Secrets of Forex trading success shared by 999 winners
Dear traders!
On the 24th of February 999 Contest was completed. And the winners are:
1. a trader from Moldova Vladislav Dobrovolsky (555 USD)
2. a trader from Colombia Johan gember Riascos valencia (333 USD)
3. a trader from Indonesia I made darma Udayana (111 USD)
Vladislav Dobrovolsky who won the first prize, set an all-time record in the history of 999 Contest. The winner increased his balance up to 6033009.86 USD. Balance of Johan gember Riascos valencia’s contest account was 2105276.69 USD. I made darma Udayana earned 486284.92 USD in the contest.
We asked the winners to share their impressions of 999 Contest, profitable trading strategies and their secrets of Forex trading success.
Vladislav Dobrovolsky
How long are you engaged in trading? How has it turned out that you have got acquainted with exchange trading?
I’ve been trading for 3 years. But I got acquainted with exchange trading earlier, 6 months before that. I found in the Internet some advertising about new way to make extra money. I started to explore it, but didn’t trade, even on demo-account. In 6 months my friend told me about some company that provided its customers with stock market trading services. That is how I started trading. But then exchange trading in Forex has become more attractive to me.
What currency pair do you prefer to trade? Why?
I prefer trading the following currency pairs: EURUSD, GPBUSD, AUDUSD, NZDUSD. More rarely I use EURJPY, GPBJPY, EURCHF, GPBCHF. Sometimes I trade USDCAD, EURGPB, USDCHF, USDJPY. These are the most popular currency pairs that I got used to. I don’t like exotic pairs.
Please tell us about your impressions of participation in «999» contest.
I like the contest. That was not my first time to participate, and I was waiting for a long time for good results. And finally I managed to win! In addition, contest was very hard for me, because of the lack of possibility to open one order with more than 10 lots volume. The fact makes the contest more exciting and competitive.
What trading strategy did you use during the contest «999»?
I stuck to the strategy of opening orders using all available balance, as it was possible with the leverage. Especially it had been important on the first level of the contest before I had my big profit. Then I reduced the risks gradually, and I didn’t use all the balance to open orders. Yes, it is a risky strategy, but it’s hard to win in a different way. Be sure, I do not take such a risk on live account.
Also I made my decision based on technical analysis and fundamental market data.
What qualities should a trader possess to be successful in trading?
I am confident that 70% of Forex success doesn’t depend on a trader’s knowledge or forecast skills (which are also important), but it depends on psychological condition of a trader: if he is able to control his emotion, be patient and rational in any situation possible. Don’t panic. Don’t be greedy.
20% of success depends on a trading strategy which one should follow strictly.
And only 10% of success, in my opinion, depends on a trader’s knowledge and forecast skills.
What advice could you give to beginners?
As I have already mentioned in my previous answer, one should not be emotional in trading. There is no need to be upset if something goes wrong. I think it is normal when fails happen. You must have the big goal to strive for. Your dreams and goals must be huge, on the verge of possibility. Your dream will be huge and none of the difficulties will be able to overshadow it. It will be always visible. So, you will manage to pass the obstacle and move on.
Johan gember Riascos valencia
How long are you engaged in trading? How has it turned out that you have got acquainted with exchange trading?
I’ve started trading not long ago. But I can spend only half of my time, because I also work as an environmental engineer.
What currency pair do you prefer to trade? Why?
I prefer to trade the major currency pairs, because these currency pairs are traded by a great number of people. They have a higher volume of transactions and a good movement.
Please tell us about your impressions of participation in «999» contest.
999 is a great contest. I was impressed by the large number of participants who was struggling to win and get prizes. There was excellent execution of orders. I had no problems in opening and closing my positions.
What trading strategy did you use during the contest «999»?
I like to use simple strategies. I used moving averages cross, MACD, trend lines, support and resistance. I watched the price of opening and closing the day before.
What qualities should a trader possess to be successful in trading?
A trader to be successful should be very patient. He or she should have a plan to follow. And very important is money management.
Be patient. Patience is one of the most valuable qualities. Think before opening an order, everything should be according to your strategy.
Never stop learning. Every day you should learn something new. But call into question everything you know.
What advice could you give to beginners?
I would recommend the following to the beginners in Forex:
* have a good trading strategy
* learn to control emotions
* do not risk
* Always use a stop loss in their operations.
* Always be aware of the global economic news.
I made darma Udayana
How long are you engaged in trading? How has it turned out that you have got acquainted with exchange trading?
Actually I am just a beginner in Forex. I was engaged in trading 6 month ago. My friend told me about exchange trading. He is not trader, but he is an investor working at some exchange trading company.
What currency pair do you prefer to trade? Why?
I like EURUSD. Because it has the lowest spread.
Please tell us about your impressions of participation in «999» contest.
Wow, actually it is my first time to take part in such a contest. It is enjoyable.
What trading strategy did you use during the contest «999»?
It calls “3 box strategy”. I open order when the price above/below 3 box from MA100.
What qualities should a trader possess to be successful in trading?
You must have patience, accuracy and discipline.
What advice could you give to beginners?
They should know that professional traders always think about risks, amateur traders only think about profit.