26 March 2024
Female Disruptors: Gagan Sodhi of MT5 Trade Ready On The Three Things You Need To Shake Up Your Industry
Written by:
Authority Magazine
In essence, whether it’s pain, a smile, or happiness, before sharing it with anyone, we must fill our own cup with it. Only when our cup overflows can it be given to others. This philosophy guides my beliefs and actions, inspiring me to serve humanity even more. Whether through financial assistance, being there for others in times of need, or simply offering a smile or kindness, I strive to fill my cup and give back.
As a part of our series about women who are shaking things up in their industry, we had the pleasure of interviewing Gagan Sodhi.
Gagan Sodhi is an Australian entrepreneur, is the visionary founder behind the innovative MT5 Simulator AND MT5 Trade Ready. Known for her relentless work ethic and commitment to excellence, Gagan is filling critical gaps within the trading industry. Her creation, the MT5 Simulator, revolutionized how traders learn and practice by using historical data. She’s launching MT5 Trade Ready in 2024, a tool designed to help traders refine their skills while reducing over-trading and risk. With a background that spans over a decade in educational management and six years in trading, Gagan is a dynamic problem solver. Her ventures reflect a deep commitment to setting new standards of success and quality in every arena she enters.
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?
My journey wasn’t preplanned; it unfolded organically. An IT degree emerged not from a pursuit of work but from a cultural emphasis on education and my personal interest in learning.
My mum’s side of the family had moved to Canada before I was born. But my dad’s side stayed with my brother and my mum in India. In those days the culture around me didn’t require me to have a job or work. My main role as a young woman was to study, obtain a degree, and marry and nothing was planned after that. Because that was a stereotypical life for a woman in my area.
Fast forward to 2006, Australia was the new chapter in my life. After I got married a transition from a house with servants to personally taking care of household duties was a culture shock. Australia was very different from my lifestyle back in India. In moments of doubt of living this new lifestyle, my husband was always a great support.
This new chapter hit hard as we compared our lives in Australia to the comfort of our parents’ homes back there. The terms of house rent and mortgage were quite new to me as well as to my husband. Also having to wash your own dishes and clothes made me appreciate the houseworkers in India. Who has been a part of my husband’s house before he was even born. Also, paying the rent made me appreciate our ancestors who have given lands and houses to us without having to pay rent or mortgage. Having to buy basic foods such as milk and flour was such a hassle for us as we weren’t used to having to pay for our own food. Since it all came from our farms.
When we first arrived, we rented a house and lived carefree, not realizing that money would eventually run out. As funds dwindled, I took on a job, but we continued living as if there was no need to worry about expenses or to downsize our lifestyle. It wasn’t until we hit financial constraints, that reality struck.
Studying alongside household duties was overwhelming, making me question, “What am I supposed to do with these dirty clothes? Bills after bills, and more bills.” The shift in lifestyle was too much to handle as it made my husband ask at one stage if we should go back since we still had enough left to book tickets.
In a tight spot, I considered giving away a bracelet that I received from my mum to buy the train tickets to go home with my husband. The urgency of the situation was evident when the money-lending shop owner warned me that he’d keep it if I couldn’t retrieve it within a few days. Fortunately, I managed to arrange the funds in time. A sense of responsibility started to come in when we decided that we wouldn’t ask for money from our parents anymore. By god’s grace, things started turning around and for the next decade, I donned various managerial hats within the Australian education sector, where my passion fueled the guidance of students and educators toward academic excellence. Simultaneously, the trading industry beckoned, unveiling a lack of learning tools, particularly within the realm of MT5. This observation ignited the spark to create innovative solutions, like the MT5 Simulator. The MT5 Simulator now has users in more than 90 countries across the globe.
In my quest for knowledge, apart from business courses in Australia where I have paid about $45k+, I have further invested nearly $50k+ in studying forex and trading, immersing myself in courses facilitated by notable figures such as Greg Seckor, Timothy Skypes, ICT, and Raja Banks, Kerwin, Hayden Stewart, Capital Hungry and the list goes on. The journey wasn’t merely about learning; it was a front-row seat to the struggles of traders losing hard-earned money and the echoing calls of industry experts for robust learning and risk management tools. This prompted my decision to take action to make the MT5 Simulator and the upcoming MT5 Trade Ready.
