We’re happy to announce the winners of the latest contest sponsored by FxPro. A quick analysis of the contest shows the following data:
The winners are:
1st place – Ducuong with 29,471% https://www.myfxbook.com/members/Docuong/contest-docuong/552341 winning a $3000 prize.
2nd place – signaltrader with 2899% https://www.myfxbook.com/members/signaltrader/contest-signaltrader/554746 winning a $2000 prize.
3rd place – piaoxue with 1687% https://www.myfxbook.com/members/piaoxue/contest-piaoxue/556309 winning a $1000 prize.
We’ve also had the chance of interviwing 1st and 2nd place winners:
1st place winner Ducuong
How long have you been trading? Can you tell us a bit about your trading experience/history?
I have been trading for over 3 years. I learn to trade from my older brother who is professional trader cum programmer.
Did you use your real life trading system for the contest?
Yes. I use this strategies on my live account. But I trade at lower risk on forex, not silver.
Silver is very risky for live trade. But it’s very potential.
Can you tell us a bit about your trading system (without revealing its inner workings of course)?
This strategy has been developed by my brother for 4 years. It named PING (see at https://ea.maxpro.vn)
It is combination of Grid, Martingale and Basket (forex) and with other normal indicator as well
How long have you been using Myfxbook? Have you found it to improve your trading skills?
I use Myfxbook for over 2 years. Myfxbook is very good that support me a lot on analysis strategies as well as sharing my account to other.
It is also a good place to learn other trading. Thank Myfxbook.
Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?
I hope that Myfxbook continues organizing other contest more frequently that traders have more chance to learn each other.
Thank you!
Docuong
2nd place winner signaltrader
How long have you been trading? Can you tell us a bit about your trading experience/history?
I’ve been trading for 6 years though only FX for the last 3 years. I started off buying companies that I liked and had a couple of good trades but then started to give the profits back. It was a case of beginners luck buying the bottom of the market(ish) in
2009.
When I started to over trade and give my money back, I figured it was something I wanted to do as a living and that I should get some education. I found a course and paid my money and the traders that were mentoring me were FX traders. They talked a lot about money management and keeping a log and obviously finding a strategy that suited me as a person and my lifestyle.
A lot of what they said in hindsight is on the internet and in books and I need not have paid the money, however I probably would not have found as much merit in reading it first hand as I did from being told and shown by a real person.
Did you use your real life trading system for the contest?
I have a real system and I started using it at the beginning of the comp, though it quickly became apparent that if I were to get anywhere in the competition I would have to maximise the risk free capital. I saw that a couple of traders were scaling up the amount of trades and position sizes and for a while I kept up with them. Then it just started to get silly, at one point I had open profit of a $million, and I got greedy, didn’t bank it and settled with $200k or similar. I figured that I was starting to gamble rather than trade and I backed off. So I don’t think that my strategy will turn $50k into 1 or 2 million in a month but its great to see what could happen if I were to maybe martingale the winning streaks. It also showed how the big numbers quickly bankrupt you if you’re not careful.
Can you tell us a bit about your trading system (without revealing its inner workings of course)?
The system is based on support and resistance and Wyckoff has the best illustration of this that I have found. Showing supply,demand, accumulation and distribution. If you find those areas on a chart and then trade off them its amazing how well any strategy works. Mine combines Price Action with a moving average for swing and longer term trades or the Kijun-Sen for scalping. For chart analysis and trade ideas I will go through the Weekly,Daily,H4 and H1 charts and then for entry I look to the m15 or m5 depending on the type of trade I think i’ll be taking. Trade set up with H1 and entry with m5 are probably the most successful trades I took in this comp. As you had to get a really good entry when trading 50 lots of Gold.
How long have you been using Myfxbook? Have you found it to improve your trading skills?
I’ve used myfxbook off and on for 3 years, keeping track of the trades when using EA’s and tagging them to get the results is a great feature and its great to be able to see how well certain things are doing from month to month.
Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?
Seeing what some of the EA’s can do was quite inspiring, it would be great to see the competitions split between HFT and discretionary only. Its hard to compete with something that potentially makes 10 winning trades for every 1 that I made but as an overall idea the competition was a good thing and I am obviously glad I entered. They are also getting more popular so competing against so many other traders was a good exercise in staying disciplined and my goal was to stay in the top 10 for as long as possible and hope that the ones above me blew up their accounts. Goes to show that a bit of education and hard work can get you to a point where its possible to trade well.
Best regards,
Neville
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Have a great weekend!
The Myfxbook Team.
