As we approach the penultimate year of Dubai Financial Authority’s strategic five-year plan, HYCM supports beginner traders in their quest to take a piece of the pie
With the growth of the capital markets comes a requirement and opportunity for brokerage houses and other financial institutions to increase their revenue
DUBAI, United Arab Emirates, November 11, 2019/ — Since 2017 the Dubai Financial Market (DFM) has been steadily positioning itself as the world-class regional marketplace. With steep competition from neighboring countries, making the shift towards financial services in a bid to support the blossoming economy and encourage the next phase in the Emirate’s progression has been a natural step for the UAE, attracting residents from all over the world.
With the growth of the capital markets comes a requirement and opportunity for brokerage houses and other financial institutions to increase their revenue and get an early foothold within a flourishing ecosystem. There are already 36 brokerage firms registered with the fledgling DFM, which is an indicator of the growing appetite for Nasdaq Dubai. Today, more than 100 jobs listed in Dubai are for traders and brokers, yet finding the right human capital can be an issue for employers as is getting ahead in the job market for inexperienced applicants.
Equally, the DFM’s plan to embrace a ‘smart borse’ strategy is an admirable ambition as new technology and platforms are becoming increasingly complicated and can often make even the most experienced trader uneasy.
Luckily, award-winning, international global forex broker HYCM (named Best Forex Trading Platform in the Middle East by Global Forex Awards) has recognized the enormous potential in DFM and is making efforts to support the next generation of traders in Dubai. The first advanced forex training course Becoming a Pro Trader: Master the Forex Market took place at Dukes The Palm Hotel, Dubai on October 31st and was an enormous success.
Hosted by Giles Coghlan, HYCM’s Chief Currency Analyst and hedge fund trader with over 10 years’ experience in technical and fundamental analysis, the seminar was in three parts: Part 1: Embrace fundamental and technical analysis, Part 2: Monitor sentiment, use Squawk and make it all work together, and Part 3: Conduct intermarket analysis, manage risk effectively and analyse trades. Discussing the event, Giles said:
“The event was a tremendous success. A room full of traders, keen to take their trading to the next level learned the necessary skills for pro forex trading. As they enter the upcoming week, they will begin to practise and hone these skills of fundamental, sentiment and technical analysis on a daily basis. Those traders who opened accounts also received complimentary access to a professional news and data service providing a firm foundation on which to build their trading analysis. It was a pleasure to spend time over a lovely meal at the Dukes Hotel in Dubai at the end of a very productive day.”
This event was a microcosm of the attitude in Dubai towards the success and improvement of the capital markets, and an indicator of the local appetite to become a world-class exchange.