My first trading project — a designed haven for traders to rewind time and practice on live historical data, including news events. Then came my second project, a guardian angel for traders, aiding them in minimizing overtrading and excessive risk-taking through a valuable risk management tool.
Can you tell our readers what it is about the work you’re doing that’s disruptive?
In the trading space, users globally face substantial financial losses, putting their trading accounts at risk and impacting overall well-being. Recognizing this issue, I’ve emerged as a disruptor with innovative solutions, such as the MT5 Simulator as our pivotal backtesting tool, and Trade Ready as our risk management software.
Trade Ready goes beyond being a tool; it’s a partner in the journey to trading success. What sets it apart is its focus on promoting a disciplined approach, advocating for limiting daily trades to 1–2 to prevent overtrading and excessive risk.
The unique aspect of Trade Ready lies in its dedication to user support, prioritizing financial well-being, and ensuring sustainable success in the dynamic trading landscape. This user-centric approach differentiates Trade Ready, emphasizing responsible trading practices for long-term financial success and overall well-being.
During discussions with industry experts and brokers, the need for responsible trading practices was evident. I took the initiative to bridge this gap, turning industry advice into a tangible solution.
My motivation stems from personal experiences, witnessing people losing significant amounts in trading. I’ve seen struggles with risk management, even within my own family and friends. These observations prompted me to create tools that not only address industry needs but also resonate with the struggles individuals face on a personal level.
The inspiration for Trade Ready came from a moment of realization during my own trading journey. Faced with the temptation to overtrade, I even considered tying my hands metaphorically to avoid making impulsive decisions. This led to the development of a professional tool that others could use to avoid falling into the pitfalls of overtrading and overrisking.
While I’m open to giving credit to industry experts for their insights, I recognize the importance of taking ownership of my ideas and the works and efforts that went behind picking the ideas from the street to give it a physical existence. The goal is not only to fill a market gap but to create solutions that align with the real struggles traders face, both emotionally and financially.
In essence, I’ve become a disruptor by translating industry advice and personal experiences into tangible tools that empower traders to navigate the complexities of the market while safeguarding their financial well-being. My journey is rooted in a genuine desire to make a positive impact on the lives of those engaged in trading.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that? We all need a little help along the journey. Who have been some of your mentors? Can you share a story about how they made an impact?
One of the funniest mistakes I made when developing this software was the conundrum between my clear vision for the platform and lacking clarity on the steps in between. It took me a year to find the right path. For someone who has invested a lot in education, processes, and logical thinking, the amusing part was that I knew what I wanted, yet the “how” remained a mystery. I learned a valuable lesson: sometimes you need to get started and figure out the journey along the way.
Then history repeated itself when I decided to address the industry emphasis on practicing, risk management, and discipline. I discussed the vision with my IT team, and it took them eight months to formulate an idea. I had never used backtesting software before creating it. There was only one on MT4, not MT5, and many companies were transitioning. When my IT team presented the first version, it was like receiving a puzzle box with no instructions. We went back and forth a hundred times to refine it.
It’s funny how you decide to do something, having a clear vision but lacking the roadmap. The guidelines were there, but the execution became an iterative process. Even now, we’re constantly improving on a weekly and monthly basis.
The irony lies in flying the plane while building it — a journey with unexpected twists and turns, making it both challenging and humorous.The humor in knowing where you want to go but not being sure how to get there lies in the irony of having a clear destination or goal while being uncertain about the journey. It’s like setting out on a road trip with a well-defined destination in mind but having no map or GPS to guide you. The juxtaposition of a determined end goal and the lack of a concrete plan creates a humorous scenario where you’re essentially saying, “I know exactly where I want to be, but I have no idea how to navigate the route.”
