AskTraders.com sees 40% of its users from KL, attracting more women users
KUALA LUMPUR, MALAYSIA - Media OutReach - 7 August, 2020 - One-stop trading information platform, AskTraders.com experienced a huge spike in interest in Malaysia following the implementation of the Movement Control Order in mid-March. Volumes on its site recorded an 80% increase in March this year, compared to a month earlier.
"We saw a huge spike in interest at the start of lockdown where trading volumes nearly doubled for a month or so. Levels have been tailing off slowly since but are still above pre-COVID-19 levels and we expect that to continue until the end of this year," said Steve, Product Owner of AskTraders.com.
Steve also pointed out that there is more interest in forex trading in Malaysia, which constitutes about 10-15% of its total trading activities. He said interest could be comparatively higher in Malaysia, as forex trading is strictly regulated in other countries in the region.
"It's early days for us in Malaysia but we are seeing a lot of interest in our content and are very pleased with the increase in users, so far. Based on our data analytics, Malaysians are mostly interested in the content about the stock and forex brokers. In addition to that, around 40% of our Malaysian users are from Kuala Lumpur," Steve added.
The online trading platform's Malaysian user mix is unique as almost 40% of its local users are women compared to only 20% percent globally. Its users in Malaysia are mostly between the ages of 25 and 44, which is typical of its global users. This correlates with the data compiled by Bursa Malaysia, which saw a significant increase in retail participation in the equity market, particularly from the youth segment, via online channels.
Steve believes the ongoing shockwaves to the global economy will lead to a surge in interest in trading. The trend of more new traders coming on board to its platform is expected to continue as the economy is in the midst of a slowdown.
"Layoffs, unemployment, and retrenchment create a situation where more people have time on their hands and are looking for opportunities. Plus, with increased volatility in markets, we expect to see continued interest in our platform," he explained.
Steve noted that Malaysian traders are open to new opportunities. They are happy to try both different styles of trading and trading instruments. AskTraders.com hosts experienced traders who share their knowledge, techniques, and expertise in an online forum, AskTraders Trading Community. The online forum encompasses a wide range of topics with regards to trading such as stocks, Forex, Crypto, Contract For Differences (CFD), and Exchange Trading Fund (ETF). Thus, by logging on to this active online forum, Malaysian users will benefit and improve their trading skills by making better and informed decisions not only in the local and regional context but also in the global trading scene.
In terms of content, the information provided on websites about trading is generally written by marketeers or Search Engine Optimisation (SEO) experts. In comparison, content on AskTraders.com is written by real-world experts such as traders and those who had run large hedge funds. This serves as an advantage to users.
For those who are keen on getting their feet wet in trading, Steve advised them to start with a demo account. According to him, this will help new traders practice without stress or risk. New traders are encouraged to try different trading strategies until they find a strategy that is suitable for them. They are also encouraged to start small and build their way up. However, if those that are still afraid to take the first step or unsure where to start, they can check out AskTraders.com's broker review articles such as "Best Forex Broker in Malaysia" to be better prepared prior to starting with a demo account or right into the trading scene.
"Don't obsess about trying every indicator, there is no magic bullet and simple strategies are fine and you can make money. The difference between success and failure is risk management and managing your emotions, so stay focused. Keep a journal and stick to your trading plan," said Steve.
AskTraders was originally formed in 2018 to help new traders in the UK and Germany. There was a lack of good quality information available and it was hard to find advice from more experienced traders. There was a huge amount of misleading information available that was published by marketeers rather than by real genuine traders. Hence, AskTraders.com was born with the aim to share the experiences of its experienced team to help new traders learn to profit from the financial markets and avoid wasting time and money learning from bad sources. AskTraders.com's core team comes with 10 to 30 years of experience in trading. The experiences include running a brokerage and managing a trading desk at Goldman Sachs.