Konrad Hoffmann

Interview with 'Oilbear' Konrad Hoffmann, Finalist #1, January 2017

BackInterviewStatement

Hello Konrad!

Congratulations! You have qualified for the Trading World Cup finals in Barcelona in December 2017! We're looking forward to seeing you there!

The other participants, the numerous spectators around the world, and we, of course, would like to know how you qualified. We'd like to learn more about you and your trading style, and are pleased that you're willing to do this interview with us.

How long have you been trading?

I think I have to elaborate a bit. I started with shares. I bought my first shares in June 1990 - Kali + Salz.

I bought more shares up until autumn and then started looking for possibilities to s peculate on falling share prices and with leverage. Warrants were the obvious choice at the time. So in October 1990, I bought my first warrant. Back then they were put warrants sold on the DAX.

I was successful pretty quickly, but the execution and finding the prices (in a newspaper) was cumbersome. So I started looking for a better way to trade with leverage and in both directions. In February 1991, I found everything I was looking for on the DTB (German Futures Exchange) and got started.

I continued trading all of the asset categories in my spare time until I started my own logistics company in 1993.

How did you get into trading?

I started trading CFDs in 2006. I was reading the magazine TRADERS when I stumbled upon ClickOptions by Société Générale. After a while, though, I decided that this type of trading and dubious clearing methods wasn't what I wanted to do long term.

At the same time, a broker by the name of ABN AMRO Market index was offering CFD trading. I knew about CFDs but didn't have any experience with them, so I opened a free demo account in 2006. I've been fascinated by CFDs ever since.

How did you teach yourself to trade?

I taught myself everything I know about tradi ng. Then and now, I found information, news and reports on trading in magazines. The magazine TRADERS is certainly one of my favourites.

But for in - depth knowledge, specialist books are still the best. And then of course there's the excitement of trying a nd testing. Taking part in competitions is also part of the learning process. I have to say, though, that I am rather sceptical about the increasing number of webinars.

The dream of many traders: Can you live from trading?

That's more of a personal question and different to answer for every trader. If I were 22 and single, I probably could. At the moment, I can't live from CFD trading alone although I've been pursuing that goal since 2015.

How did you find out about the inve us Trading Awards?

The December issue of TRADERS.

What did you spontaneously like and what triggered you to take part?

I really liked that there's finally a CFD and Forex competition. It wasn't hard to take part either. And the prize was phenomenal. High prize money and achieved capital.

And the other finalists also get to keep half of the profitthat they make above the starting capital.

And as if that wasn't enough, there are two sub contests that I also think are exciting and interesting.

How was your strategy to qualify structured?

My trading strategy is very simple. I have three indicators that I frequently use. They show me what the direction (trend) will be in the coming hours. Then I look at the volume, which constantly changes during the day.

The strategy for the competition was to reach the top 10 as quickly as possible. Once I'd done that, it was important to watch how the performance and balance of the top three participants developed. After I reached first place, I adjusted the risk to the mar ket situation and the chasers.

Do you use this strategy when you trade and/or do you use real money?

The strategy to open a position is the same. There can be minor changes in the closing strategy though.

Tell us a bit about the strategy that you'll be using in two weeks time in the Trading World Cup finals in Barcelona. Do you have a plan yet?

I think my strategy is pretty much in place. Needless to say that I want to be the best of the 11 finalists, and of course, outperform the market.

Based on your personal experience, what is the most 'important advice' that you would like to give other traders around the world?

The most important advice to all of you is:

ALWAYS USE A STOP LOSS. ALWAYS !!!

Last question: What are your free time activities to recover, when you are not trading?

In my free time, I deal with antique toys mainly from the 60s and 70s. Also long walks with my dog are a great way to relax and unwind.

Thank you for taking the time to talk with us, Konrad. And the best of luck in the finals in Barcelona!