In the year 2010, young Siby Varghese fell in love and it turned his outlook about life upside down. As a student of 12th Grade, he was one of the few students who, instead of trying to finish the syllabus for the upcoming Board examinations, were trying to look for different means of earning money. That was the beginning of Siby’s journey against the tide in the society and so far, he has come up a winner in every aspect.
The Forex Badshah
Siby made Forex Trading his full-time career in 2015. So far, he has an enviable track record of 36000% capital growth – an unbelievable figure for most of us, no doubt! Through his PAMM (percentage allocation money management) account, Siby boasts of a satisfied client-list of more than 800 happy customers. In the past 3 years, he has generated profits worth more than USD 1 million. When asked about who he would credit his success to, Siby is quick to recount, “Whatever I own today, whether it is name, fame or a blissful life, I owe it to the Forex Markets.”
The Upward Journey
One of Siby’s dreams, as a budding entrepreneur, was to buy his own motorbike (he even had made his choice – Yamaha R15 – costing about USD 2000) so that he could hang out with his girlfriend. Dreams of a young heart! However, his first swing at a career served a dud and he took a step back, dejected and demotivated. But that was just the beginning of Siby’s relentless pursuit of getting on his own feet. He knew his passion lay in MLM, so he finished High School and then set up his own company. Though the business took off initially with Siby and his partner garnering good response among students through seminars, and Siby even managed to fulfill his teenage dream of owning a cool bike. But it was within a span of 45 days that the business had to be winded up and that was the end of this young man’s debut entrepreneurial dream. However, a great future was just around the corner for Siby, but that would come with its own share of heartbreak!
Siby opened his first trading account in 2012 with borrowed money from his girlfriend and made minor profits for the first few days before blasting his account. That experience taught him that one needs substantial capital to hold one’s own against the volatile trading market. He then convinced his father to lend him USD 2000 to open one more trading account before losing the entire amount and damaging his father’s credit rating in the process. It was through a catchy newspaper advertisement that Siby stumbled upon the right path &, once again, borrowed the joining fee to join that MLM company. That proved to be the turning point in his career as he learnt from one of the top earners in the country. He worked hard, traveling the length and breadth of India before achieving the business turnover of USD 10 million for his company. The income helped him pursue forex trading too, on part-time basis, and that opened for him another door to a better future.
The Voice of Millennials
Siby represents a growing portion of India’s young generation, which knows how to reach out and make the millions their own through sheer grit, determination and perseverance. In a side-note, Indian Millennials are going gaga over stock-market trading and it is evident in the 20% surge in new accounts or ‘demats’ of CDSL (Central Depositories Services India Ltd.) in the past six months, which saw Coronavirus lockdowns as well as the unlock phases, both. CDSL reported hitting more than 25 million new accounts overall in the month of September 2020. And this change is completely driven by the country’s youth population, who are suddenly waking up to the investment landscape as a new income stream as well as future security. According to different data made public by the Securities and Exchange Board of India (SEBI), a vast majority of the new trading accounts in India were opened by people in the age-group of 24 and 39 years.
From Trading to Trending
When asked what trading should mean to a layman, Siby explains, “Trading is basically anticipating the future price movement & for me trading is both a science and an art! It is science because it is backed by principles and ideologies and it is art because every man reacts to trading in his own individual way, just like we react to art! No two people can trade in the same manner.” Commenting upon the fickle nature of stock market, Siby has this to say, “Trading is a machine that transfers money from the impatient to the patient. If you don’t have patience or risk management strategies or if you over-trade (yes, there is such a thing!) – you will end up losing your account.”
As for the good habits that differentiate winners from losers in the trading business, Siby enlists patience as the most important habit. He says traders who are “very, very patient, consistent” and possess a “proper, trade set-up” will stay in the market for long and earn profits.
(The above story first appeared on LatestLY on Oct 18, 2020 12:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).