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?
It has been almost 2 years since I started trading.
How did you get involved in Forex trading?
At first, I did gold trading, and I tried to acquire more trading knowledge on the internet. Later, I noticed that foreign exchange trading is more stable than gold, so I gradually switched to the current foreign exchange trading.
What is your trading style?
I try to avoid the trading instruments or currency pairs which always have big fluctuations. My idea is if I can analyze and focus on only several currency pairs, like the EURUSD, or GBPUSD, then it is enough to make profit.
Do you practice risk management?
Yes. I believe risk management is the first priority when we are trading.
What are some good habits smart traders develop?
I try to follow up the market changes and news on time. Also, I prefer to review yesterday’s trading activity every morning, which can help me understand the mistakes.
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?
The most memorable trade was XAUUSD in 2020. I lost almost 20000 USD because I did not practise risk management very well.
What advice would you give to new traders?
It is really necessary to do risk management. Besides this, it is necessary to keep clear mind and focus on the market changes even when you earn big profit.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
There are not specific news on which I focus daily. But when you find it difficult to understand how the news affect the market, it is better not enter the market.
What are the most important things you look for in a Forex broker?
I think fund safety is the most important thing I care about. I never have problems when it comes to deposits or withdrawals when I trade with Tickmill; also the spread is quite low. So I am very happy to use the service here.