Trading Profile: Moon Patel, the guy who broke the Options Game record

The last ASX Options Game of 2019 was a bit of a special case – the winner Moon Patel blew all records, with a 3331% return by turning 50k into $1.6 million, which is by far the largest profit in the history of the game*. We asked Patel a couple of questions about himself, and his approach to trading, and he agreed to share a bit about his thoughts on trading and how he learned how to trade.

When did you start trading? What/who got you into it?
I started trading in May 2018. I wanted to generate additional income besides a full time job.

 

Why did you start trading? What do you hope to achieve?
I started trading in order to generate continuous additional income that could continue for life even after retirement. I wanted something that could help me pay back my loans quicker and take me around the world with the extra income.

 

What are your trading goals? Is there anything you are focused on improving on?
My current goal is to achieve consistent income generating strategies. I want to focus on improving my calculations that help me assess index options better.

 

How have you educated yourself?
I’m self-taught through the ASX learning guides.

 

Are there any books or courses you’ve completed that you would recommend?
None, just the ASX guides.

 

Did you find the Options Game a useful way to learn? In what ways?
I found it very useful. It provides lots of useful indicators to assess options and it provides an easy platform to test strategies. The best thing is that it allows you to play with virtual money, taking the risk factor out, which helps with decision making and provides great insight.

 

What advice would you give other traders or those considering starting?
Only trade with what you can afford to lose so you are not worried about making a loss. I learn a lot more from the losses than I learn from the profits.

 

What’s your approach to picking direction, and what sort of strategies do you use?
I follow world news 24/7 and try to understand its effect on world markets. I make simple notes each day to refer back.

 

What do you think the secret to success is?
Patience and persistence.

 

What would you like trading to have done for you in 5 years’ time?
I would like to be debt free in the next 5-10 years maximum.

 

What do you think of the Implied Volatility trading platform?
Excellent and very user friendly even for rookies like me.

 

Try our platform for yourself by joining the next ASX Options Game which will start on the third of February.

*Past returns do not reflect future returns. 

Trading options is not suitable for everyone. There is a risk that you can lose more than the value of a trade or its underlying assets. You should only trade if you are confident that you fully understand what you are doing. If you are thinking about acquiring a financial product, you should consult our Financial Services Guide (FSG) at www.reachmarkets.com.au and the relevant Product Disclosure Statement first.