I have held long-term positions for over 3 months, accumulating a profit of over 800%.

What advice would you give to novice investors?

My advice is to trade with the right position size, follow the trend and hold your positions for a long time to capture profits from large trend cycles.

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

There are many events that affect the markets, but generally speaking, traders should manage their positions closely.

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

When looking for a forex broker, what I value most is security of funds, low spreads, low swap fees and smooth trading.

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.