Phone: +61 3 98665332
Fax: +61 3 98667057
Toll Free: 1800 367 392
499 St. Kilda Road
Interview with Steven Dooley, Head of Research
An informative interview with Steven Dooley.
What is your name and position in the company?
Steven Dooley, Head of Research
What is your professional background?
Originally I was a journalist covering finance in Australia and the UK It was at this time that I became more and more interested in financial markets.
After returning to Australia, I looked to take a more markets based role, first with a division of the UK investment group Aviva. From there, I managed a team of traders as a Head of Research and Traded for five years until I moved to ForexCT in 2010.
Could you please describe the services your company offers for the Forex market?
ForexCT provides high-end forex, commodity and CFD trading services.
We provide over 40 FX pairs, the leading commodities such as oil, gold and silver and major stock market indices and shares.
Who is your targeted audience?
Forex traders that understand the importance of safe, secure and transparent trading.
ForexCT’s focus on providing the best risk control mechanisms in the market has seen many sophisticated traders switch from our competitors.
Our experienced account managers have the skills to provide assistance to both novice and the most experienced of traders.
The ForexCT group has clients in over 100 countries. This global reach has allowed the company to become an increasingly important player in the Asia-Pacific region. Many of our clients are located in Asian countries and our strong reputation and the positive effects of word-of-mouth and personal recommendations have allowed us to greatly expand our client base.
Who are your main competitors in the Forex market?
Our main competitors are the major Australian CFD and forex providers.
Our high net worth clients will often have previously traded with the larger Australian stock brokers.
What are the main advantages you have over your competitors?
Our main advantages can be broken up into two major areas.
The first major advantage is due to our trading conditions. ForexCT has fixed spreads, free guaranteed stops, no slippage and no margin calls. Anyone who has traded for any amount of time can see why this is so advantageous. Importantly, but having free guaranteed stops and no margin calls, clients can be assured of the market’s best risk control facilities.
Our other major advantage is the high level of research and education we provide to our clients. With experienced account managers and a market leading research team, our clients find that they have a real partner in helping them navigate financial markets.
What kind of support do you offer to your clients?
We provide the highest levels of support available to forex traders.
ForexCT hires the most experienced account managers to help our clients understand how to profit in the forex market. Many of our account managers have previously been interbank traders for major Australian banks and have been hired specifically to help our clients with their trading.
We have frequent live and online training sessions to help clients develop their trading skills. Our research is second-to-none and research team is often featured in leading newspapers and TV programs.
What are your personal thoughts on how the financial situation is affecting the Forex market?
The forex market has benefited significantly from the impact of the global financial crisis.
The GFC has made traders more aware of the deficiencies in share trading: inside information, de-listings, gaps and illiquidity. In particular, the banning of short-selling in 2008 was seen as the major driver of traders into forex, as traders were able to continue to short-sell forex while they were unable short-sell shares.
The major forex providers in Australia have seen a significant increase in volumes over the last four years and we have shared in this increase.
In the next few years, where do you see the Forex market heading?
I believe the forex market will see more traders increasingly focus on this market.
Most traders first start trading shares, but after a while, they begin to look for a market that provided a better trading experience.
We find that most share traders will start to trade forex as a side business for some time before making the switch to trade forex full-time.
We believe that over the long term, the advantages of forex become obvious and we believe this will continue into the future.
Forex is the most exciting market in the world and, despite its reputation for risk, can provide some of the best risk control mechanics in any financial market.
Also, because it is easily scalable, it’s the perfect market for traders that are taking their first tentative steps into the market.
Of course, it’s crucial that new traders have support – but it’s even more important to remember that trading is an exciting and thrilling experience. Traders should enjoy the process of learning, developing and refining their strategies. There’s no greater feeling than making that winning trade.