The Business Times, Monday 28 June 2010 (Page 11)
The Road To Successful Forex Trading
A SPECIAL SERIES BROUGHT TO YOU BY SHAREINVESTOR
Play by the rules and play safe to succeed, says top forex trader Jimmy Wong of the JF Lennon Institute
AT JF Lennon, we believe that anyone can succeed in FOREX trading as long as they ‘play by the rules’.
“The Foreign Exchange market has overwhelmed other financial instruments available and should not be taken lightly,” said Mr Jimmy Wong, CEO of JF Lennon Institute of Financial Science and professional trader who created USD$1.14 million from USD$44,000 in 22 days.
The advent of technology has broken down numerous barriers and made what was impossible ten years ago now possible. Trading platforms used for FOREX are now virtually free and anyone can learn to utilize such platforms to generate passive income. Mr Jimmy Wong explains that a trader only needs a computer that is equipped with a reasonable Internet connection to trade. Although technology has provided traders with more opportunities and flexibility, it can also be seen as a double-edged sword as there are many unscrupulous individuals out there trying to profit by promoting their self-made strategies that are not tested.
Thus there is a need for the ‘rules’ Mr Wong mentioned. They include learning responsibly and trading responsibly. The best achievers in FOREX are those who are disciplined when it comes to placing trades. Many people fail in the market because they lack adequate knowledge, discipline and money management. At JF Lennon, classes are held to enable students to identify their personal trading profiles, strengths and weaknesses. Students are encouraged to overcome their weaknesses and improve on their strengths to succeed in the market.
Good trading habits are hard to cultivate, let alone strictly maintain. Thus JF Lennon encourages students to follow and master the ‘3M’ Rule: mental psychology, money management and methodology.
“It’s not how much you can make from the market but how long you can STAY in the market,” says Mr Jimmy Wong. Many traders fail to understand this theory and many have lost to the market after being too complacent. The minority who profit from the market are disciplined and profit consistently with good money management. Without proper money management, trading is similar to gambling and there is a higher probability of the trader losing than winning. Lastly, with the proper methodology, traders are able to internalize and actualize on trades rather than based on “gut feel”.
As many people are aware, attending a course provides a sense of security that arms students with strategies, therefore it is important to identify a good institute. JF Lennon always emphasizes to students and public that one should be wary of schools that are out there to make a quick buck. FOREX aficionados who are interested in learning must be able to identify between a good and bad institution. There are many questionable schools out there that start their businesses by purchasing untested strategies online for as low as USD29.90 and packaging them into courses to lure students. Some schools are even started by replicating their strategies of other established schools. This is the double-edged sword of the Internet, which has become an arena for many unethical schools to set traps for the public by promising higher returns in a short period of time. Mr Jimmy Wong advises that such ‘promises’ made by these unorthodox schools are likely false. He explains that many fall prey to such scams as the lure of riches through FOREX is undeniable. It is important for the public to identify between a responsible school and an unorthodox profit making school.
To identify a good institution, the founder or in-charge must be a live trader who is able to produce past as well as current trading results. In addition, they must be able to perform live trades in front of live audiences. Many unethical schools produce astonishing past results to lure the unsuspecting public, but many a times, these results are either traded by others or fabricated. Unethical schools will instruct students to open compulsory live accounts instantly when they sign up for the course and the school will profit from the commission regardless of whether the students are profiting or not.
JF Lennon prides itself by providing quality FOREX education for the masses. The institute sticks by the rule of ‘selling responsibly, teaching responsibly and following-up responsibly’. JF Lennon understands that the FOREX market evolves and it is the institute’s responsibility to constantly update students of the changes on all JF Lennon’s proprietary strategies. The reason behind such intensive research is to improve and strengthen the strategies in the ever-changing FOREX market.
Academics have often named FOREX as the riskiest financial instrument around due to the volatility of the market. But FOREX trading is also considered a no-nonsense financial instrument due to its huge liquidity and market volatility. The FOREX trading market in Singapore is constantly growing as more and more people are gaining interest in learning alternative methods to generate income. It is a lucrative market for many but one must be well trained before entering and best way to learn FOREX trading is to go through proper training taught by responsible FOREX institutes. As an ethical and responsible educator, JF Lennon hopes to advocate FOREX learning in the local community in such times of recession.