You can’t win big in forex trading without a mentor – Chika Alphonsus

Chika Alphonsus is the founder and CEO of Tradewithchiqa, her latest forex trading service firm based in Ghana. The Fashion designer cum financial service coach, is one of Nigeria’s fast-rising female entrepreneurs striving to make a difference in their chosen careers.
In this exclusive interview with OLISEMEKA SONY, the Imo-state born shares her experience in the financial sector, the gains and challenges of forex trading as well as goals she set for her-self and her new company, TRADEWITHCHIQA.

EXCERPTS.
Who is Chika Alphonsus and what do you do for a living?
I’m Chika Alphonsus. I am a business; a serial entrepreneur. I have my own clothing line, which is now referred to as Ochomma for Chika Alphonsus. I am also a financial market expert where we deal on everything that have to range from the forex market, the cryptocurrency market and the stock market.

The question that easily pops up is why did you left Nigeria for Ghana?
The reason is not far-fetched. I have Ghanaian siblings as my dad married a Ghanaian. So, that meant that we started traveling to Ghana during festive seasons like Christmas or Easter when I was a child. And with time, I got used to the place. You know, they say that wherever you find your peace of mind, your happiness that place automatically becomes your home. So, I love the city because it I gives me peace. And I am able to do my business well and made my breakthrough in Ghana. I am also contributing to the economy of the country in my own ways.

A lot has been said about harsh experiences of most foreigners, especially Nigerians living and doing business in Ghana. How will you react to that?
Yes, a lot has been said about foreigners doing business in Ghana. But you know how it goes. If you want to invest or run a business in a foreign country, you must be ready to play by its rules and regulations. You have to follow each laid down rules and regulations. If you come to a country like Ghana to establish your business, common sense dictates that you should know and obey the rules that are governing the country, especially the business you are doing. Incidentally, Ghana is one of the African countries where the system works, the rules and regulation works. So once you as a foreigner breach any of those rules, it’s a big big case. You don’t expect that you should go free because you can get away with it in your home country.
The truth is a lot of Nigerians living and doing business in Ghana want to do things their own way, thinking that this is Nigeria. But it is totally different system from what we are used to in Nigeria. A lot of things you can get away with in Nigeria, you cannot get away with it in Ghana. You have to face the consequences of your actions. So yes, if you want to invest in Ghana, or any other country just know that the type of business you’re doing, the rules and regulation of the country and find out if it’s something you can adapt. Also find out if the country is tolerance mostly to immigrants. Those who say that Ghana is harsh to foreigners are those who failed to comply with the lay down rules and regulations of the country.

How long have you been trading Forex and a coach?
I’ve been a forex trader for over four years And I started forex coaching since September 2020. And it has been a great learning experience for me.

Did you actually hit the jackpot in the business and what has been your experience so far as a forex expert?
Did I hit the jackpot? I will say yes, because the wealth of experience I have in this industry, I cannot get it anywhere. I’m now in a place (forex market) whereby I can easily mentor people, share my pains, my gains, my disappointments and progress with them. My experience so far as a forex trader is fantastic. I love the adrenaline rush of the market. I love following companies that have done well in this industry and reading their histories. I love all these things. So, my experience so far has been great. But it has not all been great from the beginning. It’s just like you cannot wake up one day and say you want to become a lawyer you need to go to law school and have that experience. I have had the experience; first-hand learning, understanding how the market plays; how the currencies move. Yeah, so these are my experiences so far.

There are still many misconceptions about forex trading, especially as regards to outrageous turnovers. What do you usually tell your students to prepare them adequately for the business?
The major problem is a lot of people do not want to learn. You see you cannot wake up one day and say you want to automatically become a lawyer or a medical doctor without going through the school. After graduating from the university, then you go to law school and then called to the bar before you can begin your legal practice. Similarly, as a medical student you go to teaching hospital for your house-manship before you are given license to operate as a medical doctor. Basically, you have to go through training processes to become a qualified practitioner.

