Pyae Phyo showed excellent account and risk management skills in October 2024 and got a $1,000 prize!

Read Pyae Phyo's interview and see his account statement – to make your own success story

How long have you been trading?

I‘ve been trading since 2022.

How did you get involved in Forex trading?

A friend of mine introduced me to trading.

What is your trading style?

I am a day trader.

Do you practice risk management?

Yes, I do. It’s very important and something you need to learn and practice very well.

What are some good habits smart traders develop?

Smart traders should study trading properly, train their risk management skills, practice self-control, read the news regularly, and avoid being greedy.

Describe your best/most memorable trade (How much did you profit? What was the strategy? What pair?

In November 2024, I made a profit of US$ 36,290.70 in one day. I followed the market price direction and patiently waited for the right entry on XAUUSD (Gold/USD).

What advice would you give to new traders?

Keep learning and practicing. Take care of your risk and be patient with your entries. Please don’t be greedy. Always bear in mind that it is a trading business, not gambling, so always take care of risk and management.

Considering the current state of the market, what do you think are the news/events traders should keep an eye on?

Always pay attention to the market price direction (up or down), and always stay updated with the latest news.

What are the most important things you look for in a Forex broker?

I look for regulation and security (e.g., FCA, ASIC, CySEC, NFA, etc.), trading costs (spreads, commissions), deposit and withdrawal policies, a good reputation and reviews. By the way, Tickmill is one of the best brokers I have ever come across, and their customer support team is very awesome, very helpful.