The weird background colour is due to a certain advertisement from a certain mobile telco that uses that weird colour.

Clear enough? :-)

That is why I didn't answer. The question has been answered in previous post. Furthermore, next time if you are asking something serious, don't use the subject : Hey Bro... that is not how you ask questions.

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Added on January 19, 2010, 4:24 pmBNM has not changed it's rules on forex. It has always been the same. There are people doing this for years and nothing has happened to them, even those openly declaring to LHDN. Only recently it got into the news headlines. Still everything is the same as always. Banks never question my inflows of cash as they are transferred from an overseas bank. It is not considered income as it is money transferred from outside of Malaysia.

One more thing, there is no limit to the amount of funds that you can bring into Malaysia, hence it would never be questioned by the bank unless the transfer info wasn't clear and they need more clarification.

This post has been edited by sleepwalker: Jan 19 2010, 04:28 PM

We can always be trading in gold too since it is in the same platform.

This post has been edited by sleepwalker: Jan 19 2010, 06:26 PM

From the questions you put up, I can see that you have not really been in any of these investment markets before, have you? This is also similar to short selling stocks on the share market. It is not allowed in Malaysia except for a selected few companies. You can still do it on the internet with US stocks . In essence, when somebody short sell shares, they are selling something they don't own. They are so called 'borrowing' the stock from the broker, sell it and hoping that the price will drop, buy back at a lower price and return the 'borrowed' shares. However, no actual shares actually changed hands with the exchange securities. It is just a transaction between the broker and the seller. They are just betting on the price difference of the stock.

This is also same as retail forex, or also known as off-exchange retail forex transactions. We are not trading the actual currency but rather 'borrowing' the value from the broker. If you have an account with a US broker, your transaction would be in USD. Just say you buy the EUR/GBP pair. You don't trade either in EUR or GBP. You are just betting against the broker on the spread in USD. There is no USD to EUR or GBP exchange. Hence this is not an actual transaction done at the exchange (where they actually sell/buy the currency). When the transaction is done, you are returned the spread if the value of the spread has increased between EUR/GBP pair.

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Added on January 19, 2010, 9:14 pmTake a pick..

FX Solutions, GFT, Oanda, IBFX, Gain Capital, FXCM, FXDD, PFG Best and CMS Forex will move together in this issue in order to avoid this rule. If the proposal passes the US fx industry will cease to exist and be either bankrupt or go offshore.

http://www.fxstreet.com/news/forex-news/ar...ae-d21f004d395f


These are the forex companies grouping together against CFTC. They are NFA regulated and should be safer than the others.

And if they enforce the 10:1 leverage, I'd just transfer my account from the US broker to their European branch. Problem solved.

This post has been edited by sleepwalker: Jan 19 2010, 09:16 PM

They are all US based. I'm with FXDD and they just received approval to operate in EU. I'm sure they'd expedite the operations there if and when CTFC enforces the 10:1. They don't want to lose their customers to other EU/UK based operations.

Most brokers will only allow withdrawal of funds back to the account that did the initial funding. If you use credit card, you'd only be able to transfer back to your credit card. TT direct from your bank account is the best option. If you have no cash and have to use credit card to fund, then you should not be trading.

Citibank is an authorised foreign exchange but not for spot/retail forex.

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Added on January 22, 2010, 5:41 pmThey are not available in all countries either. Not just Malaysia.

This post has been edited by sleepwalker: Jan 22 2010, 05:41 PM

Maybank charges RM25 transfer fee too.

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Added on January 25, 2010, 9:56 amDo you understand their statement of interbank liquidity? Again, you are dealing directly with a broker and not the bank. If you were dealing with the bank, your orders will take minutes to fill out and not seconds. All the no dealing desk claims are just marketing quotes. There used to be brokers that tries to match your orders to a reverse order and that slows down the dealing. Sometime it takes 10-15 seconds to fill the order. Nowadays, platforms takes 1-2 seconds to fill an order because you are dealing with the broker.

Again, do another round of check with the brokers and answer me this question. They have a limit on the order amount, although it differs from broker to broker, there is always a maximun order that you can place. Why is that I ask you? Why is there a limit if the order goes directly to the bank? BIG orders are to use ECN platforms and not the usual MT4 trader accounts. Once you find out why they impose this restriction, you will then understand what I've been trying to tell you all these time.

