Prestižní noviny Prague Post: Rozhovor - Ondřej Hartman na téma FOREX trading

Foreign currency exchange (forex or FX) markets are becoming an increasingly popular investment tool for private investors who have access to a growing number of online brokers. According to the Aite Group, a financial consultancy, 615,000 individuals are trading foreign currencies in the United States. Globally, the number of retail traders reaches slightly more than 8 million, making up 8 percent of the total $4 trillion (65 trillion Kč) traded daily on currency markets. The growing popularity has created a demand for "tips of the trade," online guides and books on how to trade currencies.

Ondřej Hartman saw the demand here in the Czech Republic, and launched the FXstreet.cz website two years ago for the Czech and Slovak markets. His site functions not as a broker but as a way for the growing retail investment community to trade advice and read news about currency markets.

The Prague Post: When did you start FXstreet.cz, and how has it expanded since?

Ondřej Hartman: I started in the summer of 2009, and since then, the site has steadily grown in popularity. It's the first independent site on forex trading in the Czech Republic and Slovakia. The site now has 13,000 registered users and is designed for people of all experience levels. They can learn about forex trading from the very first steps up to more advanced trading techniques.

The website's visitors are anywhere from 20 to 50 years old. They're managers, entrepreneurs and workers who have saved some money and want to invest it. These are also people who are willing to take a risk and are looking for alternatives for investment activities.

FXstreet.cz's goal is to create an interactive website that brings together all the traders in the Czech Republic and Slovakia.

TPP: How many people are trading in foreign currencies in the Czech Republic?

OH: Unfortunately, no statistics exist, but through our contacts with brokers and Czech brokerage firms, we have some insight, and we estimate it comes to about 15,000 forex traders in the Czech Republic. As I said, we have 13,000 registered users on our site; that includes simple visitors and readers as well as novice to advanced traders.

TPP: Is forex trading typically done by larger financial institutions like banks?

OH: Retail investors, ordinary traders like us with accounts of a couple thousand dollars, make up only 3 percent to 6 percent of total forex trading. The larger part of traders is made up of the major players: banks, funds, insurance companies or central banks.

TPP: Is it growing in popularity with individuals?

OH: Yes, I think ordinary traders, the individual ones, are growing in size constantly. Every month, our site sees a 5 percent to 8 percent growth in registration, and that's been steady over the past two years. It seems to be one of the fastest-growing investment product sectors in the country.

TPP: Since FXstreet.cz is the first website of its kind in the Czech Republic, how are you marketing this product?

OH: We put a lot of effort into raising awareness about trading in currency markets, mainly by organizing various conferences and seminars, and by working with big economic media outlets in this country. We've published several books on the topic, as well. My book, How to Become a Forex Trader, has been selling very well.

TPP: What is the climate like right now for forex?

OH: Investing in currency is very popular worldwide, and this trend is the same now in the Czech Republic, but there is certainly a lot of room for growth as it hasn't been as highly publicized as other forms of investment.

The world financial markets have changed. The financial crisis is at an end, and we're at the beginning of a new cycle where the old rules and laws no longer apply. Many traders on the stock market are not finding as much success today. The only ones finding success on the financial markets are those who have been able to adapt to these changes and new rules and are not afraid of new ideas. I think forex is one of those new ideas.

Claire Compton

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