The second week of trading struggles in the forex competition for PLN 20,000 is behind us. Competition leaders are increasingly dominating. The first in the Forex_pips_hunter ranking already has a 70.88% advantage over the trader from position number 4.
The best trader in September will receive a prize of PLN 4,000, which means that the fight for first place is quite fierce and it is not known until the end who will be number "1" in September and will win the prize for the winner.
In the overall ranking in the first place without changes Forex_pips_hunter
3.Wilk from Bieszczady 15.77%
5 Black Jack 5.21%
6. Ichimoku Waves Meter 1.63%
7 Dawid Augustyn 1.06%
7 Piotr Kowalczyk 0%
8 Paweł Augustyn -7.38%
9 Ldorado_Man -20%
The results of the first three are impressive, especially because these results are the result of only 10 days of trading.
What makes a leader different from other traders?
Many people are convinced that people who succeed in the forex market are in the possession of the "golden Grail". Below is a statistical comparison of the leader's portfolio (the trader's portfolio of the top three) with the trader's portfolio located outside the "podium"
Top traders hold an open position for an average of 3.83 hours, at the same time, other traders hold open positions in the wallet for 45 hours. It is easy to conclude that a group of leaders does not hold losses, but very quickly leaves profitable positions. This is due to the specificity of the current market situation or investing at low intervals
How many transactions a day do you have to do to win a competition?
The number of orders carried out during 10 trading days also varies significantly.
The trader from the top three performs an average of 5.4 transactions per day, and the trader from the group outside the podium performs an average of 0.6 transactions per day, i.e. 9 times less. Does a large number of transactions make sense? As you can see in the attached example - this makes sense. We must remember that a large number of transactions is caused by making "pyramide", i.e. opening of subsequent positions if the previous ones are already in the "plus"
After analyzing the portfolios of individual traders, it is not difficult to notice that the leaders of the forex competition very often limit themselves to trading on one or two instruments. They play their games on one well-known pair, at the same time the wallets of other "players" consist of several to several pairs.
In this case, there are also significant differences in the strategies that rank the average maximum landslide is 1.13% of the initial capital, and accounts outside the first three allow an average landslide of 18.28%. This factor clearly shows that the headlamp can admit its mistake and close a lossy position when it still brings small losses.
Will changing these few factors and habits make you top the competition? There is only one method to find out
JUST START IN TRADING CHALLENGE