Throughout its history, the DemoCup contest held by NordFX has seen a few hundred prizewinners from various countries – Russia and China, Ukraine and India, Kyrgyzstan and Sri Lanka, Romania, Iran, Taiwan, Poland, Kazakhstan, Egypt, Belarus, Indonesia, Uzbekistan, Vietnam, Estonia, South Korea, Singapore, Hong Kong, Australia, Bulgaria, France, Pakistan, Lithuania, the Czech Republic, Moldova and the USA… The participants’ geography is very expansive, and you can hardly pin all the places on the globe, which just testifies to the popularity not only of the contest but also of NordFX as a company overall.
Naturally, DemoCup participants are people of different ages, jobs, religions and levels of income. However, what they all have in common is their great interest in Forex and the desire to win the contest.
What are the ways in which our participants achieve their success? It goes without saying that not all of them are willing to share the secrets of their mastery. The ability to earn on Forex is a big capital in itself, and it takes a lot of nerves and energy to acquire it. Grueling days and sleepless nights, a thorny way of gains and defeats – all these add up to the foundation of victories by DemoCup participants. It’s exactly why in response to the question about the strategies that led them to the winners’ podium they give just a few words and resort to some general statements in their answers.
Well, it’s quite understandable, although we did manage to learn some of the winners’ secrets and are ready to share them with you. We’ll make it clear from the start – everything you’re about to read here is no way a mandatory instruction manual for you to apply. It’s simply information, and we’d be happy if you found it both interesting and useful for yourself.
Here it goes. The great majority of winners trade manually during the contest. Half-manual half-automated trading is the max. Even those who develop their own expert advisors prefer in this case to keep their eyes on the chart and their hand on the computer keyboard, putting more trust in their intuition and reason rather than in a computer program. Apparently, neurolinguistic programming hasn’t yet arrived at the stage when a robot can fully replace a human.
“I’m confident that no expert advisor can compare with a human being,” opines Muhammed Nurzhanov, a DemoCup prizewinner and a Forex trailblazer in Kyrgyzstan. “I recommend only manual trading! Sure, there may be mistakes made because of your emotions but it’s those errors that help us learn after all.”
As for the use of technical or fundamental analysis, the overwhelming majority of our winners vote for the former. Some have quite a firm stance. For instance, I. Novoselov from Udmurtia in Russia, who took the first place in November 2013, considers “all these news ‘games’ as nothing more than a way to throw traders into confusion.” “Though, news trading is something… I enjoy!” – he adds with a smile to soften his opinion.
Alik Grigoryan from Ukraine has reached a compromise on this issue. He says, “Concerning the use of fundamental and technical analysis, I’d break it like this – 80% for technical analysis and 20% for fundamental analysis. I think it’s optimal to assess the market from the technical standpoint and then adjust your perspective with the help of fundamentals.”
Now about the timeframes used. Their range is extremely wide. Some use the minute timeframe and easily make 1,000 trades shaving off a ‘thin layer’ of 1-pip profit from each. Others, for the fear of the nerves, consider it normal to use just H4 and D1 in their trading. Many traders use M5, M30 as well as H1 in their trading strategies. All this only confirms the proverb – ‘Many men, many minds’.
As for indicators, DemoCup runners-up and winners, for some reason, ‘unanimously’ … keep mum. However, what they all say as one is that they dislike the Martingale system. It’s no wonder – as deposit amounts grow our traders gradually up the traded lot size but most of them think that indefinite buildup of a losing deal contrary to the market trend leads you nowhere. “I don’t think you can win this contest if you use the Martingale system,” shares V. Doroholskiy, a third-place DemoCup winner from Donetsk, Ukraine.
The contest held by NordFX is for demo, or virtual, accounts but many of the contest winners have a lengthy experience of trading in live accounts too. Actually, equity management is by far stricter in this case, thus results are much more modest. For instance, whereas on average a DemoCup winner increases his startup capital by 15-25 times during 10 contest days, his live trading results tend to be considerably lower. As one of the contestants admits, a 15-percent growth per month is just great.
