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The Coming Australian Foreign Exchange Trading Boom
The head of a leading online foreign exchange broker says he believes that Australia is on the verge of a coming online foreign exchange trading boom, and sees tremendous potential for growth of investments in currency trading in the country.
Gary Tilkin, the chief executive of online foreign exchange broker GFT, says a new class of investors will arise from the aftermath of the financial crisis, individuals who feel that can deliver better returns than professional fund managers, some of whom were paid for returning double digit losses last year.
“We are going to promote it as a speculative investment where there is a chance for significant loss and a chance for significant gain and the more you study, the more you educate yourself and the better tools you use, the better your chances of getting into the significant profit category.” Mr. Tilkin said in an interview with The Australian.
Currency trading has been in existence in its present form since most governments abandoned the Bretton Woods agreement of fixed exchange rates during the early 70’s. However over the last decade, currency trading has taken off amongst retail investors.
Brokerage firms such as GFT have the ability to offer their brokerage clients spreads on currencies that are as tight as the spread that the world’s biggest banks trade at.
GFT has seen an increase in foreign exchange volumes of 78 per cent, between the second quarter of last year, to the second quarter of this year.
“Volatility is really what traders want or should want because it is opportunities If there isn’t volatility the markets just go sideways, and sideways without much up and down movement is not really an opportunity. It does cut both ways of course – extreme, volatile markets can be higher-risk but the other side is higher potential reward.” Mr. Tilkin said.
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Great read, you can always learn something new about forex!
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