We recently launched our first Futures Trading Competition which was successfully concluded on March 30, 2022, and within just 6 days, the competition has garnered over 3000 participants! Thank You all for such an overwhelming response.
Despite the fierce competition, the Top 20 participants have managed to achieve some really great prizes and have accomplished amazing heights in trading competitions.
Roll drums for our biggest giveaway event where our user Thomas (Account ID:70*****0) won the competition which was a fierce battle between traders and has laid his hands on a luxurious Tesla Model 3 by achieving the highest trading volume during the competition.
It doesn’t stop there, another user Damibanggul (Account ID:08*****5) was crowned the Profit and Loss champion where he was awarded the grand prize of 10,000 USDT as he achieved a mind-blowing profit rate of 798%.
Now allow us to have a chance to take an inside look at their high-return trading strategies and we are excited to welcome winner Damibanggul as our guest to share with us his tips and tricks on earning at a 798% profit rate in a short span of only 6 days! Here is the live interview script with Damibaggul.
Before we start, could you please introduce yourself briefly?
Hi, everyone. I’m Damibaggul, who was lucky enough to win the MEXC first Futures Trading Competition this time. I am Korean, and It’s been four years since I started trading coins. Though I myself am still learning and haven’t been doing this that long, I will do my best to answer all the questions.
- It’s so impressive that you made a 798% return in just 6 days. Was it due to the market price factor, luck, or the credit that goes to your trading skills? Could you share with MEXCers the core strategy that you use for trading?
I kept watching the chart, and when the number seemed to be going up or down, I rode on it using high leverage, and when the number went too high, or too low temporarily, I expected a short-term fix and went for contrarian with high leverage.
The situations were good at that time. Altcoins kept pumping alternately, and once they reached a high point, they did not easily go down, and it was a bull market, showing a second, and the third wave. The market pattern kept changing, but that was something I was familiar with when trading, so I could achieve a high return rate. Because the market atmosphere was good and I was lucky, I could wrap up the competition with a good return rate.
2. Considering the six days of competition, the total number of exchanges, and the average number of exchanges for each day, on which day did you see the biggest fluctuation in profitability?
I knew about the competition later than I should have, so I applied for it two to three days later. From the day I was into the third day, I did not have a fixed number of trading times; instead, I made trades all day examining the chart. If I have to say the exact number, I would say, I traded approximately 5 times each day.
I think the second day was the most important. Altcoins were being exchanged vigorously, and those altcoins which did not seem to go up before went really high that day, and I felt it was the last chance for me to increase my return rate before the market flow would change.
And the last two days were also equally important as the bull market mood started to reverse. I made some trades during that time as well, but my success rate was not good, so I decided to go for lower leverage, trying to protect, rather than trying to increase my return rate. And towards the end of the competition days, the situation was really bad, and I even ended up losing some earnings as I decided to stop making further trades, judging that I needed to adjust to the changed mood of the market. One of the golden rules I follow is “Go defensive and do not lose what you have earned”
3. Could you share with us what primary currency/coin you made trades with, and why?
I did not have any specific coins in mind when I started trading, I chose any altcoins that looked vigorous and variable during that time and added my trades. That was the only way once my order was immediately concluded and I could figure out whether it would go up or down.
I trade a variety of different coins during the competition, and one of the most profitable coins was EOS. At that time, many coins had already finished pumping, and only EOS had not shown a heavy uptrend yet. I frequently checked news about EOS, and once I found good news regarding EOS a few hours earlier, I took my position and it showed an increase in price accompanied by an increased trading volume, and as the market was doing pretty good I expected a follow up second and third wave, I went for high leverage and made big profits. But I’m not saying this to recommend EOS.
4. During the competition period, how much leverage did you use, and is there a way to manage your position in exchanges? What is the difference between active transaction strategy and everyday transactions? If you have any advice for future traders, please tell us.
I went for scalping with 50X to 80X leverage. Once I got in the position, I go for a quick stop loss as soon as possible.
I used to try to get out by scale trading, but sometimes it happened that I lost both my accumulated profits and additionally deposited money at the same time when things turned out bad, so I learned from the experiences that I had better go for a quick stop loss, and get into position again. Also, I do not stay in a position for a long time. I used to stay longer in a position, holding it longer, sleeping over it and everything, but whenever I did that, it happened a lot that the prices went back to where they had been and I was forced into liquidation resulting in losses. So now, when something does not feel right, I go for a quick stop loss, and quickly open another position.
5. What we have covered so far was the experience from the competition. We would also like to know about you as a person. Could you give us your own experience regarding future trading and digital currency?
