How did our traders step into 2017? It is with pleasure that we can say: very well. A few of them succeeded in meeting the rules of the Challenge in January and advanced to the next stage. We are delighted to tell you the story of three of these successful traders and to convey to you what kind of feedback they provided us concerning their trading styles and their performance in the Challenge.
Our senior trader has been trading for 7 years and he formerly worked as a bookmaker, which is not at all unusual. No wonder his sophisticated strategy stems from this previous job.
"I found my way to trading about seven years ago through probably the only Czech server about trading at that time, financnik.cz." I worked as an accountant in Fortuna (a betting office) in the 1990s and I knew that there are people who earn their living by betting. For a while I studied odds and betting from the perspective of statistics. Then I discovered trading and found that it is very closely related to betting. I chose trading because there is the possibility of even higher appreciation, in betting a fixed course is given in advance which is not at all high and the risk is much greater (e.g. in football, the first team in the rankings plays with the fifth, the course for the first one is 1.5 and all it takes for us to end in loss is for the favourite team to play a tie). The ratios in trading are significantly more favourable.
I use two exponential moving averages in combination with the CCI method of three timeframes and of course I take into account important support and resistance elements. It may sound a little difficult, but I am trying to combine these methods and thereby filter hazardous areas in the chart (chops). Each method has its pitfalls, and those should cover the remaining ones."
Another trader originally just copied the other traders, which inspired him in his own trading.
"Approximately 5 years ago a friend showed me the webpage zulutrade.com, where you can let other traders trade and you just automatically copy their trades. That inspired me and I started to study what is that forex actually about. It inspired me so much that after a few days I tried the demo and then the live version.
Over time, I switched from the classical major pairs to DAX and I still focus on it now. Before opening a session I try to go through the chart and the fundaments for that day and determine a strategy. I don't use any indicators, just a clean chart. I trade on the basis of price action. I consider myself an intradaily trader and I try not to hold any positions overnight. "
This trader stands out by having a very volatile balance curve:
The third trader was convinced to start trading by his girlfriend and parents.
"My initial earnings weren't that special. I started being more concerned with the financial side of things when I started going out with my girlfriend. I started to realize that I would like to spend good, quality time with her. To do this, I had to change something, and the first thing was to get a job with a higher income. But the idea of paying the mortgage and everything that living on one's own entails, it was still a close shave and what with all the other demands of life? One of my parents occasionally studies the price of gold as a commodity, currency conversions and financial affairs. He was just trying the demo versions on the stock market and I was looking over his shoulder. The thoughts of comfortable life and interesting impressions from investigations into the stock exchange world aroused my interest in investments and I started to educate myself in the field.
I stick to the instruments which are extremely stable and are often not subject to outside influences. I open a trade only when I am at least 70% sure about it, in particular, mainly on the basis of technical analyses."
And why did these traders choose the Challenge to reach their goals? Did it meet their expectations?
"The Challenge helped me to stick to discipline, as I was more detached from the trades and I felt that I am not alone in this, which both helped. The entrance fee is motivating as well. One becomes more careful when it comes to losing one's own money. It's similar to a time when I made a bet with a friend that I complete a Marathon run for a cag of beer. If I was alone in it, maybe I wouldn't even get out of bed that day, but because of the bet it was a question of honour :).
I can definitely recommend the Challenge to everyone who is interested in trading full-time and is just starting. I've already spoken in person about the Challenge with two of my colleagues. One is about to dive straight into it soon, the other has his own capital and trades for real and is not considering starting the challenge yet. The first colleague was quite motivated by my case and when I showed him my results, he realised that it is possible to succeed."
"The Challenge helped me to set firmer grasp on my daily objectives. It also finally forced me to leave forex pairs and to focus exclusively on DAX where I achieve the best results. I Personally think that loss limits are outstanding in enabling the trader long-lasting success and profitability. The Challenge forces me to trade more cautiously than when I trade my own money.
"By completing the first part of the Challenge, I came to realize my character traits. You need more patience and self-control when opening a trade."
We thank the traders very much for their feedback and wish them good luck on their path to making their dreams come true. Apart from them, a large number of traders planned to take up the Challenge in January, so we firmly believe that we will inform you about further achievements in February. Who knows? Maybe the next article will feature your story.