The second round of our new competition; “Trader Wars”, which has already become a favourite among Alpari clients, has come to an end. The last trader standing at the end of the knockout stage competed under the pseudonym “redbull”. Although they asked us not to disclose their real name, they were happy to answer our questions in detail.
How long have you been trading? Do you remember what you spent your first earnings from Forex on?
I’ve been trading for around 5 years now; mostly Forex and cryptocurrencies, with varying degrees of success. I invested the first earnings I ever made into Bitcoin.
Could you share some of your thoughts on the new contest? What separates it from our other contests in your opinion?
It’s a pretty interesting competition in terms of the risk-to-potential-reward ratio. You can win it without having to risk your entire deposit. What’s important here is having restraint, and turning a daily profit, however small it may be. I think that the concept of bull and bear factions should be extended further. It would be logical, for example, to only allow long positions for the bulls and short ones for the bears. In doing so, the division of competitors into factions wouldn’t be simply symbolic, but actually take on a practical application. On the whole, it’s an excellent competition, but for me personally, it still comes in second place to “Jackpot”, which had bigger prizes and required a more cautious and professional approach to trading.
Do you have some kind of pre-trading ritual, or perhaps a lucky charm? How much can one generally rely on luck and intuition in trading? Is it purely about analysis and cold calculation?
I don’t have any lucky charms or anything like that. I doubt that many people rely on such things for investment or speculation. When a trader relies on blind luck, they lose everything. People shouldn’t give in to panic or greed because rash decisions will always have serious ramificaitons. Intuition is a different thing entirely; it’s the subconscious combination of experience, knowledge, and common sense. If you have each of these components in abundance, then naturally, your intuitions will turn out to be correct most of the time and can be relied upon. Cold calculation and a professional level of intuition is a trader’s perfect recipe for success.
Could you tell us about your favourite trading strategies and why they’re your favourites?
There was a time when strategies based on indicators and filters worked quite well for me. One of my favourites was trading on Bollinger Band breakouts, which still works rather well for me on certain indices to this day. Today, though, market conditions are in constant flux, and Forex is full of robots, so strategies have stopped working. Now, I have to rely purely on cold calculation and intuition, limiting myself to a low-risk, low-profit approach.
What do you do outside of Forex?
I’m a Physics and IT teacher and completely in love with my job. Trading is just a hobby that takes up no more than half an hour a day.
Complete the phrase: “Forex is….”
Forex is Alpari!
What advice would you give to novice traders?
I’d do my best to make them realise that money doesn’t grow on trees. The more you want to earn, the riskier and more difficult your work will be. Forex is no exception. Before you start trading, give yourself a set of golden rules that cannot be broken under any circumstances.
The next round of the competition is in full swing, sign up now and become one of the first to compete for prizes!