Bonus accounts in Forex have always been a controversial topic. We’ve decided to ask one of the winners of Futures Trade (the contest where the winner gets $1000 bonus with withdrawable profit) what he thinks about bonuses and how much he managed to earn with the help of the prize funds.
The first question will be about the concept of a forex bonus. There are hundreds of posts in the internet saying that it is impossible to profit with bonus funds and some even say that forex bonuses can pose some kind of danger. However, the results shown by numerous traders let us see a slightly different picture. Brokers’ offers like “get bonus to earn your first deposit” turn out perfectly doable. What is your opinion on bonuses – is it harder to profit with bonus funds than with real ones?
- Actually, I tend to think of Forex bonuses as a positive thing. The problem that is mainly encountered by traders when trading with bonus funds is making very risky decisions that often lead to an increased number of unsuccessful trades. If to regard bonus funds as your own then promotions aka “get bonus and earn your first deposit” are possible to fulfill.
What do you thing about contests? Is it only for novices or it can also be useful for professionals?
- Contests are not just an extra opportunity to earn money for your first deposit. From a professional perspective, such contests are a great aid for practicing various strategies because they set may limits (time, assets, etc.).
You won in the Futures Trade contest. Which instruments and strategy did you use?
- I traded futures RYH6 (EURJPY) and 6Â (GBPUSD). I managed to “catch” the trend for RYH6 and get the highest profit for 6BH6 although the situation on the market was far from perfect.
In the last interview you mentioned that you were going to open a LAMM-account and try yourself as a manger. How did that go?
- Yes, actually I used my prize funds to open my LAMM account Krantas-GR. I earned $1000 and have already withdrawn the profit. Now I am going to try maintaining the high level of profitability and wait for the investors.
Tell us a little bit about yourself. How old are you, what’s your education, how long have you been trading and is trading your main source of income?
- I’m 39, I have higher education. On the market since 2009. For now it is more of a hobby, but my aim is to turn Forex trading into my main source of income.
What did you start with? Have your asset preferences changed since you started?
In 2008 I started investing in funds, but due to the 2009 crisis the money quickly vanished. I mainly trade currency pairs: eur/usd, gbp/usd, eur/jpy, gbp/jpy, usd/jpy. Regarding my trading strategy – I like to enter the market on corrections and catch pullbacks.
Could you tell us about the most successful/unsuccessful trade you’ve had?
- I’m afraid that I can’t tell you about the most successful/unsuccessful trade as I don’t really remember. What I clearly remember is May 2010, when GBPJPY crashed from 143,00 to 129,80 which is 1320!
What do you think is the most important thing in trading?
- I guess I won’t surprise anyone if I tell that the main success factor in trading is discipline. You shouldn’t forget about trading strategy and other aspects of course..
Which criteria do you follow when choosing your broker? Why did you choose Grand Capital?
- When I just started in 2009 I didn’t really have any criteria to estimate brokers. But now I look at the quality of service, trading conditions and client support. In Grand Captial I’m happy with everything.
What would you recommend to all the traders out there?
- I wish everyone successful trading, many victories and to believe in yourself!