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 Forex Version XI, Foreign Exchange Market Discussion

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sebastian.twz
post Jul 31 2013, 01:32 PM

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QUOTE(Leo the Lion @ Jul 31 2013, 01:20 PM)
Yes I think you are correct. The spread(or pips?) that I've brought from sell/buy just GONE if reach certain level of differences(sry, really forgot the detail). I lost alot of money that time. How to avoid it?
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Play smaller lot size. Win more with higher consistency is better than just going ALL-In on a single trade.
icon_rolleyes.gif
sebastian.twz
post Jul 31 2013, 01:37 PM

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btw, anyone here know where to get a decent chart for USDX?
sebastian.twz
post Jul 31 2013, 01:51 PM

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QUOTE(Leo the Lion @ Jul 31 2013, 01:46 PM)
Still lose money le. Should I start with $500 or $1000 to be on the safe side? Last time start with $100.. sweat.gif
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$100 in my opinion abit too little... why dont you try demo first before going in live?

Many brokers out there provide demo account, try trading demo for a few months first before putting in real money. If you cant be profitable in a demo account, it probably impossible for you to be profitable on a live account.

sebastian.twz
post Jul 31 2013, 05:17 PM

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QUOTE(jhcwcc @ Jul 31 2013, 04:48 PM)
hihi, i planned to open a live account.
am i able to open a usd100 account with fxprimus?

i spot this in its website:

"Please note that you must trade a minimum of 5 lots on the account otherwise any withdrawals will be returned less the reimbursed fees."

what does it means?
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I am not sure if you can open a USD 100 account with primus but for the minimum trade size, its probably a lock for the TT/ Master/visa reimbursement.

When you deposit to a broker, you need to do a Telegraphic transfer or deposit via Master/Visa. There will be some fees incurred but normally brokers will reimburse the fees into your trading account. From what you have shared, Fxprimus will deduct back the reimbursement if you withdraw without trading a minimum required 5 standard lots. whistling.gif

glhf

This post has been edited by sebastian.twz: Jul 31 2013, 05:18 PM
sebastian.twz
post Aug 1 2013, 11:49 AM

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QUOTE(zDarkForceSz @ Aug 1 2013, 10:38 AM)
i scalped 149.9 pips from E/U hope by end of week, nothing big happen. touch wood.
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LOL, from those RED colored news for the week in FF... something is bound to happen
sebastian.twz
post Aug 2 2013, 12:48 PM

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QUOTE(ProperTYcoon @ Aug 2 2013, 11:53 AM)
AUDUSD 1 year low

suggest : Buy AUD TP/SL 40 pips

Beware : High impact USD news today
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Tonight's NFP and unemployment rate may potentially make or break alot of pairs thumbup.gif

EU GU AU all stalling at key S&R zones waiting for the news drool.gif
sebastian.twz
post Aug 2 2013, 02:03 PM

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As some sifu has said, sell the news, buy the rumour
sebastian.twz
post Aug 5 2013, 11:59 AM

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QUOTE(zDarkForceSz @ Aug 5 2013, 11:48 AM)
Some broker provide free withdrawer through credit/debit card.
Paypal you must bear extra charges.

Good day.
*
Yea, some brokers even have a Debit card service like Payoneer.

But, I think that most brokers who deal with withdrawals via Bank Wire should be okay XD
sebastian.twz
post Aug 5 2013, 03:09 PM

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QUOTE(zDarkForceSz @ Aug 5 2013, 12:16 PM)
Hehe but for me, back to my own bank account make me feel safer when I check through online banking. haha
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By bank account, you mean bank wire back to your local bank account? Or did you open an offshore account? XD
sebastian.twz
post Aug 5 2013, 03:54 PM

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QUOTE(zDarkForceSz @ Aug 5 2013, 03:44 PM)
i fund using my maybank debit card, after withdraw, is back to my maybank account! biggrin.gif
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Good rclxms.gif Bank wire still the safest more reliable. If a broker cant wire you the money, you can be sure something is up unsure.gif
sebastian.twz
post Aug 5 2013, 04:05 PM

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QUOTE(babienn @ Aug 5 2013, 04:00 PM)
How to do that? Can directly withdraw to debit card?
How much is the cost of each bank wire transaction?
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Technically speaking, you can't withdraw directly to your own local debit/ credit card. But some brokers (like Primus) has an alternative; they can help you open a debit card account (Payoneer) from their bank. You can then transfer your profit/ balance to the Payoneer debit card and use it locally. This way, your money is still in Primus's account/ linked to their accounts.

As for a international bank wire, the charges will normally be around 50 USD or less. depending on the bank they use etc.

