Forex Trader, Money Manager, Writer & Educator
What is the nature of your business and industry? Where did it all start for you?
Currently, I am a full time trader and Money Manager, trading the spot f/x market and some commodities. I am also passionate about training and educating as I know that without this it is unlikely that anyone who wants to trade successfully or even trade for a living will achieve any success. I have always had an interest in the markets, even when I was running my own business which occupied most of my time. There seems to be this perception that if you have a knack for numbers and come from an Engineering background, you are more likely to, at the very least, be drawn into this and be good at this…not sure if I totally agree with this sentiment. So I started to spend more and more time looking at charts etc and the fascination grew day by day. Then I stumbled upon a program which was developed to take advantage of carry trades due to the differential on the high and low interest currencies at that time and I think that is when I was smitten by the bug!
Why this specific market? What are your favorite instruments?
So many reasons..the seamless nature of the 24/5 market which means one can choose the most appropriate time to trade irrespective of the time zone where you may be, the wide number of pairs/instruments to select from, the fact that the market volumes are growing annually with more and more retail traders becoming players and perhaps most importantly, with the advent of online trading, the leverage factor, which while being a double-edged sword, can enable one to achieve what I would have perceived as unimaginable gains when properly utilized. I do not really have any favourites ( although I love trading the Yen pairs) as there are ample opportunities with so many currency pairs on a daily basis. On the commodities side, I love trading WTI/Crude Oil and the Dow Jones and DAX Indices as CFDs.
What are the most memorable moments in your career?
The “ahah” moment when it all comes together and recognizing when this happened with me and the euphoric feeling that the journey is worthwhile. Also thereafter, being able to consistently trade with discipline and following the trade plan with the results to show for it. More recently, when my trading strategy and proprietary system(s) caught the attention of some very big players and were able to pass the stringent procedures and testing which they were subject to, and which has now created immense possibilities.
Any bad moments you can recall? If Yes, how did you over come them?
Of course many bad moments in the early days which is the sternest test of all when you are jumping from one system to another, being swayed by anything and everything you come across due to all the accompanying hype (even more prevalent today then before)and being able to come up with a winning system. I realized that this is all part and parcel of evolving as a trader and I learnt to embrace my losers and move on firm in the belief that this market still provided one with opportunities that, to my knowledge, do not exist anywhere else. This made me even more determined to persist until the time that I could trade profitably with almost no emotion and I have never looked back since.
What does Africa has to offer?
Africa has plenty to offer not just in this industry but as a whole. This is backed up by reports highlighting that Africa will be the “next big thing” and in the last few years, many major Corporations in Banking, Telecomms, Infrastructure, Healthcare etc are focusing on Africa which is blessed with resources, both human and material, which have not been harnessed due to mainly political factors. All this is poised to change and the rate of change will be rapid as African countries have to play catchup. As for Forex, the awareness and with it, the interest, is gradually increasing as the internet penetration increases but this is following the same pattern that has been exhibited whenever Forex is newly introduced to any country. Many have jumped on the bandwagon without having the proper knowledge of what it takes and promoting this as a get-rich-quick scheme. This has lead to a lot of hopeful (greedy?) investors losing money and labeling the industry itself a scam thereby making it more difficult for professional traders and Asset Managers. In time when the market is a little more mature and there is some form of regulation, the potential is undoubtedly huge for Brokers, Asset Managers and Trainers/Educators in what is now practically virgin territory.
Where to from Now?
Having lived in Africa for the majority of my life, I would definitely want to play an active role in seeing the industry unfold and am greatly excited at the prospect of doing so having constantly interacted with behind-the-scene players who are instrumental in making this happen over the years. On a personal note, I am privileged to have evolved from being a self trader to a successful Money Manager and am of the firm belief that anyone and everyone can be taught to trade successfully. I am inspired to contribute towards and to create a millionaire mindset and subsequently millionaires from the perpetual opportunity that trading Forex represents, starting in Nigeria and then spreading to other parts of Africa.