The truth is, many do not want to study, learn or work hard to build their careers. They simply want to make money. But it doesn’t work that way in real life. It’s just like if I tell you, Oh, there’s money in forex without you seeking to know the up and downside experiences so far, and you quickly jump into the business and before you know it, you have crash-landed. It’s always good to learn and master the ropes first.
One of the misconceptions people treat forex like a gamble or a get-rich quick scheme. It’s neither of those. Forex takes time. It is based on daily consistency, daily growth. It doesn’t have to do with you get to getting rich, quick, quick. What I normally tell my students to prepare them for this business is to master the emotions that go with forex trading. Know your risk management, know your mental health, because forex market trading is very emotional. If you do not know how to separate your emotions from the markets, then you have a big problem. Trading in the financial market is 80 percent Psychology and 20 percent skill. Which business in this world do you need just 20 percent skill? But for you to succeed in forex, you need 80 percent psychology. So, I say this is to my students prepare them for what is to come.

Can you identify and debunk some common myths about forex trading?
Forex is not a get-rich quick scheme. Forex is not gambling. Forex is not Ponzi Scheme. Actually, many people do not actually know what forex is; because if they do, there won’t be any of these misconceptions. For the purpose of this exercise, forex simply means foreign exchange. It’s just the kind of services that is offered by those typical Abokis that we see on the streets of major cities in Nigeria that deal in currency buying and selling. You have Naira, Euro or Pounds Sterling, you want to exchange it for US Dollars, they buy it and sell to you at current exchange rate. That is exactly the kind of services we offer. So, who says it was going to crash? Forex cannot crash because the banks are heavily involved. Financial market is being regulated by the central banks and as long as the banks will be in existence the foreign currency market will forever be in existence.

What are the challenges you had faced with in this business that you would not wish anyone else to encounter?
The major challenges I have grappled with in this industry is having a good mentor who would put you through the rudiments. I face challenges, like not having the right emotion to thrive. Skill is there, but the emotional part that can keep going and get you ready for ups and downs of the business is a big challenge. Nobody tells you what to expect once you go into the market. What I would not like people to experience is getting sucked in as a new forex trader in the market without properly doing your research and without having a mentor. You cannot do this without a mentor. We all need a mentor in this business.

How many positions do you open per day or week?
This is a tricky question. This is not how forex works exactly. Any position open is dependent on your account size. You cannot have $300 and open more than one trade at a time. This is part of what I teach my students in my class. It is called Risk Management. You cannot have more positions, if you have less than $500 on one position at a time. Basically, this is not a straightforward question because the positions you can open per day or week is determinant on your account size.

How do you handle the stress of a losing trade?
Well, I’ve gotten to the level whereby I do not get emotional about my trades. It is a win and loss business. It is not something you expect to gain every day, afterall every day is not Christmas. What I usually do is strategize to minimize my loss while I maximize my profit. Usually, If a trade didn’t go in my favor, as long as I have done a calculated risk, it doesn’t bother me. It doesn’t bother me because the market is $6.2 trillion every day, so tomorrow is another day for me to make money.

We understand that you have launched a new forex trading brand name, tradewithchiqa, can you tell us why you are switching name and what to expect from this new trading firm of yours?
Yes, I’ve launched a new Forex branding company named Tradewithchiqa, because I want it to identify with my business philosophy. I want it to be about what I want to impart on people and what I want to give back to the society. This is so because I’ve been there and seen everything. So, I know first-hand how this industry works.
Why I’m switching names because I don’t want a generic name. I want a name that tomorrow if somebody wants to look for it, they can easily find it. Tradewithchiqa is unique. I want something that once you type chiqa on your search engine, every of my details pop up.
In terms of what to expect from my new trading firm, is my mentorship courses. I’ve one-on-one teaching as well. If you cannot afford my one-on-one teaching, my courses are there and I am 100 percent available to teach, educate and mentor people on how to win big and achieve big in the largest liquid financial market.

