AtoZForex 40 Forex Leaders under 40 interviews aim to identify and celebrate the current industry leaders in the financial market. Today we meet Mike Andrews nominated for the Forex Entrepreneurial Leadership category;
29 September, AtoZForex – The Forex market is the largest financial market, but still a considerable young industry. It is characterized by the continuous changes in regulation, technology and the market participants. Of the latter, the retail brokerage segment is a key player in the Forex market and often the traders overlook which professionals are working in this branch. To put these professional in the spotlight and learn from their experiences, is the aim of AtoZ Forex's 40 Forex Leaders under 40 campaign. AtoZ Forex nominated the industry's existing FX leaders that are at the forefront of shaping the future of the industry.
Meet Mike Andrews, he is one of the existing FX leaders with the drive to leave behind a memorable legacy in the Forex market. Mike Andrews started his FX career in 2001, working for numerous of leading institutions as a technical analyst to a Chief Market Strategist. Since then he has cultivated his entrepreneurial ambitions and launched his own brokerage TempleFX. What can we learn from his success?
Quyen: What is your biggest motivation in life?
Mike Andrews: "I have a few…. On a personal level it’s my amazing wife, my understanding parents and my beautiful children of course. On a business level, it’s my personal ambition to be the best I can be and for all those around me and those who show trust in my efforts and decision making. Ultimately, it all comes down to balance in a person's life and knowing what is right and what is wrong. Naturally, we cannot please everybody but I am motivated just by simply knowing I did my all for the purpose in hand."
Quyen: What brought you to the Forex market?
Mike Andrews: "I studied macro economics and always had a peculiar interest in the markets, but it wasn’t till I moved to Hamburg, Germany in 1999 that my interest in currencies and currency trading enhanced. The year I moved to Germany was the year they obtained the EURO currency in place of their traditional Deutsche Marks or German Marks and I saw the immediate impact it had on EVERYTHING! Such as how much a person had in their bank accounts, to the price of bread, how it affected instantly ones purchasing power but ultimately how the change from DEM to EUR also inflated prices as a whole. It was this moment exactly where I decided, I needed to know more about it and so I did."
Quyen: What was your biggest challenge during the first two years in the FX markets?
Mike Andrews: "My ego and my emotional state of mind, I had to learn fast on how to control my mind but understand the nature of the business, from both the trading side but also from the brokerage side. Both sides do have their emotional strain on you but in very different ways. I am very thankful to a professional trader I know, who helped me find the right way in controlling the mind."
Quyen: What is the biggest achievement you have had so far?
Mike Andrews: "I think the biggest achievement I have had so far is launching my own brokerage firm under FCA regulation. From our 1st month of operation, we had strong sales numbers of which have continued to this day. I look at this as an achievement, simply because in an arena full of FX brokers and at first glance may seem they are all offering the same thing, having to find that niche that does actually separate you from the rest, this is the achievement I am proud of most."
Quyen: What do you love the most about your current job?
Mike Andrews: "Very easy to answer this because I am doing what I love. I fell in love with Currency trading over 16 years ago and I am now fulfilling my life ambition."
Quyen: What is your dream?
Mike Andrews: "So many dreams I have for me, for my family and my close friends who are a part of my life. Overall, my main dream is to leave a legacy of a man who was kind, understanding, giving but above all else an honorable gent."
Quyen: What is your vision of the FX market?
Mike Andrews: "Well, I think volatility is here to stay at least for the medium term, trading FX for sure has its benefits due to the extreme liquidity in these markets. There seems to be too much regulation of late, and while I totally agree with regulation to be in place of course, too much however can and does ruin the competitiveness needed within any market. I still feel online trading of FX and online trading in general is still in its infancy and there is much more to be expected from it."
Quyen: Is there anything you can advise to people freshly entering into the brokerage side of the retail FX?
Mike Andrews: "EDUCATION & KNOWLEDGE and if you’re lucky enough to have a brilliant mentor with the ’KNOW HOW’, then that could be the difference between success and failure. There is so much to learn in this industry so many avenues and alley ways so to say, that one can take and follow and pursue a successful career in FX, it truly is an amazing industry to be in and part of."
Do you know any other Forex Industry experts qualifying the 40 Future Forex Leaders under 40 nomination? Contact us.