Retail players like us don't move market. I doubt anybody here trades directly with the bank. Trading with the brokers does not affect market movement. Big boys don't use emotions either. They either have no choice but to buy/sell or were instructed to do so with money that does not belong to them. Emotions? Not in play.

The thing is that EAs get their bad reps from programs like that and make people think that EAs are only good for automatic trading. I use so many scripts and EAs to open and close orders that I no longer do any manual settings. To open a buy, I just click one button and it automatically:

1) Buy at current ask price
2) Sets the TP and SL according to my strategy
3) Sets the pips size according to my account size and strategy
4) Automatically moves the SL up and down to trail according to my strategy
5) Automatically closes half my orders upon TP and move SL to breakeven +1 and let the rest ride out.

All these with one click of a button. How many clicks would a human have to do to perform the same function as above, not mention the amount of time required to sit infront of the console to manually adjust the SL. Of course, the decision to buy sell still depends on me, just that the closing of the order depends on my strategy without any emotions involved.

This is an example of how EAs can work for us. Not all EAs are bad.

Bulkbiz,
I believe BNM does not have a clear guideline on Retail Forex. I'm not trading forex. I don't take stock of the currency that I buy sell with my broker. I'm just trading on a set of numbers, just like how people are trading on options. It is just numbers. BNM guidelines applies to people actually buying currency on the internet and not retail forex.

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Added on January 7, 2010, 9:30 amWe are only playing pips as retail forex traders. The name is forex trading but we are not taking stock of currency. We are just playing numbers.

This post has been edited by sleepwalker: Jan 7 2010, 09:30 AM

In fact, if there is a broker for heroin and ganja price trading, I can also trade and it will not be illegal as I don't take stock. Just trading numbers. Just like trading oil price. I buy sell the numbers and not the oil itself.

These guidelines have been up for a very long time and most are outdated. Exchange Control Act 1953. There is no internet then. No matter what, I'm not trading currency, I'm just trading numbers. I don't own the currency that I so called trade in. No currency actually exchanged hands.

Who is trading forex here? Non of us. We are Retail Forex traders. Look up the meaning of Retail Forex traders. We don't actual trade in Forex. We trade with the broker on a set of numbers that represents the exchange rate. The money made/loss is paid by/to the broker and nothing to do with forex.

Look up the meaning of retail forex traders and you'd realise that we are not perceiving it differently. Retail forex trading that we do is new and started by good ole Bill Clinton of the USA. If it was not for him, the only forex trading that we can do is with the banks.

There is actually a very clear cut definition from BNM. Just that people don't understand. Foreign exchange involves buying and selling currency. YOu sell ringgit and buy USD or you sell Pound to buy Euro. That is what real Foreign Exchange is when you do it with the Banks.

We are retail forex traders. We buy sell everything in USD with our broker. We are actually buying and selling with the broker and not performing any actual Foreign Exchange. In fact, we are closer to gamblers than forex traders, if they gov wants to give us a label.

People just don't understand what Retail Forex is about. Just because the word 'forex' is in it, people just lump it all together.

No BNM has no jurisdiction over PowerUp and any of the Forex Training center as they do not deal in forex. They are just a training company and as long as they do not accept funds under investment for forex, BNM cannot do anything with them. Yes, there are some stupid get rich schemes out there but so far non of the training centers are stupid enough to accept funds. If they are, then they deserve to be hunted down.

BNM are going after the IBs likes those from FXOpen and Instaforex (just to name a couple) that are accepting local funds and also promoting investment in forex.

It doesn't matter what BNM says as long as I don't exchange currency, BNM has no jurisdiction over me. Retail forex is not currency exchange hence BNM has nothing against retail forex players like us.

The transfer of money out of Malaysia is not illegal. Please note that we are also not exchanging RM to USD with the broker. We are changing it with the local banks and sending it out as USD to the broker. Get the facts right. The foreign exchange part happens in Malaysia with an authorised bank. Duh!

It's also called Margin Call Day for some..

Hahaha.. you guys should see this... BTimes.com.my article on forex trading.. but it is not the article that I want to bring your attention to but rather the google ads at the bottom of it. Hahahahaha.




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Umm... you didn't understand the context of the joke. This was similar to some news site reporting that a pregnant woman was cut open and her baby removed and so happen that the google ads showed "Best way to lose weight off your tummy"...

Sigh.. nvm to those who didn't get it....

They can't. All of our MT4 connection is encrypted and secured. They can see the connection but they can't prove what we are doing. The money going in and out of your account is just normal bank transfer. It does not prove that you are trading forex.

You know what is the funniest thing about all these? Forex has been traded by individuals in Malaysia for the last 10 years, including the illegal solicitation of funds. BNM has never changed any of their rules as the Exchange Control Act 1953 has been established since.. well.. 1953. It sure took them a long while to getting their act together.

Give it a few months and it will all fade to the background and forgotten again.

They want people to inject money back into the economy, then they should first get rid of the 2 million foreign workers in Malaysia. If each foreign worker only sends RM100 back home every month, that is 200 million ringgit flowing out of the country per month.

Every year we have a deficit budget, which is announced publicly, so how can the gov have any money? Well, we may be a crude oil exporting country but we are still a petrol importing country, so every drop of petrol used will cost the gov money, esp when we sell cheap crude to subsidise more expensive refined petrol.

Whoo hoo.. it doesn't matter which way.. as long as it moved. Yes..

You don't need to guess, just need to straddle. Place a buystop and sellstop on top and below 1 min before news release. That's what I do for news. So it doesn't matter which ways the news goes, as long as it moves, money is made.

Did he say 116 pips in ONE trade? It could have been 116 trades of ONE pip to make 116pips. He said 116 pips MOSTLY by scalping. So it was not just ONE trade. It was multiple trades. Please read properly.

How long do you think it would take him to accumulate 5 standard lot size of trading with USD70?

That would be the same as asking for pirated games. The answer is no and it is also not allowed in this forum.