In December of 2014, LeapRate reported on AxiTrader launching a trading incubator program called AxiSelect in order to find trading talent to match with capital. This was an innovate step taken by AxiTrader, a top ASIC regulated Aussie based brokerage specialized in FX trading. Reports are the program has been running strong, the first step requires a trader to open an account with a $10,000 capital amount of their own money while being monitored by the brokerage.
This week, LeapRate heard of the most recent success story emanating from this program in an email sent out to AxiSelect account holders by Sean Lee, a Member of the AxiSelect Investment Committee and partner in the program through FXWW, a company he founded which acts as a provider of professional services as well as being a network of professional traders in the interbank and hedge fund markets.
AxiTrader congratulated Harkanwalpreet Singh on being the latest trader to receive a $100,000 incubation account through AxiSelect. The email reported that Mr. Harkanwalpreet has been trading with his own personal account in the AxiSelect program for the last seven months and his performance has been steady across a variety of market conditions (even more impressive considering he withstood the the most recent volatility wave, which can help or hurt accounts very fast).
What was the method in which Mr. Harkanwalpreet traded you may ask?
It was unveiled that the method was nothing crazy or anything high-frequency or algorithmic. Mr. Harkanwalpreet is primarily a technical trader who utilities strict trade-entry and risk-management profiles, he’s shown an ability to maximize profits when viewing the market correctly – one of the primary attributes for any successful trader.
As well as performance, the AxiSelect Investment Committee was also very impressed with his passion for trading. He works part-time as a chef and an Uber driver in order to keep his dream of becoming a full-time FX trader alive. There’s an old saying, “If you want something done right, hire a busy person”, and that’s what we’ve done.
The next step for Mr. Harkanwalpreet will be to get comfortable managing more than one trading account. With continued strong performance, his AxiSelect allocation should grow quickly and AxiTrader will start preparing him to take his trading business to a semi-professional level with the possibility of introducing even more funds.
Will other brokerages find ways to open up this outlet to talented traders?
It would be nice to see more brokerages and trading providers add a segment like this to their services, not only does it provide a real outlet to trading talent who lack funds but also introduces a steady volume generator for the brokerage keeping a stable of successful traders on the books.
For more on the AxiSelect program, click here.