In a brief interview the newest winner of Drag Trade contest Alexey Baulov from Tumen shared his thoughts on the main side to a profitable trading system as well as his winning tactics.
Alexey, tell us about yourself: what is your education, how long have you been trading on Forex and how did you start?
I am an engineer and have been trading on Forex for over 4 years. It all started when I found out that one of my friends really got into trading. I must confess, I was pretty sceptical about all this Forex thing at that time, but my friend is far from being stupid and I thought, - "why don't I at least see for myself what it really is before making any judgements?" At first I was trading on several demo accounts and even participated in some demo contests, but without any luck. My real trading expecience started with my first Micro account, but I quicky shifted to a Standard one. My friend has already dropped Forex, but I never did and am pretty happy about it.
Tell us about your trading strategy. How did you learn about it?
My strategy is based on Fibonacci retracement and Elliott Wave Principle. I can tell you an exact source I learnt it from. It is more about my experience of ups and downs, trying many things. Even now I keep improving the system based on the market mood.
What trading strategy do you consider the most successful?
Based on my experience, which has helped me to grow from a losing gambler to a trader to whom Forex is a serious source of income, I can tell that there is no (or may be I've just never encountered it) 100% profitable strategy, which you can take from a shelf in a convenience store like a pie. You can develop an understanding of a market and transform it to an algorithm (mathematical equation). This algorithm will become our main trading system which will become better and better with time, continue its evolution.
For the contest you chose GBPUSD pair. What was the reason behind that?
My strategy suits three currency pairs: EURUSD, GBPuSD and AUDUSD. I chose only one pair because I like to focus on only one thing.
What do you think was your success factor?
I was increasing the volume when I saw the trend coming. There's no phsycology in a demo contest, to you can experiment all you want. I don't compete with anyone when I trade on a real account, because in the real world, everyone who earns profit is a winner there.
What would you recommend to those who have yet to participate in Grand Capital contests?
Never stop learning and remember that there is no strategy that will give you 100% result.
Good luck to everyone!