AMA Recap | 864 Days of Trading and My Golden Rules -Trader Interview#2
BingX Trader Series
Missed the AMA with trader @烽火戏诸侯？
Here is a recap of the session ‘864 Days of Trading and My Golden Rules’
868 Days with BingX
The Top 3 Most Followed Trader
Cumulative Earnings of Followers: $377,000+
Read it up!👇👇👇
Q1: Everyone please welcome @Fenghuoxizhuhou A.K.A 烽火戏诸侯, The Top 3 Most Followed Traders on BingX! Could you briefly introduce your crypto investment journey?
@Fenghuoxizhuhou: I actually entered this field by chance. I was talking to a friend, who told me about the volatility and opportunities of the industry. So from March 2019, I started to observe the market for a while and found that it was indeed so. But I didn’t start with spot trading, instead, I opted for derivatives trading and have been on it till now.
I registered withBingX in February 2020. If you do the math, it’s been over 800 days now. Due to my track record with steady profits, my win ratio for the last 180 days was 74%, so I’m always among the most followed traders on BingX. Here, I would like to thank all my followers for their support.
Q2: Why did you choose to start with derivatives trading?
@Fenghuoxizhuhou: I preferred derivatives trading from the beginning. I felt like I’d be good at it. It might be a human failing, and I believe that many traders share such confidence at the beginning. And of course, I learned my lesson before I gradually developed my own trading system and became a long-term runner.
Q3: So, nobody is born a good trader. Would you like to share some tips on gaining long-term steady profits? Is there anything in particular that we need to follow?
(1)Stay alert to market forces and risks
This is especially for the newcomers. It’s very easy to get carried away and fall into the abyss of being overconfident when first entering the market. Avoid heavy positions and high leverage, and get used to taking profit and stop-loss as soon as possible. It’s even more important to stop loss than to take profit.
(2)Don’t trade when you are in a poor mindset
I think experienced traders may all share this feeling that trading is actually a test of human nature. The panic and passion we see in the market are all reflections of people’s sentiments. So, the easiest way to minimize the effect of emotions on your trading is: Don’t trade when you feel off.
(3)Manage your positions
Put it simply, if your positions are well managed, even if the direction is wrong, losing one to two positions of the opening margin will not have much impact on your mentality. It’s important to manage your positions because in heavy positions, once you lose balance, your trades would get skewed. Never challenge human nature.
(4)Keep your profits
Let the wrong orders take the least from you and make the most from the right ones. Set the stop-loss point when opening a position and let the profit run. In this case, even if the winning odds are not high, it’s still profitable in the long term.
(5)Set up a trading plan and stick to it
The purpose of a trading plan is to fight against your human nature. Without a plan, you can hardly grow to be a qualified trader; without sticking to a plan, you can barely make a good trader.
(6)Review your trades regularly
It’s important to reflect on and analyze your past trading behaviors, to see if you have made any decisions against your own trading scheme, and to think about what worked well and what went wrong. Make the winning behaviors a muscle memory.
Q4: Could you talk about your most successful trade?
@Fenghuoxizhuhou: My assets have been growing steadily. I think all the trades that follow my plan are successful. If by success you mean the profit ratio, the most impressive trade was made during the 3.12 market of 2020, generating nearly 10 times of profits.
Q5: What’s the trading philosophy that you most agree with?
@Fenghuoxizhuhou: Better a right lose than a wrong earn.
It sounds subtle but it’s actually very instructive. The right and wrong mean that we need to find out what the cause of our loss is, instead of indulging ourselves in overconfidence or discouragement.
Q6: Do you have any suggestions for newcomers in crypto investment?
@Fenghuoxizhuhou: How to find support and resistance levels, how to apply the Fibonacci retracement, and how to observe the market sentiment. These can be complicated for those who are new to the market. CopyTrade on BingX is just the solution to these problems. By copying professional investors with systematic trading systems, beginners can avoid some rookie mistakes.
When copy trading, it’s also important to distinguish and choose a good trader. The simplest way is to look at it in a longer timeframe: A trader who is a long-term runner and can make profits will not be bad.
If you follow me, you can start with observation and start off small. But once you start copy trading, try to be a long-term follower. Don’t exit just because of the loss of a single or two trades. Investment is a long-term thing.
Q7: Do you have any suggestions or notes for your BingX followers?
I have been grateful to those who have chosen me and continue to trust me. It is your support that empowers me to be a responsible and winning trader. I will keep working on my trading system and do what a trader should do.
Finally, thanks BingX for offering a great opportunity for me to exchange ideas. It’s been a lovely experience.
BingX Official Website: https://bingx.com