Introducing Huu Chinh Tran, a talented trader from Vietnam who recently achieved remarkable success in passing The Trading Pit Lite CFD Challenge. Join us as we delve into his captivating success story, as he graciously shares the secrets behind his triumph in The Trading Pit.
1. Tell us a little bit about yourself.
My name is Chinh, and I reside in Da Nang City, Vietnam, and I am 37 yours old.
2. How long have you been trading?
I have been actively participating in the market for the past eight years. This period has allowed me to gain valuable experience and hone my trading skills.
3. What inspires you to pursue trading?
The desire to achieve greatness and manage substantial amounts of capital inspires me. The trading market's limitless potential for income motivates me to push my boundaries and strive for success.
4. Do you have a trading plan in place and follow it strictly? Briefly describe your Trading Plan.
Absolutely! Trading with a well-defined plan is crucial for success. I rely on Price Action and follow a structured routine throughout the day. I carefully analyse the daily candle between 6 am and 7 am. During the afternoon, from 1:30 pm to 2 pm, I continue monitoring the market. In the evening, between 9:30 pm and 10 pm, I review the latest developments. I enter the trade if I identify a reliable signal that aligns with my plan. Additionally, I strictly manage my capital, ensuring that each order carries a 0.5% to 1% risk.
5. What was your strategy to successfully pass The Trading Pit Challenge?
Discipline was pivotal in my journey toward passing The Trading Pit Challenge. I remained focused and made informed decisions by adhering strictly to my trading plan. Consistency and sticking to my strategy helped me navigate the challenges posed by the trading environment.
6. How would you rate your experience with The Trading Pit?
My experience with The Trading Pit has been excellent. The terms and conditions were crystal clear, and the organisation’s professionalism impressed me. It has been a rewarding journey so far.
7. Why did you choose The Trading Pit over another prop firm?
The Trading Pit was my first choice because of its open and transparent regulations. It was the ideal organisation for me to pursue my goal of reaching the $5 million fund after completing ten rounds. Considering that each round takes approximately three months on average, I had ample time—30 months—to complete the challenge. The Trading Pit's structure and opportunities perfectly aligned with my aspirations.
8. What would you like to say to other traders attempting The Trading Pit Challenge?
To fellow traders participating in The Trading Pit Challenge, clearly define your goals and stick to your daily trading plans. Effective capital management is key to overcoming the challenge. With dedication and discipline, you can undoubtedly pass the challenge before you.
9. Describe your best trade.
My best trade involved selling EURUSD at the supply level of 1.1083. Timing and analysis played a crucial role in making this trade a success.
10. What is the number one advice you would give a new trader?
For new traders, I would offer the following advice:
Firstly, determine the trading method that suits you best, considering your schedule and logical reasoning.
Secondly, patiently monitor the market and wait for opportunities that align with your chosen trading method.
Thirdly, always maintain control over risk by establishing the percentage you feel most comfortable placing orders.
Lastly, embrace the mindset that trading is a long-term investment and that success takes time.
11. What does your risk management plan look like?
I adhere to The Trading Pit's guidelines regarding risk management by managing 0.5% to 1% risk on each trade. This approach helps me maintain a disciplined approach to risk management.
12. What would you recommend to someone just starting with us?
For those who are new to The Trading Pit, approach the challenge with a mindset that allows for a 90-day journey. Instead of rushing each month, focus on achieving a 4% return to pass the challenge.
13. Share online resources that were significant in your trading development. Names and links are appreciated.
TradingView (https://vn.tradingview.com/): TradingView has been instrumental in assisting me with market analysis, providing valuable insights into trading opportunities.
The platform's charts and indicators have significantly contributed to my trading development. Additionally, I follow the news on Forex Factory (https://www.forexfactory.com/calendar?day=today), which helps me stay updated on important events and economic data.
14. What made you trust The Trading Pit for your trading career?
The Trading Pit's open and transparent regulations instilled a sense of trust in me. It was the perfect platform to pursue my trading career and strive towards reaching a substantial capital fund. The structure and opportunities offered by The Trading Pit aligned perfectly with my aspirations, making it easy to trust the organization with my trading journey.
