The popular "FX Market Masters July 2014" contest has recently come to an end. About a hundred traders from all over the world joined the competition for prizes and bonuses. Every participant did their best to demonstrate excellent trading skills and the knowing what strategies and financial instruments to use. So, the question is who took the lead. Keep on reading!
Italo Mihailovs from Latvia showed the best result in the competition and thus became the leader. Having made 264% profits, he left 93 traders behind. As a reward he received a PAMM account with a US$1.020 deposit and an impressive bonus for profitable trading during the contest.
What trading instruments did the winner use in the tournament? Was it easy to gain the victory? Read the interview below to get the answers.
1. Could you please tell us a few words about yourself?
My name is Italo Mihailovs, I am 43 years old. I am from Latvia, where I live now with my family. I am married to a wonderful woman. We have two kids – a boy and a girl. I work as a guardian.
2. Please, describe your "way in Forex" i.e., how you began, how started to take interest in Forex, etc.
I’ve been always interested in economics. The changes in ratio of various currencies is, by far, the most precise and accurate indicator of the state of these countries’ economies.
About 10 years ago I tried to put my theoretical knowledge into practice using such a great financial space as Forex. That was the start of my trading career.
3. Do you trade in a real account? How successful are you in live trading?
Yes, I have a real account. But it’s not the time to talk about any achievements yet. I have nothing to boast of for now.
4. Do you think Forex trading and participation in various Forex competitions can be a good source of income? Or is it just a hobby, some extra job?
Definitely, Forex trading can be the main source of income. As for the Forex competitions, I see them as an opportunity to make a start-up capital.
I think you agree that it’s impossible to constantly take the leading positions in competitions irrespective of what high-level skills you may have. Any contest is associated with certain restrictions, for example, time limits or a limited choice of trading instruments.
Depending on a trading interval, your strategy may be ineffective and bring to nowhere. What is more, one should always be ready to take risk and a chance on.
5. How did you learn about the ForexCup competitions? Have you ever participated in contests organized by other brokers?
I came across the mentioning of ForexCup competitions in the Internet. And I’ve been their active participant for 3 years already. It’s the first time when I’ve managed to take such a great prize. I used to win only bonuses. It also relates to the other brokers’ contests – I won very occasionally.
6. If talking about the FX Market Masters July 2014, where you won the 1st prize, how did you choose the trading instruments and make decisions? Were they informed, risk averse, or did your actively pursue risk?
The basic financial instrument I use in my trading is the EUR/USD currency pair. It was my choice for the contest as well. When I joined the competition I could not even think about the win.
I just wanted to get a bonus – this was my target at that moment. I decided to compare the results with the other contestant at the very end of the tournament. When I looked at the rating I realized that I had all chances to compete for the main prize. That was the turning point in my trading – I started to take risk.
7. Will you share the secrets of your trading strategy?
It’s a tough question. At the moment I do not have an adequate and mature strategy ready for presentation and further use. I am still working on it.
8. FX Market Masters July 2014 is your 57th and most successful competition at ForexCup. What helped you win this time and achieve such results?
I think my results and overall performance in the competition depended greatly on the time of the contest. I felt confident enough in the market developments at that moment and could predict the EUR/USD dynamics.
9. What from your point of view are the pros and cons of the ForexCup contests? What else would you like to see within the project?
I do enjoy ForexCup competitions! And I have nothing to change in their terms – I’m satisfied with everything. It’s true.
10. When did you realize that you were about to win? Describe your feelings when you found out that the 1st prize was yours?
Frankly speaking, I was not sure of the results and my win till the very end of the contest. But when I was called the Best Trader of "FX Market Masters July 2014,” I had mixed feelings for two days – I was definitely happy but a little bit confused because of the responsibility associated with the PAMM account management. Now I have so many plans in my head.
11. You have been awarded with a PAMM ECN account with a healthy deposit. Is that what you really wanted? Are you satisfied with this type of reward, or would you rather prefer prize money?
To be honest, I am looking forward to managing a PAMM account. That’s what I would really enjoy doing in the future.
12. Are you going to go on with the ForexCup competitions?
13. Can you tell us how popular the Forex trading in Latvia is? Are there traders among your friends?
Like everywhere Forex trading is extremely popular in Latvia. And my friends also try their hand in Forex.
14. What advice can you give to beginners and those who are planning to join ForexCup contests?
Well, I think I am a newbie myself! So, I’d better give advice later…after another victory!
ForexCup team congratulates the winner and wishes every success in his new position of a PAMM account manager!
We invite everyone to a new "FX Market Masters August 2014" competition which starts on August 11. Improve your skills together with ForexCup!