Any forumer wire money into Oanda Account through Maybank2u?
When i select Foreign TT option, they will ask you who and what is the transfer for and i have selected the last option which is to a non Malaysian Resident overseas. It states there need to get approval form BNM first. Anyone can clarify this and do we need to get BNM approval if we do TT over the counter.
Thanks.

When i click on Foreign TT, I am given the following option

a)I am a non-Malaysian resident transferring foreign currency to a Malaysian resident or non-resident.

b)I am a Malaysian resident transferring foreign currency to a Malaysian resident for the purpose of education.

c)I am a Malaysian resident transferring foreign currency to a Malaysian resident for the purpose of employment.

d)I am a Malaysian resident transferring foreign currency to a Malaysian resident for the purpose of investment abroad without domestic borrowing.

e)I am a Malaysian resident transferring foreign currency to a Malaysian non-resident for the purpose of investment abroad without domestic borrowing.

f)I am a Malaysian resident transferring foreign currency to a Malaysian resident or non-resident for the purpose of other than the above mentioned, having obtained approval from BNM.

I have to select either one to proceed to the next page. So which one should i select?

Thanks. pijo and rtusa

This post has been edited by sochaiapk: Jul 16 2009, 07:31 PM

I assume your one is a FXCM micro account and you have choosen to switch your acccount to FXCM UK to overcome the new NFA ruling on hedging and SL issue.
Last time you use www.mymicrolot.com to fund your account but after the switch to FXCM UK, you will no longer be able to access mymicrolot but instead you have to go to www.myfxcm.com to fund your account. I think that is the webpage change that your RHB bank was talking about.

Your debit card is Visa Electron or Mastercard? They accept Visa , Mastercard and Electron only.
There is no reason for the bank to decline the payment because you can make payment to any website that accept debit card. You can email the FXCM customer service and asked them is the transaction declined by them(FXCM) or the bank. If they say is the bank then you go shoot the bank because you can make payment to anyone you like.

Have you tried cards other then th RHB one?

I used CC to deposit a few times for thethe past few months. But haven't done it so far after theswitch to FXCM UK.
Never done any withdrawal before coz have been losing all this while.

How long does it normally take for withdrawal to go into your account and what is the bank charges?

Oanda Margin requirement is different from brokers like FXCM.
Oanda actually calculate the margin based on the value of the currecncy you re buying instead of applying fixed margin for all currency pair like FXCM.

If you buy 1 standard lot of EU @1.42 using FXCM at leverage of 1:400, you only require margin of 250 (100,000/400). But if you buy the same lot using Oanda , the margin required is 355 (100,000 *1.42 /400) assuming Oanda also offer the same leverage of 1:400.
If you buy 1 standard lot UY using FXCM , the margin is still 250 but Oanda is only 235 (100,000 *0.94/400) which is lower than FXCM margin requirement.

So to all who is new to Oanda, please calculate your margin requirement before opening trade because you might end up getting margin call if your account balance is insufficient.

This post has been edited by sochaiapk: Aug 20 2009, 01:31 PM

FXCM Micro that i am using is fixed margin. 1 mini lot of EU at 1.42xx is USD25 margin.
I have just opened 1 trade and that is what shown on my Trading Platform.

This post has been edited by sochaiapk: Aug 20 2009, 10:07 PM

I am not confused. I know what I am saying. I just want to point out to fella traders here that there is a difference between the way margin requirement is calculated when using OANDA and FXCM.

The leverage given by the broker is the maximum size that one can trade up to. It does not mean that one have to trade up to that level.
By trading using lower leverage, one will be able to manage his risk better and not risking huge percentage of one's capital in 1 trade.
Oanda allowed adjustable leverage up to 1:50. FXCM Micro leverage is fixed at 1:400.
I personallty think that the leverage offered by Oanda is already more than enough for even high risk taker.
Let say one have 1K in his account and is trading at 1:20 leverage and margin requirement is set at 1:50. Buy EU @ 1.42. The margin requirement is 20,000*1.42/50 = 568.
The free margin available is 1000-568 = 432
The leeway is just about 215pips.
If one trade at higher leverage, the leeway is even smaller.

It is very important to determine what leverage you are going to trade with your account and not what leverage your broker can offer you to trade up to. A person can dump in 1million into his account and open 1 standard lot but he is effectively trading leverage which is even lower than 1:1. In that case, he will have free margin of more than 99%. That defeat the whole purpose of trading FX because you are parking your money there but getting low return. Money managment is as important as trading strategy if not more.

This post has been edited by sochaiapk: Aug 21 2009, 01:24 PM

Let me guess what you are trying to say:
1)5k is the position size which is 5micro
2)every pips 0.5cents..... i think should be 0.5 dollars or 50cents/pips
3)2.5% = 25USD is the margin deposit at 1:200 leverage

Bank 'Harimau' i tak tau got extra charges or not coz i never used before, but HSBC and UOB confirmed no extra 5% coz i selalu guna. What to do, always lose money so have to fund the account again and again.

15-20 winning trades on demo is achievable but with no losses is very unlikely lol. To me, 3 win out of 5 trades is quite reasonable. That is equivalent to 60% success rate.

Scalping susah nak dapat result consistent.

Scalping itu korek sikit sikit lah. Macam 5-10pips profit, tutup trade. You tak letak Stop Loss bahaya tu, sekali datang satu killer spike, semua profit yang susah susah dapat itu kena sapu habis.