We’ve saved the best for last. You surely know that every month 20 prizewinners divide a quite real ,500 among themselves. When asked how they were going to spend the money, almost everyone said that they would invest it in Forex trading. Only one person spent his winnings on a New Year’s celebration, and that is OK, of course – Christmas tree ornaments and tinsel certainly outshine any trends and reversal patterns on the computer screen.
What about YOU? What will YOU spend your prize money on? We sincerely hope that we’ll be able to ask you this question soon. Good luck and may victory be yours!
The overall champion of Olympic DemoCup contest increased his deposit by 166 times in ten days!
Today we would like to present you the overall winner in the total individual score and the winner in inter-team individual score - Alexey Brusyansky, Russia.
As a reminder, in parallel with the Olympic Games in Rio de Janeiro, another international competition – Olympic DemoCup contest, which was organized by NordFX broker company, took place, and Forex traders from nearly 100 countries took part in it. The prize fund made 100, of which 00 got Alexey Brusyansky.
– So, Alexey, please accept our congratulations and a traditional request - tell us some highlights of your biography.
– I am 30 years old, I was born, lived and studied in Izhevsk (the 20th most populous city of Russia), my specialization is a mathematician-economist. Virtually I'm working within my specialty: trading is my basic occupation and basic income.
– This means that you provide for your family on this money, and moreover you travel the world? In social networks I saw that you were, for example, in Paris with your family.
– Yes, yes, all this with this money. The income is fine by me, and I like mobility. I've been doing it in Izhevsk, then I moved to Moscow and though I changed the place of residence, my working area remained the same – Forex. My wife doesn't work, she is studying at Moscow State University (MSU), and we have enough money.
– How long have you been trading on Forex?
– I will celebrate the tenth anniversary soon. In 2007 I learned about Forex, and in 2008, graduating from the university, I began to take an active interest in automatic trading using advisers. I didn't even get a job, I instantly threw myself into trading.
– Have you used advisers during the contest?
– Yes, I have.
– Have you received an education in trading anywhere? Do you design advisers yourself?
– I didn't study Forex anywhere, my source of knowledge is the Internet. And writing of advisers is a standard programming, it's what we were trained at university. Now, however, I only develop algorithms, and as for the codes - I order them, they are written by other specialists.
– If you don't mind me asking, what strategies do you use most often?
– I like the ones, with minimum forecast. Different correlations, for example. Somewhere in forums I heard such a name – non-forecast systems. I don't use averaging at all.
– I see. This interests me because your result is incredibly impressive: increasing the deposit from 000 to 660 000 in ten days– it's rarely seen even on a demo account.
–There was just good volatility. If you trade on the basis of a forecast, everything depends on how accurate it is, there one can win a lot per single trade, but at the same time - one can lose a lot. And in non-forecast trades the profit is small, but there are a lot of trades, so that's why the deposit is growing.
– Don’t you use fundamentals at all?
– News releases are interesting to me, first of all, from the viewpoint of volatility. The main trading is on Fridays during releases of news from the USA. All week I'm trading not very actively, I check and I refine strategies, advisers and if that's all right, I can take all the profit by virtue of one news release on Friday. By the way, I close all positions within the day and I never roll-over them for tomorrow and, especially, for the next week. It’s very comfortable psychologically, I go to bed peacefully.
– And haven't you tried to make money as a provider of trading signals? It could be quite real extra money.
– This is all new territory for me, just now I’ve begun to study copying of signals and all that goes with it. So far I traded only on my own money, plus I took out bank loans.
– More often traders try to attract investors from the outside.
– It's true. In the Internet one can often see such announcements. But, for example, it makes me a question instantly: if your system is great, and everything works perfectly, then why won't you go to the bank and take out a loan, I, for example, used to do that all the time and if I lose, then I will be answerable for it with my money. Therefore I'm in no hurry to work with somebody else's money, the reputation is important for me. Especially if these amounts will be large.
