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Interview with Head Analyst Jason from Tradesmarter
Tradesmarter is the industry pioneer, and one of the first platforms to offer comprehensive binary options across all major asset classes
Investing.com Broker Interview Questions from Jason, Tradesmarter Head Analyst
1. Please give us a brief introduction about yourself - What is your position? What is your professional background?
As Head Analyst for Tradesmarter I am responsible for our daily market reviews, weekly insights and trader insights with a focus on binary options strategies. I am responsible for the full range of training materials, market research and learning tools that we provide to clients, including charting tools and analysis, premium reports and video tutorials.
2. Who is your target audience?
The majority of our traders are forex traders and retail investors looking to expand into a highly profitable area of trading, leveraging their existing trading skills and knowledge. For these traders binaries offer the simplest way to profit from the markets, either as a stand-alone or complementary platform. Forex traders are expanding into binaries due to the limited risk involved, absence of leverage or spreads and an ability to control the psychological pitfalls associated with forex trading. I would also say that many of our traders are using binaries to hedge their existing forex trades.
3. Why should a trader choose YOU over another provider?
Tradesmarter is the industry pioneer, and one of the first platforms to offer comprehensive binary options across all major asset classes. Tradesmarter stands out from the pack for a few good reasons. First, we are more financially oriented than many of the binary platforms that entered into the market recently, which seem to emphasize trading for fun. We certainly enjoy the excitement of the markets, but we are the only binary options platform actually training clients on how to trade relevant strategies such as hedging and trading on breakouts, or trading key economic events like the non-farm payroll employment report or Bank of England's Official Bank Rate. Secondly, we have created a strong suite of trading tools such as relevant, insightful daily market reports and advanced technical analysis, as well as live market training sessions with our Chief Trader's desk. Finally, Tradesmarter offers segregated accounts for the safety and integrity of our clients. In the end, learning how to trade and profit in a safe and secure environment is what traders care about, and that is just not as readily available as you would think given all the providers out there.
4. Please describe the trading platforms available to your clients?
Tradesmarter offers a completely web-based, robust trading platform based on advanced technology developed in-house. Clients can select from over 90 different assets, or trading instruments, in forex markets, stocks, commodities and indexes. The platform is designed to be simple and straightforward. The 'Trading' section presents the payout for each asset, current price chart and sentiment indicator in order to give our clients an initial indication of whether the market views the asset price rising or falling every hour. Traders can switch between “list view” and “box view,” collapse or expand the options they want to select from, and take a position anywhere from $20 to $2500 per trade. The 'My Open Positions' table on the right is dynamic so traders can follow whether their open trades are “in-the-money” or “out-of-the-money” at any time. And if our traders have any question at any time, they can simply contact us via the Live Chat feature.
5. What other services do you offer your customers to support their investment decisions and/or trading?
All clients at Tradesmarter receive a personal Account Manager to walk them through the process of getting started. Our Account Managers are just fanatical when it comes to customer service, responding right away to any client issue.
Clients can and should expect their Account Managers to provide excellent training and support, daily market updates, access to our Chief Trader's desk and scheduling of more advanced training calls. Clients can also expect to receive our “Hot Picks” daily update by email, in addition to advanced Premium Reports supported by third-party data providers. We also offer a VIP service for our top traders (Premium Accounts), those who are typically more financially capable to invest and are willing to take more aggressive positions. For these clients we offer a Senior Account Executive, attached to the Chief Trader's desk, who works closely with such clients on custom solutions and trading strategies. Our VIP clients can expect top-flight service, including daily calls and tailored updates, trade alerts, conference calls with the Research team, incentives for higher profit targets and more.
6. Walk us through opening an account with your company.
Clients can open an account within minutes. The first step is to enter basic information such as name, country and telephone, and then click on Register to confirm. After confirming their email they will be asked to complete the registration process, including selection of deposit currency (USD, EURO, or GBP).
7. What advice do you have for someone who is just starting to trade the markets?
Step by step! Clients should absorb the basic material we have for first time traders, in addition to familiarizing themselves with the learning tools and resources we offer. New traders should expect to go through a fairly intensive introduction over a few sessions with a dedicated Account Manager. But my advice in general is to start with forex binary options and stick to the major pairs like Euro/Usd or Aud/Usd before branching out into commodities or other asset classes.
8. What would you say are the most common mistakes traders make? What are some of the best trading practices to keep in mind?
As far as the emotional aspect is concerned, I would say loss of focus and trading discipline. Trading can be and is a very exciting occupation, but traders often pile on loss after loss when a break or change-up in strategy is called for. The markets are fast-paced and ever changing, and traders need to be alert to their win ratio for the hour or day and adjust accordingly. In the same vein, some of the best trading practices in my opinion include disciplined money management, knowing when to leverage up trade values on a winning streak and turn a relative win ratio into an absolute one. In terms of focus, one of the best binary strategies is to spot the major trend and trade on it consistently.
9. What’s your view on the economy? What are the implications on the currency, equity and commodity markets?
We were near the brink several weeks ago with a lot of pundits calling the Euro a failed currency. I believe we will continue to see downward pressure on the Euro for a number related reasons, including high debt levels, lower growth and more attractive alternatives like gold futures. Obviously the holiday season will see light trading volumes and in a sense a harder short-term trading environment to predict, but I expect 2012 to open up on a positive note for stronger currencies like the US dollar or Swiss franc. Volatility is here to stay, which favors short term trading over long-term investments, so that is something I would suggest market participants get used to. But the good news is that emerging markets present an excellent source of growth for the global markets, which will reflect in the capital markets including emerging stock markets and stock indexes like the MICEX (Russia) or ASX 200 (Australia), for example.