FXOpen have collated the results of the OCTL2 plugin user report contest that was held by the company for the first time. The competition organisers were seeking feedback for the company’s new product in practice. Their opinions regarding its functionality were highly appreciated.  All winners were offered good financial reward.

The prize money went to the authors of the three most insightful reports.  It was decided that the user with the handle Serega submitted the most consistent report on the plugin operation. He was awarded with US$500 and he willingly shared his impressions of the newly developed product.

FXOpen: “Pleas tell us a few words about yourself. How long have you been in Forex? Have you had much success?” 
Serega: “I am 35 and I am single. I live in Kiev. I first heard about Forex some 8-9 years ago. I came across an article about a new way of making money and right at that minute I was carried away by Forex trading. At first it was more of a hobby but then it gradually grew into an alternative source of income but it did take some time. As a beginner, I spent much time on choosing the most suitable trading system, method, broker to eventually get sizable return. Now I consider long-term keeping of the trading capital as the main criterion for success in Forex i.e., I consider a year to be successful if I make a zero profit and may go on with trading. Talking about my targets, I plan to make 20-50% annually and I must admit I reach my goals.”

FXOpen: “Tell us about your trading strategy and your principles of trading. What methods do you prefer? How often do you use EAs?”

Serega: “Currently I combine a few strategies in my trading. I use long and short-term methods, follow the trend and trade over the range. My choice is based on the conformity with my vision of the market and the principles of its operation.

To see the trend I analyse the latest news and market sentiment. To catch the trend I use various methods of the technical analysis to choose the best time for opening a position, setting Stop Loss and Take Profit. I often work with the candle patterns coupled with stochastic and Fibonacci retracement. At this stage I apply the EA that I created myself. When algotrading without setting the trend filter, I generally open low-volume positions. To my mind, mechanical methods alone are unable to consider all the factors affecting the price movement.”

FXOpen: “We understand that you have experience in programming. Does this help you when trading? How often do you create and develop scripts, EAs and other programs to facilitate trading?”

Serega: “I’ve been studying the MT4-tailored programming with the purpose to get the effect of my trading ideas checking and testing them. First of all I use EA to see the potential of some history-based trading strategies. Even if a trading system proves to be profitable when being tested, I don’t hurry to create special EAs but think how I can use it with the best yield possible. For example, I can include the system or its part into my toolkit of manual trading methods. In any case I carry out the overall market analysis. Scripts and EAs are always at hand to open a position, determine the SL and TP levels.”

FXOpen: “How have your personally developed EAs helped boost your trading results?”

Serega: “The main thing is that I can save my time with EAs otherwise, I would have to spend most of my day on the market analysis or would have to put up with the worse results than expected.”

FXOpen: “How did you learn about the contest held by FXOpen? Did you decide to participate straight away? Did you expect to win?”

Serega: “The thing is that I sometimes scalp on tiny lots, which is more for fun rather than to make money. Recently there have been a lot of new applications for one-click trading in MT4 which is very convenient for scalping. I saw your announcement of the contest in the Internet, tried to work with the plugin and wrote the report on it. I aimed to help the tool developers when sharing my recommendations for its improvement. I hope my advice will be useful and the application will become even more efficient.”

FXOpen: “What do you think of the OneClickTradingLevel2 plugin? What in your opinion, are the pros and cons of the instrument? What changes would you suggest?”

Serega: “The plugin steady operation, high accuracy and execution speed are the main advantages of OneClickTradingLevel2 plugin. As for recommendations, I’d like to have a software manual at hand as well as an opportunity to monitor and close the positions opened by means of the plugin only. Switching symbols, used by the plugin to trade, would also be very convenient.”

FXOpen: “FXOpen is planning to hold another competition imminently – Forex Article Contest. Would you like to take part in it? Do you have Forex-related stories you would like to share with other traders?”

Serega: “Sure, I plan to participate in this contest. Who knows, maybe, I’ve caught the trend for winning in your competitions :)”

FXOpen: “Could you offer advice to Forex novices? What should they start with or avoid?”

Serega: “All beginners had better start trading in real accounts, because demo trading will never give them the main thing i.e., the feeling of losing money. Low volumes will suit them best in the very beginning since mistakes are inevitable so, it’s better to pay less for them. Anyway, don’t be afraid of making mistakes but learn from them! Your losses may turn out to be the best teachers but you still have to analyse and assimilate them in your experience. Even if you are in the red, you have learnt something – isn’t it only bad experience? But, most importantly, stay away from the Martingale strategy and never join the unprofitable position.”

To reiterate, FXOpen launches a new competition on 1^st September 2013 – Forex Article Contest, where you can reveal your creativity and win prizes. Join now! 

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.