If you were wondering what a day in the life of a Business Development Manager in the Forex industry is like, let’s hear it from Derek Lainsbury aka @dereklainsbury, Business Development Manager, TeleTrade-DJ International Consulting Ltd., Nicosia.
DU: Hello Derek, nice that you have found the time to be available for a few questions, after all, I know how busy you are. Why don’t you tell our readers how your tasks have changed and how did you start?
DL: Hello Dana, thank you also for your time and interest in the financial markets. The topic of time and tasks or new areas of responsibility is exciting. In the past my focus was on sales and conversion work in both Binary Options and Forex, working also in retention. A lot has changed in the last 2 years, and especially in recent months. Since the recent launch of Teletrade’s Synchonous Trading & Affiliate Partner Program, I am now responsible for the area of Development of the Business, education and quality control, which is a great pleasure for me.
DU: Parts of your website appear to have stopped being updated. Specifically, much of the data in your analytics links seemed to have stopped sometime late last year. As well as being unprofessional, is it a worry that you are not investing to keep this information current. Any particular reason for this?
DL: I will be honest with you; when I decided to move to TeleTrade, I also noticed this and it was brought up in a conversation with the Directors and it was explained to me as I will explain to you. The majority of TeleTrade with its 200 offices located across the globe have their own sites and the majority of them are not in English. Example; the Italian site, Russian Site, Latvian, Chinese, Hungarian etc. All data is being maintained on point. This is where I was brought on board along with my Head of Business Development, Andrew S. about a month ago. Our goals were to freshen up the website, product offering etc. and, of course, to increase our client support. We have made it a priority to recruit the correct team to do this here in the HQ and not in regional offices. The good thing is you will have the advantage to see all the changes and clients can take advantage of all the product offerings and improvements. So, I do hope we will be able to show you just how much our tree will bear fruit for all our traders.
For a company with 200 offices globally, and having been in the industry for as long as we have, believe me when I say it will only be stronger and more impressive than anyone is expecting of a company, because the ethos of our new management and team have brought with them some of the best customer support, knowledge and product imagination available.
DU: I am pleased to hear that this new responsibility and the changed tasks are fun for you. Is that what keeps you motivated to work for TeleTrade, these new impulses?
DL: Well, besides the great colleagues it is also the new tasks, which motivate me. It is not that I need motivation, because the work is rewarding in itself. I have regular communication with my clients, both old and new, and I appreciate the community very much. In short, I would not want to miss it.
DU: How has your personal life and trading changed in the meantime?
DL: In my private life not much has changed, whether this is good or bad, I don’t know. I still arrive at work early, leave late and generally work through my lunch but not because I have to just because I enjoy it so much. Fortunately our offices have a fully equipped gymnasium for all the office staff so I am using any spare time to make use of the facilities. Working with several different countries as I do there are times when I am not able to connect so I do have free time.
My trading has changed in any case. I have been trading futures and futures options for maybe 2 years or more. I’ve been faithful to my timeframe, and I’m only working on daily charts, so the time investment is very limited. This leaves more time for TeleTrade clients (laughs).
DU: What has become of your goal?
DL: Well, that is a good question. In 2015 I had several sources of income and many of them I did not want to pursue any longer, for example Binary Options. This meant that I had to withdraw more and more of my trading profits to live on and my success rate with Binary Options was not as successful because it was more like gambling. I would have been better off going to Vegas and putting all my money on the blackjack table, choosing red or black and at least come home having had a great time but short of money. Therefore, my income from both salary and the trading account couldn´t really increase. As a result, I am now higher in capital than 2016 but the goal of 120,000 € has not yet been reached.
DU: Can you add a little more about your preferred assets and strategies?
DL: Very gladly, because it gives me the opportunity to attract more people to the topic of options when trading with Forex. I mainly trade currencies now and some commodities. I am almost never directionally invested, but always with different strategies that allow me to make money if the underlying is not moving too strongly against me. As a Forex trader, you do not have to be right to earn money. I make full, use of technical and fundamental analysis, maintain my knowledge about what is happening in the news, and make good use of my bible, the economic calendar.
As a Forex trader you have numerous strategies that will make money for you however, I would like to point out that the trades are much more complex and there will always be a risk involved in trading. I offer my clients risk management to prevent loss which is due to the various maturities and influence factors.
DU: For FX novices, Derek please tell us more about Synchronous trading? What is it and what are its advantages over ‘traditional’ trading styles?
DL: Whether you’re an expert or a beginner, Investment Synchronous Trading is a potential win-win situation in terms of passive income for everyone. Investment Synchronous Trading is a new way of smart investing in the financial markets. Through the use of the latest technology our clients can:
• monitor the group of successful Forex pros (Masters);
• view their trading results and statistics;
• choose the most appropriate trading strategies;
• select several Masters to diversify your risks;
• start copying trades of all the selected Masters.