P.S. the broker will normally cover your bank wire fee if you want to deposit smile.gif


sebastian.twz
post Aug 5 2013, 04:07 PM

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QUOTE(jeanhl @ Aug 5 2013, 04:02 PM)
Every broker offer bank wire. I use it all the time but last week I used local bank transfer offered by my broker so I don't need to pay extra fees. The transaction fees is the only downside of wire transfer
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That is exactly the point, BNM doesnt allow local brokers right, so then, how did those broker got a local bank account? Be careful my friend.
sebastian.twz
post Aug 5 2013, 05:39 PM

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QUOTE(ProperTYcoon @ Aug 5 2013, 05:36 PM)
hi there, for your information, forex is LEGAL in MY according to BNM

KUALA LUMPUR: Bank Negara Malaysia clarified on Thursday that the buying and selling of foreign currency in Malaysia is only allowed with licensed commercial banks, Islamic banks, investment banks and international Islamic banks as provided for under the Exchange Control Act 1953.

Such trading is also allowed with licensed money services business providers (money changers) as provided for under the Money Services Business Act 2011.

In addition, Shariah-compliant financial products, including foreign exchange related transactions, offered and transacted by licensed Islamic financial institutions are approved by the Shariah Committee of the respective financial institutions with endorsement from the Shariah Advisory Council of Bank Negara Malaysia, Bank Negara said in a statement.

The clarification follows the National Fatwa Council's ruling that foreign exchange trading is forbidden for Muslims.

The council's chairman, Tan Sri Dr Abdul Shukor Husin, said on Wednesday that Muslims should not engage in forex trading as there were many doubts about it and that it involved individuals using the internet, with uncertain outcomes.

However, he said other forms of trading in foreign currencies, such as by money changers or between banks, were permissible, as they do not involve currency speculation or uncertain outcomes. - Bernama

http://www.thestar.com.my/News/Nation/2012...ing-status.aspx
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Yes, what I meant was, ARE Foreign Brokers allowed to collect our money and deposit it in their MALAYSIAN BANK ACCOUNT (Local)? Are they allowed to open a company account here and are they allowed to take deposits here?
sebastian.twz
post Aug 6 2013, 10:46 AM

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QUOTE(jeanhl @ Aug 5 2013, 09:58 PM)
When wire to their offshore account, they use company name but when local transfer, it's under a third party account name. guess u now the reason  brows.gif
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Better be careful lor brows.gif brows.gif
sebastian.twz
post Aug 6 2013, 10:48 AM

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QUOTE(Alissa_1989 @ Aug 6 2013, 04:08 AM)
BNM only allows licensed local banks provide forex service, but the minimum start up capital is high and the leverage is not as good as overseas .
*
As far as I know, local banks are license to provide fx trading services to institutional clients.. so unless you can fork out a couple of millions in cash, it aint happening. But I heard something about CIMB and MBB trying to open retail fx in Singapore, anyone hear anything about that?

sebastian.twz
post Aug 6 2013, 08:58 PM

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QUOTE(zDarkForceSz @ Aug 6 2013, 07:25 PM)
Bro, so that part of income is also taxed?
*
What he mean is he buy property, assuming that his day job income is very minimal, the tax department just wanna check how he got so much $$$ buy 2 property... so since he declared his earnings from FX trading, then all should be fine XD

P.S. If you keep earning $$ from trading, eventually you have to wire it back Msia right? then you have to declare too
sebastian.twz
post Aug 12 2013, 10:52 AM

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Anyone here holding a EU short from last Friday's top?
sebastian.twz
post Aug 13 2013, 11:07 AM

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QUOTE(zDarkForceSz @ Aug 13 2013, 10:16 AM)
You short up or down? nice one on AU~
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Bro, EU short means Selling EurUsd... Long means buying the pair

EU short seems to be the best trade to start off August XD
sebastian.twz
post Aug 13 2013, 03:36 PM

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QUOTE(Jeck10 @ Aug 13 2013, 12:27 PM)
Lets say Usd strong against Jpy, and CAD around same strength as Usd, then can we assume that CAD will be strong against Jpy as well?
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Canada has trade dealings with USA, so their economy will be dependent on each other, something like Europe and UK. But this doesnt mean that if USD falls, CAD will fall; remember, nothing is set in stone in the FX market.

For your example, if the reason USD is strong against JPY is because Japan's screwed, then CAD will probably strong against JPY ( because JPY is weak against all major currencies due to its own fault)

However, if USD is strong against JPY because USA's economy is recovering, CAD might/might not appreciate against the JPY ; the reason is explained above.
sebastian.twz
post Aug 13 2013, 03:41 PM

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QUOTE(zDarkForceSz @ Aug 13 2013, 11:29 AM)
oh. i tot short period / long period haha.
*
Hahah, normally they will indicate the time period using TF.

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