– As for you, does it matter which amounts to trade with?
– There is a psychological factor. It is possible to trade on hundred dollars. And if we take hundred thousand dollars, seemingly nothing would change here – it is necessary just to increase the volume of trades by thousand times, and that's all. But, I think, many would agree, that psychologically it is much easier to operate with a small amount.
– And, according to contestants of DemoCup, it is even easier to trade on virtual accounts. By the way, have you ever participated in other stages of this contest? Because NordFX has been holding them monthly for over five years.
– I participated several times and even I won. I like this contest very much, not only because of the prizes, but also because of the attitude towards the contestants. In some other contests when you win, you won't get any e-mail, and here everyone is nice and polite, congratulate on the winning. Though, I also like NordFX prizes – big awards, which are rarely seen.
– We saw your profit on a demo account. And if you don't mind me asking, how is it going with real accounts?
– I couldn't say the annual profits as I live off this money, and I have to withdraw the profit on a regular basis. My standard goal – is at least five percent a month. But, it happens, that I earn 50%, and more. Sometimes, I meet the target at the beginning of a month, or even on the first day, and then during the whole month I trade in a free, relaxed mode. By the way, it works even better this way.
– If you don't mind, I’ll ask one more our traditional question – what is your goal in life?
– As for the objectives for the near future, I want to increase my performance so that not to deal with money matters. Now money making takes my whole working day, and I'd like to spend no longer than one hour. Forex is a real pleasure, but there are also other projects which I'd like to implement – crypto-currencies, payment systems, and etc. There is, of course, a super-goal, but I won't voice it yet ).
According to Mikhail Rybyev, Forex professional trading begins with $ 100 000.
In the Olympic DemoCup contest for traders, held by NordFX broker company in parallel with the Olympic Games in Rio de Janeiro, the team of Ukraine headed by its leader – M. Rybyev - became the silver medalist. Having shown profit of 850% in 10 days, he also entered the top ten traders of this contest.
– Mikhail, first up, if you don’t mind, please, tell us a few words about yourself.
– I am 33 years old, I was born in the city of Alchevsk (Ukraine), my father had been working at metallurgical plant, my mother - as a cook, probably, normal average family of those times. I got technical education and I was going to work at a factory like my father, but those days it was not the best time for it, and little by little I made attempts to make money through the Internet. I played poker, traded on Forex. Now I’m running my own small business, and as a hobby, I’m trading on Forex, I hope that in future it will become my main source of the income.
– How long have you been trading on Forex? What gave you impetus to trade: curiosity, thrill, desire to make money hand over fist or anything else?
– I've been trading on Forex for about 5 years already. In the beginning I was curious, I never had particular thrill, it is necessary to approach everything clear-headed. And then, when I enjoyed the taste of the first money, I had simply a desire to make money.
– Have you received a special education in trading anywhere, or attended courses? Or are you, what they call, a self-taught, talented person of natural gifts?
– Currently there is a lot of information on the Internet, where there is a will there is a way, so there's no problem with education.
– How long did it take you to feel a professional at trading?
– Indeed, I don't feel like a professional at all! I still have a lot to learn and earn here at least 0 000, then one may talk of certain professionalism.
– Now a question which is a concern for great many people: in your opinion, is it possible to provide for a family, trading exclusively on Forex? Or even to become a millionaire?
– Yes, to be sure, it is possible, though, definitely, not many will succeed in it. Here, as in any other case, many people open business, but only some of them reach such volumes so as to become millionaires. We have a similar situation with Forex.
– By the way, how do your relatives feel about your activity? Do they support you or advise not to waste time with Forex and start doing some "serious" business?
– They respect what I'm doing, and have nothing against it. The main thing is to give my wife money in time, Mikhail smiles, and then she will support you in any undertaking.
– How did you find out about “Olympic DemoCup”, held by NordFX? Why did you decide to take part in it?