For example, we would like to know when you first encountered digital currency, when you started trading, or if you had experiences in future trading or stock market trading before you knew about digital currency?
I have never tried stock market or spot trading before I started coin trading. I accidentally heard the news back in 2017 that Ethereum was going high up, so I set foot in this field, with just the hope and expectation that the price would keep going up, without any background knowledge about the technology and its history. After that, I earned gradually, and in 2018 I lost a lot of money, so I decided to get into future trading where I can use leverage and also bet on the bear market as well.
6. Generally, what kind of information about digital currency do you pay attention to? And where do you get such information? (From communities, the market, websites, friends, etc.)
I really take it seriously when particular coins are going up and leading the trend. Whether DeFi is trending, MEME is trending, or NFT is trending, I frequently check the reactions from community and group chats. I also check websites that provide summarized news about coins, and also watch broadcasts a lot. If you watch them, you can benefit from them because there are people sharing information in real-time, and you can learn a lot from positions that others have taken.
7. On what criteria do you choose an exchange? What factors helped you decide on the MEXC exchange? Including the first MEXC future trade competition, how did you learn about MEXC? (Through the platform event, communities, KOL, e-mail, app push, etc.) Is there a specific way or a channel that you want to receive information about events on the platform?
When I decide on an exchange, I choose the one where trust has been established by many people using the exchange. MEXC, I learned from Youtuber ‘Dami Bitcoin.’ The YouTube channel showed real-time rankings and I found it interesting, so I decided to participate.
8. Have you entered trading competitions before? If yes, please tell us the most memorable experience. What is your overall impression of the competition we held this time? Do you have any advice regarding events and future trading?
I used to not care about this kind of competition, but this time, I saw the YouTube channel promoting this particular competition, and that’s why I entered it. The rankings and profit rates were out almost immediately in real-time, and the gaps in profit rates between top rankers weren’t that big, so it was a close game, which made it even more fun and exciting. Competition is always good.
9. Are there any derivative product tools or trading methods that you use frequently? For example, grid trade, coin trade, margin trade, etc. How much do these kinds of trade account for in your portfolio?
I do not use any specific trading tools or particular products. I only prefer margin trading, where the trading volume is bigger than spot trading and you can use leverage at your convenience.
10. Finally, the last question. What do you like most about the MEXC Futures?
This was the first time I used it as I saw that there were a variety of index products that are not found anywhere else. Quite often, a particular meta goes trending in the coin market, and such coins lead to an increase. If that’s the case, I think it would be good to use index products if you found it hard to choose one specific coin. I would also like to use them one day.
I’d like to give a high score to the customer service team at MEXC Global as it is quick in responding, and it tries to benefit its users by holding a lot of events. I’ll give you 8 out of 10.
At last, You need to keep clicking on the ‘latest’ button to set the price as the latest, but I wish you could have it set automatically in real-time by checking a box or something. Also, even when you make an order with a maker, if that price is higher or lower than the current price, it is concluded with a taker. So, I’d like a system where, if you don’t want to trade with a taker, the order is not concluded.
This is the end of the pre-prepared Q&A session. Now it is time for Live Q & A. Please choose three questions from the communities and answer them.
Live Question 1:
When you open a contract, do you set a stop loss? If yes, at what percentage?
Once I get in a position, I never leave the computer screen. So, I rarely set stop loss. But If have to, I set stop loss at a maker right above the price of forced liquidation. If you get forced liquidation, your loss gets bigger than if you have voluntary liquidation because of the position deposit. This is bigger than you may think.
Live Question 2:
Is it strictly enforced according to the position open profit and loss ratio? What is the maximum allowable loss in the percentage range?
I don’t set a percentage, but I usually decide whether to go up or down depending on the live market sentiment.
Live Question 3:
If you use 10 times leverage, which coin would you recommend, and what is your expected earning rate?
Bitcoin is recommended over altcoins in the current market climate.
Since there is not much volatility, it would be better to take advantage of the chart movement in the range of $35000.
Live Question 4?
In which TIME FRAME chart do you trade? 1 hour, or 4 hours?
Since it was a competition I start my trade and keep checking between 3 Minutes to 30 Minutes of candlesticks from time to time.
Live Question 5?
Finally, as the first champion of our trading competition, is there anything else that you want to say to the audience?
Around 2018~2019, I even experienced -98% profit rate, and got forced liquidation a lot. I learned from the experiences that you need to set a strict stop loss. Deciding when to stop loss is still not easy but better than losing it all.
Hope You all have learned something fruitful from this conversation and we appreciate Damibanggul for sharing.
Do join our communities and learn from the masters about the small tricks that help achieve big results. And stay tuned to our blog for more wonderful MEXC user stories.
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