The FINANCIAL -- “There are several ways to get rich: one - you have to spend less than you earn; and two - you need to have continuous passive income,” said Eugene Zhidkov, Manager of the CIS and Baltic States at MFX Group. Mr. Zhidkov and Margo Zhiznevskaya, Director of MFX Group Georgia, were celebrating in the run-up to Christmas last week with the success of their training course.
- MFX Group Georgia aims to foster and develop traders who in the future will be able to fund themselves in the corporate sector, to create a business, an investment portfolio and manage their own accounts. It was for this very purpose that MFX Trading Academy was created, which provides qualified free education for trading on the Forex market.
Zhiznevskaya: “One of my priorities is to teach people how to invest their own capital. If a typical person has income of GEL 2,000 per month, then they are likely to spend GEL 3,000 instead, meaning that they are taking out credit of an extra GEL 1,000 to fund this. People in Georgia do not understand how to plan their own capital properly for the future. Any economic fluctuation is very sensitive to the market because people do not have their own capital. One of our goals is to teach people not only how to save their capital, but also how to increase it”.
“We are pursuing one simple goal - to explain to people in a detailed and easy-to-understand way everything associated with Forex,” said Zhidkov. “Once you have a notion of the main four points, you will already know more about the market than 90% of the country’s population. This will allow you to start trading successfully in the foreign exchange market. After we see that a trader has developed their skills to a sufficient degree we give them the confidence to then manage their money themselves,” he added.
- “Our goal is to help people to discover the trader inside themselves,”
Margo Zhiznevskaya, Director of MFX Group Georgia.
“We have brought the Georgian currency “Lari” to trading which means that the company is maximally adjusted to the Georgian market, both technically as well as educationally. Constant contact with professionals is very useful for new clients as they need new information and new products,” Zhiznevskaya said. “Online seminars are available for those who have already finished the courses. Interested individuals are able to register at www.mfxacademy.com where they will be able to find online courses, video tutorials, webinars and video news. Half of the material is already available in the Georgian language and the other half will also be in Georgian from the New Year onwards,” she added.
The authors of the material include world famous, experienced experts and Forex managers from different countries. The website has about 12,000 daily visitors from around the globe.
Q. MFX Group Georgia only recently entered the Georgian market. How is it developing here?
Zhiznevskaya: MFX Group Georgia is stably developing on the Georgian market and steadily increasing the number of its customers. MFX Group is a company which is oriented on the client. While working on a new idea the company aims to both fully satisfy its existing clients as well as attract new ones. As proof that this strategy really does work successfully I can tell you that many customers of other companies are coming to us with their deposits and accounts. This is already a huge success for the newly opened branch.
Zhidkov: MFX Group is a young company with good perspective, and Georgia is a young country with good perspective. When you have two young entities developing together at the same time, they begin as a team. At the moment both MFX Group Georgia and the country are trying to reach the peak side by side. MFX Group Georgia is a flagship in the post-Soviet space.
We have already opened a branch in Azerbaijan, only three months ago, and are going to open a Ukrainian branch at the beginning of 2014. The company is operating successfully in Azerbaijan. We saw 10 percent growth of our capital on the market, which is quite a profitable figure in terms of investment. It proves that there is a bigger chance to get profit with MFX Group than just taking one’s money to a bank.
To compare the Georgian market with that of Azerbaijan we can see that there are more people with extra income there than there are in Georgia. They are searching for ways to invest their money. They are not taking their money to the banks because their main goal is to get more profit from it. The foreign exchange market in Azerbaijan is developed because three banks have their own broker companies there. In Georgia this sphere is only developing, which is very attractive for our company.
Q. You have compared MFX Group to banks and said that it is more profitable. What about the risk factor though?
Zhiznevskaya: In Georgia there is such a mentality that until people are themselves familiar with a service, they do not trust it. There are many people that are interested in Forex but are not ready to invest money there. Now we are in the process of people noticing and observing our activities. Forex is not a bank which can give you guarantees, but the risk of losing money here is minimal, in case you know what you are doing. A certain amount of time needs to pass for a sufficient level of knowledge and trust to develop among the Georgian population.
Zhidkov: If you work steadily but just enough to get by, then you will be well-off but not rich. For example, I see that many people are going shopping these days as the sales period has started. This is good, but it is not enough to see any real profit. Most of the purchases are done by credit cards. It is better to get your money into circulation. Otherwise you break the number one rule - to not spend more than you earn. We advise you to give your money to a professional manager who will specifically care about the growth of your capital. A professional manager will give you the certain level of guarantee that there will always be a positive balance in your account. So you will have two sources of income - one, which you earn, and another - passive income, which is brought about through the circulation of money.”
Seven groups have already finished the course successfully in the office of the company. Separate course was also provided by MFX Group Georgia in cooperation with Georgian American University, where 40 students signed up for it. The graduates are now ready to practice their skills in terms of trading for their own accounts. During the courses MFX Group Georgia explains to the students ways of turning Forex trading into business, and provides them with practical advices from specialists all over the world. Through the programme designed by MFX Group the following is available: personal financial consultant and risk manager service, the option of opening a trading account in eight currencies including the Georgian Lari, which was brought to the Georgian market by MFX Group Georgia.
MFX Group Georgia opened its office in Tbilisi, Georgia, in October 2013. Besides the buying and selling of shares on the market, the company in addition facilitates the development of medium-sized business in Georgia.