By Taonga Sabola:
International foreign exchange trading firm, Tailored Forex Trading, has said Malawian youths could earn some forex and contribute to the growth of the economy if they master the art of forex trading.
Tailored Forex Trading Chief Trading Officer, Cjay Mhango, was speaking in Blantyre on Saturday during a forex trading training workshop the firm organised.
Unlike forex dealing, forex trading is the act of speculating on the foreign exchange market, with the aim of making a profit. It can also be known as FX trading, foreign exchange trading or currency trading.
Trading forex involves buying one currency while simultaneously selling another. This is why forex quotes are always given in the form of currency pairs made up of the quote currency (the currency being sold) and the base currency (the currency being bought).
The price movements in currencies are governed by a wide variety of factors but tend to reflect the state of their countries’ economy.
The forex market is over-the-counter (OTC), which means that forex trading takes place 24 hours a day. There is no central location for the forex market; instead, it takes place via a global network of banks.
Mhango said his firm has trained 150 forex traders in Blantyre and Lilongwe but intends to drill about 1,000 traders this year.
“We, at Tailored Forex Trading (TFT) in partnership with Forex Trading School Africa, are professional traders with over 10 years’ experience trading global currency pairs based on in depth technical analysis of market movement of each currency pair.
“Our training, experience, information gateways, advanced technical ability and global outreach to fellow FX professionals gives us a strategic advantage in the market. This allows us to be profitable and, so, doing makes forex trading a successful enterprise,” Mhango said.
He observed that it is unfortunate that, apart from a few tourist destinations and a select range of consumer products, Malawi is generally associated with poverty and unemployment.
He said Tailored Forex Trading believes that it can help create employment and, in so doing, reduce poverty.
“Forex trading can offer millions of Malawians an opportunity to earn an income from beyond their borders with a simple internet connection and laptop,” he said.