@BeatofBrokers is a forex trader with a disciplined trading principle and a passion for candlestick charts. He has joined FOLLOWME since November 2020, no matter how the market goes up and down, his profit rate has been increasing gradually until now.
In addition, he is currently participating in the imTrader Trading Contest S9 and is in 44th place in the Micro Accounts Group of Global Division. We are glad that he participated in this interview and shared his experience with you in FOLLOWME community.
1. Hi, can you introduce yourself and how did you come to know forex trading and get started?
My name is Nguyen Duy Truong, 27 years old, currently working as an office worker. I learned about forex through my older cousin, at that time she was working as a Dealer for a bank. I used to sit at her computer to play games, so she asked me from time to time the price of FX pairs or gold. At what price is it currently, I watched to answer and then saw the move of the chart and the candle. After that, I was hooked on FX.
2. How is your trading method formed? Are you inquiring in practice gradually, drawing your own or learning from others?
My strategy was formed through my first account burnout (LOL). At that time I simply thought that I would burn out this type of trading then just do the opposite way is okay (I don't know why I was so immature in the past lol). I am currently researching in practice, drawing lessons from failures and always trying to learn from other successful traders.
3. In your experience, which trading strategy and principle is the most effective? Can you be more specific about those strategies and principles and give the reader a few examples?
In my opinion, the most important principle is disciplinary compliance.
For example, in a real trading battle, there will be a case like this: I strictly follow the discipline when there is an entry signal but still get Stoploss 3 orders in a row. Everyone will surely have a feeling of insecurity at that time. Worried because if you risk 2% of your account/order, it's already negative 6% of your account. And at thas time, a new signal begins to form to enter an order, then the ability to dare to enter an new order according to a new signal will be greatly reduced because it has been stopped continuously by Stoploss, now it becomes clear the importance of "disciplinary compliance" to enter a new order, forget all the old Stoploss orders, because maybe this new order can get back to 10R =]]
4. What is the most confusing thing ever in your trading process?
In the process of trading, it's not difficult if I want to find out or research anything, I can imagine a rough picture of the whole market, but for girls, I lose. In general, the most difficult to understand is still a girl LOL
5. How do you control risk?
I use Stoploss 2% / order and only enter 1 order
6. In your opinion, which would be more suitable for a new investor to enter the market? Short term trading, swing trading or medium and long term trading?
In my opinion, a new investor should start with medium and long-term trading. Because when seeing the whole picture of the market in a long and smooth way, short-term decisions will have high accuracy.
7. What do you think is most important for making stable long-term profits?
I think it's risk management, because if I manage the risk well, the profit will automatically do its job.
8. Have you read books on investing? Which book influenced you the most?
I love reading books about investing, my favorite book is “Trend Trading for a Living” by Andrew Abraham.
9. How often do you visit the FOLLOWME community? What data or content would you be most interested in on FOLLOWME?
I often use FOLLOWME community, I often find Traders with many Subcribers to track their transaction history and articles to learn more and improve myself.
10. As far as I know, you are participating in the imTrader S9 Trading Contest. What do you think the participants will need to be successful in this contest?
In my opinion, the essential points in imTrader S9 are risk management, stop loss, stop loss and STOP LOSS – we need to say important thing three times. And the most important point is being patient, waiting for the market's trading signals. Don't be too impatient to win the contest and ignore the discipline.
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