Richard Lv showed excellent account and risk management skills
in January 2018 and got a $1,000 prize!
Read Richard Lv’s interview and see his account statement
to make your own success story
How long have you been trading?
I have been trading Forex over 3 years.
How did you get involved in Forex trading?
Forex trading is my part-time job, I have my main job too.
What is your trading style?
My trading style is mainly based on my previous experience. I am checking major currency pairs and gold to feel the market strength. My trades are short-term, normally I hold my positions 2-3 days.
Do you practice risk management?
Yes, I practice risk management. Usually I set stop loss or close my open positions when the market trend changes. Normally, my leverage not more than 1:50.
What are some good habits smart traders develop?
I think the good habits of trading is patience, hold the positions and be patient as long as the market trend has not changed. And don’t trade with too big positions. Close orders in case the market going in opposite direction.
Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?)
Most memorable trade, I had very good month in January 2018, I managed to profit from the start of the long trend on EUR/USD pair, I won the 37k USD with one trade. I mainly look the Monthly and Weekly charts.
What advice would you give to new traders?
For new traders, I suggest start trading on demo account, get familiar with the software and then create your own trading system. Then start with a small amount with live account, do not start a lot of money for starting.
Considering the current state of the market, what do you think are the news/events traders should keep an eye on?
There are a lot of press releases every week, attention to control the position volume during news period. Lock profits by hedging is a good option.
What are the most important things you look for in a Forex broker?
When choosing a Forex broker I check financial security and speed of withdrawals. It is important to check execution speed and spreads must be low.