its 1st time he try to fund fx account.

he called maybank and they said its cash advance fee.. so total amount transferred x 5%

i did asked why theres cash advance fee and the telephone operator told me its like withdrawing cash using your credit card via atm machine, but its me teach him how to fund fx account over internet

This post has been edited by gslearning: Aug 25 2009, 11:11 AM

how come rtusa & cmk96 also using same deposit method but he dont have charges?

no call, my client register the credit card for online use then try to deposit. he did get charged for 5% cash advance fee of the total transaction, its weird if you didnt have such charges.. but gah.. nevermind..

but sleepwalker is right thou

http://www.maybank2u.com.my/mbb_info/m2u/p...sonal/CRD-Cards

theres the link, if my clients didnt register cant go through online deposit. same thing as maybank phone operator told him..

so you guys deposit using credit card and no need VISA password?

This post has been edited by gslearning: Aug 25 2009, 05:55 PM

stop giving misinformation, do you really know what is spot fx?

spot fx market is multiple pools of liquidity combined worldwide, thats why it cannot be traded in single exchange market. it has to be off exchange traded. fx market has no regulation & cannot be done either because the currency(any currency) is globally accepted & exchangeable everywhere. so it doesnt make sense to have a single regulation authority in a country but the market is reacheable outside of that country.

stop using bucketshop broker if want to trade the real spot market, get STP processing broker.

This post has been edited by gslearning: Aug 25 2009, 08:16 PM

ok.. CFTC is regulatory body, this is correct. but you have to realize they're regulator for commodities and 'futures'. spot fx market is none of these..

so what is futures? it has almost same pricing with normal currency pairs we're trading, but it has ability to delivery at certain future times, this is what we called as futures contract. it is mainly use for business/bank hedging during 1970s, until today we can trade it as well for speculation just like spot fx market.




but theres limitation with these futures, especially for small trader would be hard because it has minimum contract size. some broker do offer is leveraged ways to enable small trade but only several pairs available as far as i know. CFTC is correct about this issue, to trade futures must be regulated by them, but i think you mix spot fx with futures so kinda misinformation i think..

This post has been edited by gslearning: Aug 26 2009, 01:18 AM

there are many big trader doesnt use Interactive brokers as well, and if youre using them, who is their liquidity provider?

i dont think fx pair in Interactive Broker is exchange traded dude.. no such thing, if you want to talk about futures but..

there are proprietary firm located in dubai, kazakhstan, panama, spain, Luxembourg or many other country that trading millions of dollar in spot fx. some firm gets the feed directly from bank and create their own trading platform via API protocol, they buy or sell directly with major bank in the world(biggest pool). so who is concern about fund protection? its all up to the firm itself & thats real spot fx market. actually this is more concern about who is their liquidity provider and willing to take how much volume either from 1st tier or 2nd tier level pricing. there are other broker company specialize in spot fx, and they requires client to have minimum amount of trade per month, experience and proper amount of capital as well.

CFTC does not care about spot forex market, it cant be done. the only instrument that close to spot fx pair is futures contract.

if you want to compare between Interactive brokers and Oanda, you must know who is their liquidity provider first. the only reason why interactive broker reports the amount of customer fund is probably they traded the customer position with futures contract, which basically same price with spot fx pair. Oanda used to be known as market maker, i dont know about them at the moment, but if youre trading with market maker, this is actually not trading the real fx market except your position is circulating within their system. so none of your position really affects the market... and hence the small tradeable volume as well. when clients able to make money with Oanda, the company either hedge against your position in the real market to protect themselves or most of the time newbie are trading against them only.

Oanda : biggest broker - no, but biggest market maker yes..


broker most of the time wont just having single liquidity provider, they have multiple & the more feed they have the bigger amount they can accept from customer. so not necessary customer position will be traded with single feed, your position might split 60/40, 70/30, or any appropriate amount. if your broker have price ladder or level 2 pricing look at orders how its being positioned and entered into the market. all of these is done by computers and in split seconds.. some in miliseconds!

This post has been edited by gslearning: Aug 26 2009, 01:30 PM

for beginner i recommend to use mbtrading

no cash advance fee? my clients did have the cash advance fee. but initially it was me telling him no extra charges using credit card.

the best? create your own platform, and get the direct feed from bank..

i think market will be slow & ranging during NFP. (just personal opinion)

k.. thanks for the head up. usd hasnt been making any high but keep creating lower low recently

i only see GJ is in the middle now, no real uptrend or downtrend yet (just personal opinion)

pro says only 20 - 30% of your trade accounts of the all the winnings

only 20 - 30% of their winning trades overweight the losing trade. therefore overall the account is up +%

its not me saying this, but according to one of the Kathy & Boris Schlossberg's article, less than 1% of all investors worldwide has ability to produce 2% gain per month on consistent basis.

maybe they mean institutional trading category. not retail type..

need at least 2 year record or more only then can consider consistent.