Networking to Unleash the Power of Forex

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greg secker - wall street

Despite a daily average trading volume averaging $2 trillion and at times exceeding $5 trillion, many investors overlook and underestimate the impact of the Foreign Exchange, aka “Forex.” If Greg Secker and other mainstays in the exchange are successful in trumpeting the potential of Forex, a new generation of investors will soon join the ride.

Forex trading focuses on currency exchange. If a cheese distributor in Wisconsin, USA wants to sell product to a grocery store chain operating in Germany, then the grocery store owner needs to pay the distributor in US dollars instead of European Euros, meaning a currency exchange must occur.[1] Forex is the financial apparatus that makes the exchange possible. Inasmuch, Forex trading can occur any time of day or night, from remote laptop computing locations around the globe. Investment gurus like Greg Secker thrive in currency forward and futures investing. In the forwards and futures market, investors buy and sell “contracts that represent claims to a certain currency type, a specific price per unit and a future date for settlement.”[2] Large companies, in particular, like to buy and sell the forwards and futures contracts as they work as a hedge again the inevitable currency fluctuations. That said, speculators gobble the contracts, too, creating an ideal situation for growing the individual investor’s wealth portfolio.[3]

The Power of Networking

One of Forex’s biggest draws is decentralization, meaning an investor in Singapore has the same access to the exchange as say an investor in London. With a host of new and inexperienced investors turning to Forex, it becomes vitally important for investors to have the tools and connections they need to enjoy strong returns. Greg Secker, for one, believes in the power of networking. In addition to connecting novices with experienced Forex traders, strong networking opens doors to new connections – allies – in the quest to build wealth and a diversified portfolio. [4] “It’s important you surround yourself with like-minded, ambitious people,” notes Secker as he talks about the free workshops his firm offers, adding that successful Forex networkers, “obtain a higher level of trading knowledge and excellence to tap into the unlimited earning potential.”[5]

The How of Networking

The idea of networking is good in theory, but the question remains, “How does it help?” For starters, networking helps the Forex investor with issues of “self-awareness,”[6] which Greg Secker insists hinges on surrounding oneself with like-minded individuals. With a cadre of supportive colleagues and friends around the Forex investor, the investor can develop a “verbal presentation of your (sic) values, beliefs, and professional experiences.”[7] Eventually the investor is able to produce a “30 Second Elevator Speech,” that forges strong connections within the network while building confidence in the investor.[8]

Greg Secker adds that strong networking creates good listeners. Why would an investor need to be a good listener? Two reasons. For starters, the listening skills that networking affords the investor offers the investor ample opportunity to gather information about the performance of particular investments while also learning “tricks of the trade” from established investors. Also, good listening may move the investor toward excellent leads.[9] Leads are an essential component of successful investing, as they offer the novice additional connections with seasoned investors who may have insight into the performance of certain offerings on the market.

Surprisingly, a Forex investor attuned to the importance of networking is often viewed by peers as a caring colleague. For Greg Secker and others, an investment networker’s commitment to promises, timelines, and business agreements with peers helps to establish the professional reputation of the investor.[10] If an investor models warmth and genuine concern among others in the network, it signals, “this person genuinely cares about my success.”

 

The Open Mind

Perhaps the most significant impact strong networking brings to the individual is the potential to “open one’s mind.” Noting that successful people tend to surround themselves with other successful people, Greg Secker argues that being on the trading floor with the pros offers the novice robust opportunity to gather and consider new ideas and techniques. “The Trading Floor provides the optimum environment for you to surround yourself with experienced traders and gain from one-to-one interaction,” notes Secker, adding, “there are so many social networking events and seminars to attend and it’s important those who want success are surrounded by people who want it too.”[11]

Bottom line? Strong networking acumen is the key to success in the Forex market.  Connected investors acquire the tools and relationships needed to thrive in the vast, decentralized world of Forex. That said, Greg Secker reminds would-be Forex investors that strong networking also implies that the investor works hard at sustaining the network. “Networking opens up doors for people and it can do for you but networking is just the beginning, it’s maintaining that network that matters most.”[12]

Resources:

[1] Extracted from: https://www.investopedia.com/university/forexmarket/forex1.asp, 2017.

[2] Ibid.

[3] Ibid.

[4] Extracted from: https://www.learntotrade.co.uk/the-importance-of-networking, 2017.

[5] Ibid.

[6] Extracted from: https://www.huffingtonpost.com/entry/the-importance-and-value-of-business-networking_us_5983209ae4b03d0624b0ac65, 2017.

[7] Extracted from: https://www.huffingtonpost.com/entry/the-importance-and-value-of-business-networking_us_5983209ae4b03d0624b0ac65, 2017.

[8] Ibid.

[9] Ibid.

[10] Extracted from: https://www.learntotrade.co.uk/the-importance-of-networking, 2017.

[11] Ibid.

[12] Ibid.

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