– I used to take part in a regular contest from NordFX, I even took the 4th place one day. And then I went to the website – and I found an announcement of the Olympic contest there. And I immediately felt like taking part in it. Moreover, I belong to several Skype groups on trading, therefore I told about it to my friends and fellows right away, it'll be much more fun if we do this together!
– Having become one of the winners of the contest of demo accounts, you obtained 650 quite real dollars as a prize. How are you planning to spend them: will you go to a restaurant with your friends, or go on a vacation, or replenish the deposit on Forex or spend money for anything else?
– It so happened that the end of the contest coincided with the beginning of my vacation, therefore the choice was obvious ). I kind of improved the quality of my vacation, for which I am very grateful to NordFX company. By the way, I had a rest in a small hotel, and coincidentally, its owner has been trading on Forex too. I was very surprised at such coincidence, but we had a lot to talk about.
– One more question concerning the contest: Did you use the adviser or traded manually?
– I traded manually, I usually trade this way. At most, I can use scripts to enter the trades quicker.
– In your opinion, is it possible to combine fundamentals with technicals, when trading? Or are they deemed as two mutually exclusive approaches?
– It is possible, but personally I think that technical analysis has recently outlived its usefulness. Now I prefer fundamentals. It's trite, but one can trade normally with short stop loss and large take profit. Some people might say that it's a coin toss, but I have been successfully trading this way for about a year with quite normal results.
– Now, let's move on to the hot-spot issue for each trader – a difference between trading on a demo and real account. During 10 days in DemoCup you increased your deposit from 10.000 dollars to 95.000, that is by almost 10 times! And how is it going with real accounts?
– On a real account on average I make 8-9% per month. And a demo account is by definition a demo account, designed to risk on it, and I just risked, that's all.
– If NordFX announced a contest not on a demo, but on real accounts, would you risk taking part in it?
– I think I would love to take part in it. It would be very interesting. Moreover, I would, probably, choose a very aggressive strategy. I feel like everybody would trade very carefully on real accounts, and it would be possible to win precisely as a result of such high aggression.
– Observing Internet life of trading community, you can see that it is divided into two main parts. The first one consists of those who are ready to reveal all the secrets to the colleagues: they post advisers on forums for free, share strategies and other best practices, and give signals here and there. The second part consists of those who will never ever tell anyone even a single smallest secret. Under which category do you fall? And what, in your opinion, is driving the first and the second parts?
– I think that it is a common human psychology, likewise in all other spheres – doctors' and builders' sphere, and in business. Everything depends on the type of person. As for me, probably, I am somewhere in the middle. If anyone asks – I'm ready to communicate and discuss. Frankly speaking, I like communication with other traders.
– And, finally, the last question: what is your purpose in life in general, and on Forex in particular?
– As for Forex - the main goal here is to make money consistently, even if little, but still consistently. And so far, I believe I have been quite successfully moving in this direction. And the goal in life is to live as a big close-knit family and to travel all over the world. Everything seems to be so simple and trite).
Forex is conquered not by super-talents, but just by stubborn, hardworking and very disciplined people.
The results of the latest stage of the DemoCup demo accounts contest held by our company for many years, have been recently announced. This time Mohammed Nurzhanov from Kyrgyzstan has become one of the prize winners of the contest.
And although he was only the eighth in this derby, we believe that the time is not far off when this young man takes the uppermost line in the international traders' rankings.
If at the start of the last century, pioneers of aviation and space were born in small provincial towns, now, a hundred years later, Forex pioneers are born there. And if before, Seneca's saying sounded «Per aspera ad astra», now, looking at Muhammed, it can be safely paraphrased as: «Per aspera ad Forex» - «Through thorns to the Forex."
- Mohammed, for starters, if you do not mind, tell us a few words about yourself: how old are you, where were you born, who are your parents, where do you live now, what is your marital status, education, occupation?
- Well, what can I say? I was born in the Kyrgyz Republic, in the town of Kok Jangak of the Jalal-Abad region. This is a very small town, Kok Jangak translates as a Green Nut.
There I graduated from high school in 2009, then came to the capital, Bishkek, to enter the university. Now I am a civil engineer.
