Added on August 9, 2012, 3:04 pmQUOTE
You need to be the President of a central bank to get any insider info in Forex, somebody like Philipp Hildebrand, chairman of Swiss Central bank, who's controversial forex trading by his wife was considered an 'insider' info.
BTW, I would at least fix up your website www.milecapital.com before offering any financial services. You still have unfinished sample text on your site.
You guys are so naive that you know nothing about the industry. I am speaking on behalf of my experience as a FX dealing specialist and account manager. Have you ever wonder why those FX companies will give you money when you open account with them ? Have you ever wonder why those fx companies can afford to buy such expensive advertisement space on Bloomberg channel or on high traffic internet site ? This is because Fx business is design to cut your throat !!! I would be interested to know if any members here are consistently making money out of fx. Unlike stock market, this is a zero sum game, and you need to join the 1% to make money from it. TA skills won't bring you anywhere to the 1%.
As a fx dealer, we feed the data through CP, which can be Citi, Barclays, JPM, GS, etc. The main purpose of a fx dealer is to ensure that all our clients' trade are not profitable. Do you guys know what is the standard market lot ? It is 100,000. And normally for CP , they won't accept order less than 10 mil , meaning 100 standard lot. So , have you ever wonder where your order of $1,000 or sometimes $100 EURUSD goes ? It goes directly to our dealing desk, where we, the fx firm, at this instant, will act as your CP. Meaning your order never go out to the market, the fx firm is gambling with you !!!! We can do this, because we have all your statistics. We know if you're the 99% or the 1%. If you're the 1%, we will route your order to CP, having no risk in our portfolio. However, if you're the 99%, we are more than welcome for you to come and increase our year end bonuses.
This is the photo taken on my last day as dealing specialist. The middle 3 black screens are Bloomberg terminal, where we feed data from, and perform TA analysis in case clients want to know them. The left side being trading terminal to CP, currently we are linked to Citi and Barclays, as they consistently provide the best price for us (Best price feed only available when the order reaches 10 mil). The middle bottom being statistical tool where we can monitor all clients activities, see if any scalping activities exist. As I am on the night shift, meaning I'll be working from 11 pm to 8 am, we can dress up casually and sometimes during 5 am , we can go to the nearest restaurant for Dim sum . Oh yeah, I work in Hong Kong, thats why we have all this yamcha places.
Anybody trading forex knows how it works as most of us in retail trading are dealing with dealing desk as none of our orders are passed to the market. Don't treat us like naive idiots. I would exactly call myself an trading expert if I only finished high school in 2006, plus the years in university, gives you no more than a couple of years in the real world of trading. Irrespective of where you have worked, unless you had the portfolio of a few hundred customers and millions of their money for you to invest, which I doubt you had since you were not working in an investment firm and not likely to have a huge trading portfolio for your age, I wouldn't come here and call people naive.
Spend another 10 years in the market, come back with a portfolio of investors (and stop offering services in lowyat for RM30 to RM500) and then you can the people here naive.
Apr 5 2012, 11:49 AM
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