This post has been edited by sleepwalker: Jan 25 2010, 09:56 AM

You want sauce with that question? I give you sauce.... Maybe you got it mixed up with TT to Singapore only, which cost RM10. Overseas all RM25.

http://www.maybank2u.com.my/mbb_info/m2u/p...l/ACC-Accounts/



This post has been edited by sleepwalker: Jan 25 2010, 11:32 AM

That's 3 years ago... since then things have changed.. the US had their first black President.. even Malaysia has changed PM since 2007.

Some currency pairs don't have enough liquidity or IBFX don't have enough liquidity to support the order. Ah, you have just been given the run around by IBFX. Clever live chat. They don't have enough liquidity and they say that the currency pair itself does not have liquidity. You see where this is heading now? There is more money in the forex market than anything else combined in this world and yet the live chat can say the currency pair does not have enough liquidity? Hahhahahahaha...

So who actually does not have enough liquidity? The currency or the broker?

This post has been edited by sleepwalker: Jan 25 2010, 03:18 PM

As blur as the customer service is, he actually answered your question.

"If you are going to open an account of that size then you will would probably want to pay for a direct feed to the banks. We don't offer this service."

You told him that you are going to have a 5 million account. He said, if you are so big, you'd probably want to pay for a direct feed to the banks, a service with they do not offer.

So you know what I mean now? All of us deal with the broker and not with the bank. We are not even in the actual exchange. It is as though we do not exist.

The wikipedia that you read mentioned retail players. Those retail players are like pip mutt (your fictitious client), who has 5 million to play but pip mutt is not a bank. Therefore pip mutt has to open an account with a direct connection to the bank and play there. Those are the so called retail players that actually move the market.

We, on the other hand, play with the broker, off the exchange. What we do does not make any market movement.

Understand now?

This post has been edited by sleepwalker: Jan 25 2010, 06:13 PM

I guess this is not going to end until we have a proper source or explanation. Ok. Take a look at page 126 of the CTFC proposal quoted below. Read point 2. Here's the link to the entire proposal of the 10:1 leverage. This is how the CTFC defines the retail forex dealer. Understand now or do you need simpler words?

http://www.cftc.gov/ucm/groups/public/@new...lesproposal.pdf


YOU SHOULD BE AWARE OF AND CAREFULLY CONSIDER THE FOLLOWING POINTS BEFORE DETERMINING WHETHER SUCH TRADING IS APPROPRIATE FOR YOU.
(1) TRADING IS NOT ON A REGULATED MARKET OR EXCHANGE – YOUR DEALER IS YOUR TRADING PARTNER WHICH IS A DIRECT CONFLICT OF INTEREST. BEFORE YOU ENGAGE IN ANY RETAIL FOREIGN EXCHANGE TRADING, YOU SHOULD CONFIRM THE REGISTRATION STATUS OF YOUR COUNTERPARTY.
The off-exchange foreign currency trading you are entering into is not conducted on an interbank market, nor is it conducted on a futures exchange subject to regulation as a designated contract market by the Commodity Futures Trading Commission. The foreign currency trades you transact are trades with the futures commission merchant or retail foreign exchange dealer as your counterparty. WHEN YOU SELL, THE DEALER IS THE BUYER. WHEN YOU BUY, THE DEALER IS THE SELLER. As a result, when you lose money trading, your dealer is making money on such trades, in addition to any fees, commissions, or spreads the dealer may charge.
(2) AN ELECTRONIC TRADING PLATFORM FOR RETAIL FOREIGN CURRENCY TRANSACTIONS IS NOT AN EXCHANGE. IT IS AN ELECTRONIC CONNECTION FOR ACCESSING YOUR DEALER. THE TERMS OF AVAILABILITY OF SUCH A PLATFORM ARE GOVERNED ONLY BY YOUR CONTRACT WITH YOUR DEALER.
Any trading platform that you may use to enter off-exchange foreign currency transactions is only connected to your futures commission merchant or retail foreign exchange dealer. You are accessing that trading platform only to transact with your dealer. You are not trading with any other entities or customers of the dealer by accessing such platform. The availability and operation of any such platform, including the consequences of the unavailability of the trading platform for any reason, is governed only by the terms of your account agreement with the dealer.
(3) YOUR DEPOSITS WITH THE DEALER HAVE NO REGULATORY PROTECTIONS.