My parents are now retired. Before, my father worked as the director of a mine in my hometown, and my mother was a teacher.
Kok Jangak - this is how the "capital" of Kyrgyzstan Forex looks.
- Tell me, how developed is Forex in Kyrgyzstan? Are there many people who practice it?
- To be honest, Forex is not developed here at all. I have tried to find like-minded people on Forex here, but, unfortunately, there are almost none or very few in Kyrgyzstan. And since very few people know about Forex, there is no legal framework at all.
- Mohammed, when did you come to the world of Forex? What prompted this: just curiosity, passion, a desire to quickly make a lot of money, or something else?
- In 2010 I was in the US and there I heard about stock exchanges, shares, etc. Having returned home, I found an interesting article on Forex, and there it all started.
What attracted my attention? Firstly, it was curiosity, and then, a desire to make money, fast.
- Have you gone through any special trading training, have you attended any courses?
- No, I didn't attend any training or courses, the financial situation did not let me to. But I began to study the market myself, I read articles, books, studied video courses, seminars ... In general, I tried to find, learn and apply all that relates to Forex. I still try to read and watch as much as possible, because I always learn something new and useful. It helps me improve.
I do not think that Forex is an occupation for some super-talented people, they are probably just stubborn, hardworking and very disciplined. But this is my personal opinion, of course :)
- Do you feel you are a professional in this field? Can you teach others? Or do you think that you need to learn a little more and get more experience?
- No, I'm not professional. To be professional, I need much more experience. But I hope, I will achieve professionalism soon.
I can suggest hints to a novice, of course, but I cannot teach.
- Where did you learn about the DemoCup contest held by NordFX from? Why did you decide to participate in it?
- I saw a DemoCup banner in the web and decided to take part. Actually, I take part in many contests, but I think that NordFX holds its contests in a much fairer way than some other dealing centres, I do not want to name them.
- Another question about the contest: Have you used an advisor or have you traded manually?
- Only manually. And I'm sure no adviser can be compared to a real person. I recommend to trade only on your own! Yes, there happen mistakes that are caused by emotions, but we learn from these mistakes :)
- Now, if you will, a theoretical question. Do you think it is possible to combine fundamental and technical analysis in trading? Or do these approaches exclude one the other?
- I guess you can combine them, but I only use technical analysis. Some time ago, when I started, I tried to trade using fundamental analysis, but it's not for me. Probably it is for analysts :)
- If we talk about technical analysis, what indicators and what time frames do you consider to be most successful for trading?
- At first, I used all the existing indicators! I couldn't see the chart itself properly! Well, now I just want first to see the chart and, if there are distinct traces of movement, I try to use indicators following them.
At the same time, I only use MA and the Fibonacci lines. On my real account, I only use D1 day time frame, and on the contest account, I used H4.
Prior to that, I tried trading on smaller time frames, but I haven't succeeded. It's probably best to work where it turns out, is not it? Each person is different.
- Do you think that doing only Forex, you can support your family? And become a millionaire?
- Everything depends on the person: if one knows how to manage emotions, be persistent and patient, yes, one can both support one's family and become a millionaire. I hope that I will come to it sometime.
- Looking at you, I am absolutely sure you will.
And by the way, since we started talking about the family, what do they think about your occupation? Do they support you or advise not to spend time on Forex and deal with something "serious"?
- To be honest, no one knows that I trade Forex. Sometimes relatives ask what I do, and I have to deceive them. I do not know, whether they will understand me. I want to show a real result, then hopefully they will believe in me and in my job. Although sometimes the time is sorely lacking.
- And, finally, our last traditional question: what is your goal in life, in general, and in Forex in particular?
- Probably, the purpose of my life is to succeed in everything: in the first place, in my family (this is most important to me), in my personal life and, of course, in Forex. I would like to become financially free, and then spend more time with my family, friends and my girlfriend. Also I will try to help all those in need, I myself suffered financially, so I experienced it all. And I would like to travel around the world! This is for short :)