Yifei showed excellent account and risk management skills in July 2021 and got a $1,000 prize!
Read Yifei's interview and see his account statement – to make your own success story
How long have you been trading?
I’ve been trading for 2 years.
How did you get involved in Forex trading?
I used to do futures trading. Later, I tried foreign exchange after being introduced by a friend.
What is your trading style?
My trading style is a combination of long positioning when the market is stable and short positioning during market volatility periods.
Do you practice risk management?
Yes. I generally control risk through net worth control and reasonable allocation of overall margin ratio.
What are some good habits smart traders develop?
I think it’s being an awe of the market and forming a balance between trading and keeping a regular routine (you shouldn’t become addicted to trading).
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?
The most unforgettable time was when gold’s price was 1950 in September 2020, a medium and long-term empty order was deployed. The position was closed when gold price fell to 1800 in February of this year. The strategy is mainly a big fundamental and value judgment.
What advice would you give to new traders?
First, be clear about your profit goals. Use your goals to deploy and open positions. Secondly, it is very important to stop the loss in time.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
One to focus on is short-term market fluctuations after news events occur, and the other is to use news events to analzye market sitaution for the long-term. My suggestion is to pay attention to the intensity and breadth of the impact of news events and to judge whether their actual influence will be the same as expected. Also pay attention to the market’s reaction to avoid news events’ failure and influence.
What are the most important things you look for in a Forex broker?
What I value most is the overall strength of the platform, the speed of order execution and transaction costs. Besides this, the broker shouldn’t shirk responsibility when the losses are caused by platform issues. Those are the parts where Tickmill has done very well among all foreign exchange dealers.