Forex trader and educator Mario Sant Singh dispels myths about the Forex market.
Foreign exchange, also called Forex trading, has been popularly perceived as a risky affair, and akin to gambling, as some might consider. However, the Forex market is difficult to ignore: the average daily turnover is US$3.2 trillion, making Forex the most-traded market in the world. In addition, Singapore is the fourth largest Forex center in the world. This growing trend has undeniably created a growing interest among Singaporeans to engage in trading currencies. Many have started with high hopes of growing their money exponentially, only to lose all their investments due to a lack of understanding in navigating the risks of the Forex market. Reversing this negative perception of the Forex market is the mission of Mario Sant Singh, 34, the founder and CEO of FX1 Academy Pte Ltd.
“The key reason why people think Forex is a risky business is because many don’t know what to do,” said Singh, referring to speculators who are unaware of the concepts of risk management. But Singh stands firm with the view that with the right education, anyone will be able to trade responsibly and earn a profit; his company was formed out of the belief that it is a person’s personal responsibility to create his own financial destiny.
Trading in Forex for a living might sound risky for one who treasures the “security” of a regular nine-to-five job. Indeed, Singh appears to have always taken the path less traveled. In his days as an undergraduate in the National University of Singapore, he had felt that he had made the “wrong choice” to study chemical engineering. Upon graduation, he worked part-time in the pharmaceutical industry and realized that his calling was elsewhere. Bold and ambitious, he attempted to start a snooker business, which unfortunately did not take off. Following the unsuccessful venture, he was mentored by a Chinese businessman who gave him advice that ultimately shaped his business beliefs. One of these was a Chinese proverb that he often quotes, which is translated as, “In this life, there are no successful businesses, only successful people.”
“What he impressed upon me was that you need to work on yourself first. From there, I began to understand why the snooker business failed. With that understanding, I set out to equip myself with the right knowledge and skills,” recounts Singh. His next venture was a cleaning company which enjoyed considerable success. However, Singh recounts himself still possessing an unflinching desire at that point to be involved in the world of finance. Chancing upon the news of the infamous “Black Wednesday” event and an informal introduction to Forex by a close friend while at a coffee shop, he decided to embark on a trading career.
However, like any beginner learning a new craft, one is bound to make mistakes. He blew the money in his first live account within six days due to rash decisions. The setback brought him back once again to the reminder of equipping himself with the right skills first. A desire to be mentored by the best in the field led him to seek out experts in Forex trading—Kathy Lien and Ed Ponsi, both of whom are international currency experts and best-selling authors based in the U.S.A.
|PHOTO COURTESY OF MARIO SANT SINGH|
Singh emulated their beliefs and actions, which led him to success. His achievements are impressive considering the fact that he has only been trading Forex for the past five years; FX1 Academy is easily the largest Forex education center in Singapore and Malaysia. Singh also makes regular appearances on CNBC’s Capital Connection and contributes frequently to investment magazines such as Smart Investor and Your Training Edge.
One piece of advice that he would give is to always have a stop-loss price. If the trading price drops below a certain value, and the trader loses a budgeted amount, it is time to exit the trade. Singh cited that many people feel too emotionally attached to their investments and they make decisions based on what they think is correct, holding on to it despite the huge losses incurred.
Not one to rest on his laurels, Singh also makes giving back to the community part of his company’s vision. FX1 Academy works with Worldvision, a Christian relief organization for children, contributing financial support through various initiatives, including building a library in a village in Thailand.
A nominee ofthe Spirit Of Enterprise Award 2010, which recognizes the top entrepreneurs in Singapore, Singh still manages to balance work and family life. Family is a higher priority to him than his business, and he makes it a point to spend his weekends with his wife Shalyn and his 1-year-old daughter, Chantelle. He also understands the importance of having adequate rest. When he finds himself with some free time on his hands, he returns to an “old flame,” snooker.
Visit Singh’s website at www.mariosingh.com for more information on Forex trading.