This forex contest has been a tough one and here are the contest’s analysis report; There is an obvious change in favor of more longer term trading when comparing the results to previous contests.
Although usually top winners are quite close in results, this time 1st place winner had almost 7 times larger gains than the rest, and the winners are:
1st place winner – Contest – kang_piko ending with an equity gain of 11145.02%
2nd place winner – Contest – Entessari ending with an equity of 1609.31%
We’ve been able to get hold of the 2nd place winner, Farhad Entessari, for a quick interview:
How long have you been trading? Can you tell us a bit about your trading experience/history?
I learned technical analysis 11 years ago in the stock market and it’s been more than 8 years now that I’ve been trading Forex. Besides, it’s been a year that I’ve been trading full time.
I’ve organized and held a lot of training courses until now and a while ago I was active in some forums too, but nowadays I prefer to stay away from the hullabaloo of such things and places.
Did you use your real life trading system for the contest? Can you tell us a bit about your trading system (without revealing its inner workings of course)?
Of course all of my trades in the contest are like the tradings and analysis of my real account. But it should be admitted that the risk and reward factor isn’t usually heeded and the bulk of the all the tradings is very high. But I believe the nature and fast pace of these contests (very short time that it’s being held) demands for such strategies.
I work on the following currency pairs: EUR/USD , GBP/USD , EUR/JPY , USD/CHF , USD/JPY, AUD/USD ,
NZD/USD , USD/CAD , EUR/GBP. I also trade on Gold & Silver in the real accounts. Each currency pair has a unique anatomy and needs several specific methods which might not be true and work in other pairs. For instance; support and resistance levels in low volatility times that include yen as one of the pairs is rarely an appropriate point for trading. Also Breakout tradings on currency pairs that contain GBP works out well. There are many other examples like these of course.
At first I observe all of the currency pairs in H4 and Daily times in order to be sure that all of the tradings are in the market direction. Also in order to find the return points of prices I enter lower time frames and utilize RD and HD patterns on RSI, Stochastic and MACD indicators a lot too but not simultaneously. Diagnosis of OverBought and OverSold levels has an important role in my tradings and is significant for me. This helps to identify the excitement in the market and with farther stop losses take more risks in the contest tradings.
How long have you been using Myfxbook? Have you found it to improve your trading skills?
Anyone who’s been trading in Forex since a few years ago obviously knows that MyFxBook is the dream website of a trader. Thorough and very interesting statistical analysis along with new sections that are added every week or month help me double-check my tradings and dispel serious mistakes. Most weeks start with an email from your website introducing new sections which fascinates and cheers me every time.
Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?
About the way the contests are held, it seems to me that one month is a very short time in order to choose the best trader. I think that in such an omnifarious market with various strategies and time-frames, not all the required and superior characteristics of a successful and profit-making trader could be revealed in a one-month time. Likewise by reducing leverage, more logical efficiencies can be expected from traders, since for less-experienced traders there’s always a risk that they practice the trading habits they gain in the contests in the real tradings too.
Anything else you would like to add?
Thanks for your remarks. You’re doing a great job. I’m also grateful to FXCM for organizing this contest.
The Myfxbook Team.