Here we gathered the most interesting of common myths about trading on Forex.
Meet Marrck, Self-made man from Thailand
Marrck was never rich, he started his career with nothing but a strong desire to live a better life. He came a long way from being poor and fighting an endless amount of hard work, to becoming the CEO and Founder of his own company.
Beginning with zero knowledge of FX, he studied, learned how to make profit and decided to share his experience with others. His program “start your trading career from 0” gained popularity in Thailand and brought him the title of the youngest expert according to the Traders Fair Thailand 2018.
At the moment of this interview, Marrck (full name - Satthakarn Chuenkomol) is 30 years old, business owner, philanthropist, passionate traveller and FX teacher to many. He agreed to share with our readers his story of Forex success and give a bit of advice for beginners.
How did you find out about FX trading? Why did you decide to give it a try?
It was a hard time for me. I had a very demanding job that took up almost all of my time, it didn’t bring me any joy or a sense of accomplishment, I simply worked to survive and support my family. I remember asking myself ‘Is that all there is, is this how my life is going to be?’.
I wanted to live and live big, rich, free. I wanted to travel and explore the world, buy everything I want and take a good care of my family.
You often see pictures of luxury lifestyle on the internet, right?
Yes, it seems absurd sometimes how much money people can spend.
I used to wonder why some people have to work hard just to survive and some people seem to earn an enormous amount of cash with almost no effort at all. I didn’t know it then, but I understand now.
It’s not easy to take risks when you have to take care of your family. But I decided that I must try and do something. I needed to find a way to quit my full-time job and search for an opportunity to make more money.
I started saving little by little and created a fund for investing purposes. At the same time, I searched for a good way to invest money and get a high return. A friend of mine told me about Forex and it didn’t seem to me like a good idea at first, but I did some research and decided to try.
What was your goal in trading? What strategy did you choose initially?
At first, I must say, I came to this field with absolute zero knowledge in economics. So naturally, I decided to learn and practice before I invested any real money.
I didn’t have high hopes, I realise now that after reading Forex trading forums, I thought that I might be making a mistake, that I will lose the money I invested and give up hope completely. But I promised myself that I will try and do my best.
So, when I deposited 2000 USD I was aware that I might not get my money back. But I started trading. I steadily followed the selected strategy and doubled my investment in just one week. I could have said that I was just lucky, and it might have been partly so, but it was not only luck that made it happen. I took time to learn, I calculated the risks, I waited for the right moment and dedicated myself to winning.
Don’t think that I made this profit in just one trade. It took time to learn and it also took great patience, to wait for my targeted profit. I can say for sure, it’s worth the wait. There’s no need to rush, let it work for you, it’ll be a solid result if you put your effort into it and don’t rush.
In your experience, what are the most common problems beginners encounter when they start trading? How did you solve them?
Usually, beginners want to make money fast. As a result, they don’t dedicate enough time for learning and face numerous losses. I solved this problem by investing more time in self-education, planning and reading the trading news every day.
Right now all I need for trading is a reliable source of economic news. I have a few trustworthy publishers that I read every day and it gives me all the data I need to build my strategy.
Every trader must be aware of what is going on in the market and try to predict the outcome. It’s always up to you if you want to trade on the news or not, there are different strategies, but you probably won’t gain much profit without keeping track of important releases.
What did you manage to achieve with trading?
I finally quit my job and started to work for myself. My company is already 5 years old and it keeps growing. Of course, we have a lot of plans for the future development, but right now I’m just happy that I have more time for myself.
Travelling has always been a dream of mine, ever since I was little. Now, every year I visit at least one or a few places I always dreamed of visiting one day. It’s an incredible experience when you achieve your goals. Right now I can finally say that I enjoy my life.
As a trader who achieved success, what are your plans for the future?
I’m planning to expand my business further. Right now, I’m making a new office in Chiang Mai and another one in Bangkok, that’ll be ready by 2020. Also, I have plans branch out and have a daughter-company that is expected to be operating in the upcoming year.
Also, my team and I are working on our international department outside of Thailand. I believe it will bring us to a new level of business and expand our entrepreneur reputation to an international level of achievement.
Why do you think some people consider Forex to be a scam? What would you like to say to those people?
People who don’t get the instant results they wanted sometimes get angry and blame the market instead of searching for the true reasons behind their defeat. There are plenty of ways to learn and practice without investing any money. You can trade on a demo account first, use bonus accounts and see for yourself if it’s worth it.
What can you say about the current situation with Forex in Thailand?
It’s getting increasingly popular here. Thailand is facing the “Thailand 4.0” which means that the government gives a “green light” to any Forex trading company or a start-up. So it’s 100% legal to invest in Forex.
Of course, all the companies are being watched and should any of them decides to cheat, the government will take necessary measures to stop them. But, there’s no chance that such companies will survive after losing the trust of clients. So, cheaters don’t usually stay for a long time and that’s a good thing.
Other than that, there isn’t anything new happening with Forex in Thailand.
What are the qualities of a successful trader in your opinion?
A successful trader always has a plan and a backup plan. Who knows what might happen? You can’t always predict every nuance. And if something goes wrong that’s where the backup plan will come in handy.
Time is very important and every good trader should have excellent timing skills. Sometimes you have to know when the right time is to invest, and when it is the right time to stop and so on.
I believe the most important quality of every successful trader is patience. You need to keep an eye on the market, wait and be patient at all times.
Apart from trading, do you have any other interests? Maybe you have a hobby?
As I’ve mentioned before, I love travelling! I always save up miles and points for a nice vacation and make plans for where I want to go next.
I am also fond of meditation. Whenever I want to keep my mind off things I find the time and take a few minutes to meditate, it also helps me a lot in trading.
But for me, it is also important to not forget that there is always someone who needs help. I believe that once you’ve managed to achieve something, you have to share with those who were less fortunate. That’s why I love giving to charity, donating to temples in Thailand and helping people in general.
What is a “trader’s lifestyle” in your opinion?
It’s freedom, you can do anything you want, anything.
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