TopTradr Contest Winner

Each week, TopTadr, the trading companion app with a $1m grand prize, announce who has commanded the top spot on their Monthly Contest Leaderboad, along with the Top Ten Tradr’s. This week, user Msfx, for the second week running was in 1st place, and received $1,500 cash as well as a $37,500 capital allocation equivalent to trade with as a prop trader on behalf of TopTradr.

Each week, we also conduct an interview with the winner, here Msfx tells us a little about his trading strategy and the factors that influence his trading decisions.

1.Tell us a bit about yourself.
I have been trading for 4 Years. I have a degree in Mechanical Engineering and i am currently working as Lead for Mechanical design in one of India’s top companies. I live in India, but often travel to USA on company project assignments.

2.How would you describe your strategy & trading plan?
My trading strategy is buy at oversold zones in RSI and sell at overbought zones in RSI. When RSI is above 30, I will buy, when it is below 70, I will sell.

3.What are the typical trade setups that trigger you entering a trade?
I follow technical indicators,RSI and Moving averages, I will cross check in all time frames(5 min, 1 hr and 4hr). Double tops and bottoms, break outs etc.

4. What is your daily routine like?
I normally trade all sessions subject to time availability. If I have time, I trade mostly Indian time, which falls under Asia+London and London+USA up to noon.

5. What pairs do you prefer to trade and why?
GBP/USD,GBP/JPY,AUD/USD and GBP/AUD. I tend not to focus on more than 2-3 pairs and sometimes concentrate solely on one pair.

6. What is your typical risk management strategy? Do you place stops at specific levels, do you risk a set amount per trade, do you get out of trades after specific events?
Yes, 5 % of my account is my only risk.

7. What are your initial profit targets and how do you set them?
Just 1% for my initial 3 to 4 trades per day. If I win I will look at reaching 5% target for the rest of my open positions.

8. How long do you typically hold your trades? Do you look at multiple time frames for different trades or always trade the same timeframes?
I do not hold my trades for very long, minutes to hours, it is very rare that I would hold a trade for 2-3 days.

9. What was your most successful or memorable trade?
I gained nearly 180 pips on GBP/JPY few months ago. Of course, I have also had unsuccessful trades where I have lost money.

10. What do you think your greatest strength and greatest weakness are as a trader?
Emotion and control. Greed!

11. What is your long term plan with trading ? Are you looking to do trading professionally ?
Yes- I would like to become successful trader and settle in this profession.

12. What advice would you give to a new trader?
Control your risk.

13. How do you feel about managing TopTradr capital and becoming a prop trader paid on his performance?
I really appreciate this concept as it allows me to build a track record I can show to institutions. Hopefully this will allow me to become a professional trader down the road.

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