Andrea Unger: World Champion in Forex Trading
Andrea Unger is the CEO of Unger Trading S.r.l., but he is also a full-time private trader with global achievements and mentor. Andrea Unger is considered as one of the best traders in the world.
First, in 2008, he won the The World Cup Trading Championships® in futures trading, which he won with a net profit of 672%.
Subsequently, he proved that his win was not a mere coincidence, as he won another championship in 2009, with a profit of 115%. He thus became the first trader in 20 years to win this prestigious championship twice in a row.
He scored his third win in the championship the next year, in 2010, with a profit of 240% in futures and forex trading.
Andrea Unger is the only trader in the world who has won the prestigious global championship in trading three times in a row!
He then scored another win in 2012 with a total profit of 83%, by trading futures and spot forex.
He has traded for more than 15 years and specializes in automated trading systems. He always dreamed of independence, educating people and hoping that someone would appreciate his skills. According to him, you have to be good at trading and you must have luck to earn money, but you also need to develop your knowledge and skills.
His Way to Successful Trading
Andrea knows many traders personally, and those who are successful, according to him, have several common aspects. The most important aspect of trading is to have a trading plan. Trading is like any other business; it must be planned considering all the potential results of your actions and one should always consider and calculate the risk that is involved. In his opinion, a good trading plan is the most important part of trading.
Andrea Unger belongs to system traders because he sees the advantages in a quality and clearly defined trading plan, which according to his experience is harder to achieve in the discretionary trading. With a clearly defined trading system you have better chance to figure out the future direction of the market, overcome the risks and stay in black numbers after all.
Andrea trades with a lot of strategies and although Andrea´s strategies are automated, he continually monitors, adjusts and often improves all strategies. He monitors the movements of the financial market every single day and always tries to discover new trading opportunities as well as to evaluate the potential risks.
He never takes his eye off the market. He enjoys testing new ideas and, as he said, he has a feeling that he could test an infinite amount of different trading ideas, because he sees many other opportunities which he has not yet discovered or tried.
Andrea assigns his success to consistent money management and proper determination of the volume of trading positions. On this topic Andrea Unger wrote the book "Money Management: Methods and Applications".
His trading models are usually built with regard to the use of financial leverage, but it also takes into account the risk of the volume entailed by leveraged trading positions. Even on a good day, according to him, traders should be careful, because it can mean that they traded with too large positions, which can ultimately lead to drawdowns in the capital.
Another very important aspect is psychology, especially when you have to follow your trading plan. Sometimes, emotions can cause thoughtless decisions. Some of them may be right, but in the end a large amount of emotion always just harm trading results.
Andrea´s success in trading is also caused by sport, particularly running, which according to him is very similar to trading. In running Andrea likes to plan his trainings in order to subsequently achieve his goals and reap success. When, in 2010, he was preparing for the Berlin Marathon, Andrea was following his established plan of training, rest and proper diet every day. Indeed, he says that running is like trading - in both cases you must have a clearly defined plan, which if you follow properly, you can ultimately enjoy success.
Generally Andrea Unger trades all markets, but recently his main focus is on trading futures and spot forex. The liquidity of the forex markets together with its extreme volatility can be a helpful engine but dangerous tool for traders.
As for determining the volume of trading positions, it is extremely important to constantly monitor and adjust the volume of trades. In spot forex, traders can view the volume of trades as an advantage and freedom, because nowadays mini or micro lots can also be traded so the traders can invest smaller amounts per each position than on the futures market. It is also important to say that the available volume is closely related to the leverage and it should be used wisely in order to avoid higher risks.
For example, when we are comparing the futures contract on the euro and the spot EUR / USD, you can trade 1 contract and the closest volume on futures are subsequently 2 contracts. If you were to increase the volume in the same way, but with forex, then it would mean that you would trade 125,000 EUR and in the case of volume increase it would be 250,000 EUR.
However, in reality traders have with spot forex many more options and can choose many different volumes between 125,000 and 250,000 EUR. Thanks to this you can adapt more greatly the volume of the position to a capital and to the acceptable risk, and believe me, with determination of volume is ultimately a big difference!
"Only when potential losses fit me do I become concerned about profits."
Why would Andrea Unger, 3 times World Champion in trading, recommend Purple Trading?
"First, it is for their fair trading conditions and modern technologies at the world level. Personally, I am working with different partners on different projects and so far I have been lucky to have always been contacted by reputable companies. Purple Trading in this regard is not an exception, and in comparison with others, I can also tell that they really care about their clients.
They have a strong vision and a friendly attitude. When I talk to them, I have a good feeling that they actually care about the results of their clients. In forex a helpful broker is considered as a significant tool.
I also admire their incredible level of enthusiasm and commitment in everything they do. I am also glad that I can give them my experience, knowledge and skills to enable them to continuously improve their services. They never leave my ideas in a drawer and I really appreciate it.
Purple Trading is for me a trustworthy, friendly and high-quality forex broker."
About the Author
Team Purple Trading
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