Shing showed excellent account and risk management skills in May 2021 and got a $1,000 prize!
Read Shing's interview and see his account statement – to make your own success story
How long have you been trading?
I have been trading for almost 5 years.
How did you get involved in Forex trading?
I got attracted by some forex trading advertisments when I was checking the daily news on an investment site. Then I started trading step by step.
What is your trading style?
I would say mostly midterm trend following, and sometimes mean reversion when extreme market situation is spotted.
Do you practice risk management?
Yes. A trading plan with price target and stop loss is the first step of every successful trade.
What are some good habits smart traders develop?
One of the good habits is trying to make a trading plan before you start trading. Reduce losses soon and let profits roll in.
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?
The best trade was GBP/USD with USD 20000 profit. I used simple moving average and pivots point to follow the market trends and get good profit.
What advice would you give to new traders?
Try to control your leverage.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
Given the current post-pandemic era, every news could lead to a sudden surge in market volatility. Embrace those big swings with calmness and self-discipline.
What are the most important things you look for in a Forex broker?
There are four factors that I always look for in a forex broker: Low trading costs, like low swaps and spreads; stability of trading system; reputation of the platform and easiness of deposit/withdrawal process.