In the HotForex Currency Wars contest, I was lucky and won the 1st Prize.
I’m so grateful that I had the opportunity to compete in the contest and I’m very thankful to HotForex for providing traders with the chance to test our trading ability.
In Forex trading, a trader must control the risk that he/ she takes,
and setting a Stop Loss is a must in order to avoid unexpected losses and to manage risk.
Personally, I believe that Stop Loss should be set low and when there is a break-through,
you shouldn’t hurry, but be patient and make calculated decisions. In order to trade, you need as much patience as fishing. Wait for the right moment. Every action has a reaction. As a trader, you need a healthy psychology and the ability to control your emotions if the market turns.
You need to be able to analyse the market objectively and calmly. In time, returns come.
Before you decide to trade you need to predict, which way the price will move
by studying and learning. Knowledge is the basis of accurate analysis.
Furthermore, control the trading volume you open. It shouldn’t be too big. Only when you have trading experience and a successful trading history you can increase your trading volume.
Thanks again HotForex! I’m looking forward to you next contests!
Registration Period: 17th December 2015 - 18th March 2016.
Trading Period: 1st January 2016 - 18 March 2016.