Hi guys am new here nice meeting you all..

hey haha, looks like more and more people trading this market eh.. XD

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Added on December 20, 2009, 7:19 pmAnybody tried this currency network before? www.currensee.com .. posted in Facebook ad thou..

This post has been edited by Volatile369: Dec 20 2009, 07:19 PM

Oh lol, don worry, we are still learning as well, hehe..

Merry Christmas .. =)

currensee.com is still on beta stage, anybody heard of this traders social networking website? wanna knw whether its reliable, thx..

This post has been edited by Volatile369: Dec 24 2009, 10:20 PM

There are no 'down to earth' good broker, it is all according to your needs, those brokers that you mentioned are called Market-Makers. They are cheap to invest your money without minimum deposit(as low as USD1), it can execute alot of functions with flexibility, the drawside is your not playing with the markets, but the broker itself, means when you buy, your broker sells to you, when you sell, the brokers buy from you.

The other type of broker is the ECN(Electronic Communication Network), this broker is the only type that can take you live to the real markets(meaning bank transactions), real live traders buying/selling from you, instead of broker, but drawside is most of them need a minimum USD1000 - 5000 or so to register.

If your just starting, try Market-Makers broker, this is becoz they hv minimum deposit and you can 'learn' from the market before putting your whole investment in, until you feel comfortable with your trading style, then only switch to ECN to start 'earn' back your profits. if ur USD1k investment is ur life-savings or its more than 20% of your net worth, i advice you reducing to USD100 or lower to start with.

Characteristic of brokers for my opinion(but not recommendation!):

Oanda- Good kickstart, but not good for investment; has mobile capability but lack of charts, jz quotes.
FXCM - Largest money-maker broker; has lots of tools and indicators; not sure for its mobile capability.
FxOpen: ECN, MT4 platform, has mobile capability, minimum USD1k deposit.


To your trading success.

This post has been edited by Volatile369: Jan 3 2010, 02:10 PM

Well, u got to check the company's profile in their website, they usually will state their personality either is a Market-Maker or an ECN.

Ah, R.Booker, so your a master of S&R eh, rad his book 'The adventures of a Currency Trader'?

I see, i think all newbie traders shud read his book before bumping in the markets.

You got a gud system there, so if u feel its comfortable for you, then stick to it. The next thing is to manage your time, i feel that other than money management, time management is imp as well, plan ur day/week/month to trade, determine which markets u trade the most? Asian, europe or US? find a market session that is most suit/ comfortable for u, then only considering live one. This can prevent u from overtrade. But of coz, after you feel comfortable with ur trading style 1st..


This post has been edited by Volatile369: Jan 3 2010, 03:16 PM

Well, not to say is not a good investment but it is wise to avoid market-makers as a long term investment, this is becoz there are certain risk such as, some brokers may manipulate ur orders, as platforms are dealed wholely by them, I would say no more than USD100. ECN is the better way for ur investment as u r 'risk-free' from brokers doing something with ur orders. If u had a large chunk of money invested, it is better to find a more reputable ECN broker such as Dukascopy(jz a little complicated when registering), or MBtrading. Of coz, this is jz my opinion, better check from the others and ur comfort with the broker before venturing in it.

So far oanda has no problems with me when withdrawing just that an additional USD15 fees if u happen to withdraw the 2nd time in a month, 1st time in a month FOC.

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Added on January 4, 2010, 1:08 amWell, i havent use ibfx thou could not giv comments. Low spreads? there are many brokers out there who offer low spreads, jz find the reputable ones, but to me, spreads determination not only comes from broker, u have to c the market condition as well, for example, when news or volatility are high in a market, the spreads will be higher, most brokers will want to get the opportunity to raise their spreads there, so do be careful when u place an order. Consult the Bid/Ask spread:

For example:

EUR/USD

Bid / Ask
1.3500 1.3505

As for EUR/USD, we count the pips on the 4th decimal point, calculate it by subtracting the Ask-Bid = Spread, in this case, is 5 pips(1.3505-1.3500= 0.0005). To me, 5 pips is quite alot for a normal market condition.

Certain brokers will calculate it out for u for every pairs of the currency, such as FXCM, others u gt to count urself.

Hope this helps.

This post has been edited by Volatile369: Jan 4 2010, 01:09 AM

Morning, ur using a one hour chart? looks like u r way ahead the competition if the uptrend breaks down..

This post has been edited by Volatile369: Jan 4 2010, 10:41 AM

lol it went thru up the doji.. XD

USDCHF is kinda range bound, u could draw a channel line n c whether they test the R/S levels..

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Added on January 4, 2010, 4:53 pmWell, the Russian president mr. Medvedev had proposed to Asian n Europe countries for a possible global currency last year, but looks like it didnt carry out any real discussion, every country will wan to c their economy better than others, so they try to do it by floating their currency with others, c whos better.

I don't think there will be any significant changes in world currency policy during these 10-20 years, but even it does, it will take quite a while for d world to adapt such changes n those traders might as well earn big profits n retire or ready to move to other markets during that period..

If countries adapt such policy, it would mean tat we r in a world without borders(free trade etc) n the world become one gigantic State. Do u think thats possible?

This post has been edited by Volatile369: Jan 4 2010, 04:59 PM

Yea, actually investing in forex is a risky game in Malaysia as there r no regulation bodies to regulate brokers activities, at least oanda u still can complain to the CFTC in the US if there r flaws. But come back, there is no such thing as 'safe-free' broker, once ur money-in to the broker acc, u risk it being 'turned upside down'. So there are flipsides, n downsides.

As the other forum members said 'do ur own due diligence'. Not mean that a broker had office here mean is gud thing can complain to them easier, but the opposite(overseas one) is true as well.

a sub of FXOpen is fxmalay.com, heard it got few -ve reviews too im not sure.

Talk about advertising, so far i had not heard of equity brokers outperform their advertising campaign than forex ones, so do be careful and keep an eye of their marketing activities..

One way is to c hw aggresive their marketing is, if they market some 'promises' that is out of their own capacity, watch out!

This post has been edited by Volatile369: Jan 5 2010, 11:06 AM

There r 2 websites, fxmalay.com, n fxopen.com, both have the same function, just that the former had malay language. Is there any difference if signup either one of them? Maybe riskier joining fxmalay, than the head-office fxopen?

This post has been edited by Volatile369: Jan 5 2010, 11:22 AM

Haha yea, Tuesday's market is kinda dull, due to the big boys(US) not making significant moves on Monday my guesses.. tmr FOMC min out, c hw benny wanna make waves anot.. XD

Kishore M, been one of his briefing, teaches us 7-8 strategies, around 5k to join, he gt his own software to trade i think, at first(when noob time) wanna join, but later saw abit different, the trainers ther look abit marketing like, so din join, yea i saw the video too, they claim had 10k over people join his seminar, dono thru anot in singapore alone..

Yea he claims to hv been trained by Dr. J in the US, some options expert.

BNM targeting him? any article that say so?

Yea, agreed, better is the trader who wans to trade find the broker that they feel comfortable with.

Oo.. i see, so lets see how it goes..

Thumbs up!

What the heck? this breaking news broke my short position on the USD/CHF.. >.<




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