Today, Renee Li had the pleasure of interviewing Wei Wei Wang, who came third in Stage 3 of the 2020 Trading Cup, with an incredible return of 116.46% in August.
In this interview, Wei Wei and Renee run through:
· How long she has been trading
· The biggest reasons for her positive results
· The types of markets she likes to trade
· Her favourite trading book
· And her advice for new traders
Click play on the video below to listen to the full interview.
Below you will see the statistics of all of the 89 trades taken in August.
Wei Wei was the number 1 trader for most of August with a steadily rising equity curve day by day.
With a win rate of 78%, you can see why the curve looks the way it does.
But what is interesting is the average loss is bigger than the average win.
This isn’t a bad thing, especially when you win on 78% of all trades.
But this is likely due to the big losses suffered near the end of the month, as she may have been chasing the new leaders, which edged higher towards the close.
Let’s take a look at two of her biggest trades in terms of wins and losses, so you get a feel for the type of trading she was doing.
Please note that trading leveraged instruments is risky and you can lose more than what you start with.
Judging by these two charts, it appears she may use a combination of both breakout trading and reversal style entries.
Let’s jump into the interview with Renee Li and Wei Wei Wang below.
How long have you been trading the global markets for?
It has been 2 years since I started trading forex.
How did you get started with trading?
My friends trade and then I started to trade as well.
What do you believe has led to your success as a trader?
I think it is my mentality and my good mindset.
If you have 100K or 1 million dollars, how would you invest it? Would you adjust your trading strategies based on the amounts of capital?
Personally, 100k or 1 million investments will not mean too much difference to me because as long as I have a good mindset and the right mentality, it does not matter how much capital I invest in trading, the strategies will be pretty much the same.
What trading instruments did you trade during the competition?
I traded gold, oil and major currency pairs.
What trading methods do you like to you, for example, fundamental analysis or technical analysis?
I prefer technical analysis.
What indicators do you like to use?
I like to use moving average.
Do you use any software to assist your trading or have a special trading setup?
I just use my computer.
Currently, what are the trading rules you abide by?
Apart from keeping a good mindset, using indicators, such as moving average is my currently main trading rule.
Can you recommend any books to beginner traders?
Japanese Candlestick Charting Techniques by Steve Nison.
What is your best performance and worst performance so far? And what might be the reasons?
I doubled my capital within 10 days and I also experienced a margin call at some of my worst performances. And I think if I predict the trend right, then I will make a profit or even double my capital.
But when I predict the trend wrong and I did not have any sort of risk management control and did not set a stop loss, it could put me in a very vulnerable position and what’s worse, it could lead to margin call or liquidation which I have for sure experienced before.
Can you give some advice to traders who will compete in the forthcoming stage 4 trading competition?
Sure! Personally, a good mindset and the right mentality can help to achieve a better result in the trading competition.
Then you need to think about how to analyse the market and what risk management strategies you want to implement.
What’s more, I strongly recommend traders to set stop loss when they get into the market.
Finally, could you provide us some feedbacks or suggestions?
It is my honour to participate in the 2020 trading cup. It provides me a good opportunity to see how other traders perform. I am looking forward to the forthcoming stage 4 trading competition.
Interview conducted by Renee Li, Content Specialist at ACY Securities.
Are you ready to join the next Stage? Click here to register an account.
Ashley Jessen is the author of CFDs Made Simple and Chief Operating Officer at ACY Securities. He has been in the financial services industry since the year 2000 and worked for some of the leading companies in the CFD, Forex and Online Trading space.