In the dynamic world of trading and entrepreneurship, stories of transformation and innovation often stand out as beacons of inspiration. Dean Wong, founder and CEO of MPFunds, a pioneering funded trading program headquartered in Singapore, embodies this spirit of resilience and vision.
Starting as a Grab driver, Dean turned setbacks into stepping stones, paving the way for the creation of MPFunds.
His transformation from a modest investment of $5,000 into a six-figure sum unveils a strategic approach that he now seeks to democratize through MPFunds. In this interview, he shares the remarkable journey that led to the establishment of MPFunds, sheds light on the vital role mental health plays in the trading landscape and more.
How did you go from being a Grab driver to founding MPFunds?
Starting a business has always been my dream since I was young. With multiple failed businesses, driving Grab has given me the opportunity to get back on my feet, and served as a redemptive chapter following previous business setbacks. It also gave me the additional income to continue my entrepreneurial journey.
My exposure to Western-funded trader programs truly sparked the breakthrough to start MPFunds – I discovered the benefits of leveraging on bigger trading capital and setting rules that forced me to practice proper risk management. Most importantly, this encounter illuminated the vast disparity in trading opportunities between the West and Asia, compelling me to set up a funded trading programme that is headquartered in Singapore, for undercapitalised traders in Asia who have the skill but lack the financial resources to fully engage in the markets.
Tell us about turning $5,000 into a six-figure sum. What inspired such a bold move?
$5,000 was from my first pot of profits that came from a funded trader program. As such, investing $5,000 into a six-figure sum had minimal personal risk, underpinned by years of trading experiences and market analysis. By capitalising on the power of leverage, the right trading strategy, and market timing, I was able to transform my financial circumstances from $5000 to $500,000.
Through this experience, I saw a glaring gap in Asia’s trading market. MPFunds is my endeavour to level the playing field for talented traders in Asia, providing them with the resources, the leverage, and the proper risk management to make the right trades at the opportune time.
How did being hospitalised affect your view on mental health in trading?
Trading is not just about numbers and charts; it’s also about emotional and mental resilience. Due to the volatility of markets, traders must deal with fear, greed, stress, and frustrations – all of which can cloud their judgement on important trading decisions. Traders must learn to cope with the emotional impact of losses, learn from their mistakes, and maintain confidence in their strategies.
The hospitalisation was one such moment in my trading journey. It was a stark reminder that while financial capital is crucial in trading, mental capital is equally valuable. I learned that the high-stress trading lifestyle, if not managed well, can have severe health implications.
This experience was a catalyst for incorporating mental health support into MPFunds, recognising that a trader’s psychological well-being is also integral to their success.
Explain MPFunds’ 3C model. Why is addressing mental health important in trading?
To differentiate ourselves from other funded trader programmes, the 3C model gives a more humanistic approach which is well received in the Asia market. We want our traders to be a part of an ecosystem where they can do more than just trading. It is about building a community of traders to share, learn, and earn together – we call it the MPF Circle.
Our primary objective is to empower our traders by equipping them with the tools and support necessary to effectively manage their emotional well-being and excel in the demanding field of trading.
What improvements can traders expect from MPFunds 2.0?
Launched in August this year, MPFunds 2.0 is a more robust, agile, and user-centric platform. The dashboard includes an easy-to-navigate user experience and a visually appealing interface.
In the past month, we focused on building community channels such as Telegram and Discord groups for ease of communication and transparency, and for traders to share tips with each other. We are planning to introduce more advanced courses, real-time market analytics, and a more responsive trader support system.
Why do you think MPFunds gained quick success, and what’s your plan for its future development?
MPFunds resonated quickly with traders because it was built on a foundation of empathy and a genuine understanding of traders’ needs. Our focus on fast payouts, low entry barriers, and comprehensive trader support differentiates our platform from most traditional trading services.
Recently, we have expanded into Malaysia, Thailand, and Vietnam. We hope to expand our next series of funding into these Southeast Asian markets and are exploring collaborations with family offices, regionally and locally.
Can you share your expansion plans and the goals for entering new markets?
Our immediate goal is to expand our footprint globally, especially in Asia, tapping into the burgeoning pool of traders in the region. Beyond Singapore, we are actively identifying and searching for ambassadors, aspiring traders, and communities in Malaysia, Thailand, Vietnam, Indonesia, and Taiwan.
Our plan includes hosting in-person campaigns and webinars in each of these countries to engage with our local trading communities. These events will not only serve as a networking platform but will also educate the public on our secure and reliable trading platform, designed to empower users to effectively leverage trading capital and generate supplementary income.
How do you manage your various roles effectively, and what advice do you have for entrepreneurs with multiple responsibilities?
Managing multiple roles at MPFunds hinges on four key principles. First, prioritize teamwork to distribute tasks effectively and foster a collaborative environment.
Second, align team members with roles that play to their strengths, thereby enhancing productivity.
Third, empower these individuals with the autonomy and resources they need to excel, creating an atmosphere ripe for leadership development.
Finally, balance active listening with decisive action, valuing team input but also making firm decisions when needed. These core principles streamline my management approach, enabling me to juggle various responsibilities in MPFunds, creating a global trading educational platform that not only funds traders but also nurtures them into market leaders.
What advice would you give to those aspiring to enter trading and entrepreneurship like you?
For those aspiring to tread the path of trading and entrepreneurship, my advice is: Never give up. Often, a single trade or decision can be life-changing. Approach your business journey with caution, and navigate your trading journey with emotional intelligence.
Remember that failure is not the opposite of success; it’s a part of it.