To gain customers’ trust is to take one major step towards being a successful entrepreneur. Everyone wants to know that their money is in safe hands. This is especially true for entrepreneurs in spaces that involve them handling lots of money like forex traders.
Previousy, we spoke with Onyinye Enyioha on the major lessons he learnt from challenges he has faced in building his tech brand. This week, we spoke Adeayo Smith of Asmithonline on how he gains customers’ trust in building his forex trading brand.
Work role: Trader.
Phone: iPhone X.
Best work quote: Thankful for what’s coming.
First thing you do every morning: Pray and check charts.
Best outfit to wear: Agbada.
Language you speak when angry: Pidgin.
Please tell us about yourself and what you do.
I am Adeayo Smith. A crypto and forex trader.
Nice to meet you. For how long have you been a Forex trader?
I have been trading forex for over 3 years now. But I became a profitable trader last year.
Wow! Congratulations. From your experience, how can people identify the real traders from the scammers?
A real trader would analyse and tell you about the market and how volatile it can be. He would also make you realise it takes time and patience to make a profit.
Scammers, on the other hand, would just want you to give them your money and promise you a huge percentage interest on your capital.
True. I’m always wary of such offers. What gives people assurance that investing with Forex won’t get their money lost?
Well, as I always say, it is a 50:50 thing. But some of us have learned and mastered the art of making the market favour us by 3 key things. Which are patience and perfect entry and risk management.
How does real Forex trading work?
It is basically buying (long) and selling (short). It is knowing when to buy and when to sell. This is the summary of what it is.
What are the ethics that guide your work?
Patience. The market is volatile and success requires patience. I’ve had to learn to be patient and not be in a hurry to cash out.
Teamwork. No man is an island. Being a successful forex trader requires teamwork. You learn from others and they learn from you.
Risk management. Every business comes with a reasonable amount of risk attached to it. As a forex trader, I had to learn how to manage the risks that come with my job.
Discipline also. Discipline is key. The same way you can make huge amounts of money is the same way you can lose it all. You just have to be disciplined enough to keep at it. Perfect entry is also important.
What did you hope you would have achieved by now as a Forex trader when you started 3 years ago? Have you achieved it?
Hmmm… Well, I set small goals and as I achieve them I set new and higher ones. It’s a progressive process that requires me to take one step at a time and keep increasing my expectations.
What is your 1-year goal? 5 year? How are you working towards your goals?
My 1-year goal is to keep learning and keep getting better at what I do. There are always new things to learn with Forex trading.
As for my 5-year goal, I really can’t say because it might scare you. Lol.
What are the major lessons you have learnt as a Nigerian trading Forex?
Patience. We always want double and immediately we get double we instantly want triple. If you do things this way, the market would not always work in your favour.
I’ve also learnt to stick to what works for me. Different people have different patterns. What works for one might not work for another. I’ve learnt to stick to what I have tried and tested over time.
That patience is so important. In the course of your business, what are the major mistakes you have made in handling customer demands?
Delivering before the due date. Once clients get used to it they will not stop demanding it from you. Some clients even sometimes ask for their returns a week before the expected delivery date.
I’ve also leant to stop lending my clients money. Sometimes getting the money back can be such a struggle.
What major lessons did you pick from these encounters?
Don’t borrow people money. No matter how desperate they seem, I’ve learnt not to borrow them any money. I’ve also learnt to pay within 6 hours of the due date or at the latest 3 hours after the date.
Also, I’ve learnt that consistency is key. When you are consistent, customers tend to trust you more and you gain more credibility in their sight.
How do you gain your customers’ trust?
Because I am very sure I’ll still be here in 5 to 10 year, I always ask them to start small and start with whatever they can afford to lose. Over time, as they notice my consistency, and sometimes even see my trades, they begin to trust me. This, in turn, gives them peace of mind.
How do you handle difficult customers?
The major issue is trust. I just try to make them trust me. Once a difficult customer begins to trust me, they stop being so difficult.
In closing, he said, “Do not offer or give what you can’t afford. And always be thankful.”
Thank you very much for your time.
Disclaimer: This is not a prompt to encourage you to invest in forex or with Asmithonline. This is simply to give you an insight into the industry.