These 3 Singaporeans didn't have it easy from the start. But through hard works and unyielding determination, they turn things around to become successful traders.
Successful traders have proven that making money in forex trading is not an impossible feat. Not only those who come from G7 countries, but many inspiring stories have also been made by successful traders around the Southeast Asian region, particularly in Singapore. Known as one of the major financial hubs in Asia, there is a lot of opportunities one can meet from financial activities in Singapore, including forex trading. Here are the three prominent figures who have made a living from forex trading in Singapore.
1. Rayner Teo
The multitude of technical indicators in trading can cause confusion among beginners. Rayner Teo, however, has effective tips worth trying. A successful trader and founder of TradingwithRayner from Singapore, Rayner Teo used to invest in stocks before changing his focus to the forex market. His failures in the stock market had taught him a precious lesson: plan an exit before opening any positions.
Yet, his journey as a forex trader didn't take off immediately. In fact, he was hit by a drawdown of 50% after 3 years of trading. His moment of glory came after he learned from his past mistakes, which mainly revolves around the issue of trying too many strategies and indicators. It's a good thing that he realized that quite early because then he was able to reflect on his trading psychology and took the conclusion that trend-following is his best match.
Amazingly, he managed to turn years of losing trades and gain all of his losses in just 6 months. His account continually earns consistently from then on, confirming his success as a forex trader.
"I've more than 500 trades that hit my stop loss. I've lost 50% of my trading capital. More than 30 times I thought I will hit a home run only to be stopped out. I’ve failed over and over again in trading. And that is why I succeed," said Rayner Teo.
To share his forex trading tips that actually work, here are the 12forex trading tips by Rayner Teo in brief:
- The longer the price ranges, the harder it breaks.
- Beware the volatility contractions.
- Breakouts preceded by contractions offer good opportunities.
- Increasing Lows with consistent Highs build-up to an upward breakout.
- Decreasing Highs with consistent Lows build-up to a downward breakout.
- Know how to find low-risk and high-reward trading setups.
- Don't put your stop loss at an obvious place.
- Trading with the trend offers a greater profit in the long term.
- Use the limit order.
- The best pullback is the first pullback after a breakout.
- The market is unlikely to re-test the levels you're looking at.
- Trading during a false breakout can be profitable.
2. Adam Khoo
If you love to watch trading tutorials on YouTube, it is likely that you have visited Adam Khoo channel. There, he shares his knowledge about trading, either for beginners or advanced traders.
Adam Khoo is a trader, motivator, and author from Singapore. He established a number of training institutions such as Piranha Profits for traders, Wealth Academy for investors, and Adam Khoo Learning Technology Group (AKLTG) for children and teens. In addition, he wrote best-selling books such as Secrets of Self Made Millionaires, Master Your Mind Design Your Destiny, Secrets of Millionaire Investors, and many more.
Born in 1974, he managed to become a millionaire at age 26. He read Warren Buffet's book about investment when he was 15 and started trading during his time in National Service. His academic achievement was brilliant as he graduated from the National University of Singapore as one of the 1% (the best college students).
Adam Khoo, however, was not always an academically bright student. He was expelled from primary school when he was 9. The results of his Primary School Leaving Examination were so poor that he did not qualify for any of the six secondary schools of his choosing. He eventually enrolled in a new public Ping Yi Secondary School, far from a popular destination for students.
The turning point in Khoo's education began when his parents enrolled him for a five-day motivational training that applied neuro-linguistic program (NLP); a psychotherapy method developed by Richard Bandler in the 1970s. The solution improved his learning method effectively. Khoo would go on to become a top student and enroll in his dream school. His educational brilliance is transmitted very well into his financial life. In 2008, he was included in the list of top 25 richest Singaporeans under 40.
Despite his success and inspirational stories, Adam Khoo today is not as famed as his younger self. He rarely appears on media like in the old days. It turns out he has a different priority now. In the past, he was busy with amassing wealth and gaining profit. Today, however, the family is his number one priority.
"I spend more time with my kids and my wife than I do working. I've actually changed a lot in the last 8 years. In my 20s and 30s, my dream was to buy a Lamborghini, buy a bigger house, like most Singaporeans. Right now, it's totally unimportant to me," said Adam Khoo in an interview with Rice Media.
He explains that his life values shift as he gets older. Nowadays, his focus is on family and spiritual things instead of a fortune. "Now I don't even own a car. I took a Grab to office," he added.
Adam realizes that his children are growing up fast and his wife is approaching old age. He becomes aware that his time with his wife is numbered. He said, "My wife said something that really hit me when it was her birthday in October: that we may have only 25 or 30 birthdays left to celebrate together."
Adam feels he has fulfilled his dreams relating to money and wealth. He said he had got more money than he could ever want and generated more money than he could ever spend. He even feels that money doesn't give him happiness anymore.
Aside from spending time with family, teaching is his source of happiness. Adam, a father of two, dedicates his time to build up his YouTube channel of trading instructional videos. In fact, he is very passionate about being a trading mentor.
"Grooming people to create a second income and build their wealth is what really excites me now."
Adam is very generous in sharing his knowledge. He does it in detail and for free on his YouTube channel. With a total of more than 5 million views, he is a trading mentor whose videos are the most viewed on YouTube. Also, he nets around 380 thousand subscribers.
