‘It’s no secret that the forex industry had its share of the struggle these past few years; a lot of ups and downs, and as of late, more downs than ups’ says Saurabh Kumawat , young Forex Trader From Jaipur. ‘But ironically the new virus breed has come to save the forex industry’.
During a chat with India Startup360 Saurabh attributes the reason to venture into Forex Trade as none of his earlier ventures like Drop Shipping thru Amazon did not entice him and was not successful.’ I first came to know about Forex when I was just 14 years old. It was three years later at 17, I placed my first trade on a real account’ says Saurabh.
‘I remember the five-dollar challenge learnt at the University of California that illustrated the difference between tactics and strategy. A strategy is a plan for achieving an objective. Tactics, in contrast, are the actions you undertake to implement the strategy. When Your goal is to make as much money as possible within two hours and then give a three-minute presentation to the class about what you achieved, I rather prefer putting the five dollars on red at the roulette table rather than buy start-up materials for a makeshift car wash or lemonade stand, to buying a lottery ticket’ Saurabh is very clear on his Fast buck investment choice.
His answer to a flat question on ‘why only Forex Trade’? – ‘I was simply amazed by a Forex trader who was showing off his wealth. It opened my eyes and I felt it was possible to make huge sums of money from just my laptop. Then I stepped into the World of Forex — with money being my sole reason’.
Saurabh explains the reasons for the growth of Forex Trade in India as ‘Introduction of future derivatives in Forex trading kick-started an upward growth trend for the currency trading market in India, which opened up trading for individuals and investors. This was a privilege only for banks and large corporates earlier. Liberalization significantly boosted currency trading in India by allowing both banks and corporations greater flexibility in holding and trading foreign currencies’.
‘As part of my journey, I got involved in several Forex related trading groups and chatted to my peers to witness stories of people losing money (like me). I then started to provide trade ideas and analysis, which yielded profit & boosted my confidence’ Saurabh explains how he mastered the trade with minimum risk.
When asked about the impact of Corona on Forex Trade ‘You see, during the past few years have seen both volatility and trading volume in forex markets. As volatility decreased, so did the opportunities to capitalize on, and hence the consequential decline in trading volumes. The coronavirus came in to turn things upside down and inside out for the industry. If we were to look at the yearly trend of the search term ‘online forex trading’, we’d see a significant spike in the number of searches starting around the time COVID-19 hit the world’ Saurabh sums up.
Saurabh is also a known name in this field as in a small amount of time he acquired a pretty good follower base on his pages. He is now more interested into Digital marketing field and he does manage some influencers account and help them grow their Social media presence.
Saurabh’s Guru Mantra to new entrants – When it comes to forex trading, arguably the most important habit to adopt is to ensure you check, check and check again.
Saurabh Kumawat can be reached at –
