Interview with FXCM's March 2011 King of the Micro contest winner Uhim Fan sees 1711.87% return on his micro trading account.
How long have you been trading?
How did you start trading forex?
I analyzed price trend charts of various cycles and studied news about the relevant currencies. Once everything was clear, I would start trading.
What are your favorite sources for news and/or your favorite technical indicators?
News source: eastmoney.com
Indicators: EMA, KD, MACD
What currency pair do you prefer to trade?
How long do you typically hold your trades?
I typically hold my trades for one to two days and rarely hold for more than two weeks.
How much time do you spend trading every day?
I don’t trade every day. When I see an opportunity, I spend two to four hours on trade preparation.
What was your most successful or memorable trade, and what was your most unsuccessful trade?
My most successful, or memorable, trades are “trades in the right direction” whereas my most unsuccessful trades are “trades out of impulse.”
What do you think your greatest weakness is as a trader?
I show different weaknesses in two stages:
I. In stage one, i.e. the beginning of trade learning, I failed to maintain good control of emotions (“kept buying at highs” and “being reluctant to stop-loss”).
II. In stage two, i.e. the present after having a deeper understanding of trading, I lack sufficient knowledge in economics and statistics.
What one thing did you do or learn that pushed you over the top?
I learned the importance of observation, learning and looking at the whole picture.
What kind of personality do you think you need to trade forex successfully?
One needs to be patient and calm, and should never be complacent in victories or give up in defeats.
What do you think about forex vs. equities? Have you traded equities? Why do you trade forex?
Forex trading is fast-paced in comparison to stock trading. While I trade stocks and futures sometimes, I trade forex as well mainly because of its low costs and news transparency.
How has trading changed your life?
I hope to trade and live in a place I like.
What advice would you give to a new trader?
I suggest starting off your trades in a small sum of money. In the learning stage, try to retain your capital as best you can because “this game is all about capital.”