I can tell ya that our group uses insta.. no problem with withdrawal.. theres more than 100 of us.. so if theres any problem we should have known already..
problem is some people who never used them vouching other wise

This post has been edited by Sham903n: Mar 17 2010, 01:42 PM

Fortunately BNM's circular does not cover retail forex. BNM does not prevent us from going into an agreement with any company to perform spread trading. Since we are not performing any currency exchange, it is not within BNM's jurisdiction. Once you start collecting money and investing on behalf of the client, then it becomes BNM's jurisdiction.

This post has been edited by sleepwalker: Mar 17 2010, 02:16 PM

What about oanda? anybody gt problems on withdrawal?

I have a paypal account ,Can someone please introduce reliable forex website which can deposit and withdraw through paypal account. Thank you very much

no problem at all. fast funding and withdrawal. they have 2 counter. one the global one and another one is the singapore based.

im using fxopen for 2 years....so far very good........fast execute
deposit can use topup card, withdrawal can make by local withdrawal

i have my own live trading group every friday nite 9pm at brem mall, segambut...
every 1 is welcome....

Hi peter;

Glad to hear that. Im running Demo account for that company as well now. So pro.. got trading group some more.. share share a bit here?

Btw, what is the min deposit and withdrawal? Where to check out the spread they set? Noobs here.

i'm studying trendline. namely head shoulder pattern @ easytradeforex.com. below is my own head shoulder pattern for gbp/usd



both right/left just pass pivot
head is a bit far above pivot
retest neckline is below that of right shoulder

chart is based on M30.

am i correct?


p/s: i know the longer timeline, the significance the trendline. but it not that visible on H1 that i choose M30 instead

This post has been edited by Invince_Z: Mar 19 2010, 03:06 AM

then it means that you are choosing what you want to see.. not what is shown to u.. a sign that you will be an emotional trader and probably requires u to practise more patience and wait for a pattern to emerge before entering

kelvin_tan: u got it wrong there but thx for the kind reminder. i had to use M30 cuz no other available in H1 n above. i wish someone could tend to it whether the trendline was correctly identified (just ignore the M30 thingy) n drawn. if i'm missing something there.


for example:

i should hv drawn it from lowest bullish candlestick left shoulder to lowest bullish candlestick right shoulder

or

i should hv drawn it from lowest bearish candlestick left shoulder to lowest bullish candlestick right shoulder

or

i should just ignore the existing neckline retest point. others r correctly drawn

or

u add ...

This post has been edited by Invince_Z: Mar 19 2010, 11:49 AM

Head and Shoulders pattern is a reversal pattern and is always at the end of the trend. Yours are totally incorrect in identifying the pattern position, not the drawing itself.

In your case, the preceding trend before the H&S suppose to be in an uptrend, then forming the H&S pattern, then when price break the neckline it is a confirmation that the trend is reverse.

This post has been edited by EmperorJoseon: Mar 19 2010, 11:58 AM

EmperorJoseon: so the id was wrong. thx2 i thought H&S can form anywhere...as long as it appears to be something like H&S. u r saying, right b4 the left shoulder above, there should be a bullish trend rite? i'll keep that in mind.

how often H&S occur in a year or in 6-month time? i bet once or maybe 2-3 times only.

This post has been edited by Invince_Z: Mar 19 2010, 12:28 PM

Invince_Z: Im going to show u a scenario why you are choosing what you want to see.

1h dont have pattern.. ok la i look at 30m... aiya 30m also no pattern.. ok la i'll look at 15m.. 15m still no pattern.. hmm look at 5m .. and so on..

you are choosing what you want to see from what i gather.

yes. i'm choosing so that i could ask u guys whether the H&S identification/drawing correct or wrong so that i could learn from those id/drawing. tell me who the crazy person use lower timeframe H&S fro trade? that picture just an example



head = red
shoulder = white
bull = yellow
retest neckline = green

take that. hopefully a H&S pattern taken from jun 2003 gbp/usd D1 graph


EmperorJoseon: what about below? cannot? i know it silly. just want to know.



head = red
shoulder = white
bull = yellow

This post has been edited by Invince_Z: Mar 19 2010, 01:00 PM

That is not H&S pattern for me. It looks more like ranging market LOL

---

Added on March 19, 2010, 3:51 pmTrend Following ‘Day Trading’ Question

Trend Following | February 24th, 2010

Feedback in today:

“Hi Michael, I have been reading and following your website and blog posts for the past several months. I have to say that the information you provide is rare to come across in today’s internet world. The work you’ve done over the past several years has been amazing. I just wanted to introduce myself and ask you a question on which you may be able to shine some light on. Firstly, my name is [blank]. I am currently a student at the University of Toronto in Ontario, Canada. I am in my final year of, what they say, is a prestigious finance program in one of the top universities in the Country (although the quality of information i receive daily is, in my opinion, average at best). I will be graduating in a about 2 months and am one of the few lucky students, in this economy, to have been offered a full-time position post-graduation. In May, i will be starting a job as a junior trader in a prop-trading firm located in [blank]. The firm specializes in futures trading. Although i have been interested in trading and trade on a part-time basis for the past year or so, i am fairly new to the game. The firm is mainly a day-trading firm as many prop-trading firms are. I was wondering how your concept of “Trend-Following” applies to the day trading time frame (that is minutes, hours, etc)? Does this type of strategy only work for longer time frames or has it been successful with traders who use it to day trade? Thank you once again for everything you do. Hope to hear from you soon, [blank]“

It is tough. Many issues from transaction costs to a need for superior access and execution are working against you. Ed Seykota once gave some insights on short-term trend trading:

“Intraday trading is tough since the moves are not as big as for long-term trading and there is no comparable reduction in transaction cost. In general, short-term trading systems succumb to transaction costs and execution friction. You might simulate your system over historical data and notice how sensitive it is to assumptions about where you get your fills…The shorter the term, the smaller the move. So profit potential decreases with trading frequency. Meanwhile, transaction costs stay the same. To compensate for profit roll-off, short-term traders have to be very good guessers. To improve guessing skills, you can practice dealing cards from a standard deck, one at a time. When you become very good at it you might be able to make money with short term trading.”

Seykota was also asked:

“I am new to trend following and wish to ask you what your favorite chart is for determining a given market’s trend? Daily, weekly, yearly, hourly?”

Seykota responded:

“Hmmm…your list seems to lack scaling options for minute, second, and millisecond. If you want to go for the really high-frequency stuff, you might try trading visible light, in the range of one cycle per 10-15 seconds. Trading gamma rays, at around one cycle per 10-20 seconds, requires a lot of expensive instrumentation, whereas you can trade visible light ‘by eye.’ I don’t know of even one short-term trader, however, who claims to show a profit at these frequencies. In general, higher-frequency trading succumbs to declining profit potential against nondeclining transaction costs. You might consider trading a chart with a long enough time scale that transaction costs are a minor factor — something like a daily price chart, going back a year or two.”

I agree with Seykota’s wisdom, but he is not saying short-term is impossible. There are shorter-term systematic traders who have done quite well (Toby Crabel and Jim Simons, for example). They would agree with Seykota that their style is hard. The shorter you go, the more the need for great execution, fantastic data, and multiple systems. And in closing from Jessie Livermore:

“…the big money [is] not in the individual fluctuations but in the main movements — that is, not in reading the tape, but in sizing up the entire market and its trend.”

Big trends? Gosh, don’t we all just know those are coming! No prediction of what or when, but they are coming!

This post has been edited by bulkbiz: Mar 19 2010, 03:51 PM

which one? both? top? bottom?

FYI, bottom pic is extended version of previous H&S M30. this time it was screen capture @ D1. while for top pic, it was the best looking H&S i can find in such short time.

if u ask me...it is very hard to find 1 proper H&S in gbp/usd. i'm sure there is at least 1. if u hv a clue of the month or year. do tell me. dont give a screen capture, i would be glad to id it myself, just like playing hide-n-seek a clue may help.

This post has been edited by Invince_Z: Mar 20 2010, 06:17 AM

eh, wanna ask as the 1st thread, there says forex is illegal, then once we earn $ from forex,... how to declare to our gov ?

I am new in forex and i earn some money from forex, the problem is i duno how to bring back the money ....

Forex is not really illegal actually. If you're new in forex, then try to trade on a demo account. Or if you're money hungry, try put some dollars into a micro account. If you mastered that, you can proceed to the standard. Oh and about how to bring back the money, commonly, wire transfer, hard to find any broker use credit card or paypal to withdrawl and deposit.

Well, about the legal case, its not illegal, the news is just tell us to beware of forex scam or what. All you need to do is go some safe forex broker. You can know the brokers here.

(Oh and, my statement is below if you want to see, its a micro account in CENTS, not dollars.)

This post has been edited by visioncored: Mar 21 2010, 02:20 PM

No need declare la I think, unless you are big player with 100k up and down market, then possible. Ten of thousand withdraw still ok.

Hmm, i thought we had a gathering after CNY, no news? long time nvr c our fren Jurne in the forum eh.. @@

This post has been edited by Volatile369: Mar 21 2010, 09:01 PM