Feng showed excellent account and risk management skills in December 2021 and got a $1,000 prize!
Read Feng’s interview and see his account statement – to make your own success story
How long have you been trading?
How did you get involved in Forex trading?
Through a Friend who showed Prospects in XAUSD Daily Trades.
What is your trading style?
Follow the trend. if the indices or commodity is going upwards then keep buying the dips & if going downwards keep selling the highs. And most important ALWAYS USE STOP LOSS.. so that before the start of trade one is prepared & aware of how much one can lose in that specific trade. No SL no-trade simple.
Do you practice risk management?
Yes, I do. I don’t trade without SL.. profit to loss ratio should be at least 2:1 to 3:1. Else 10 small trades profits will simply wipe out with that one 1 wrong trade.
What are some good habits smart traders develop?
Never Get Emotional in Profit and Loss. Stick to 1:2 Risk- Reward ratio. Don’t Trade every time.
Describe your best/most memorable trade (How much did you profit? What was the strategy? Which pair?
WTI (OIL) 25th Feb Friday before the US market was going to close I bought oil which surprisingly didn’t rise & was in correction mode. I simply took a little risk and bought 0.25 lot against the equity of 1500$ as Russia Ukrainian was already started. Bloomberg channel flashing oil expected to rise next week only increase my confidence in the trade. So on Monday Oil definitely will shoot up. I SOLD GER40 Indice 0.03 & BUY Oil WTI 0.25 and Monday morning closed both trades with 2300$ profit.
What advice would you give to new traders?
“Read about the forex market and trading strategies. And then Start with a demo account for 2 months (although I didn’t). Never get emotional or sentimental about your trade. Never enter a trade without STOP LOSS. Follow the trend. Try to close all your trades on Friday night as one doesn’t know how markets will open on Monday. Trade as per your equity size. Trade most of the time should not be more than 5% of your equity at max.”
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
“War is on. Indices bearish & commodities bullish. Following the trend and for bullish category always buy the dips and for bearish category always sell the highs. Follow the news and monthly FOMC results.”
What are the most important things you look for in a Forex broker?
Fast withdrawal and deposit options, And a clean and clear web portal as TP Global.