Lulama showed excellent account and risk management skills in March 2019 and got a $1,000 prize!
Read Lulama's interview and see his account statement-
to make your own success story
How long have you been trading?
I started trading on a live account in January 2019, but before that, I had been trading on a demo account since December 2016.
How did you get involved in Forex trading?
I used to hear traders who held free public seminars discussing how profitable trading can be, so I got interested to learn more
What is your trading style?
- I rely mostly on trend lines and candlestick formation even though I am still a novice in this trading, I have not mastered candlesticks yet.
- I am using scalping strategy a lot because I am still nervous to leave trades for long time, as I am afraid that price will reverse, so I close early to make sure that I will at least get some profit.
- I believe in entering the market with small deposit, I do not mind taking small profits as long as is not a loss.
Do you practice risk management?
Yes I do practice risk management by entering trades with small lot size just in case the trade goes to a different direction to what I predicted so that I don’t get kicked out of the market due to margins. I don’t use stop losses because I have not mastered it yet, they kick you out of the market and you have to retrace your steps back obeying the trend line.
What are some good habits smart traders develop?
I really cannot say I am a smart trader as I consider myself a novice when it comes to trading. I am still learning, I only started being consistent with trading in Jan 2019. For now I just book my profits whenever possible, my mentor says I must learn to be patient and hold the profitable trades longer until I get to set profits and instead use trailing stop loss, quite confusing for now but with time I will learn.
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?)
Ooh my word! The day I traded my account from about $950 to $4950 in one day. I literally made $4000 in profit. I could not sleep that day I kept on pinching myself, I kept asking myself is it true that my account grew so much in one day. I traded GBPUSD, GBPAUD & GBPCAD
What advice would you give to new traders?
Don’t be in a hurry to make lots of profits and risking too much, trading big lot size with small account. I started with$150, I put my target that I want to make $10 a day, I would I appreciate a profit of $1, even if I don’t make the target I would be happy that there was no loss. Patience is the key even if you can have the best strategy but if greed overpowers you, loss is eminent.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
- I hear the GURUs in trading talking about NFP, I just try not to enter into trade that day and just monitor the already running trades, but so far the NFP has favored my running trades, but I won’t deliberately trade the news for now.
- I only check the news that are high risk and not trade those pairs that might be affected on the day unless I am already in the market, I will let keep the trades on with thehope that they will go in my favor
What are the most important things you look for in a Forex broker?
- Lower spreads
- Allows hedging
- Allows scalping
- Helpful and effective customer care
- No history of account being blocked for no apparent reason
- Smooth and pain free process during deposit and withdrawal
Tickmill has serviced beyond my expectations with the recent transactions I have done. The constant clear communication I have received just blew my mind, even on emails I never expected response, I was responded to. Thank you so much, you really want traders to succeed. Being nominated as the trader of the month is unbelievable, I never thought the brokers go to the extent of checking how the trader is performing each month.