As part of our ongoing efforts to review the key intermediaries in the Web Forex, which recently conducted a review TFIFx. Furthermore, in the best interest of our readers, we thought it a good idea to interview the head of treasury for TFIFx, Mr. Charis Charilaou.
Charis has been an active trader in the last 13 years and is responsible for treasury management of the enterprise. He has an exponential knowledge on markets and intermediation services
After receiving the answers of Mr. Charis “is now clear that this was a good idea, as any trader, new or experienced can surely benefit from great ideas to share.
The following are ten questions I asked Mr. Charis Charilaou:
1: Please tell me a little about yourself
.
My professional experience and qualifications are primarily focused on cash management and trade in financial markets. My interest in the currency markets began during my Master’s Degree in Banking and International Finance. I graduated in 1996 and got my first job in the Treasury of Arab Bank plc as a foreign exchange and money markets dealer, where I spent almost 3 years and then moved to establish a new investment company Altus Investment.
Since 2001 I have been with the TFI Group and am currently leading the entire treasury operation. Throughout my career I have had the advantage of working in different fields of treasury management (management of foreign exchange, interest rate, risk of cash flow) and the various financial instruments and products ranging from forex, stocks , bonds, commodities and metals.
Moreover, I was fortunate to work closely with Treasury specialists influential and experienced as our president Chris Pavlou.
2: How was the first time enter the Forex trading
I related with forex trading when I got my first job selling currencies. At that time, forex trading was largely a game interbank bank dealers treat others. The margins were very wide and the liquidity especially in market launches is much lower than today.
However, business ethics and practice what has influenced me more, and had a profound effect on my professional and personal life. Transparency, fairness and integrity were incorporated into the nature of interbank trafficking and those are the exact values we are trying to bring the retailer in TFIfx. Since then much has changed in the currency market, but I think the experience of that time is invaluable.
3: Are you more of a technical, fundamental, or both types of merchant? Please explain.
In life and currency of the first lesson I get is that you can never be 100% safe for anything! In my opinion, the financial instrument currency is the most complex and exciting it can operate, as almost everything that happens in the world, whether for economic or political, can strongly influence the price of currencies.
Besides the correlation with other markets, including stocks, bonds, gold and oil, claim that a successful entrepreneur is alert at all times on the evolution of markets. The question of fundamental vs. technical analysis has been the source of much of the literature and disagreement between different schools of traders.
I think that news and fundamental analysis is the cause of the technical movements and therefore I’m trying to apply the two tests in my trade. My view is that technical analysis can be very useful for inexperienced operators as visual advantage makes it easier to identify the movements while you can also create a discipline in terms of entry and exit points.
From my experience with dealers and customers, I realized that in the process of learning to trade, people seem to try to make the analysis more complex indicators of adding more and more and eventually get disappointed. I advise traders and customers to focus on the major technical indicators and try to keep it simple. After all the simple indicators are the easiest to detect, are therefore the most followed and therefore the most profitable.
4: What do you do to TFIFX
I have the responsibility for managing the Treasury Department in TFIfx. This involves the active management of all risks inherent in operating cash flow, ie, currency, interest rate and liquidity arising from customer or interbank transactions originated.
We also pay close attention to educate, train and give the best information available to our customers. For that reason, prepare and publish every day on the website TFifx and other media extensive in-depth analysis, articles and investigations, and negotiating sessions and seminars for our clients. In addition I manage institutional counterparty relationships and I am very involved in business development company.
5: Why would anyone trade with TFIFX
The strong price competition and other offers and casino promotions, such as between brokers are taking the foreign exchange market on a different path emerges as a war between brokers and customers, which is fundamentally flawed. In TFI strongly believe in the corridor model of traditional business, where riders get the benefit of the difference in length.
Therefore, no conflict of interest with the client and is activated in the interbank market covering all positions originated customers and do not bet against the client. This gives us an extra incentive to protect our customers as long-term benefits, profitable customer accounts.
Due to this fact TFI has a client retention ratio extraordinary reaches about 95%. In addition, our experience with medium to large customers and institutions gives us the extra edge and the vision we share with all our customers.
6: Why not offer an account TFIFX micro
?
Another big difference we have from other forex brokerage firms is that we have been commercially successful in the forex market for a long time to ourselves. Because of this experience forex trading and the background, we know that the account size and leverage are important and sometimes crucial even if it is profitable or not.
We go to great lengths to explain to potential customers more leverage means more risk and advise you not allowed to take more than 5% (1:20). In the margins of more than 1% (1:100) the success rate is minimized potential as a small mistake can end the general account equity. Until recently we have focused solely on customers of medium-large, with a minimum initial capital account of $ 20,000.
We have identified that there is an opportunity to offer the same professional product we have been offering customers bigger, smaller size and has recently decided to expand the retail market. However, our goal is to attract and help clients that have the potential to grow your capital and therefore we do not offer less than $ 1,000 customer accounts.
7: What is the most important advice I give people to get started in Forex
?
Always place a stop loss in their operations. Unlike other financial instruments, one of the biggest advantages of trading forex markets is that you can have a guaranteed stop loss in almost all market conditions.
We have seen many new forex traders trading pattern showing a very specific which have a higher percentage of profitable trades with small absolute gains and after losing all the above benefits, and sometimes more, in one go wrong they do not have a stop loss. Most new traders tend to take their profits early while letting their losses run in hopes that the market returns.
This is because in the minds of inexperienced operators, it is very difficult to accept he is wrong. Placing a stop loss will help create the necessary discipline and understand that sometimes we may be wrong. However, the most important thing that will help you avoid making a single call wrong become a big mistake.
8: What is the biggest mistake that traders of Forex
There are a lot of errors that we identified as impatience, making early gains, setting unrealistic goals for profit, avoid placing a stop loss and the use of high levels of leverage. All these errors can be avoided if the merchant has a clear negotiating strategy.
A negotiation strategy should include different considerations, such as reasoning of trade, time of operation, in order to take profit and stop loss on each trade, the risk / reward and eventually a form of documentation and analyzing the results. The lack of a marketing strategy is bound to result in the loss of discipline and eventually end up with a trading account.
9: What characteristics do you think can be improved when it comes to global supply of TFIFX
?
Forex market is very competitive and rapidly changing and a company that wants to stay ahead of competition should always look for improvements to their products. However, I sincerely believe that in TFIfx offer a very solid product that is specialized and adapted in a transparent and fair in order to help clients make money in the medium and long term.
Our focus is on service and consistency and most importantly educate customers to be profitable. I think our short-term challenge is to communicate and successfully pass our message to the foreign exchange market at retail.
10: Do you see yourself working in Forex forever? Please explain.
I consider myself one of the lucky few who have the opportunity to work in an environment and a market that I like and love. “Forever” is a big word and “everything has a beginning also has an end.” However, the forex trading business is a very exciting, interesting and intense that once you enter, has good potential to stay “forever”.
