“My opinion is that every market will have good periods and bad periods,” OANDA’s head of education and market analyst John Kyvetos told Gulf News. “Our school has university students, employees and people from all different walks of life,” Abu Hantash said. “That’s why people are motivated to look for a new way to make money.”Īccording to Abu Hantash, forex trading is more popular in the UAE than ever before, citing the number of brokers that have sprang up.
“There are two reasons people join: people are looking for extra income or they follow marketing adverts that show people making $3,000 online,” 10-year-trader-turned-OTA general manager Tareq Abu Hantash told Gulf News. So when he heard about the Online Trading Academy (OTA) of Dubai, he decided to take the plunge. “Trading is a proper profession where you need a reputable education for it.” “The one reason that fueled my motivation in becoming a full-time trader is the fact that I am excited about the challenge being successful in a discipline that is notoriously difficult,” he said. This is a rise from the website’s triennial reported turnover of $4 trillion in 2010.Īnd it doesn’t seem like it’s slowing down.īut to Skorupinski, the appeal to trade came from not only investing in an open market that requires little to feed and leverage, but also investing in himself. Rather, forex trading is conducted 24 hours a day, 5 days a week and, according to EconoMonitor, had an average daily turnover of nearly $5.3 trillion (Dh19.5 trillion) by the end of 2013. Unlike the stock market, there is no central marketplace like the New York Stock Exchange. “I quit my job in October and ever since I’ve been trading full-time.”įoreign exchange currency trading, commonly referred to as forex, is a market where banks, businesses, investors and traders come to exchange and speculate on rising or dropping currencies.
“I started my education in forex trading in January 2015,” he said.
Dubai: When Bernd Skorupinski came to Dubai by way of Germany six years ago, he had no idea he would leave his job to become a fulltime trader.Īctually, it took him five years to realise that’s all he wanted to do.
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