The last quarter of Supercharged 2 for IB has ended. Our team once again went to Vietnam and handed the keys to a wonderful Ms Nguyen Thuy Linh, the winner. She has become a Forex trader and IB only about two years ago but was able to build a prosperous business around it in almost no time.
Ms Nguyen Thuy Linh has told us her success story:
‘In the first 6 months, 75% of my orders were a failure. Then on I was able to build my own profitable model, which I regularly adjust. To make it work, you constantly need to backtest your results. Sometimes I do lose money—that’s what you have to deal with in Forex. I am not a big trader and do not place high-volume orders. But I earn consistently.’
‘I’ve started learning on my own reading books, newspapers, and magazines. I also entered several online courses. Different courses brought different strategies. However, not all of them really work on me. I also spend a lot of time in the libraries writing down my results. All that I know today I know from my own experience. Experience is your best teacher.’
How much did you start with?
‘My first successful account started at 500 USD. It has been burned out in a month. I blew another 500 USD in the next few months with smaller trading size. After that, I learnt the way how things work out, and the third deposit brought me a small profit.
In two years my first account was up by 306%. According to my calculations, it has brought 4,120 USD profit so far.
I now trade eight separate accounts totalling 60,000 USD, with an average profit of around 3,000 USD monthly.’
Why did you decide to work with OctaFX as an IB? What are the ground rules that define your work with traders?
‘To my point of view, OctaFX provides the fastest execution without any slippage. It’s quite important because the market can be driven by news and when it goes to the opposite side, fast execution may help reduce the loss. In addition, OctaFX’s spreads are quite competitive comparing to the costs. The lower the costs, the higher is the chance to earn a profit.
As an IB, my ground rule towards traders is sharing information. My work is to help traders get along with software, providing basic knowledge and supporting them. I also provide trading signals. I share what I know with others to help them grow and enjoy their trading career.
What’s your advice for other traders?
Trade the amount that allows you to stay in control of your emotions.
One of the tricks is to pyramid onto a position: if your goal is to own 10,000 USD of a particular stock, buy 5,000 USD worth. If the stock goes up by 3%, add the other 5,000 USD worth. This will help manage your position easier.
The main reason why people fail at trading isn't because of their strategy. It's because of their emotions: the battle between fear and greed. You can cope with it by opening smaller positions.’