OctaFX Champion Demo Contest, Round 62: Valuable lessons and profitable trades
The end of April marks the end of Round 62 of the OctaFX Champion Demo Contest.
Congratulations to four more traders who shared the prize fund of 1000 USD this month!
1st place with the award of 500 USD goes to Anggun Dwi Octaviana from Indonesia
2nd place with the award of 300 USD goes to Cok Raka Trisnu Yudhana from Indonesia
3rd place with the award of 100 USD goes to Said Yacouti from Morocco
The last runner in the contest, ChieuD from Vietnam is granted 100 USD
We spoke to our winners to find out how it really feels to be an OctaFX Champion, and what techniques they used to reach the top.
1st PLACE: ANGGUN DWI OCTAVIANA FROM INDONESIA
I never dreamt I’d be the winner. I focussed on trading well and on being efficient with my time, rather than spending all day trading throughout the contest. This success will definitely motivate me to take part in other contests. I’m not afraid to try new or different things, and I think that contributed to my success on this occasion, as well as keeping a close eye on market conditions and recognising flaws in my own analysis.
My strategy was all about observing candle chart patterns in MT4, and carrying out detailed analysis on historical patterns. My most spectacular gain to date is this win, but I’ve suffered losses in the past when I’ve been defeated in previous rounds of the contest. I think it takes at least a year to learn to become a good trader.
2nd PLACE: COK RAKA TRISNU YUDHANA FROM INDONESIA
I’m very grateful to OctaFX for running this contest and I hope they continue to be successful.
At the beginning of the contest, I spent a lot of time analysing prices to determine when to open a position, but as time went on and I reached 2nd place, I decided not to open any new positions. Part of my strategy is to avoid potential errors in my analysis. I have a lot of patience and don’t believe in rushing to try to be the best. I always use technical and fundamental analysis when trading, but I know that an analysis is just an analysis and I think that works in my favour.
I experienced minus floating several times on some open positions, but I didn’t see any major losses because I implemented a cut loss risk strategy when planning my trades. I earned several significant profits - I believe probability is the key to profiting.
It takes over a year to become a successful trader, and requires focus and dedicated study. For me, using multiple types of analysis doesn’t work - if there are too many analytical concepts to consider, I make too many assumptions and less decisive when opening positions.
3rd PLACE: SAID YACOUTI FROM MOROCCO
Wow, it feels good to be an OctaFX Champion! I watched the competition closely throughout the last month and gave a lot of thought to each trade. I plan to participate in other promotional contests following my success in this round.
The key factor of my success was close mid-term analysis for the duration of the contest. My strategy can be described in one simple phrase: buy at low prices and sell at high prices. I learn a valuable lesson during this contest and noticed that I suffered more losses when I used a long-term strategy.
I’m still learning how to trade so I couldn’t tell you how long it really takes to become successful. I think everyone has the potential to be a good trader by demonstrating patience and control.
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