Teaching Forex Trading Techniques
Hawaii Forex’s Derek Ching explains the foreign
Derek Ching says teaching is the best way to learn. He’s teaching people in Hawaii how to make decisions on the foreign exchange market with his company, Hawaii Forex.
“Trading is not easy to do,” explains Ching. “We decided to start Hawaii Forex because Mainland companies would come, give a seminar and then leave. We wanted to have an accountable presence in Hawaii.”
Forex stands for foreign exchange. Ching says it is the largest financial market, and it’s a 24/7 hour trading time from Sunday at noon through Friday at noon starting with the Asian market and ending with the European and New York markets. Investors can start with as little as $300.
“People feel intimidated by the market as it is,” says Ching, a Moanalua resident. “We think of ourselves as your local friend in the market of online currency.”
Ching notes that others say Hawaii is an ideal location to trade as people on the East Coast need to wake up at 2 or 3 in the morning, whereas Hawaii people can start at a reasonable time at 9 in the evening before they go to bed.
Ching gives Forex 101 group sessions, and the company has a sample online account where clients use $10,000 of play money to give it a whirl. The Punahou grad developed his sessions by teaching someone who knows nothing about trading in three days. Those concepts are used as the lesson plan to help newbies and the more experienced trader.
Hawaii Forex started in June 2004, and has since developed its own Hi4X Dealbook, which displays graphs helpful in making trading decisions. Hawaii Forex teaches AIME, which stands for assess, identify, move in, monitor, move out, and evaluate.
Ching, a Salt Lake resident, has 10 employees who support him in putting together as much information online as possible. Web conferences are also a vital part of the training process. Occasional larger seminars are given, followed by two more ways to help the investor learn. The first one is an online group traders lab held from 9 p.m. to 6:30 a.m. Hawaii Standard Time. The second is a coffee get together where questions covered include what did we learn, how can we do better, what went right, and what went wrong.
“There’s two ways to trade: technical and fundamental,” explains Ching. “We prefer technical as it’s based on how the buyers and sellers reactions are, versus the fundamental way, which is in reaction to news stories that we feel are too late for us to do something about.”
Ching is a licensed series 3 broker, and a member of the National Futures Association.
Hawaii Forex offices are located at 345 Queen St., Suite 900. Office hours are 8:30 a.m. to 5 p.m. For more information, call 838-7500, ext. 703 or log onto www.hawaiiforex.com
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