Take full advantage of Master traders thinking and background research while maintaining full control over your smart Forex trading with complete transparency and flexibility.
DU: Sounds very interesting! Do you also have clients who are enthusiastic about the Synchronous Trading?
DL: I am very confident that the interest will continue to grow and we will be able to provide more information about this in the future. The Synchronous Trading is in the process of making the transition to TeleTrade Invest so we had to slowly close out the traders as not to have any large interruptions. We did put out a notice to mention this to all our traders. It is part of our expansion and plan to improve our services. If you’re a good trader then you can be one of the ‘master traders’ and earn on the profits you make for your followers. So many fund managers have already signaled they will be joining once the conversion has been done and everything is running smoothly. We have some strong London Investment Managers from Willow ***** joining as a Master Traders – (I can’t give the full details until it’s official). Not just this, fund managers and many of our existing and prospective clients will be joining back when transition is made from Synchronous Trading to TeleTrade Invest.
DU: You’re leading perfectly into my next point. The English Education service will start soon and the scope of work will increase yet again. Are you worried about having to reduce your own training with clients?
DL: A very clear NO. On the one hand, my private training takes little time, and on the other hand I am supported by our team in my other tasks. At this point a big THANKS to the fantastic team that I work with.
DU: Why do you think that the Education service is a must-have and how do you see the target group?
DL: I am pouring my heart blood into it! It would be bad if I was not fully behind this premium service, because it is my baby. I am pouring my heart blood into it as I said and am convinced that it offers a real added value for a wide range of prospective clients. It is aimed at both beginners in the subject of trading and investing, as well as advanced or very experienced traders, who are looking to develop themselves in a new topic area. Together with Andrew S., we try to make the ideal learning plan suitable for every premium member, and are always at their disposal for questions. The service is supplemented by numerous discounts and campaigns.
DU: Yes, you do not have to convince me (laughs). Well, a question that will surely interest many readers. When did you last make a trading mistake and what resulted from it?
DL: One of the rules in trading is to close the position if you think you make a mistake, the mental stop is reached, or something has changed.
Yes, yes, the suffering of others (laughs). I currently have a position on which I should have long since closed. I cannot tell you the exact reason. One of the rules in trading is not to close the position if you make a mistake, the mental stop is reached, or something has changed. I can only argue that I have a contingency plan, but it should not have to get that far.
DU: Then I keep my fingers crossed for you. Is there anything else you would like to share with the community?
DL: I envisage TeleTrade having a bright future with a lot of instructive courses, both online and in- house, webinars, seminars and good financial training in different areas and supporting people to look after their own finances, because it really is worth it!
DU: Do you have any educational material available?
DL: Education is on our site: https://www.teletrade.eu/education. In order to get education you need to register your interest and in some cases, if there is no scheduled program in your regions, then a private training session is conducted. In most cases the reading material may be in specific languages as defined by the targeted markets, but if needed in English, one on one training is given after an assessment is conducted due to the suitability of the trader, ow we arrange a group webinar or local seminar. We also have trainers in our offices throughout the world who run these types of events and attend Expo’s. The next Expo where we will have a big presence is 28th – 29th April, in Johannesburg, South Africa, where we have a huge following. Why the interest in Education? Do you know people who could be looking to trade that may need training? If yes, let’s talk about doing a FREE introduction for you to these guys.
DU: Yes, you do not have to convince me (laughs). To conclude our interview, not very long ago, Cyprusbusinessmail.com published an article about Cyprus slowly but surely becoming the financial hub of the EU, but at the same time it was speaking about certain binary option companies being forced to stop doing business. Is this alarming in any way for TeleTrade? What do you believe lies ahead for the FOREX industry?
DL: It is simple to answer this and I see a much longer life for Forex Trading than for Binary Options. Binary options are derivative instruments in the same way online Forex trades are, the marked difference being that with binary options there is a level of transparency derived from the simplicity of the product. You choose your asset, you select the duration of your trade, decide how much of your risk capital you would like to invest in the position, Call or Put, and that’s it. All you have to do after locking in a trade is wait for the outcome and either make back between 65-91% over and above your stake, or lose the majority of it. That takes us back to the Vegas choice of gambling on Black or Red! The one great advantage that Forex brokers have over binary options firms that are now closing down as fast as they open, is regulation. Up until recently binary options were traded in a completely unregulated environment, which makes Forex seem somehow more legitimate and secure and indicates to many of us traders a much more sustained and prolonged business to be involved in.
DU: Thank you for your time!
DL: You are welcome.
Got an idea of FX trading? Stay tuned for more trading tips & tricks and ways to turn leverage into a money-making machine!