Hi there! I see that the Sunday Coffee posts is quite popular, but at the same time it’s not easy for me to publish content on a schedule, because many of the topics that I cover are not predictable. An idea came to me, I recorded it and then share it with you.
To remedy the situation, I decided to introduce several topics that are quite constant and also interesting for me to tell you. And you can decide for yourself whether to read this or not 😊
One of these topics is the way of BeatMarket and what is happening inside our startup. I thought you might also be interested in taking a look inside to better understand who’s behind the project and how it’s developing.
Have you already made a cup of coffee? Great! Go!
Today I would like to tell the background story again. Where it all started. The stock market has almost always interested me. Since I was 18 years old, I have already thought about what stocks are and how they work.
My parents never told me about stocks and investments because they themselves knew nothing about it. Hence my first steps were quite spontaneous.
First, I saw a Forex advertisement and it was my first experience in the world of financial markets. Forex was followed by acquaintance with the stock market, but not yet directly. There was a big deception and the first valuable experience.
It turns out that we can have a difference in meaning what are shares. There are two types:
- Real, understandable ones when you are a business owner.
- CFDs. Contracts for difference. This type of transaction does not assume that you own the shares, although visually it looks exactly the same. You buy a share, it’s in your office, everything seems to be for real. Only they don’t pay you dividends, and the commission is also taken off your account every day.
How is this possible? It is possible, and even now, this is the case if you did not register with a broker, but opened an account with a dealing center.
What is the difference between Dealing Centers and Brokers? The fact is that a stock market broker, for example, takes his client directly to the market, charging a commission for this. A “broker” in Forex does not bring his clients to the stock exchange or, in other words, to the interbank market, but simply accepts bets on the movement of currencies with the subsequent payment of winnings.
This is exactly what my very first experience was 20 years ago. I opened an account with a dealing center, not with a broker. And I was very surprised when, instead of dividends, I saw that a commission was being taken off from my account every day. I then thought: “How strange this is, because if you keep such stocks for a long time, it turns out that I will gradually have nothing left. How do others get rich from this?
At that moment I wrote to technical support and after the answers I realized how much I was mistaken. The second surprise awaited me when I tried to withdraw my funds back, realizing that the account was opened not with a brokerage company, but with a dealing center. It took me a month and I lost about 15% of the withdrawal commission. Don’t repeat my mistakes. Open an account to buy shares with a broker 😊
In the following letters I will tell you how everything happened next. But the first point, when it became clear where my passion and purpose were, appeared 20 years ago.
With respect to you and your well-being, sincerely yours, Maksim