Chaobo showed excellent account and risk management skills in April 2021 and got a $1,000 prize!
Read Chaobo's interview and see his account statement – to make your own success story
How long have you been trading?
I started foreign exchange trading in 2010, and I have nearly 11 years of experience.
How did you get involved in Forex trading?
I learned about foreign exchange trading when I was in college, so I started self-study, and then started real trading with a small amount.
What is your trading style?
My trading style is intraday trading, mainly focus on GBP/USD currency pairs.
Do you practice risk management?
Yes, I have formulated a clear trading plan, and have clear stop loss standards for single losses and holding time. If there are continuous losses or large losses, I will take a break for a period of time in order to adjust myself.
What are some good habits smart traders develop?
Smart trader must have a clear plan, and then continuously improve your plan in practice, and finally you must have a good execution ability.
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?
The most memorable trade happend in February this year. I wrongly predicted that the price of GBP/USD will decrease when the price of GBP kept raising in the middle of day. However, because I did not decisively make a decision to stop loss as I planned, the final loss reached to 9000 USD.
What advice would you give to new traders?
Don't rush for big profit, first use small funds to refine a set of trading plans which suit you, and if you can make a stable profit, then make a plan to increase the transaction scale.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
Recently, I personally think that the influence of news is waning, and there may be positive profits in reverse trading at the right opportunity based on news. At the same time, we must also pay attention to distinguishing some news which have big impacts, like the Scottish independence referendum.
What are the most important things you look for in a Forex broker?
The most important thing is the safety of funds, then the stability of the broker’s trading environment.