Sabrina Gordon, Business Reporter

Interest in trading foreign exchange internationally is becoming increasingly widespread in Jamaica.

This was evident from the huge turnout at the recently held 'Jamaica Forex Expo' launched by the Market Traders Institute (MTI), at the Courtleigh Business Auditorium in New Kingston.

"The institute has trained close to 1,500 Jamaicans," said Dominic Azan, sales manager at MTI.

The expo generated tremendous interest, with over 800 persons packing the venue, despite bad weather conditions last Saturday.

Alternative investments scheme

In recent times, there has been a proliferation o investments schemes, including schemes supposedly trading on the international currency market, which are said to be offering returns in United States dollars much higher than the seven to eight per cent returns available from locally regulated financial institutions.

Present at the expo were traders and potential traders who sought to benefit from the information that the institute had to offer in the same way that former student David Smith, now proprietor of Olint, has benefitted.

"Trading on the forex has been my path to financial independence," proclaimed one patron who was in attendance at the expo.

"Trading on the forex allows for another stream of income, and offers potential for financial gain," said another patron.

Foreign-exchange trading is part of the bank-to-bank currency market known as the 24-hour interbank market, which has over recent times, become one of the largest financial markets.

According to the promoters, compared to other markets, trading foreign-exchange offers the benefit of being the most liquid market in the world, as currency exchange is a required mechanism needed to facilitate world commerce.

Facilitating 24-hour trading

Trading is facilitated 24 hours a day and allows forex traders to leverage capital more efficiently, as high as 400:1. However, the promoters admitted that without appropriate risk management, a high degree of leverage can lead to large losses, as well as gains.

Until recently, the forex market was not geared for the average trader or individual speculator. "Our target market was business professionals," explained Azan, but noted that they have broadened their marketing to include those persons. He claimed that being trained through MTI allows even the non-savvy person to become a trader.

MTI offers various education packages in trading on the foreign-exchange market, which includes unlimited forex training and support, as well as forex trading and charting software.

The package is a dynamic, interactive programme, which includes 16 CDs, a comprehensive workbook, MTI 4.0 charting software and proprietary indicator package. Students also have unlimited access to online and onsite training classes tutored by Jared Martinez, president and founder of the institute. The cost for the training package is US$2,750.

Stockbrokers, Mayberry investments, last year closed a foreign-exchange trading service it operated in alliance with a United Kingdon-based partner.

sabrina.gordon@gleanerjm.com