What is the secret of successful Forex trading?

FBS Demo-Contest “999” gladdens us with its diversity of participants, action and fierce struggle for victory month after month.

Every time the leaders share their secrets of successful trading with pleasure and give beginners their advice.

Akhmadgon Akilov (III place)

How long have you been trading on Forex? How did you start your way of a Forex trader?

I started in 2007. I was studying computer technologies and decided to find a remote job in Internet. After a long search I stopped on Forex as the perfect job for me.

What currency pairs do you prefer to trade on? Why?

I prefer to trade EURUSD on real accounts. For “999” Demo-Contest I chose GBPJPY and EURJPY because they have high volatility.

What are your impressions of participating in “999” FBS Demo-Contest?

I would like to thank FBS for running “999” Demo-Contest! I have only good impressions of it. I want to mark a good organization of the contest and its transparency. I could track the contest results online and work out my trading strategy. Trading strategy means a lot in contests. And this is very important to get the latest updates and know your rivals’ results to build a good strategy.

What trading strategy did you use in “999” Demo-Contest?What helped you to take the right trading decisions?

I took my trading decisions on the base of fundamental data and technical analysis (candles, fibonacci and moving average).

What characters a trader should have to become successful on Forex market in your opinion?

You may become successful on Forex market when having a good trading strategy and discipline. Control your emotions and remain calm!

What would you advise new Forex traders?

-Learn to use graphs, indicators and other trading tools properly. This will help you to choose a right time for order opening and closure.

-Start with trainings on demo accounts. Improve your skills and learn to manage risks. Do not be afraid of taking a risk! Always start with a little on a Micro account.

-Once having a good trading strategy, conform to it always.

Stanislav Romkin (II place)

How long have you been trading on Forex? How did you start your way of a Forex trader?

I am trading about a year. Once I got interested in Forex trading and decided to try my strength.

What currency pairs do you prefer to trade on? Why?

I prefer pairs with GBP because I have been following it for a long time already. But I try to trade different trading pairs in whole.

What are your impressions of participating in “999” FBS Demo-Contest?

What trading strategy did you use in “999” Demo-Contest?What helped you to take the right trading decisions?

I use technical analysis generally, fundamental analysis I use only to identify a general market mood.

What characters a trader should have to become successful on Forex market in your opinion?

Patience is the main character of a successful Forex trader!

What would you advise new Forex traders?

Everything depends on you only! If you really want to become a prosperous Forex trader you will do it!

Gennady Karpov (I place)

How long have you been trading on Forex? How did you start your way of a Forex trader?

I have been trading on Forex over 6 years already.  I tried to earn in Internet in different ways: via clicks, registration and other stuff. For a long time I did not pay any attention to Forex trading advertisements, but finally I decided to try. I visited a broker’s website, downloaded its trading terminal and opened a demo-account for 100 000 USD. I started my trading with USDJPY and opened my first order for 10 lots at once. In a half an hour I already earned 2000 USD! I realized that I found out a place where I could earn real money! Soon after that I opened a real cent account and made my first 10 USD deposit via WebMoney. I must say that I lost all this funds at once. This lesson taught me that there are no earnings without knowledge. I downloaded many books about Forex trading from Internet and studied it carefully. Only after that I started to earn stably. I still trade on Forex and earn for living here.

What currency pairs do you prefer to trade on? Why?

I trade on EURUSD, NZDUSD, EURJPY, GBPJPY preferably. In my opinion these are the currency pairs with the highest volatility. I studied them a lot during the last years.  

What are your impressions of participating in “999” FBS Demo-Contest?

This is a great contest! The best thing in it is no restriction in trading! Many brokers make restrictions for order volume, number of orders, etc. I do not like it.

The only thing I would suggest FBS is to abolish a restriction on 10 lots maximum order volume. This would be brilliant! For example, I was opening up to 500 lots at once and it was very tiresomely for me to open 50 orders and set Stop Loss and Take Profit for all of them.

What trading strategy did you use in “999” Demo-Contest?What helped you to take the right trading decisions?

I tried a lot of strategies, but stopped on intuitive trading. Like Curtis Faith I consider intuitive trading the highest skill of a trader. 

What characters a trader should have to become successful on Forex market in your opinion?

Patience, presence of mind, discipline! 

What would you advise new Forex traders?

Good luck! If to say in Lenin style: Trade, trade and trade again!