You do have to keep in mind that you can only withdraw to the account that initially funded the deposit. So if you use your credit card, you can only refund back to your credit card.

Furthermore, creditcards have very bad exchange rate. You might want to check the exchange rate with your credit card before starting the deposit.


BTW.. did you read the link that you provided to us? You can't fund with creditcard from Malaysia.

# Credit/Debit card (except residents of Argentina, Bolivia, Brazil, Bulgaria, China, Chile, Egypt, Estonia, Indonesia, India, Kenya, Malaysia, Mexico, Nigeria, Romania, South Africa & South Korea)


£18 <= anyone know this is usd/gbp? <= IS THIS A TRICK QUESTION?

This post has been edited by sleepwalker: Jan 26 2010, 12:09 PM

Then I guess you didn't even read the link before asking us for the details and you definitely didn't even look at this "£18 <= anyone know this is usd/gbp?" before asking us whether it is in GBP or USD. I guess some of us here does not even know what "£" stands for.

Are you sure you are ready to trade?

Why would you be even holding anything before FOMC and Bernanke's re-election and/or possible resignation? Any bad news and the stock market tumbles, investor's fleeing to USD and good-bye GU. If you are lucky, then things go your way. Technicals versus fundamentals, technical will always lose. It does not matter how good you analysis can be, the news tonight can undo everything. I do not enter the market with "If I'm lucky... " or "I hope the market will...".

You don't get what I mean. I'm not talking about long term fundamentals. I'm talking about tonight. I'm talking about fundamental announcements. Did your technical analysis show a 100 pip drop in GU yesterday due to a poor GDP in 30mins? No but the Fundamental Announcement did when it announced GDP lower than expected and the GU dropped like a rock.

So, with your mighty technical analysis, what does it show you tonight if Bernanke does not get the votes? Or what happens if he gets the vote and resigns? What happens if he gets the votes and stays on but announces possible interest rate hike in Q2? There is nothing in your technical analysis that can beat those news.

I'm rather sad that we have people trading in forex with such little understanding of the trade itself. On a day like this, the day before the FOMC, there is one thing that technicals do not show you. Technicals will not tell you NOT TO TRADE on the day before FOMC due to the lack of direction. Technicals will show you a possible trend but all trends can be changed with news.

Your current analysis shows a bearish tread. That's fine if nothing happens with tonight's FOMC. Things go on as your per analysis. However, if Bernie were to said something that the market didn't like, it's going to go against your analysis.

This post has been edited by sleepwalker: Jan 27 2010, 03:02 PM

One simple question. How many of us here are actually fund managers? If it works for them it does not mean it works for us. Most if not all traders here are considered short term aka holding orders less than a month. Medium and long term players hold their orders for 3-6 months.

Watching the market everyday is the only way to learn and the only way to trade. 95% of the people who lose in this market is because they treat it like a game. They treat it like an investment where you put your money in and forget about it. No, if they want that they should go invest in mutual funds. This is a trading business where you are going against your broker. He wants your money. You want his. It's not fair game as the broker has spreads on his side. Anybody that does not put this as 2nd priority in life (1st being either your own business or work), will not make it as a trader. You don't put a half hearted effort into something you want to succeed. That is why this is called trading.

This post has been edited by sleepwalker: Jan 28 2010, 09:06 AM

NFA's jurisdiction is only for brokers in the US. Does not apply to their branches outside of US. THat is why if and when they implement this rule, it is just a simple procedure to move the accounts from the US branch to their other branches outside of US.

Remember, if you do your initial funding from moneybookers.com, you can only withdraw your forex funds back into moneybookers.com.. forever. If you can live with that, then fine.

As for the verified by visa program, some banks in Malaysia has adopted a second level of verification, namely MasterCard® SecureCode™ and Verified by VISA. Some e-commerce sites require that you have this level of protection before accepting your credit card.