Barney showed excellent account and risk management skills in May 2019 and got a $1,000 prize!
Read Barney's interview and see his account statement-
to make your own success story
How long have you been trading?
I have been trading for about 3 years.
How did you get involved in Forex trading?
I started as a stock trader which is not related to Foreign Exchange (Forex). It seemed interesting to me because in FX you can take bidirectional position differently from stocks.
What is your trading style?
I mainly use technical trading systems. However, not all markets are driven by technical analysis, so I need to be prepared for sudden events. Therefore, I first consider the margin ratio that I want to use and divide it by 1/10 of the contract size. If price moves to the desired technical position after the purchase, the position will be cleared.
Do you practice risk management?
I usually set a limit on the loss at the time of the transaction, but you usually close the position at -20% of the asset. It is difficult to bear, but opportunities can always be uncovered because you can not be successful every time.
What are some good habits smart traders develop?
A good habit would be to quickly forget the last transaction. Whether the transaction is profit or loss, it does not matter. It is always important to focus on the next transaction if it was always profitable, and if it was a loss, if you want to continue trading, forget it quickly and start again.
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?)
I remember that I once managed to catch over 100 pips of profit after price was surging. Profit was not too big but I was really happy with the trade. The technical analysis remains accurate.
What advice would you give to new traders?
The most important thing to remember when you start dealing with forex trading is to be mindful. As you know, forex trading involves both a probability of loss and profit. I would like to say that it is important to keep this in mind at all times and to stay calm without losing money.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
The current trade war between the US and China is the biggest issue, and I think it is a US interest rate cut issue.
What are the most important things you look for in a Forex broker?
The most important factor to consider when choosing a broker is stability. Spread is also a key factor. I believe Tickmill is more stable than other brokers, and offers very low spreads, so I am using Tickmill and I always recommend it to other investors.