Positive reviews for Cornèrtrader
From the rookie investor with a low trade volume to the successful, savvy trader with a knack for predicting future price movements, Cornèrtrader, an online trading platform with local roots, is earning rave reviews from clients buying and selling financial instruments on global markets.
“I want to have some financial freedom and I believe playing the market is the way to do that,” said a 36-year-old novice trader with a penchant for risks and volatile stocks.
“I think as Bahamians we need to become owners,” said the information technology professional, who sees better returns on his investment than he would if he had deposited the money in a bank. “Get that passive income going. Find a strategy that works for you. There are many opportunities in the market for you to do well and I am seeing it now.”
The young man is one of many taking advantage of a new platform launched in September by Cornèr Bank (Overseas) Ltd., for the first time providing a means for Bahamians to trade independently in real time with Cornèrtrader. The introduction of the platform marked a milestone in local financial services history, permitting Bahamians to enjoy instant, direct access to global financial markets, including the New York Stock Exchange and NASDAQ. Gradual and measured liberalization of exchange control by the Central Bank paved the way for Bahamians to invest in U.S. markets by reducing the cost of exchange.
One international banker with ties to The Bahamas, also utilizing the Cornèrtrader platform, agrees. However, the Italian financial services provider with over 30 years of money management experience under his belt recommended caution during volatile times.
“Invest your money very carefully. Be on the lookout to spot opportunities, meaning you can have the opportunity to make money when something happens. That could mean once every six months or once every year. It’s not a daily occurrence,” said the currency trader, also known as a foreign exchange trader or forex trader.
“People think they can trade with a small amount of money and get rich. That’s not the case. Know how much you can lose whether it’s $10,000 or $100,000 depending on your pocket. You don’t want to lose more than that amount. That is a good way to approach the market.”
Although he utilizes other trading platforms, the expat prefers Cornèrtrader for what he calls its “back office operations”.
“It’s not the same when you are using other online platforms issued by an online bank. They have call centers based in the middle of nowhere sometimes. The person answering your call is not always the person who is able to give you an answer. It’s a long, frustrating wait when sometimes you need an answer right now and you can’t wait,” he explained.
“With Cornèrtrader it’s easy to reach the bank. Wherever you are, you are able to access your personal relationship manager and you can deal with him. For me, it’s how you can be helped by the people when you need it.”
For beginners looking to get in on the market, the Bahamian trader suggests getting your feet wet with a demo account before placing money on the line.
“I skipped that part. I thought I was ready after only a week playing with it,” he said. “In hindsight, I should have used it longer.”
A demo account provides invaluable trading tips using free trading simulators that allow users to not only execute fictional trades, but also to observe and learn the way the market moves. Tracking and calculating the amount made and loss over a period of time could signal when it is time to put “skin in the game”.
Prospective clients who want to practice trading before digging in their heels, can get in contact with a representative at one of the two Cornèr Bank (Overseas) Ltd. locations, one in the east at 308 East Bay Street, and another in the Town Centre Shops, Old Fort Bay, where they can schedule a time to attend one of the frequently offered seminars demoing the platform.
The novice trader further expressed, “When you’re playing with fake money it’s different. With real money when you see it moving in the wrong direction you could panic. It is extremely important to learn about the market and the tools that you have at your disposal – stop losses and other mechanisms useful to automating your account to prevent you from losing money,” advised the married father of two. “You don’t have to be in front of the computer at all times trading; you can set stop losses and take profits.”
For many Bahamians who have expressed a desire to expand investments beyond the domestic public companies, preferred shares, mutual funds, public bonds and local real estate investments, Cornèrtrader is the investment vehicle best suited to help take investors to their desired financial destination.
“Cornèrtrader allows me to buy what I believe in, what I know. In The Bahamas we are predominantly consumers, buying and using. This is an opportunity for us to become owners. In buying stocks you own a piece of the company,” said the IT professional who has come a long way since his early days, learning to keep a cool, logical head even in a bear market when securities prices fall.
“You must always have your entrance and exit points planned. Don’t chase the money. That’s a rule you have to live by if you’re going to trade and try to make some money. Another thing: Don’t play with money you can’t afford to lose.”