Why I Quit Barclays London to Trade “Exotic” Futures

forex trading chartToday there is a lot of craze among people about forex trading and to become rich instantly. Well, there is nothing like get-rich-quick schemes in this world, neither forex trading is so. You have to study a lot, put in your best efforts, spend numerous sleepless nights, all in all, you should toil a lot, and only then you can succeed in trading. But you can definitely get some inspiration from others who had gone through all this and learn from their mistakes as well as the correct steps they took, and I would like to humbly mention that I am such a guy!

My story is a different one than the usual forex traders’ stories in that I chose “exotic” futures to trade in and got success with the help of an unremarkable source, Twitter…

Mexican Peso chart

So, my story starts with Barclays London where I worked for 7 long years. You may know how this leading British multinational investment bank and financial company works and how its employees are benefited. But if you don’t know, let me tell you that their employees are offered a rewarding package that they can tailor as per their own needs. They start with a competitive salary, pension/retirement fund and annual bonus, along with additional perks like share plans, private healthcare, childcare voucher schemes and much more.

Just like any other Barclays employee, I was getting plenty of opportunities and challenges which I used to enjoy because they were my chances to grow both personally as well as professionally. The best thing about Barclays is that they have an internal jobs market and they offer jobs to their colleagues before looking to the external market. So, as a promising employee, I had a great opportunity to develop and shape up my career as an investment specialist, trader and finance manager, and I would have taken the beaten path, but…

I Quit…

Yes, I quit Barclays after 7 years of hard working and while looking forward to great opportunities and there were reasons for that. After 7 years of working, I started getting a strange feeling of starting my own business and doing something on my own where I myself would decide my own future, where I would work for myself and not for someone else. I was lured by the idea of my own online business and forex trading.

trading

 

Initial Days were Hard

I started by registering at the world-famous FxPro, the leading online broker, an industry leader for over a decade, evolved from being an online broker, specializing in currency trading CFDs only to expanding its CFD offering to five additional asset types.

Well, I opened the account, although the process was quite complicated and then, I chose to trade in the surefire successful pair of Euro EUR and Dollar USD. I must say that though I had a good experience of trading, I didn’t get much of success!

 

trading in USD and Euro

I had started with Majors. But seeing no success there, I turned to Minors, but alas! Failure was waiting for me there too. I just couldn’t imagine why a person like me who had such a vast experience of working with a leading trading company, was failing again and again, but that was the truth.

success and failure

Starting Trading “Exotics”

After trading and failing in Majors and Minors, I decided to start trading in Exotics. You might know that since there is a lack of liquidity in this market, exotics are costlier to trade than majors and minors. Still, I decided to trade with them. I tried the Turkish Lira, Swedish Krona, Danish Krone, Norwegian Krone, Hong Kong Dollar, Singapore Dollar and South African Dollar. In short, I tried everything I knew. But every time I had to suffer a loss. I was disappointed and depressed and was regretting for quitting my lucrative job. I would even have turned to my previous job and requested my former bosses to reappoint me, but that was never to happen!

 

failure in trading

Exotic Currency MXN and a Remarkable Technical Analysis.

One day, downhearted to death, I was robotically surfing through the Currency Pairs on the trading Platform and looking at the computer screen with nothing really reaching my brain, price action seemed the same, same old colors, same old bars, and suddenly an exotic currency called MXN (Mexican Peso) caught my attention, after doing some research and measuring volatility it seemed pretty intense.

When looking on the internet I found some Fundamental sources such as El Financiero Newspaper, Barchart and Trade captain.

On Twitter I’ve found various sources but the most noteworthy was (@teodorolavin) an economist in Mexico called Teodoro Lavin Sodi which to be honest was remarkable, the analyses done in a few words caught my interest and I started back testing them with my charts, after a couple of checks I ended up flabbergasted by the twitter predictions. He is providing key technical and fundamental analyses on Twitter for free and is surprisingly accurate.

Another great source of Information was a Bank in Mexico called Monex, they have a subscription bulletin you can get if you call them or email them, highly recommended also.

Mexican Peso

Why MXN is the Most Profitable Exotic

The Mexican Peso or MXN is world’s 8th most traded currency and the 3rd in the Western Hemisphere, after USD (US Dollar) and CAD (Canadian Dollar). MXN attracts fewer traders than major pairs, such as Euro-USD (EUR/USD) and USD-Yen (USD/JPY). Still it offers highly liquid access to the Latin America, and opportunities generated by evolving market growth and weakness.

MXN has evolved from a currency of a sleepy developing world to a global financial tool in recent decades. And forex trading too has boomed internationally during the same period. The currency’s fast growth has been driven by three particular catalysts, viz. Crude Oil, Vicinity to the United States and Central Banks and their Quest for High Yield.

Mexican Pesos

I immediately started following the advice on twitter, did my own research with the levels provided and tried my luck and bingo! I got my first success in forex trading! I had earned whopping 5,000$ in this trade! Once I got this very first success, I started studying the brief analyses of Teodoro Lavin, and alongside I started listening to the news about Mexican Peso, its price action and the Banxico (Mexican central bank) news feeds, while trading in other exotics and getting success majority of times. While these sources have a significant role in my success, I think the Twitter predictions were the key. Just be careful to measure things yourself and draw levels before jumping in, also be careful who you pick when following predictions.

 

success in trading MXN

So, friends, all I want to say is that take the right path and right guidance. Don’t assume that you’ll get a random success purely based on luck. Luck factor works but first you should put in your efforts and wait for the right opportunity.

Sources for Fundamental and Technical Analysis:
JFD Brokers, Monex Mexico, Banco de Mexico (Banxico), Dr. Teodoro Lavin Sodi, Bloomberg, Citi Banamex, Inside Futures.

Sources:
https://www.banamex.com/
https://www.monex.com.mx
http://www.teodorolavin.com
https://bloomberg.com

 

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