Shing Chau showed excellent account and risk management skills in July 2024 and got a $1,000 prize!

Read Shing Chau's interview and see his account statement – to make your own success story

How long have you been trading?

I've been trading for nearly ten years. 

How did you get involved in Forex trading?

I was drawn to Forex trading by some advertisements I saw while reading the daily news on an investment site and gradually started trading.

What is your trading style?

I consider myself a swing trader. I primarily follow midterm trends, but I also use mean reversion in extreme market situations. 

Do you practice risk management?

Yes, I always start with a trading plan that includes price targets and stop-loss points. I trail the stop when the target is met. 

What are some good habits smart traders develop?

Create a trading plan before you start and focus on minimising losses. Make survival your first priority. 

Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?

It was recently with the historical reversal of the USD/JPY. I followed the confirmed reversal at around 153, and I made a profit of roughly $150K.

What advice would you give to new traders?

Survive and don't ever do revenge trading. 

Considering the current state of the market, what do you think are the news/events traders should keep an eye on?

Markets are uncertain, and volatility will increase until the US election result. A single piece of news could cause fluctuations. Yet, like surfing, you should seize the opportunity to ride the wave when it arises. 

What are the most important things you look for in a Forex broker?

I look for low trading costs, a stable trading system, a reputable platform, and easy deposit and withdrawal processes.