Forex in Kyrgyzstan

Not sure if you can be a successful trader while being thousands of kilometers away from the world's financial centers?

Meet Erkin Tazabekov, the author of the blog http://fin.on.kg/ and the head of the project forico.kg (the Forex school "Forico" in Bishkek).

Hello! Tell us a little about yourself. What are your hobbies besides trading?

Erkin: Hello! My name is Erkin. I live in the beautiful city of Bishkek. I am a trader. I am 24 years old, but despite my age, I earn more than any top manager in Kyrgyzstan.

I love to travel; I have a trip to Japan coming up soon. I adore Japanese cuisine and culture. Besides trading, I enjoy spending time with girls, going to the mountains with them, walking, and enjoying life :)

We understand that this is an impolite question, but it's a serious inquiry: More than a top manager, how much is that? 5000 — 10000 USD? 10000-20000?

I won't mention specific figures. I know traders who earn such amounts from a single trade. It all depends on the size of the capital.

What does the blog mean to you? Why do you have it?

The blog is a way to show people that anyone can earn in the market, even a young person from Kyrgyzstan.

And what exactly did Livermore talk about?

A great speculator with a tragic fate. He made a lot of money but lost it all due to his overconfidence. Livermore can only be understood when one has a real understanding of the market's crowd psychology. He made excellent profits during crises. He knew where the turning point would be and entered very precisely, exiting when the crowd was just starting to move. For example, I know that the S&P index will stop at 2020 and then reverse; one can sell with hedging through options. It's a good opportunity to earn on an overheated market. People will say it's a crisis, but for me, it will just be selling at the very peak of this bullish trend.

What trading strategies do you use on Forex? Tell us more? Long-term, intraday? Which indicators do you use?

Clean chart. Sometimes I trade ranges. I don't use indicators; for me, price is the indicator. I used to trade with the trend, but there's a saying that trends constantly break. So now I make trades more often against the trend. I take a swing movement (working on long-term, monthly, or weekly charts) of 150-300 points and exit the market.

Do you have favorite trading instruments on Forex? Currency pairs, CFDs?

I trade everything that moves and has volatility: stocks, CFDs, futures. A friend is coming from Korea soon; he promised to teach me how to hedge risks with options. We'll see. Other than that? I don't get attached to any particular instrument. For me, the chart and price are what matter. The principle is the same everywhere: buy cheap, sell dear.

By the way, why such a variety of instruments, stocks and Forex at the same time? :) Usually, those who have moved to the stock markets look down on Forex.

I repeat, I prefer to speculate on any assets, whether stocks, currencies, or, excuse me, pork :)

Got it. Have you tried creating mechanical trading systems (robots, advisors)?

Of course, I tried to create them, but then I realized that it's better to find someone who is already making money in the market and just absorb all their knowledge. The principle is simple. If someone is an expert in something, it's better to approach them than to refer to books, analysts, and other intermediaries that fill the entire internet.

I read in your blog that you plan to become a managing trader and open your PAMM account? Will you participate in the Verified PAMM Trader service? I'm sure this will increase trust among investors.

Yes, I will open a PAMM account soon; let's see what happens.

One, most important, piece of advice for beginner traders?

Find an experienced trader who is making money and become their shadow for a month or two :) Pay for the knowledge; it will pay off in the first month.

One, most important, piece of advice for beginner investors?

Invest in those who can show the results of their trading, and don't put all your eggs in one basket. Diversify! Moreover, invest in real, living traders. For example, you can come to my office, talk to me, watch my trading, have coffee, and just have a heartfelt conversation.