OctaFX Champion Demo Contest, Round 61: Patience pays off
March is over and Round 61 of the OctaFX Champion Demo Contest is complete. 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 Mr Alim from Indonesia
- 2nd place with the award of 300 USD goes to Mr Ferdariski from Indonesia
- 3rd place with the award of 100 USD goes to Mr Lisong Zhang from China
- The last runner in the contest, Mr Iwan Efendi from Indonesia is granted 100 USD
So, what strategies did these traders use to succeed? Read on to learn about their personal experiences, from spectacular profits to trying and testing a more unique approach.
1st PLACE: MR ALIM FROM INDONESIA
I’m very happy to have won first place in the OctaFX Champion Demo Contest. I devoted almost all of my time to the contest to ensure I made the right trades at the best prices. I definitely plan to take part in another round. The key is patience when placing a trade and to keep a close eye on the prices. I kept my strategy simple, and I haven’t encountered a significant loss yet. I’m learning a lot right now, but I think it takes around three years to become a successful trader.
2nd PLACE: MR FERDARISKI FROM INDONESIA
Second place?! My results really exceeded my expectations and my hard work during this round paid off. I only made trades when I felt it was the right time to enter the market based on market analysis. I spent time evaluating market conditions to determine the limits of support and resistance lines and used this as a rule when placing positions. Without a doubt, I will participate in future OctaFX contests, I want to repeat this success! My motto is ‘Trade like a sniper, not a machine gun’ and my strategy focussed on inter-market analysis using volume, momentum, and moving average indicators. However, my techniques are far from perfect and there are many other factors that need to be considered in order to minimise loss. I made a spectacular profit with my first transaction in this round (Round 61) - that was my winning momentum. I don’t think you can put a time on how long it takes to become a successful trader, in the words of my mentor, ‘Keep learning, learning prior to success’.
3rd PLACE: MR LISONG ZHANG FROM CHINA
I was very excited when I first found out that I’d won third place in this contest. Big thanks to OctaFX for organising it. In my opinion, OctaFX provides the most powerful, most trustworthy and most promising trading platform compared to other brokers.
I was very focused during the entire contest, especially during the last stage. I’ve taken part in the Champion Demo Contest on multiple previous occasions, but this is my first win. I hope it’s a sign of more success in the future. I think my success in this round was a combination of my analytical skills and a dose of good luck. I decided to close my positions in the last few hours of the contests and fortunately it paid off. My trading strategy involves patience and acting quickly when trading opportunities present themselves. Each trader has his own qualitative trading opportunities. My strategy is quite unique. I’m always improving my analysis techniques and putting them to the test.
I think the journey to becoming a good trader is a long one. The person’s character, knowledge and experience are also important factors. I’ve been on this journey for over four years and I’m still on it.
LAST RUNNER: MR IWAN EFENDI FROM INDONESIA
My motivation to improve risk management tactics and succeed in Round 61 was inspired by the failures I experienced in the previous round. I’ve learned many lessons from this contest, from staying in control to changing my trading style. I was employing the ‘full-lot’ strategy in the hope of becoming a champion, but instead I was experiencing big losses. This time I opened my positions based on the candle patterns so I spent more time focussed on chart analysis. I’ve been learning how to trade for about a year now and I can already notice a difference. But in my opinion, time is not the only measure when it comes to becoming a good trader. Continuous learning is a determining factor in long-term trading success.
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