For those trading during the US overlap times, please take note that the US Daylight Savings Time Shift happened yesterday and US markets now open at 9pm for Forex and 10:30pm for NYSE for Malaysian time.

I know experienced traders already know this. Just in-case we have some newbies who are not aware.

If you say that FXOPEN is the only one with a valid license, then you know nothing about forex trading in Malaysia. Forex trading is not in a grey zone in Malaysia. It is black and white not allowed by BNM. There is no forex trading in Malaysia and therefore you will not find legal entities in Malaysia. There are no forex brokers recognised or licensed by BNM in Malaysia and those operating now are under the watchful eye/list of BNM. Banks usually do not operate like typical fx brokers. Citifxpro is one of the few bank affiliated forex brokers and even that requires a lot of money to open an account.

FXOPEN does not even have an office in Malaysia. How would it even have a valid license?

I am talking about FXOPEN and it does not have a license in Malaysia. It does not even operate in Malaysia. It is only using IBs. Go to FXOPEN website and find the contacts for Malaysia. It only has a virtual number and IB contact list. No office. No license to operate FX in Malaysia.

Please stop your ranting. We don't invest our money for other people to trade. We trade forex on our own. Any money made or lost is due to your own decisions and not other people's decision. We also do not open accounts with any local firms because they are all illegal. We know that. That is why our accounts are offshore and in another country, not in Malaysia and not under BNM's jurisdiction. Our brokers do not exist in Malaysia because they know better than to open an illegal office in malaysia like some unscrupulous brokers.

In this forex topic we do not advise people to invest in local broker or schemes because we know they are all illegal. We also encourage that we trade forex ourselves and not let other people trade our money. Therefore we are not investing our money, we are performing trading on our own.

It's not only forex. All other tradings like stock, commodity, options, etc are all done with off-shore accounts if such a service is not available in Malaysia. Malaysia's financial regulations are about 10-15 years old and has not been updated to cater with the new ECN trading. Opening account is just a matter of filling up some forms, scan the documents, email over and send money from my Maybank account to the broker (electronic wire transfer). All done within a week. Simpler than opening a local Maybank savings account because my forms are all electronic. To even open a simple savings account you have to go to the bank to manually fill up the form.

Once that is done, my broker will lock my account with my Maybank account number that I used to fund the account. Money can then only be transferred from my broker back to my Maybank account. That is also done electronically by filling in a simple online form, wait a few days for the brokers account department to process and money is wired back in one day. They don't even need verification because the money can only go back to the bank account that funded the forex account in the first place.

This is the only way to trade forex as all the brokers are located overseas. Malaysia does not allow them to open an office since Malaysia/BNM does not know how to regulate them. You can find similar brokers located in Singapore, like Oanda, which has an office there.

Everything is done electronically and you don't need local office.

This post has been edited by sleepwalker: Dec 10 2012, 01:19 PM

Do you actually read our post? FX is permitted outside of this country which is what 100% of us are doing. We do not trade with any local company. Please understand what is legal and what is illegal. The trading of FX is always legal. It is not illegal like trading drugs. The only thing that is illegal is the LOCAL COMPANY that takes deposit/investment to trade FX for you on your behalf. That company is then illegal as it does not have the license to accept money from you. That company will then end up on BNM's blacklist.

FXPrimus, like all the other proper brokers who understand our law (ehem.. except a few which is stupid enough to open offices in Malaysia), does not have an office or presence in Malaysia therefore they are not doing anything illegal in Malaysia. Trading FX (or NYSE or commodities or options, etc etc) outside of Malaysia is NOT illegal.

With FOMC announcement last night and everybody expected more easy money, most were already pricing in for EU to go up, which it did. THere are also quite a number of people shorting but guess where shorters would put their stops? Right above 1.3100. Of course 1.3100 is a round number and would be defended but shorts are definitely in danger of being taken out if EU goes above 1.31.

Volume is low now but those waking up to early morning Euro/London open with Nikkei up 1.7%, I'm putting my money on longs making a run for stops above 1.31.

This post has been edited by sleepwalker: Dec 13 2012, 12:49 PM

The run to 1.31 failed at London open by 1.1 pips (on some brokers it actually made it past 1.31 but no stops were triggered). Very well defended and almost back to pre FOMC levels. The selling in EUR/CHF is putting a damper on things in EUR/USD in the London session. Lets see what the US session can do.

This post has been edited by sleepwalker: Dec 13 2012, 06:25 PM

Stopless are usually placed a few pips above any round number to avoid getting hit like this. You do not want to put a stoploss exactly on any round number as there's always a difference of 1-3 pips between brokers. Also the defence of the round number is not always 100%. Sometimes the round number will get hit but not trigger the stops a few pips away and then reverse. That is why you do not put stoploss exactly on round numbers just to be safe.

and......... that would make a quadruple top from all the way back to Sep.

Just missed 1.31 by 1.4 pips, almost a repeat of this morning. Good thing about defenses like this is that there's plenty of pips to be made. It's like taking candy from a baby.

Guess what... with your 1.3125 quadruple top on daily and my 1.31 forming a quadruple top on 15 mins chart.. this is going to be interesting. It's going to be one hell of a spike if it breaks through both of these barriers.

Well.. barrier broken.. and somebody gunning all the stops all the way to almost 1.3140.

Then you had no idea where you worked at. An IB does not represent the broker. Yes, the name is deceiving as they are called Introducing Broker but they are NOT the broker. They are similar to MLM agents (who are also a customer of the MLM company but does not represent the company) where they drive customers to the Broker and gets compensated based on the spread of their client's dealing. The more their clients trade, the more spread they earn. They work closely with the broker and have access to some additional tools to support their clients (does this begin to sound like MLM Agents supporting clients?..). An IB's job is also to provide support to the customers.

Anybody can be an IB (just like any MLM, you can stay as customer to buy products or you can recruit in which you become the MLM agent) as long as you fit the requirements of the broker. FXOPEN is not stupid enough to open an office in Malaysia and therefore rely on their IBs to get them customers.

It is stated very clearly on their contact website that they do not have any office in Malaysia. Even the phone number is a VOIP number routed to their call center.

3AM FOMC report.. Feds wants to stop printing easy money... USD gains.. and now already below 1.3050. Almost 300 pips down since New Year.. NFP report tonight is not even going to be exciting anymore.

In a market with low liquidity, support and resistance is not that reliable and can be there for 1 hour and gone the next. That is the reason why people say it is difficult to trade during low liquidity.

When did Oanda become an Aussie broker? They are a US based broker and a member of the NFA which means they don't allow you to open hedging positions. Most reputable brokers in the US are members of NFA and since NFA only applies to accounts opened in US, some of them will move your account to overseas locations so that you do not need to follow NFA regulations. Not sure if Oanda Singapore acts that way or if they follow NFA regulations worldwide.

Every broker has their moments as their graphs are not 100%. Their feed is also not 100% correct and it differs from broker to broker, esp during news and how they handle off-peak spikes. Myfxbook as a comparison of the quoted price in real time for brokers for comparison and you'd be surprised how much they differ.

http://www.myfxbook.com/forex-broker-quotes

Why would forex be like MLM? Is buying shares on KLSE an MLM? No difference in forex. Don't listen to your friend... tell us what YOU think?