fhuetter, the winner of the latest traders championship is sharing some trading
tips with eToro’s community
Profile:
Age: 46
Country: Austria
Family status: married
Occupation: Quality/Risk Manager at a hospital
Experience: 2 years CFD trading (hobby / free time)
Trading Mantra: Crazy for short
Preferred currency: EUR/USD and EUR/JPY
Hobbies: diving
Why are you trading with eToro?
Because it’s a very quick and easily understandable trading platform.
What is the most important lesson you’ve learned about trading so far?
Strict money management. It means not being too greedy and accepting a loss when it happens. Sometimes I thought that I could even turn a bad trade into a profitable one when I put all my eggs in one basket, but as we know, and as I have had to learn the hard way, the market is always right, no matter what I happen to believe at the moment. So, I never spend more than 30% of my deposit. If I lose it, I turn off my account and try trading the next day.
What is the most important tip you can give to novice trader?
Start with small leverage and far stop losses (medium risk trades).
Please give me a general description of your trading technique/strategy?
Looking for short entry points by using 1min/5min/15 min/ 1 hour MACD and Stochastic indicators. If they turn to “sell” at the same time, I start with shorts. The same goes for long Trades. What’s important for me is that they all turn to sell or buy at the same time.
Did your Account Manager help you to improve your trading?
I get useful tips and actual warnings when I take any positions (very useful). The Account Manager calls have more than once given me some well-timed info about possible trends and events with effects and consequences to my trades.
Please recommend a trade to our readers?
Actually EUR/USD short till 1,267 then go long.
How long it take you before you started to make profit?
1 week.
How much money do you currently trade with?
About EUR 45,000.
What is your number one trading rule?
Not to be greedy and not to run after profit; this means using strict stop losses ,never expanding them in the hope of “only a little bit longer and then it will turn in my direction” – it never does!
What is the part you love the most about eToro?
I find the weekly/monthly championships stimulating and I also like the bonus program.
How much money have you withdrawn from eToro so far?
About USD 218,000.
How did you learn to trade
Mostly I learned by myself from some internet brokerage sites and some books I bought – and some trial and error experiences! I learned some basic charting techniques and the principles of Elliott-Waves.
Which tools do you use for your trading?
I use the MACD (1min/5min/15min and 1 hour) and the Stochastic (1min/5min/15min and 1 Hour). Also I use the top traders’ insight list at eToro as a contra-indication: if 70% or more are on sell, I go long and vice versa.
Your message to the eToro community:
Don’t work hard (using complicated trader tools with “academic” analytical tools and information) – work smart (use eToro´s simply designed trading platform and trade with your own proven trading strategy).
How much profit have you made so far with eToro?
About EUR45.000.
eToro Analysis:
The trader is exceptionally proficient in the art of short selling. The main strategy the trader uses is indentifying pivot points in the Euro/Dollar and then using them for extremely accurate short sells of around 50pips.For example one of the trader’s most successful trades lately from the 18th of August was when the trader shorted the Euro at 1.2847 and then closed at a take profit of 1.279.The trade was closed with a gain of 68 pips earning the trader close to $3,000. The trader always uses a leverage of 100X and approximately the same stop loss size, pointing to a well organized strategy built for constant gains. Overall the trader has profited from more than 65% of his trades in a period of 1 year. This indicates that the trader has a well planed trading style and could be very valuable to follow for those seeking long term gains.
Forex Market Analysis provided by eToro
Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don’t trade with money you can’t afford to lose.
