Dear Mr. Niphon Pepathom,
I am happy to continue bringing to your attention our interview series with leading experts in finance and trading!
Anil Mangal is an experienced fund manager, analyst and professional FX traider, specializing on wave theory, especially Elliott Waves. Anil spoke to Maria Goncharova of EXANTE and shared his trading experience using wave theory.
How did you start trading and what was your primary motivation to start?
Actually, let me give you a short introduction, as many people do not know me well. I am from Guyana, in South America, next to Brazil. I have been living in Russia for the last 25 years. I came to Soviet Union at that time to study medicine. I studied it until the collapse of the Soviets. It was the end of my medical career. After that, I started to work in a company that was doing business with Singapore. I worked there for a year and then I opened my own business with their support.
10 years later, I sold the business and went for a vacation to the Caribbean. All the money I have earned from selling my company I put on my account that was within some offshore bank (that offers investment in structured products - Exante note) . The bank started bothering me, saying: “You have all those money lying on your account. You have to do something!”. I said: “No, I will go back to Moscow and start a new business, so I need them on the account”. Days later, my personal manager called me and said: “Actually, you have your account in dollars and the dollar is now losing its value. You may want to put some money in euro?”. I said:” Okay, go ahead!”. So they put some money in euro and 3 months later my manager called me saying that euro is losing its value and he advise me to reconvert. So we did. Later on he called and said: ”We have a professional trading desk with people who will trade for you. So if you agree, please sign the paper allowing them to trade for you using your account.” I did that, and it was my first mistake. My second mistake was that I knew absolutely nothing about trading. I did not even know what the word “pip” stands for so I was not really following what the trading desk were doing. Until one day when they called me and said: “You have a margin call.” I did not know what was that until he started to explaining.
Two days later, I decided that I need to know everything about Forex, and that was the start of my journey. During 3 weeks I surfed the Internet to find someone who will teach me Forex. Eventually I found a guy who was pretty ok and taught me the basic stuff. Then I started to do my own studies. I was studying about 2 years without even trading. In 2 years I started to do open webinars for people in London, where I invited my friends traders. Doing all this, I realized something was missing and I started to study Elliott Waves. I was using Fibs (Fibonacci), trendlines etc, I used them all before, however there was one element in trading that was missing. None of them were working perfect, none of them actually were giving the idea of the direction of the market. All those indicators did not give me the sense of direction. That is when I started Elliott analysis.
Read the full interview with Anil Mangal on our webpage
Wishing you a wonderful day!