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28 March 2014, 06:31

Interview with Mieczyslaw Lewinski – A financial markets expert

What is Forex? - Teletrade

1. Please give us an introduction about yourself. What is your position, area of expertise and professional background?

My professional career has been closely affiliated with the financial markets for many years. As a licensed stock broker, I have worked in brokerages in positions related to trading operations of individual and institutional clients, acquiring experience in customer service, sales and implementation of institutional exchange transactions. My main responsibilities at TeleTrade Poland involve the representation of the company to clients and authorities, and the development of an optimum trading environment, where our clients around the world can perform their transactions on instruments traded on the Warsaw Stock Exchange.

2. Why should someone choose TeleTrade over another Forex broker?

First of all, for the company’s long-standing market presence and experience, its wide range of products and services, as well as its demonstrated financial stability. We also take pride in our specialist analytical department, which provides multitude of information by reputable analysts, who are always willing to assist traders. In addition, we stand out for the quality of our dedicated training seminars and our proven trading platforms.

3. Which trading platforms are available to your clients and what are their benefits?

The trading platforms we offer are MetaTrader 4 and 5. MetaTrader 4 is the most commonly used platform by traders all over the world. It is very intuitive and easy to use, thus newcomers and seasoned traders who have used other platforms in the past, find it very easy to adapt and master. MetaTrader 5 is more technologically advanced. It gives the opportunity to trade with lower spreads and also to trade stocks and other instruments on the WSE.

4. How do you enhance your clients’ trading experience?

At first contact with each client, I try to assess their level of knowledge with regard to the market, financial instruments and overall understanding of the trading process. Then, depending on their needs, I direct them to undergo initial or advanced training, open a demo or real account, pay closer attention to our analytical services or use the synchronous trading service.

In any case, I am in constant contact with my clients and suggest them the best practice to improve their trading skills. My clients are also aware that they can call me at any time and request to explain the formation of a chart or help them with the analysis of economic readings or any other issue related to trading.

5. How important is having a basic Forex understanding in order to trade successfully?

First of all, we must realize that in the Forex market, there is no such thing as “easy money”. Ads of investment companies luring individuals into making quick profit, give the false impression that Forex trading is a simple endeavour. Individuals who are attracted to “easy money” and enter the market totally unprepared are doomed to fail from the outset.

Investors who decide to start trading Forex have to realize that such a way of capital appreciation requires a lot of knowledge. Every Forex broker should, therefore, educate their clients and give them the necessary tools to increase their chances of success in the market.

6. Why did synchronous trading gain so much popularity over the last years? What are the main benefits of SyncInvest?

The main advantage of synchronous trading is that it gives you the possibility to benefit from Forex trading, without having any expert knowledge of the rules governing the market. Therefore, novice investors who do not yet feel confident to trade on their own, as well as traders, who do not have the time to invest, can make profit in the Forex market. SyncInvest allows investors to monitor the transactions undertaken by selected “gurus”. The advantage of this solution lies to the fact that it is fully automated; the system copies the transactions at the same time that the selected trader makes them. Additionally, it gives investors the possibility to learn how to invest, through observing the way in which transactions are being conducted by experienced traders.

7. What are investors’ main concerns when they first enter the Forex market?

The most important concerns expressed by newcomers are the fear of taking losses, of being wrong, and of losing their attained gains. They are also uncertain with regards to when to open and close a position.

There is also a number of beginners who are only interested in making a high profit, thus defying the possibilities of bearing losses. I always advise these clients to cool their expectations and learn the virtue of patience and discipline, until they form an understanding of the principles of market operation. Furthermore, I assist them to develop a well-structured trading strategy with clear money management rules in order to make the best possible decisions, while safeguarding their funds.

8. According to your opinion, what are the most common trading mistakes committed?

My list of the top “cardinal sins” includes:

1. Not having a plan, indicating when to open and close positions, the expected profit and acceptable loss.

2. Trading against the trend.

3. Keeping losing positions too long and closing profitable ones too early.

4. Not setting stop-loss orders or improperly using them.

5. Trading too many markets at the same time (overtrading).

6. No reflection after a failed transaction, but rather blaming “someone else” for the loss.

7. Be overtaken by feelings of greed.

8. Using a disproportionately large trading volume in relation the actual capital held (over-leveraging).

9. What are the best practices for a trader to keep in mind?

The most important thing to remember is cut losses quickly and let profits run. A self-respected trader has to also keep in mind that:

  • The market is constantly changing. In order to fully understand it and follow the trends, it is necessary to invest in building a solid Forex knowledge.
  • Trade only when you are sure that the transaction will bring profit. If you are in doubt and your assessment of the market is incomplete, take a break from trading.
  • The only trading strategy that will help you succeed in the long-run is your own strategy. Avoid complicated strategies that utilise advanced features and indicators that you don’t fully understand. The key lies in simple mechanisms.
  • Using leverage to invest in Forex can bring significant returns. Unfortunately, it can also lead to substantial losses. A novice investor should not risk more than 1-2% of his deposit for a single position. It is prudent to manage your positions wisely and the profits will come with time.
  • Keep a trading log. Develop the habit of checking and analysing all market conditions, both profitable and unprofitable. Ask yourself why you opened or closed the particular position and whether it was a good decision. This way you will learn and also improve your trading skills and strategy.
  • Do not trust in software and systems designed to predict future price movements. If the program really worked, why would anyone sell it?

10. Where do you see TeleTrade in the next 5 years?

By looking at the scale of development of the company and its commitment to support customers and provide the best and most efficient financial products, I am convinced that within the next five years, TeleTrade will become a leading investment organisation, offering access to all major stock exchanges, commodity and foreign exchange markets. Moreover, I envision that TeleTrade one day will have its own investment bank dedicated to corporate clients, a group of investment fund companies and a retail bank of global reach.

About TeleTrade

Founded in 1994, TeleTrade is a truly global brand with over 200 support offices in 30 countries, being an acknowledged leader in its field with numerous industry and business awards. TeleTrade-DJ International Consulting Ltd is established in Cyprus and maintains representative offices in most EU countries. It is licensed and regulated by CySec (Cyprus Securities and Exchange Commission) under licence number 158/11 and operates in accordance with MiFID (EU investment law).

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