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30 April 2014, 12:00

Success in Forex lies in simple technical mechanisms

Success in Forex lies in simple technical mechanisms - TeleTrade Interview with Giancarlo Della Pietà, a financial analyst at TeleTrade Italy. TeleTrade is a global financial services provider, specialising in Forex and CFD online trading.

1. Hello Giancarlo, tell us about yourself, your experience and area of expertise.

Hello, I am a financial analyst working at TeleTrade Italy, with an experience in the Forex and CFD industry for over 10 years. I hold a degree in Economics and specialise in international trade and foreign exchange markets. My interest in financial markets developed during my time in university, where I participated in a stock market trading seminar that changed my life. Since then, trading became a real passion for me that led me to explore the subject extensively. In 2010, I decided to put pen to paper and share my trading experiences, by writing my first book “Trading nel mercato forex – Come operare con l’analisi tecnica nel mercato internazionale della valute” (Trading in the Forex market – Working with technical analysis on the currency exchange market), which gained a lot of success.

My area of expertise is Forex technical trading. I focus exclusively on the study of charts and graphs, as I get all the information I need by looking at price movements and their patterns. The only external elements I use, apart from price charts, are a couple of exponential moving averages, and stochastic and Adx indicators. I am a strong believer that these methods provide all you need to trade successfully. Expert advisors, trading software and other various artifices, simply create noise and distraction and finally compromise trading. The motto I share with my clients is “Why complicate your life?” Simple, yet comprehensive mechanisms are often more than enough to succeed. In order to profit over time, you just need to have a solid methodology, strategy and discipline.

2. Please introduce your company and the services offered.

TeleTrade is a leading international brokerage firm, offering various financial services relating to Forex and CFD trading. The company was founded in 1994 and it is the only organisation in the world to have a network of over 200 offices in 30 countries. TeleTrade is fully regulated and compliant with EU MiFID directive.

TeleTrade has established a powerful market presence in Italy, with offices in Rome and Milan. We are planning to set up more offices in order to fully cover the entire national territory. We provide consultancy support to online trading for everyone who wants to enter financial markets, especially to novices and enthusiasts with a desire to succeed in Forex.

3. Why traders around the world trust TeleTrade for so many years?

We take pride in providing the best quality services, with security guarantees to all our clients’ accounts held in major international banks and the world’s largest network of support offices. Our clients trust in our company’s name and value our good practices, as we never leave an investor alone at the mercy of the trading arena, but form reliable and long-lasting relationships with each one of them. Our trading know-how, guidance and support to each individual need are only some of the reasons why our clients rate us so highly all these years.

4. What is the key that unlocks the world of Forex?

It is very important to undergo basic training on the fundamentals of technical analysis to be able to trade successfully in Forex, as it is on this basis that the trader will build his trading strategy over time. Here in TeleTrade, we offer live on-site and online courses to train traders on the fundamentals and theory of technical analysis and graphs. We explain the use of all trading tools that a trader needs to be able to analyse a graph on multiple time frames, with real time case studies on the MT4 platform. Moreover, we examine the most important indicators, such as MACD, moving average, stochastic oscillator, Bollinger bands, Fibonacci and RSI.

We educate our clients to comprehend conformation graphics (patterns) consisting of one, two or more candles, as these graphs provide higher chances of success. In addition, we teach them how to analyse an economic calendar and finally how to properly handle each position and develop simple money management rules. After completing the basic education, the client can take in-depth lessons on various topics of specialisation in order to further improve his trading skills.

5. What is the technology offered to enhance your clients’ trading experience?

We provide the popular MetaTrader 4 and 5 trading platforms. These platforms are functional, reliable, simple and among the most user-friendly in the online trading industry. MetaTrader platforms can operate on a PC with Windows or Mac environment, as well as on mobile devices with iOS and Android operating systems.

Moreover, we enhance their trading experience through the innovative SyncInvest social trading platform. Many traders, both novice and experienced, are taking advantage of our SyncInvest trading service and link their trading accounts to one or more master traders. The popularity of this service is primarily attributed to the benefits enjoyed by each client, as with the management assistance feature, they can leave their accounts in the hands of an expert, without having to analyse the various currency pairs and thus saving a lot of time.

6. What are the most common pitfalls that traders tend to fall into?

Although the Forex market is one of the most rewarding, it is not free of problems. The most common mistakes stem from human attitudes towards trading. In other words, traders tend to fall into pitfalls when they perform emotional trading. This happens when they are overtaken by feelings of greed and want to earn more profits, by placing random trades or when they lose money and try to recover their lost capital all at once. In both cases, the trader eventually ends up in more trouble and great losses. This is the reason why it is always recommended to have a trading plan and stick to it at all times.

Another common pitfall that novice traders tend to fall into is believed in Forex myths. Forex myths are generated by the publicity surrounding the market and lure newcomers into thinking that Forex is a gold mine. Many traders get victimized by such scams and buy useless schemes in hope for the best. Forex myths are usually believed by traders who have not taken the trouble to study the subject in detail. Some of these myths preach that trading is easy, that Forex robots are real, that day trading and scalping are the best, that you can always predict the market and that emulating successful traders makes you one of them. All these are definitely not the case and must be interpreted with caution.

One of the biggest mistakes that traders make is not being sufficiently educated on Forex trading. In the world of Forex, knowledge means power and profit. A trader should study the market as much as possible before jumping into trading, so he has the knowledge to spot and identify market trends and make proper use of all trading tools. This is a shortcoming that can be easily corrected, as there are many resources, both offline and online that can help a trader get a comprehensive education.

7. What is the best practice for a trader to follow in order to be prepared?

Whether a trader is a beginner or already an expert, it is important to practice first on a demo account. A demo account must be regarded as a real gym for traders to gain the necessary skills before jumping headlong into Forex trading. The demo account should not to be considered as a video game, but must be treated seriously, as if you were trading Forex with real money. The objective behind it is to familiarise yourself with the market, learn the user interface and develop strategies for profitable trading.

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