Best Ideas 2019 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Investing like the smart money
Explain your idea in details:
The foreign exchange market commonly referred to as FOREX, involves buying and selling of different countries currency pairs with an aim to make profit, it is the largest financial market in the world with a daily turnover of over US $4 trillion making it very liquid. Profit is made from both up and down movement of currency pair prices. To participate one needs a computer, internet and capital in form of money deposited with a regulated broker. This makes it one of the few most convenient and profitable businesses in the world, but it comes with a hitch, with such a great reward there is an even bigger risk to mitigate. The major participants are the banks, hedge funds and retail traders. Retail traders are the individual traders. Besides retail traders making up 95% of the market participants, more than 95% of them fail. The main problem being lack of knowledge and engaging in the financial markets without knowledge is like gambling, with investing there is no random outcome, the movement of the market is determined by various investors acting on their beliefs about the future and because investors create the future by acting on their beliefs, results of their action is not random. Through intensive research I have come across articles written by former bank traders who always insist on simplicity, so I built a simple strategy that helps spot supply and demand zones, it has integrated fundamental analysis too. Most importantly I observe proper risk management and my strategy is emotion free, I set up trades and then pick stop levels and take profit levels that get filled automatically even in my absence so I dont have to watch my computer screen all day. Currently I am teaching this strategy for free via a WhatsApp group.
Expected impact of your idea on sustainable development
With the current rise of global economic recession, many countries have experienced unemployment rates steadily worsening over the years, the number of available formal job positions are no way closer to accommodating the available population in need including college graduates institutions of higher learning churn out every year. The majorly affected individuals are the youths. Besides all these challenges, still we can change something by doing the normal things differently. As per the United Nations sustainable development goals number 8.Decent work and economic growth and number 9. Industry, Innovation and Infrastructure I champion for investing in the financial markets, precisely trading the foreign exchange market (FOREX), to play a role in attaining the goals. The internet has simplified accessing investing services from anywhere in the world. There are no boundaries. By reaching out a number of the population and preparing them with viable knowledge about investing, we would have cut down the unemployment rate. In an economy where there is a higher employment change number, meaning individuals have access to a pay in form of money, there is a good amount of cash in circulation spend on goods and services thus increasing the retail sales, in return higher retail sales result to a higher gross domestic product, GDP, which gives rise to a healthy economy.
Plans for implementation and sustainability
Currently I have a free WhatsApp group I created a year ago with over 100 members where I teach trading the foreign exchange market exclusively, I share weekly analysis and daily market insights in line with my trading approach. I am also available for free consultation where I respond to members questions regarding trading, their feedback is great. I have even bigger plans, to reach out more people regardless of their location and this prompts for an online based course. It is really frustrating for those interested in the field where genuine mentorship is scarce and those that are proven are not affordable to most people. In order to sustain the process, that course will be made probably the most affordable viable course online. I have dropped proposals to a number of entities I believe can be of great help but I am still open to interested individuals who are willing to offer a helping hand.
My name is Saleh Eugene, I am 23 years old and a student at the University of Nairobi, Kenya. I am a financial markets enthusiast, I love researching and reading about new ideas and that's how I stumbled into the idea of trading the foreign exchange market. The ever rising unemployment rate especially among the youths pushed me to find an edge in the foreign exchange market to play a part in achieving some of the United Nation sustainable development goals.