I recognized the paradox and the realization that the journey itself is an integral part of the experience. It highlights the unpredictability of the path, the need for adaptability, and the acceptance that the road to success may involve unexpected detours and learning opportunities. In retrospect, once you reach your destination, the initial uncertainty adds a layer of humor to the overall narrative of your journey.
Reflecting on the lessons learned while creating the MT5 Trade Ready platform, the crucial takeaway is encapsulated in the philosophy of “Let’s just get started and figure it out later.” This lesson holds profound importance for me and other entrepreneurs or anyone delving into the realm of innovation, countering the tendency towards perfectionism that often hinders progress.
In the creative process, there’s a delicate balance to strike. We often get caught up in the idea that nothing should be released until it achieves perfection. However, the reality of bringing something new into existence often involves a journey of uncertainties and adaptations.
The analogy I draw is with inventors like those who developed the light bulb or the telephone. They started with a clear vision of their end goal but encountered numerous failures along the way. Consider the visionary behind a plane, driven by the simple idea of facilitating travel between countries, facing skepticism and failures before refining the concept. Similarly, the inventor of the telephone aimed to enable communication over a distance, enduring countless attempts and iterations.`
The crux lies in the realization that these innovators didn’t possess a meticulously outlined plan; instead, they had a vision and the determination to navigate the unknown. The process entailed starting, learning from failures, and continuously refining their creations. In the realm of innovation, the path to success often involves flexibility, resilience, and an openness to adapting the plan as needed.
During the conversation about the MT5 Trade Ready platform, the discussion revealed the challenges faced during the six-month development period. There were moments of doubt, questioning whether the endeavor was worth it. The journey wasn’t easy, and the team faced setbacks, prompting thoughts like, “Is this really going to work?” Yet, the commitment to the vision and the encouragement from individuals like my elder daughter, my husband, and my mom who became a source of inspiration, kept the momentum alive.
The underlying lesson is that progress often entails forging ahead, even when the path isn’t entirely clear. It’s about embracing the iterative nature of creation, learning from failures, and continually improving. While the desire for perfection is valid, there’s also merit in recognizing that perfection is often achieved through the refinement born out of the journey itself.
In today’s parlance, being disruptive is usually a positive adjective. But is disrupting always good? When do we say the converse, that a system or structure has ‘withstood the test of time’? Can you articulate to our readers when disrupting an industry is positive, and when disrupting an industry is ‘not so positive’? Can you share some examples of what you mean?
In disruption, the magic lies in introducing innovations that tackle unmet needs. Think about the MT5 Simulator and Trade Ready — these aren’t just tools; they’re game-changers. But let’s be real; disrupting just for the thrill of it, without a genuine purpose, can turn into a chaotic mess. It’s like going to the airport without a ticket and any known destination — it is just a waste of time.
Sure, systems that have stood the test of time are like seasoned warriors with solid foundations. But guess what? Even they need a makeover sometimes. Adapting these systems to meet current needs? Now, that’s what I call positive disruption. It’s like giving an old-school classic a modern remix.
I’m disrupting the trading space with Trade Ready software. It’s not just about trading; it’s a risk management tool for financial peace. Imagine not having it when your trades go wrong — stress levels would be through the roof, family dynamics strained, workplace challenges and personal well-being taking a hit.
When disruption lacks purpose, it’s like throwing a party with no music — chaotic and no one’s having a good time. On the flip side, tools like Trade Ready bring something valuable to the table. They’re not just shaking things up; they’re addressing real needs, like risk management and psychological well-being.
The impact? It’s huge. Disrupting without purpose can hit communities hard. But positive disruption, like Trade Ready, contributes to financial stability and healthier relationships. It’s like a domino effect — one positive change leading to another.
Look at the ripple effect — improved financial well-being, happier families, and stronger communities. Trade Ready isn’t just a tool; it’s a life-changer. It disrupts the negative cycle of stress and financial losses, giving a nod to overall well-being.
So, disrupting an industry is a win when it brings innovation, meets needs, and contributes to well-being. But remember, disruption without a purpose might backfire. Positive disruption, showcased by Trade Ready, has this incredible power to transform lives and create a ripple effect of positive change within individuals, families, and communities. Cheers to the disruptors making a real difference.
