In depth interview covering the direction of the online forex industry, FOREXYARD's plans for the future, and general advice for forex newbies. This interview was actually done back in late 2007. Nevertheless, I thought it was a good read for those interested in forex trading, and its always interesting to get some insight from someone who actually works in the forex industry.

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What is your Name & Title?

Michael Thomas (Dealing Room Manager)

What is your professional background?

Professional dealer for over 5 years. Headed forex, options, commodity, and stock/bond dealing desks and managed brokerages over the past 7 years.

Who are your targeted audience?

Private Customers as well as professional forex traders have been using Forexyard.com's forex trading solutions for the past 3 years. From traders just beginning their journey into this intense new market, to those with years of experience - FOREXYARD tries to deliver the most important aspects of trading to its customers 24 hours a day. After all, execution is the most important pillar of trading, and FOREXYARD.com delivers every time!

Is your main focus of your business online or offline?

We have both solutions readily available to all of our customers meaning that those who are away from their computers can utilize our dealing room 24 hours a day to place orders, open new positions, close trades or simply request some information about where the market is and where it may head. That's why I believe that the added value in this market is actually the offline service we can provide our customer - information is the key to making money in this market and we wish our customer use the dealing room as often as they wish. We provide this service at no cost and to all of our customers, regardless of account type or size and support is provided in Arabic, English, French, Spanish, German, Italian, Russian, Chinese, Portuguese, and more.

Why should a trader choose Forexyard.com over another broker?

I believe that in today's market, price (or spread) is almost of no relevance. Rather, service and support becomes the real commodity. We believe that providing a customer with an edge in a market where no other broker provides information, analysis, and direction - and all over the phone at the customers' leisure, is the added value most new and even experienced traders are looking for. This is the reason we open more accounts in a single day than most brokers open in a year. This is also why customers return and bring friends and family to trade with us - we simply care enough to give them a little bit of the edge needed to succeed in a tough market. This is not the norm in the Forex market where online brokerages rather simply send an e-mail than speak to the customer on the phone and learn who he/she is and what are their needs. That's our expertise.

What advice do you have for someone who is just starting to trade the forex market?

I think education and experience are key and they go together. Meaning, I don't think you can learn to trade from a course or from a book. That said, you need to know the basics of trade in order to succeed. I suggest to all my new customers who are unfamiliar with markets in general and specifically with the Forex market, to take part in an online or offline course while having a real account open. The reason is fairly simple, to trade a demo account is frankly a waste of time and teaches nothing more than where to buy/sell, how to place orders and other "technical" issues - not trading issues. This is the reason I suggest customers open even the smallest account (Supermini Accounts) and trade the smallest lot size available. FOREXYARD allows customers to trade with as little as $100. I think that this sum is a viable first step into the market. With a course or technical analysis book in hand and a new account in tow - trading can be learned and experienced at a very low cost and eliminating almost all real risk.

How different is the forex market today from what it was a 2 years ago?

I don't think the Forex market has changed very much in the past 2 years. I think that a positive trend has been in place for that period in terms of service. I have to give credit to many brokers for doing a good job of catering to their customers. I think that this element was somewhat lacking prior to this period and many customers felt that the brokers were simply out to cause them to lose funds. I think that has somewhat changed in recent times and I think we are very much part of that positive trend.

Do you also offer Fund management services?

We do not and will not offer such services as they pose a serious conflict of interest to our employees. Reason being, how can we objectively direct a customer while holding a position on our own. I think that this methodology of marketing is very negative for this market and I'm glad to see that most brokers have dropped this in recent time. I think there are get money managers out there but I think a brokerage should separate itself from money management at the risk of creating serious conflict of interest issues within the company and with their client base.

Who are forexyard's main competitors in the on-line Forex market?

To be honest, due to the fact that we are one of only a handful of full service Forex brokers, I don't think we really have much competition. Of course, if measured just based on certain parameters (margin, spread, or trading platform) it would see that we have the whole world against us. However, the minute you add service as a parameter, you almost single handedly wipe the slate of competition seeing as how all the large brokers simply do not provide service. They do not have a call-in dealing room where customers can speak to a real professional dealer 24 hours a day. We are the rare bird in the forest and as such, we are granted the privilege of catering to the best of customers and traders.

What do you think about Forex scam problem in the on-line Forex brokers market?

I think it causes a company like ours a big problem. I believe in an economic philosophy which dictates, the more competition the better, So long as more are offering s similar good to the market, the market will better from it and their will be more to be gained by all. There is only one flaw in this philosophy, the minute the good becomes a bad, as asked. This tarnishes the entire market. Bigger companies may be able to maneuver out of such stigmas faster than a smaller company as ourselves. The misconception amongst customers though is that regulation will save the say. Unfortunately, this is not the case, as regulation simply stipulates what "should" be done. But has little regard for what is actually being done by such companies. Regulation is unfortunately an illusion we will not buy into and many customers simply need to "try" brokers first with small deposits, see that they can withdraw at will, and then slowly expand operations. Not just invest and see what happens.

Where do you see Forexyard.com 2 years from now?

I believe FOREXYARD.com will remain a small niche company catering to the customers who seek service above all other parameters. I don't think we will ever become one of those companies you see placing banners everywhere.

What are your thoughts about the latest NFA suggestion to raise their capital requirements to 5 million?

I think that if you are an American company, its good for everyone. I do think it's a bit drastic but it will curb fraud in America.

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