What strategy do you intend to use to position TRADEWITHCHIQA as a top forex market player in near future?
Definitely, we are coming out strong to be a strategic player in this industry. As a versatile marketing person, I have I positioned myself and the company to just not play in the big forex league but to be the game-changer. Even though, I do not put a price tag to the kind of services we are offering but I will keep pushing, pushing, pushing until I’m in everyone’s leap. Right now, my focus will be to market tradewithChiqa with continue advertising until we reach our cruising altitude. I believe that what will propel me to the next level is a situation where my students or mentees are doing exceptionally well. So, far we are on the right track because of the kind of success stories and amazing reviews we are getting.

Any plans for extending your services beyond the shores of Ghana?
Sure! Tradewithchiqa as a financial services company, is going to cuts across Africa. It’s not just about Ghana. It will be accessible to people in Nigeria, African countries and across the world. Right now, we are looking at expanding to not just West Africa but the whole of Africa and globally.

Do you feel any burden playing in a male dominated forex market?
Actually, I don’t feel any burden being a forex market expert. However, the truth is, most people do not rate us high because they feel we female and so might not know much about forex trading. Sometimes, they look at what we do skeptically. But I am glad that such gender bias has not dampened our spirit. Instead, it has added fuel to our motivation to excel in this business. I am grateful that the women in this industry have done exceptionally well. We have many of they who ‘re leading and I’m following their footsteps. They inspire me to do better, become a better player and break that norm in Africa. Forex is a male dominated industry but I am on a mission to carve a niche for myself and every girl out there. To tell them that you can achieve your dream even in an industry that is hitherto viewed as no-go-area for woman. All you need is that determination and readiness to work extra hard to reach your goal.

What life-long goals have you set for yourself and your company in this business?
Yes, my, my lifelong goals I have set for myself in this industry is to teach and mentor at least 10,000 people by the end of 2023. I believe that teaching and inspiring people, especially the youths to be better will be a great achievement for me. By doing so, I will be breaking the norm and stereotypes that is tilted against female children in our society. I want to prove that even as a female child, there’s a lot you can do out there and even do better than your male counterparts.
So, my goal is to mentor as much as I can in forex trading because the level of misinformation and the ignorance out there about this industry is appalling. So, I’m using my platform to change this misconception and tear down the iron veil about forex trading. I’m willing to create a different information about this industry. Basically, my lifelong goal I have is to create a niche for myself, where if I’m no more, my students or my mentees can carry on to come pass the torch to the next generation.

Do you have any advice for youths, especially ladies in terms of reaching their full potentials in legitimate business?
My advice to youths, especially ladies go this way: First and foremost, do what you love. Do not box yourself in a corner. Yes, what you might love doing, a lot of people might be against it. A lot of people might criticise you but you have a dream. So, believe in yourself. Believe in your dreams and that you have what it takes to make it a reality. If you believe you can do it, then nothing will stop you. If you don’t take that first step, how would you know this is what you’re meant to do?
My second advice is do not jump into anything. Avoid doing things because others or your mates are doing it. Carve your own niche around what you love and have creative skills to do. Do you love cooking? Why not create a niche for yourself and monetize your cooking skill? You love to dance? Why not create a skill for yourself and monetize it? You love to bake, design, sing etc. why not expand, monetize them? This can position you in a way that you would never imagine. There are so many good ways to earn a living. If you’re in the right place at the right time you can arrange for my mentorship for me to guide you more on what to do. Thank you so much.

QUOTES:
The truth is a lot of Nigerians living and doing business in Ghana want to do things their own way, thinking that this is Nigeria.
I’m now in a place (forex market) whereby I can easily mentor people, share my pains, my gains, my disappointments and progress with them.
I’ve gotten to the level where I do not get emotional about my trades. It is a win and loss business. It is not something you expect to gain every day. Usually, If a trade didn’t go in my favor, as long as I have done a calculated risk, it doesn’t bother me because the market is $6.2 trillion every day, so tomorrow is another day for me to make money.
My goal is to mentor as much as I can in forex trading because the level of misinformation and the ignorance out there about this industry is appalling. So, I’m using my platform to change this misconception and tear down the iron veil about forex trading.
We are coming out strong to be a strategic player in this industry. As a versatile marketing person, I have I positioned myself and the company to just not play in the big forex league but to be the game-changer.