What is the first thing traders should invest in?

By Artemis Constantinidou, GOLD MAGAZINE; MARCH 2021

📄 Forex trading may be harder than it seems at first glance, but the chances of a trader’s success severely increase when a knowledge of the markets and trading platforms are applied first. Renowned industry expert and director of education at NAGA, Andreas Thalassinos, explains how would-be traders can – and should – educate themselves in order to improve their skills and techniques as well as their financial literacy.

➡️ After 20 years of expertise in various areas of the finance industry, you recently joined NAGA as Director of Education. What made you decide to take up this new role?

🔵 Andreas Thalassinos: When I met with Ben Bilski and Michael Mylonas, the top management of NAGA, we instantly realized that we shared a common interest and vision: to provide traders with correct, valid and easily understood information about the financial markets. The importance of clients’ education, together with our long-term passion, enthusiasm and commitment regarding the FinTech industry, provided the foundations for a fruitful collaboration. As a result, we decided to establish the NAGA Academy within the company, as my vision also aligned perfectly with its mission to give people the means and the knowledge to gain their financial freedom through financial literacy.

🔵 GOLD: What is the significance of having an education department in a Forex company?

🔵 A.T.: One of the most significant pillars on which any business is built is trust between the client and the company. While the financial markets are now easily accessible, there is a lack of proper education within the industry. We aim to provide our clients with all the necessary tools, information, education and support so that they can enjoy a fascinating trading journey. This is achieved with the help of passionate educators, original educational content presented in many different forms and methods, and, of course, our pioneering platform. All these factors together help establish a strong trusting relationship and a long-lasting bond between a company and its clients.

🔵 GOLD: What exactly does the NAGA Academy involve and how does it help the trading community?

🔵 A.T.: As I always advise my students, before you invest in the markets, you must first invest in yourself, and this is what the NAGA Academy is all about. It provides clients of all levels with advanced educational material about trading, in the form of webinars, eBooks, videos, video tutorials, articles, on-location seminars and manuals, all of which are translated into many different languages. Through the Academy, we aim to create a powerful hub of financial knowledge that anyone can follow, comprehend and enjoy.

🔵 GOLD: Based on your experience, what are the key skills that a successful trader should possess and what are some of the most common mistakes made by traders?

🔵 A.T.: The key skills a trader needs are a solid trading system, risk management and self-discipline. A trading system is imperative because it contains all the rules needed to enter the market by buying and/or selling as well as to exit the market with either a small loss or a profit. Risk management is a key ingredient because, by understanding all possible risks, traders are able to use tools such as a protective stop loss, take profit levels and position size, in order to “protect” their capital as much as possible. The third key ingredient is discipline. This might sound generic but it can be crucial when trading. The mindset and psychology of a trader must be on point so that they are able to follow the system and its risk management rules. Without self-discipline, emotions (either positive or negative) will start affecting decisions and this can ruin everything the trader has worked so hard for. Usually, traders who fail lack at least one of these key ingredients. The best thing anyone can do is first invest in knowledge and education before starting to trade.

🔵 GOLD: How easy/difficult is it for a newcomer to get involved in trading? Do you have any advice to share?

🔵 A.T.: The difficulty level when trading the financial markets is different for each trader because it depends entirely on how much time and effort they are willing to invest. If traders are willing to invest time and effort in learning the basics, practice using a demo account and find a trustworthy broker to guide them step by step on this fascinating trading journey, they should be well prepared. Many newcomers enter the world of the financial markets with big dreams and great expectations – sometimes unrealistic ones. My advice is that knowledge is an absolute necessity before anyone starts trading, which is why we assist traders by giving them the correct tools and the knowledge they need to excel in this industry.

🔵 GOLD: What are the latest major trends in the Forex industry with regard to new technological tools and platforms?

🔵 A.T.: Over just a couple of years, NAGA has evolved from a Forex company into a large FinTech corporation, offering a number of services, as well as trading the financial markets. Having access to a long list of currencies and currency pairs, numerous financial instruments such as indices, shares, cryptocurrencies and more are all essential elements for traders. Additionally, state-of-the-art technology is of great significance, which is why we have created an innovative user-friendly platform. Taking everything a step further, this platform has created a massive community of traders and investors who share their daily insights, trades, news, and experiences. Social Trading and NAGA’s Autocopy feature are just two of the many current trends that people can enjoy. Working towards new innovative financial products and services is always important and enhances a company’s relationship with its clients.