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

Forex - Trader of the month competition - January 2024

About 100 trades were enough for a trader from Saudi Arabia to earn $75 in the first month of 2024. Consistency in strategy implementation, stable capital growth i only four losing positions throughout the entire period resulted in a rate of return close to +32%. And all this without stop loss. What does this trader's trading history teach us? We decided to take a look at it below. Meanwhile, Abdullah 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 closed over 1000 positions and 116 trades in December. USD profit

Fixed flight and trading on major currency pairs

A great result and nearly 100 completed positions are Abdullah's achievements in January 2024. The number of positions is not intimidating, especially considering the trader's achievements from the December edition of the competition (over 1000 transactions in a month), but two things may be shocking at first glance:

• a fixed lot for (almost) every item of 7.00 (the number "7" in Islam is particularly important but maybe it's a coincidence?),
• only four positions ended in loss.

Unfortunately, we cannot ask the trader about the first point, so it remains a secret. However, let's look at two larger losing positions (the other two are marginal) that should tell us more about Abdullah's trading approach.

The first one was open in December and was one of the two with a volume other than 7 (5.0 lots - perhaps unlucky? 🙂 ). This applies to couples GBP / USD and long position. The trader waited almost 3 weeks for a convenient closing, but in hindsight it must be admitted that it was a great decision.

The first losing position taken by Abdullah - the white rectangle is the opening place, the red one is the closing place.

The second losing position "lived" for 3 days and was open in the pair NZD / USD. This opening of a long position was even worse than the previous one on GBP/USD, although again - the moment of exit was practically realized at the best possible moment. Case? I don't think so.

The second lucky position taken by Abdullah - the white rectangle is the opening place, the red one is the closing place.

What does this tell us? First of all, in the event of failure, losses were kept, but the trader also waited for a convenient moment to close them to minimize their amount (he did not insist that it must end with a profit at all costs). Additionally, even with such a poor first position as in the case of GBP/USD, the drawdown was only -3% (-USD 8800). In short: this is probably a risk calculated into the strategy and Abdullah could afford it, having a sufficiently large capital in his account in relation to the trades he opened. He often waited patiently for his positions to come to fruition, but it was unlikely that there was any randomness or gambler's gene behind it. On the contrary. There is no averaging, grid, risky machine or news trading. This is probably classic day trading combined with swing trading, which, according to the interview, is based on Fibo numbers and Elliott waves.

Just waiting for a more convenient moment to close the transaction, mainly with a profit, was easier for Abdullah because, as a Muslim, he uses a swap free account and is not charged with swap points. This certainly improved the result in his case, but it was not the key factor determining success. Take Profit was used relatively often, but probably out of convenience, not the needs of the strategy itself. There has never been a Stop Loss, although it is clear that the trader applies risk management principles. High effectiveness is the result of frequent profit-taking on a small profit, but thanks to this, the capital gradually increased throughout the month, and thus the beginning of the year was exceptionally successful for Abdullah. And keep it up.

Abdullah's capital curve in January 2024.

Transaction history in numbers:

• Profit: 74 796.50 $

Trader's transaction history (PDF)

Interview with a trader

How long have you been involved in trade?

I have been trading since 2016 and started trading Forex in 2021.

How did your adventure with Forex trading begin?

I started trading in other markets and suffered losses. I then focused on Forex and joined Tickmill through one of my affiliates.

What is your trading style?

I use available and most popular trading methods, such as Elliott and Fibonacci Waves.

Do you have any risk management policies?

Yes, I practice risk management sometimes.

What good habits should investors be fooled about?

Investors cannot risk large volumes and the lot size must be adapted to their capital. Traders can also educate themselves by reading, monitoring and analyzing the markets.

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

My best trades were on GBP/USD and EUR/USD, and I made around $14 trading using the Golden Ratio strategy.

What advice would you give to novice investors?

They must always study and learn how to trade, be patient, practice on a demo account for some time and then start trading small amounts. And don't forget about the stop loss!

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

Traders need to monitor news, especially from the EU, UK and US, which may impact the pairs they trade.

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.

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.