Interviews with A Finalist of SG Active Trading Tournament: Justin Tay
This mini-interview series is to showcase finalists of the tournament and what propels them to be able to trade well.
This post was originally posted here.
Today we have Justin, who is a Top 10 Finalist in the ongoing Final Round of the SG Active Trading Tournament, trading under his moniker @gangel. He has risen to the Top 10 by beating 2,000 other participants of the tournament.
We asked the following questions and this is what he had to say:
How many years have you been trading and which markets do you usually trade?
Justin: I have been trading for 6 years, mainly focused on SGX. Just started US market and HK market recently due to the higher liquidity.
What’s your profession?
Justin: I am currently in my final year of my PhD studies. I am also a licensed pharmacist and work part time in one of the retail pharmacy chains.
Wow, that’s impressive! How did you start trading and what got you started?
Justin: I started trading under the influence of my dad, who gave me a small start up capital to trade. He taught me some basic trading tips like price action and volume. From there I went on to learning how to do some basic chart and learn about some indicators. Some of which I have adopted ever since.
So what’s your usual trading plan like?
Justin: Usually I will decide on how big I want to trade, whether I have the capital to pick up or just playing contra before entering a trade. I like to make use of the GTM/GTD function so that my lots will be in the front of the queue. I also tend to queue slightly below the resistance zone so it has a higher chance of getting filled.
Then how do you usually determine an entry for a particular trade?
Justin: I do so by identifying support zones either through trendline support, moving average support so forth or wait 1 day bounce off from support zone for confirmation. On top of that, I will also try to look for signs of reversal with some of the indicators to convince myself to go in for the trade.
How do you usually determine an exit for a particular trade?
Justin: I do so usually by identifying resistance zones, either by historical high or trendline resistance. or when the tides change very suddenly.
As this tournament focuses on trading Daily Leverage Certificates (DLC), what is your experience trading DLC?
Justin: It’s like a double-edged sword: it can magnify your profits or losses very quickly.
Finally, what would you say to new traders who want to trade well?
Justin: It’s really important to start from the basics of support and resistance, learn how to read the graphs and prepare to stop loss if the trade do not go in your favour. Once the price has moved up from your entry price, can consider doing a trailing stop loss strategy to reduce your losses.
If you like this interview, cast your vote for Justin for the Most Popular Trader Award and stand a chance to win an Apple Watch Series 5 worth $600!