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| An interview with a Forex Club customer who made 1 mln Chinese yen in just one month amid the global financial crisis. |
| Published on 05-03-2009 | Email To Friend Print Version
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From $300 to $240,000 in one month
"Yes, there is a global financial crisis, but risks and opportunities on Forex remain the same. There are even more opportunities for active traders. The question is how you utilize them to your advantage," says Chen Likui, sitting across the table in a fancy Shanghai restaurant.
I flew all the way to Shanghai from our New York office to meet this young teacher who showed an impressive 61,595% return on his investment ($247,210 from the initial investment of $300). This man has made more than 1 million Chinese yen in just one month amid the global financial crisis. I had to interview him.
Mr. Likui, how did you end up trading currencies with Forex Club?
I saved up some money and wanted to invest it. I considered the stock market, but did not like the fact that its working hours were the same as mine, so I looked into Forex trading, the online currency market. I went to Google, found Forex Club's website and spent at least two hours studying the website. I opened an account with a small deposit about half a year ago.
Why did you choose Forex Club among other brokers?
I saw Forex Club's advertising on some prominent financial website and concluded that only a serious broker could afford such placement. I later found out that Forex Club does not charge commissions on trades that are not profitable for customers and after that my choice was a no-brainer.
What currency pairs do you usually trade and what pairs did you use to show such returns?
I prefer trading GBPJPY. I always show pretty good results when trading this pair.
Do you use a trading strategy?
Of course. I place orders and carefully analyze how the price is moving. I am very strict about limit orders and try not to get too greedy. I consider a 10% profit as a good trade.
What trading platform do you trade with?
I trade on both Rumus2 and Express. I think both of these platforms are not very difficult to use and both have fair quotes.
Were you expecting to see such returns when you were just starting to trade?
When I started trading, I had no idea I would make so much. I was only hoping to make some more, but once I figured it out and learned how to save profits, more profits started coming in.
Do you plan to withdraw your funds or to keep trading Forex?
That's a hard question. Big investments means big risks. I am thinking about splitting my capital in different parts, trading with some, saving the rest.
Have you had any problems withdrawing your funds from Forex Club?
I was surprised with how fast I received my money, considering how much I was withdrawing.
Have you tried trading platforms by other companies?
I tried a few trading platforms, but I personally do not like platforms that have slippage. Prices could change quickly and if there is slippage, you cannot limit losses. I prefer platforms that don't have any slippage.
What do you think about the stock market?
There are similarities between Forex and the stock market, but I prefer to trade on short time frames and do not like the strict rules [of stock trading]. This is why I prefer the currency market.
What would you recommend to those who are new to Forex?
I would recommend not to invest a lot until you learn how to trade. Start with a little; even $10 is enough and learn to limit losses. Only then can you think about trading more seriously.
Do you think this global financial crisis will have an impact on the Forex market?
Yes, there is a global financial crisis, but risks and opportunities on Forex are the same. There are even more [opportunities] for active traders. The question is how you utilize them to your advantage.
P.S. This interview was translated from Chinese language.
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