OctaFX Champion Demo Contest, Round 63: Indicators of success

Round 63 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 Boery Waluyo from Indonesia

• 2nd place with the award of 300 USD goes to Giana Winda Putri from Indonesia

• 3rd place with the award of 100 USD goes to Tan Wai Chew from Malaysia

• The last runner in the contest, Seregey Kuchmenko from Uzbekistan is granted 100 USD

Patience, analysis and perseverance. Have you got what it takes to become a champion? May’s winners do. Read on to learn how they trade to succeed.

1st PLACE: BOERY WALUYO FROM INDONESIA

I’m very happy to have won first place in this month’s OctaFX Champion Demo Contest and I’d love to take part in future contests after this success. My technique involved simple analysis to define whether the market was bullish or bearish before opening a trade. Once I’d placed a trade, I used the Fibonacci indicator to identify key levels of support and resistance. The Fibonacci level was my profit target. I tried to avoid the scalping technique and stick to my own analysis of technical movements in the market. As well as using the Fibonacci indicator, I also used EMA 34, EMA 5, EMA 7 and RSI (Relative Strength Index) indicators to understand the direction of the market.

All of my trades during the contest achieved profits - this was totally unexpected. I always calculate my profit based on the amount of points or pips that could be reached; in my opnion, the more pips we achieve, the better our trading strategy. 

I can’t put a time on how long it takes to become a good trader because market conditions are so dynamic. The more a trader observes and understands market conditions, the better chance they have of becoming a good trader. I believe we can learn from each other in order to improve our individual trading strategies. 

2nd PLACE: GIANA WINDA PUTRI FROM INDONESIA

It feels great to be one of this month’s winners! I really enjoyed taking part in the contest, but I only traded occasionally. It’s true that you don’t need to dedicate all of your time to trading in order to succeed! I’ll definitely participate in the next round in June.

My strategy is all about fundamental analysis and plenty of patience. I opened trades to coincide with important news releases and analysed the nature of the news stories due to be released each day according to the economic calendar. Using this technique I earned 250 pips as a result of a news release affecting NZD. I think you can expect to become a good trader after one year of continuous learning - that’s the part that requires dedication.

3rd PLACE: TAN WAI CHEW FROM MALAYSIA

I was so surprised when I found out I’d achieved 3rd place in this month’s OctaFX Champion Demo contest. I’ve been trading forex for over three years now but I don’t use a specific strategy, I rely on my experience and gut instinct. I use H4 charts because this is the most time-efficient technique for me. I don’t think I’m an outstanding trader, but I believe I have the right mentality (and perhaps some luck! I didn’t suffer any significant losses during the contest). In my opinion it takes at least a year to become a good trader, as long as you have the right attitude.