Interview with Top 10 of the Tournament Leaderboard: Yi Xiang
This post was originally posted here. This is Yi Xiang who is currently in the top 10 on the leaderboard, out of over 2,000 participants.
We did a quick lookup on his tournament portfolio here and he currently has a return of 18.6%!
We asked the questions that followed and this is what he had to say.
How many years have you been trading and which markets do you usually trade?
Yi Xiang: It has been 2 years since I started trading and I usually trade the U.S. markets.
What’s your profession?
Yi Xiang: I am currently an University Student.
How did you start trading and what got you started?
Yi Xiang: I first started my trading journey in SGX stocks.
I would say what got me started initially was my interest in Finance. I was serving my National Service back then and in my free time, I liked to read books on investing and trading. After gaining some knowledge, I decided to put what I learnt to real-life applications and that was how I got started.
So what’s your usual trading plan like?
Yi Xiang: I will study the charts of the stock(s) that I am looking to trade and determine the entry price, stop loss level, and take profit target. I usually will not meddle with my plan unless there are significant events/news that would impact the stock.
I will also read the news released the previous night and in the morning to keep myself updated on market happenings.
Then how do you usually determine entry for a particular trade?
Yi Xiang: For trading, I rely mostly on Technical Analysis and market sentiment. I will look at candlestick patterns, support & resistance, trendlines to determine the three price levels mentioned in the previous question. I will enter at or near support & resistance levels, re-test of trendlines, or after a certain candlestick pattern is formed.
How do you usually determine an exit for a particular trade?
Yi Xiang: I also base my exit based on Technical Analysis. As mentioned previously, I will exit at support/resistance levels, or when the price touches the trendline.
I might also exit if there has been a change in market sentiment due to reasons such as sudden news release.
Finally, what would you say to new participants & traders of this year’s tournament who want to trade well?
Yi Xiang: To trade well, you need to have a proven strategy. As this tournament is using virtual capital, it is a really good chance for aspiring traders to test out their strategies without the risk of losing your own hard-earning capital.
So I hope that through this tournament, participants would be able to find strategies that suit them. Also, I hope everyone will learn more about DLCs through this tournament and hopefully be able to incorporate DLCs in their real trading.
Finally, I would like to wish everyone good luck in the tournament and enjoy the trading process!
Also, join us LIVE for a market outlook and insights with our trading champions next Wednesday here!
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This exclusive challenge saw close to 1,500 students participants across 61 different universities in Malaysia. This challenge was organized with the key objective to provide students the opportunity to start their trading journey through experiencing different financial instruments. Just so you know, the top traded stocks were mostly the glove counters such as Supermax, TopGlove, and Hartalega.