FX PIP CHAMP is an online educational website that offers Forex training programs — one-on-one, group training, and online tutoring. Their aim is not to teach some particular skills but rather to set an applying new trader on a path of consistently profitable trading. Abhijit Kulkarni is the head of the facility. He offered to answer some question regarding their vision of modern currency trading education:
What is FXPipChamp.com and why traders should know about it?
How did you come to Forex trading and what was your education in it?FX PIP CHAMP is an initiative to provide the best Forex trading education in a most honest way. We are committed to be with our traders in every trading situation and until their financial goals are achieved. Our target is not to just sell a trading system but to help our traders to trade successfully by providing continuous support for their trading. As mentioned on our website, ‘From our vast trading experience and extensive research, we’ve observed that every person is having unique trading psychology. As a result, one trading system cannot be suitable to all’. This is the reason; we first interact with our traders and then decide about the trading system for them. If needed, we create a new system too in order to ensure the success of a trader. Apart from the trading systems, we are also providing the professional education program for those who want to build their career in Forex market or to trade Forex for a living.
How did you decide to start your own educational facility? What led to its creation?Honestly speaking, I am from Graphic Designing & Animation industry as art has always been my passion. But when I came to know about Forex trading, I found it challenging and I love challenges. When I started learning about it, I thought ‘Trading Forex with perfection is an art’. Then I started searching for more detailed information about Forex market and realized that only 5% traders achieve success at Forex. This thing challenged me too to get involved into this market, and after that I began studying it thoroughly. Obviously, the high profit potential was also an attraction point.
You talk about brokers’ manipulation. Do you have any specific advice to avoid manipulative brokers?As mentioned above, when I realized that only 5% traders successfully operate in Forex market, I decided to start my own educational facility. But before starting it, I had to achieve the maximum perfection in Forex trading and for that, I did extensive research for long time. Another aim was to create a team of passionate Forex traders where passion was the only requirement. I always believe if you have a passion then you do not need to put extra effort to achieve perfection.
I also came across the reality of how some brokers can manipulate the things and can play with the money of traders. This thing also led me to think seriously about starting the educational facility where traders could receive the knowledge without any barrier and manipulation.
With such an abundance of free educational content available to the beginners, is there significant interest in formal educational programs at all?Actually, there are various things to be considered to avoid manipulative broker. But the very basic advice I can give is: ‘Avoid market makers and try to go for the broker to whom you can approach locally. And the most important thing is the broker should be regulated.’ Other than this, there are many factors to be considered and we do teach it to our students so that they can avoid manipulations with their hard earned money.
What makes you stand out among other similar programs available online?You are right; there are many online sources available that help to understand Forex from the basics. But the most important thing is when you start Forex trading, how you survive in the market and how you maintain the consistency of profit making. When it comes to make profits consistently, no one can do it without proper knowledge, practice, research, and education. Also, it is good that nowadays many traders are looking at Forex market as a good career option and many have started trading Forex for a living.
The unfortunate thing is, education of Forex trading is only limited to making profits. But the fact is, Forex is a very vast industry and there are many aspects of it. One can make a steady career with it and this is what we teach exactly with our professional education program.
It looks like you pay a lot of attention to system testing. What software do you use for that?‘We are there to help our traders in every market situation’. This is what I think the most important thing that describes our approach. Every day, Forex market challenges you in different ways but if you have experienced traders to guide you, then you can trade with more perfection.
Do you employ backtesting and optimization? How do you deal with data-mining bias?We have our own software to test the systems and we test it manually too. By doing this, systems are tested twice. You cannot rely on a single way to test the things. Our traders execute the trades on the basis of trading systems provided by us and before handing the system to them, it is our duty to check it thoroughly. We test the systems for two reasons: (1) To check how profitable it is (2) How to make it more profitable. This approach helps us to improve the profit probability of each system. After all, increasing the profit probability and minimizing the losses equals successful Forex trading.
What is your opinion on tick charts and their analysis?Yes, we do the backtesting and optimization. Our team is well capable of doing it with high perfection. When it comes to deal with data-mining bias, we not only backtest the systems/strategies, but we forward-test them too before giving them to the trader. Sometimes, we also use trading simulators in order to avoid data-mining bias and related errors.
What is your view on merging technical and fundamental analysis?Obviously, tick charts are good for trading, but, in my opinion, one should have good experience before going for it as it could be confusing at some times for beginners. Everything has its own advantages and disadvantages. But if you are experienced, you can deal with both more maturely. We’ve developed some strategies for tick charts and all strategies are performing well.
Is money management an important topic in your educational program or do you consider the importance of the subject overrated?If you want to stay alive in Forex market for a long time, merging of technical and fundamental analysis is a must. The logic is very simple: one should have the knowledge about what moves the market and then how market will behave. If you have a base of fundamental analysis for each of your trades, then the probability of making profit is many times higher.
What is your favorite position sizing method?Of course, yes. Money management has always been an important topic and it should remain important. With good money management plan, you are increasing the chances of your success in Forex market. Apart from fundamental and technical things, when it comes to your psychology of trading, money management plays the key part. If you are relaxed while trading, then you trade more accurately. Money management is the only thing that can keep you relaxed and confident while trading.
What is the single most important recommendation you would give to new trader without a trading system?When it comes to position sizing, one should have a clear picture in mind about his/her risk appetite. I always fix the risk percentage I am going to take before entering a trade. And the other most important factor is, I love to keep my positions open for a long time. If you have a risk percentage calculation clear in your mind, then keeping your positions open for long time is easily possible.
How can aspiring traders enroll into one of your education programs? Do you offer your services in electronic form only or is there some local offices where one could see the study process?I would like to share the same advice that I share during my seminars or interviews – ‘Stick to the basics and never give up’. No need to do anything extra in order to become a successful Forex trader.
Currently, when it comes to international level, we are enrolling our traders through electronic channel only. And if traders want to learn live, one of our Mentor visits their place to teach personally. But when it comes to the domestic level, we conduct live seminars and workshops here in India. And when it comes to observing the study process, we are doing it currently through the best electronic platforms available at the moment. Very soon, traders will be able to access our very unique software through which they will be able to stay in touch with us anytime and much more is included in the software. Also, by the end of this year, we will be shifting to our own office premise where well equipped seminar hall and research lab are made available for our traders. And within next 6–12 months, we are planning to start the same in 10 major countries. The countries will be disclosed on our site as we are in the middle of the process. Through this trusted platform, I would like to take an opportunity to invite interested persons who are having good experience in Forex to become our regional partners as we are looking to expand our reach globally.
If you have some additional questions you wanted to ask Abhijit or if you have any ideas for the future interviews, please post below.