We offer you to read the interview with the second place winner – trader kredozhs who will tell us about her direction in the contest, ways of her strategy and the role of success in trading Forex.
Hello! Please, tell us a little about yourself.
Hello, my name is Mikhail. I was born on the 20 of January 1960 in Rubezhne city in Luhansk Oblast of Ukraine. From 1982 I have been living and working in Kherson. I have a technical degree. I have been trading Forex from 2008.
What is trading Forex for you: the main income source or rather a hobby that brings profit?
During the first years trading Forex was a hobby for me that sometimes brought profit. Now this is the main source of income. I will try to continue like that.
Did you set any goals when you started trading Forex?
I had a main goal – to learn how to trade and earn. Firstly trading was going with varying success, but I never doubted that there is a potential and steady income will appear in time.
Did you study trading somewhere or learned it by yourself? May be you attended trading courses, seminars, read professional literature?
All necessary knowledge i got from the internet: there I found books, trading systems descriptions, chatted in forums. I started trading on real accounts nearly from the beginning and at the same time I was studying theory and learning from my own mistakes. Now I mostly trade by my own system and use a minimum number of indicators. I also consider fundamental analysis and news in my trading.
Do you think that everyone can learn to earn on the Forex market?
I think that there are no occupations or jobs that suit everyone. Only those who will treat trading on currency market like a serious and time consuming job, not like a game will learn to earn. And you should like this job, it should bring you psychic income. One more important condition – you should be mentally stable and able to follow your own rules, analyze your mistakes and try not to repeat them. If you do not have one of the listed traits – trading Forex is not for you, look for another occupation that will suit your mentality and temperament.
Do you thing that there is a way to earn constantly on the Forex market? What is necessary to do it?
There are no recipes for constantly earning on the Forex market. For myself i have learned some important points that are vital for prosperous trading. You should follow the rules of your trading strategy or system without emotions. It is necessary to say that among many trading systems there is no one that will constantly bring profit. Nevertheless you should choose or create the system which rules you will observe when opening or closing positions. It is necessary to understand that the market is constantly changing and during some periods the system will fail. Those who manage to respond to those changes in time and consider fundamental factors and important news in their trading when the market is less predictable have more chances to earn constantly. One more very important rule that all know about and accept, but very little observe is money management. Nearly all deposit losses occur due to one reason. Unfortunately, many investors pay attention only to the profit and do not watch the margin ratio and loose their money as a result. Margin ratio up to 50 % and more converts trading into a casino and loss of deposit is just a matter of time, especially when there are no stop orders. Money management observance is the keystone for sustainable benefits on the Forex market.
Has Forex changed something in your life?
During the first years when i lacked experience and knowledge Forex triggered different emotions. Gradually the number of positive emotions grew. During the last two-three years I treated Forex like a beloved job, the loss of which will be very stressful stress for me. It is doubly pleasant when such a job brings serious income.
Have you participated in Forex contests before? Have you taken the lead?
I have participated in many contests, sometimes O won. Almost all contests differ very little from each other. I think that Trader`s Triple Chase contest is the best among contests of this kind not only because of good prizes, but due to the fact that when even on the first stage trading realistic. I have participated in Trader`s Triple Chase contest from 2015. I have won the fist stage, then I was not so lucky – I finished in 11th place. I was sure that the next attempt will be successful. When I reached the second stage I choose as a priority to conserve my account, not to gain points at whatever the cost. I am very glad that I succeeded.
How did you learn about Trader`s Triple Chase contest?
I learned about it from the internet, I think on FIBO Group website.
What are the criteria you use to choose broker?
First of all it´s trading conditions: spread volume, quality of orders execution. Withdrawal options, terms of trading on the market, reputation (comments, recommendations). I think that by this set of this criteria FIBO Group is the best broker I know.
How long have you been trading with FIBO Group?
I started in 2015 by participating in a contest.
What you would like to wish to our traders?
Set serious goals, remember that if you can assure yourself that the goal is real, you will most probably reach it. Do not be afraid of opening a position if you are sure about your calculations, and what is more important – do not be afraid of taking a loss if your calculations turned out to be wrong. Don’t lose belief in yourself despite temporary failure.
Best regards, FIBO Group Ltd.