The life of Adam Khoo could be a lesson for traders. Fortune is essential to fulfill your dream and live a comfortable life. However, there are things more important than profit and wealth: family and your loved ones. Be sure to adjust your precious time between and spending quality time with family.
3. Karen Foo
Being a victim of bullying does not discourage Karen Foo from trying and thriving. The Singaporean is now acknowledged as a world-class financial advisor. She has been invited to speak at multiple international events in various countries such as Brunei, China, Hong Kong, and many more.
Over the years, she has won multiple awards in forex trading including:
- Ranked #1 in Singapore Nationwide Forex Trading Competition 2015
- Ranked Top 25 in Asia 2 times in Forexball International Trading Championship
- Ranked Top 10 out of 3000 traders from over 30 countries in FX Street Contest
- Ranked Top 20 out of over 1800 traders from over 20 countries in 2016 Trading Contest
In academics and sport, she won 3 silvers in Singapore Masters Swimming Championship 2016 and 3 bronze medals in the National University of Singapore swimming competition. In public speaking, the highlight is her inclusion in the Top 30 Financial Experts of Asia by Street Smart University. These awards and achievements round off her career as a full-time trader. She is living proof that a bullying victim can fulfill their dream too. Due to this, she is frequently invited to be a motivational speaker for events participated by CEOs and top investors.
Karen is also trusted as a jury at numerous public speaking competitions on both national and international levels. She shared some of her experiences in her books such as Turning Ideas into Profit and Your Cash Moves, the preface of which is written by Adam Khoo.
Besides events and books, Karen can be followed on her YouTube channel "Karen Foo", website www.karen-foo.com, and Twitter @KarenFoo8. She actively shares motivational words, tips, tricks, experiences, and strategies in forex trading through her social media accounts.
Karen Foo has grown into an inspirational person. Behind the success, however, she faced a lot of setbacks in the past. Below are the transcripts of her interview with Asianentrepreneur on her journey to become a confident motivator and successful full-time trader:
How does your career begin?
"I was always the quietest student in school and bullied because of it. Some teachers and relatives wondered what was wrong with me because I was just so quiet. I was also really bad at my studies. Fast forward to today, I'm a full-time trader and have spoken at multiple financial conferences and events, helping others become successful traders."
What excites you most about your industry?
"The financial industry is growing every single year with new ways of investing being introduced. Recently, with the hype of cryptocurrencies, I constantly have to learn new things so that I can keep up with the latest investment opportunities. Every day is a different ball game and that's what I like about being in my industry. I also love the topic of finance so the learning process itself is already exciting to me."
What is your favorite city for business and why?
"Definitely Singapore! It's a financial hub and being a financial trader and educator myself, this is almost equivalent to being in heaven. I also have a lot of supportive mentors in Singapore who helped me in my career and business. My favorite aspect is the amount of co-working spaces available here in Singapore."
What’s the best piece of advice you ever received?
"My favorite advice has always been from my public speaking mentor. He taught me a lot of lessons on how to become an effective speaker but there was one piece of advice that stuck with me forever. 'People will do business with you as long as you produce results. Your age and gender will not matter as long as you can deliver'. I had doubts because of my young age when I started out as a speaker and this advice helped me greatly."
Who inspires you?
"Aside from my mentor, Gary Guwe, whom I mentioned in the previous question, I was always inspired by Adam Khoo, who is a friend of mine. His story of coming from a divorced family and going from bad grades to scholar really resonated with me a lot because I went through the same thing. Without him, I probably wouldn’t be doing what I am doing now. He is like a father figure to me."
Any experience that draws your attention?
"I spoke with a friend; he shared with me an incident where he wrongly applied something that he read from a book. He taught me one very important lesson. When you read a book, you need to understand the context in which the author wrote the book. Instead of blindly applying the principles that the author penned down, it's good to think about what the author is thinking at the time he wrote that tip."
If you had your time again, what would you do differently?
"I would start learning how to trade and invest earlier. I only started to get serious about it when I was 21 years old. I would also strive to overcome my fear of public speaking when I was in the primary school because I only overcame it when I was 19, by that time I had already graduated from high school. I would tell myself to just pluck up the courage and make the speech. Even though I might fail, at least I can look back and tell myself that I tried."
How do you rest when alone?
"I swim every day so that really helps me to get my mind away from work. I go for a spa at least 3 times a week. I also meditate at the same time. I find that it helps me with my productivity the next day. A lot of entrepreneurs neglect working out and meditation. What I find is that the top CEOs and hedge fund managers would find time to meditate and workout every day. So if they can do it, there is no reason I couldn’t find time to do it."
What is your Favourite Asian destination for vacation? Why?
"Malaysia, especially east Malaysia. There is just something about the mountains, island, and ocean view that helps me relax and get my mind away from the hustle and bustle of city life in Singapore. Not to mention, the food there is absolutely amazing."
Any book recommendation?
Crushing it by Gary Vaynerchuk.
Karen Foo's journey from a bully victim to a successful full-time trader is nothing short of inspirational. Despite the setbacks and difficulties, she is able to fight her way to the top. Through her life, traders can learn that hardship is not merely an obstacle, but rather a motivation to fulfill the dream.
For more inspirational stories, take a look at 8 Successful Malaysian Traders Revealed.