Why would you need representation when everything is done online? Just like how you are talking to us online WITHOUT even the need to know who we are. With the current technology (combined with old school bank wire transfer), you can start an account, transfer your deposit and start trading in less than a week.

The representation here are IBs and not the broker themselves. IBs are like sales agents for the broker to make things easier. They help you open an account and accept your money to help you deposit into your account, something that you can do in less than 5 mins filling up the bank wire transfer form in Maybank and wait 30 mins in queue to get done. The IB still have to wire transfer your money into the broker who does not have a local account for the IB to do so. That is why they are charging a higher rate as the banks will charge them a wire transfer charge.

Anybody can be a representative of the broker. Some brokers don't even care as long as you can intro new members. The IBs get a cut of your trading and give the impression of it being an MLM (wait... didn't somebody just asked about forex being like an MLM...hmmmm). It is not MLM as this is the only way the IB is paid for their effort of 'representing' the broker and providing assistance and help.

I'm not saying that every IB is bad.. but you have to take your chances and it might be a good place to learn if you have a good supportive IB who is willing to help. You can use it as a stepping stone with small amount as risk or 'tuition fees'. The rest you can learn online.

It is not exactly a joke and troll.. I don't blame people for thinking that it is MLM.. however, it is SLM.. Single Level Marketing .. just not multilevel. Every IB is a Single Level Marketer who makes a commission based on the trades you do. The more people the IB recruit and help trade under his IB, the more commission he earns. SLM.. not MLM.

You can't have an EA form if you are not employed. Unfortunately Malaysian Banks do not recognise personal income (aka capital gains from investment, freelance work, etc) as actual income as long as you are not employed. You can still pay taxes but banks will not process your loan as long as you do not have an EA form. You can make your forex investment into a business and have a SDN BHD company but then you have to operate as a company and have audits and taxed as a company. Trying to get loans by just showing good credit and a fat bank account is not enough.

Loans for business is even harder to get, which is why there are so many loan schemes for small businesses because they can't just walk up to any bank to get loans for their small business.

That is why moving to full time trading (not just forex but other trading too) is not just a matter of quitting your job and sit at home to trade. You have to have a substantial amount of money to ensure that you leave behind both the employment and banking systems.

This post has been edited by sleepwalker: Jan 21 2013, 09:25 AM

The only thing that happens to the EUR/USD on a US bank holiday is going sideways. There would usually be a small fury of activity as Europe/London opens but without a London/US overlap, the market is going to be thin. Moves will be erratic with low liquidity and indicators are no longer reliable. Last Friday opened the same way with the first 8 hours of slow trading and only a daily range of 90 pips. It's going to be a slow day today without the US market with the danger of the smallest news making the biggest spike.

and we've retraced the whole spike.. typical of a thin trading day...

For forex the European trading time follows Frankfurt (Germany) and opens 1 hour earlier than London. Convert that to current Malaysian time is 3pm opening for Frankfurt and 4pm opening time for London. Usually when people refer to trading European market they are referring to London open as that is when you get the most liquidity.

Lets get something straight. He did not predict anything. He flipped a coin and guess that it will go down. He was just taking the 50/50 chance of news UK news release at 5:30pm just now. We all know the news is coming up as you can get all the news release time from forexfactory and for those who trade news events, they just enter a pending order above and below the current price just before the news release. Depending on the slippage of the broker, this can be profitable for those with very little slippage. Once either side hits, cancel the opposite pending order and make it look like you can predict the market. In fact it's just flipping a coin. Still better odds than the casino as it is 50/50.

Anybody who has been trading and following the fundamentals (yes.. there are some who does not care about fundies and only go 100% technical) will give you the same answer as the director. It's common knowledge and don't need a director of any bank to tell you that.

Not really either. China's demand of Aussie raw mats is what been driving the Aussie dollar up. Every time the US sneezes, everybody would catch the cold but China's there to fix it. US sneezed in 2008 and China fixed the Aussie dollar by end of 2009. Japan sneezed 15 years ago and China didn't fix them up (China makes their own 'copy' of Jap goods therefore very little Jap exports gets to China) and they are still got the cold until today.

Aussie now depends on China's economy than that of the US, maybe even a little too much.

Italian elections underway and results only to be known later today. Just be wary if anybody is trading any EUR pairs today.

Check out the fall of Euro.. EUR/USD 270 daily pip range and EJ 600++ daily pip range yesterday... definitely plenty of long coverings there. I've already posted a warning about the Italian elections.. I hope everybody is on the correct side of the market. The reaction was just stupid... pure panic.

This post has been edited by sleepwalker: Feb 26 2013, 09:34 AM

The prediction would be to stay off the market until calm has restored. There is no prediction, just some good 'guesstimation'. There is no rational in the market right now as people are interpreting the Italian elections with fear and panic selling started. Furthermore, this happened overnight after European market closed. We'd have to wait and see how the European market will react when it opens in a couple of hours. See if they will continue the panic or will they calm down. Italian election got stuck with no clear majority/winner and market is fearful.

EU just hit low of the day an hour ago and now almost retracing all the way back to high of the day. This is what I meant by panic trading. Indicators are hopeless in these conditions. Too much luck involved. After dropping over 200 pips in one session, the market should consolidate and go sideways. If it doesn't, then we are in for one heck of a ride.

For those trading tonight, please keep in mind that US Daylight saving shifted over the weekend. US Forex starts at 8pm tonight and NYSE back to 9:30pm for our Malaysian timing.

UK/Europe daylight savings shift will only be happening on 31st March 2013. Those trading opening/closing and overlap times please keep in mind of this.

This post has been edited by sleepwalker: Mar 11 2013, 06:27 PM

Actually its more of a bail-in than out.. they are not bailing out the banks.. they are raiding the banks to bail out the country. EU 1.2980-1.3000 being defended 'kaw kaw'. Cyprus is so small that it does not impact much to the EU but the reaction is due to the fact that EU forced the country raid their own banks for a rescue package. What people are worrying is which country would be hit next?

This post has been edited by sleepwalker: Mar 18 2013, 03:28 PM

Yes.. absolutely stupid. Imagine you get taxed 6.75% if you have up to 100,000 euro in the bank and higher if you have more. People are rushing to withdraw money but that was imposed by the EU.

That is what they are worrying now. If EU can do this to Cyprus, they can do it to the PIIGS too. Hence the panic selling over the weekend. Almost everything is in the red today all over the world due to this. People are reacting more to the 'action' and not the 'causes' of the bail-out of Cyprus.

The only question I have now is.. are you Mario Singh.. your member name and Mario's association with fxprimus... hmmm.... or are you just emulating him?

Looks like drama is only starting.. "Cyprus Parliament to vote on the proposed deposit levy at 14:00 GMT." EUR/USD up 80 pips from low of the day.

Bail out vote delayed.. yes, it would be a good idea to sit out for the time being.

Back in 2009 the NSA set forth some new regulations for forex trading, including low leverage and no hedging for US based brokers. So all brokers who are members of NSA has to abide by this rule and it only applies to accounts opened by US citizens. Therefore, some larger brokers will transfer international accounts to their branches outside of the US so that their international customers don't have to abide by these rules but at the same time have the security of a regulated broker.

For example, I'm with FXDD before the no hedging regulation started. When it did, FXDD gave me the option to transfer my account to FXDD Malta so that I can trade without the restrictions but at the same time my account is still with FXDD and not another broker.