In this interview, we had the pleasure of speaking with Duong Phan Phi, a successful trader from Vietnam who recently took on one of our challenges and passed successfully. In this blog post, we will share Phi’s Journey and explore the strategies and tactics that helped him succeed in passing one of the challenges.
1. Tell us a little bit about you.
My love for trading has led me to pursue it as a career since I find it exhilarating to analyse the charts, identify patterns and trends, and then make informed decisions based on my analysis. In addition, I love the challenge that trading presents and how it requires constant learning and improvement to stay ahead of the game.
2. How long have you been trading?
I’ve been trading for two years, and in that relatively short period, I’ve built a successful trading plan where my passion has fueled my commitment to improving my skills constantly.
3. What inspires you to pursue trading?
Trading is not easy; it’s a journey of hard work, patience, and perseverance. This inspires me to continue improving my skills, overcome challenges, and emerge as a successful trader.
4. Do you have a trading plan in place and follow it strictly? Briefly describe your trading Plan.
Yes, I have developed a trading plan. My strategy involves a short-term trade approach where I identify short-term trading opportunities based on analysing market trends and potential entry and exit points. In addition, I use stop loss for my risk management strategy to minimise potential losses and increase the chance of a high return.
5. What was your strategy to successfully pass The Trading Pit Challenge?
My strategy to pass The Trading Pit Challenge successfully involved prioritising Short-term trades and minimising risks with low stop loss. This trading strategy enabled me to increase my chances of profitability by carefully managing short-term trading opportunities, eventually resulting in success.
6. How would you rate your experience with The Trading Pit?
In my recent experience with The Trading Pit, the uncertainty of the outcome created a sense of suspense. However, I knew the potential for significant gains and the benefits generated excitement.
7. Why did you choose The Trading Pit and not another prop firm?
The Trading Pit’s commitment to providing transparency and support to its traders was an attractive option as I sought a trading environment with these qualities in mind.
8. What would you like to say to other traders attempting The Trading Pit Challenge?
Read the rules carefully before attempting The Trading Pit Challenge. Then, stay focused, take your time, and don’t be afraid to seek guidance and help from The Trading Pit's support. Finally, use the right risk management methods when executing entry orders and remain decisive.
9. Describe your best trade.
My best trade was when I sold JP225. After thorough research, I predicted that the index’s value would decrease. Therefore, I developed a solid trading plan and entered the short position, resulting in a successful trade.
10. What is the number one advice you would give to a new trader?
Be careful before planning to trade. Take the time to research the markets thoroughly, understand the various financial instruments, and develop a trading strategy that fits your trading style. Remember always to manage your risk and stay focused.
11. What does your risk management plan look like?
I put a high emphasis on risk management in my trading approach. For example, I always put a stop to loss, allowing me to limit my losses in case the market moves against me. Also, I do not leave the screen, so I can monitor the market closely and react quickly if necessary.
12. What would you recommend to someone just starting with us?
The Trading Pit is the right choice for someone who seeks to join a trading community that offers transparency and educational support. However, before Starting with The Trading Pit, I recommend focusing on risk management and staying disciplined and patient. That way, there is a better chance of success in the market.
13. Share online resources that were/are significant in your trading development. Names and links are appreciated.
Spread informer v1.02 Indicator. This Indicator helped me identify potential opportunities to enter or exit traders, as well as to adjust my trading strategy and make more informed trading decisions.
14. What made you trust The Trading Pit for your trading career?
I trusted The Trading Pit as my career choice because of its positive reputation, transparency, and dedicated support team, who always helped me along the way.
