Tuesday, February 10, 2009

The Late 90s: Working as a Forex Trader

Back in the late 90s, I used to work as a foreign exchange trader and traded in USD/YEN and USD/GBP. We would handle clients who invested hundreds of thousands of Philippine pesos and felt victorious when our clients earned so much but felt really bad, like when a doctor loses a patient, when all the money they invested were lost. Our work, as traders not brokers, was not fraudulent, but since there was no regulating body in our country for that type of investment at that time, there was really no protection for our clients from those who mishandle their investments.

After realizing how unprotected our clients were, I and Jennie, my girlfriend then, who is now my wife left the company. Investment Fraud in that form was pretty unpopular during that time but a few months after we left our job, we heard that the Securities and Exchange Commission raided the office we used to work for and gave a cease and desist order to the company.

As traders, we were glad that we handled our business relationship with our clients well and made sure that we didn’t make any decisions without our client’s approval. This served as our protection and our client’s protection from fraudulent transactions.