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Below is an interview Q&A I did with EvanCarMicheal.com which I shared some history background and some thoughts that would be useful to you.


1.) Why did you start your business and who was your first customer?

I started trading 13 years ago with stocks and shares. In 2007, I started Forex trading and in 2008  concentrated on automated Forex trading. My business started as an associate with a local Forex trading AcademyFX1 and I branch off a Automated Forex Software Server products. My first fews customers are student from the academy. Since then, I have move to VPS Sng server, 3rd party signal, Automated Forex Software, EA products, Online marketing 3-steps to passive income and now my own website www.bestforexranking.com giving away free eBook, reviews on expert advisor and selling my own product.

2.) What is the best finance advice you can give to new entrepreneurs?

” It does not matter how slowly you go as long as you never stop! ” You will have set back and failure, like me but the most important thing is not to lose hope and keep trying, learning and improvement on it. I remember in 2009, my Sng server crashed, with trading results hitting losses due to margin call, which I have to shut down the entire server and offset all trading accounts with my server. This is a terrible setback and took me months to rectify and restart. If I stop then, I will not be able to do what I enjoy doing now. So remember not to quit!

3.) What is the most important aspects of currency trading?

Currency trading is a very risky business. You can earn a few thousand within a day and you may stand to lose a few thousand dollars also. Always manage your risk, calculate your margin call and determine your draw down. Large banks and investment firm and even government has budget spending and balance their risk and losses. They have experts and whole department of analysis looking after the profit and loss because this is important. Managing risk and how much you can loss is very important. Currency trading is not only about profits and winning pips.

4.) Do you recommend using automated currency trading?

Automated trading is a way of earning passive income but you need to get the formula right! This zoom down to selecting of expert advisors, your broker account company support and services, your trading capital and the projected expected yield you wanted to achieve. All this requires time and adjustment in order to enjoy what automated trading can provide you in the long run.

5.) What are some activities entrepreneurs can automate for generating income?

Leveraging and technology is very important if your want to grow and automated your income streams. Leverage on other people’s time, leverage on other people’s money and leverage on other people’s resources. User technology to speed up your processes, use technology to automated your responds and use technology to work on your behalf.

6.) What is your secret weapon to staying successful?

Continuous improvement, continuous learning and dare to try new ideas. My automated trading is deriving from many trading strategy and matching with different trading indicator and setting. I read a lot of books and I am still reading now to improve on my existing trading strategy. I also read a lot of forex blogs, keep in touch with existing Forex news and trends. Things are changing and I am always transforming my thoughts to be ahead of the changes. Saying is easy, actually doing it is touch, nevertheless am trying everyday.

source http://www.evancarmichael.com/blog/2012/06/03/interview-with-sng-chow-how/

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Thank you.

Regards
Sng

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