Can you share 3 of the best words of advice you’ve gotten along your journey?
Adaptability: One of the best pieces of advice I received was about the importance of adaptability. In the dynamic world of education and trading, being able to adjust to changing circumstances is crucial. This advice resonated with every project where we have changed a lot of things to match and adapt to the industry and learners’ individual needs in these dynamic and volatile markets.
Continuous Learning: A mentor once emphasized the significance of lifelong learning. This advice has been a guiding principle throughout my career. It encouraged me to invest time and resources in staying updated with industry trends, leading to the development of innovative solutions like MT5 Simulator and Trade Ready.
Resilience: Resilience has been a constant theme in my journey. The advice to stay resilient in the face of challenges became particularly relevant during tough times in the education sector. Embracing resilience not only helped me overcome obstacles but also shaped my approach to navigating solutions to problems in the volatile markets of the trading industry.
We are sure you aren’t done. How are you going to shake things up next?
Looking ahead, my focus is on enhancing the user experience in the trading industry. By integrating advanced technologies and refining existing platforms. My goal is to provide traders with tools that simulate real-time conditions, fostering a more intuitive, secure, and better risk-managed trading environment.
Openness and adaptability to industry needs and users feedback is crucial, especially for my new platform. Customer needs guide the development, sharing their preferences and suggesting improvements. Balancing regular updates with user input ensures a dynamic and responsive approach to evolving market needs.
I emphasize the importance of industry/experts and customers feedback, allowing for adjustments to better meet industry demands. My commitment to a user-centric experience is evident, with a willingness to adapt, continuously improve, and enhance the platform based on real industry insights and needs.
Do you have a book/podcast/talk that’s had a deep impact on your thinking? Can you share a story with us?
There’s something my Mum once shared with me, a profound piece of wisdom attributed to Buddha. When asked to reveal a surprising secret about mankind, Buddha responded in a way that deeply resonated with me. He said, “Any pain that we give to others, we think we are giving to them, but the reality is that before we give pain to others, we have to fill ourselves with that pain. Only when we are overflowing with it can we pass it on to someone else.”
In essence, whether it’s pain, a smile, or happiness, before sharing it with anyone, we must fill our own cup with it. Only when our cup overflows can it be given to others. This philosophy guides my beliefs and actions, inspiring me to serve humanity even more. Whether through financial assistance, being there for others in times of need, or simply offering a smile or kindness, I strive to fill my cup and give back.
If I could inspire a movement, it would center on promoting financial literacy. Empowering individuals with the knowledge and tools to make informed financial decisions can have a cascading effect, resulting in uplifting communities and fostering economic resilience. Additionally, the movement would encourage contributions in various ways, not just financially, but it will collectively make a positive impact.
You can check out my contributions at https://gagansodhiofficial.com/gagans-contributions
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
One quote that has profoundly influenced my life is Winston Churchill’s: “Success is not final, failure is not fatal: It is the courage to continue that counts.”
This quote has become a cornerstone of my personal philosophy, resonating deeply with the understanding that success and failure are fleeting experiences. It goes beyond a mere motivational saying; it’s a constant reminder in the tapestry of my life. In the realms of education and trading, where I’ve encountered numerous challenges, this quote has been a steady beacon.
In my journey, facing setbacks and challenges was inevitable. The quote echoed in those moments, reminding me that success in one chapter of life or failure in another did not define my journey conclusively. Instead, the courage to persevere, to continue learning and growing, became the true measure of my journey.
In life and/or trading, where uncertainties and fluctuations are constant, this quote took on a new significance. Understanding that success in a few trades/life chapters in general does not guarantee continuous prosperity, and conversely, a failure does not spell the end. The courage to analyze, learn from mistakes, and continue refining the strategies is key to life endeavors.
In essence, Churchill’s words have been a source of strength, urging me to view success and failure not as endpoints but as integral parts of a continuous journey. They’ve instilled in me the courage to persist, adapt, and thrive, shaping a mindset that values resilience and ongoing growth in the face of life’s inevitable challenges.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
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