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 Forex Trading Corner, Let's discuss forex strategy

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jong52yuara
post Feb 8 2007, 11:57 PM

Forex is the best business you can do.
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From: sarawak


QUOTE(Minimayo @ Feb 8 2007, 07:46 PM)
im not sure about that , but i heard from my friend before . As malaysian we not allowed to trade forex , only banks can trade fx
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actually it means trading the forex in Malaysia, and based in malaysia account is illegal for normal people. so far only banks has legal right to do so, if you see any forex company open up offices in malaysia & allowed public to open an account and trade it is 100% illegal.

meanwhile like a lot of malaysian trade fx now, all the fx account is either based in Singapore, US, or other country. we just use internet connection in malaysia and do it. as long as you have internet access doesnt matter where you are trading from.

for withdrawing money, i'll would a bit careful with it if the money size is more than RM10k, maybe need to tax? i dunno..


Added on February 9, 2007, 12:08 am
QUOTE(jenatic @ Feb 8 2007, 05:43 PM)
hello there..

im pretty interested in this forex trading.

but i know nothing of it..

i believe a few weeks ago when i was browsing around here, i think i've caught a glimpse of a few conversation between fellow forummers here about some software or game which could be use as practice to play forex before doing the real thing..
may i know what are the programs again? and also, care to provide any guidance?

i have totally 0%/clueless about forex trading..

im a student and turning 20 this year. i think its time i learn how to make some money. please teach me...  icon_question.gif
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it is called DEMO ACCOUNT, you can start by reading tutorial at www.babypips.com
when youre done, go to www.fxstreet.com and there are lots of broker for you to choose. usually i cannot say which broker is right for you, everyone has their own comfort level and just keep trying which broker is be right for you and can make money.

This post has been edited by jong52yuara: Feb 9 2007, 12:08 AM
jong52yuara
post Feb 9 2007, 02:12 PM

Forex is the best business you can do.
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From: sarawak


QUOTE(billytong @ Feb 9 2007, 09:05 AM)
U are not taxable if you bring foreign invested money back to Malaysia. It is actually helping Malaysia's Economy. On USA part, foreign investor are not taxable by USA Gov. Because USA's economy highly rely on foreign money.  smile.gif

So with this kind of scenario we are not taxable at all. What we earn is wat we will get.
*
thanks smile.gif
jong52yuara
post Feb 9 2007, 10:29 PM

Forex is the best business you can do.
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From: sarawak


QUOTE(uchan @ Feb 9 2007, 09:45 PM)
I see. Thanks for the info!!
*
if theres law that Malaysian Citizen is not allowed to do something with their money im sure we are living in communist country tongue.gif

trading forex is actually just act of buying foreign currencies and selling another one. for e.g : if you buy USD for spending during holiday in america, actually youre getting it by selling Ringgit malaysia.(buy one, another must sell)

now how do you make money is by buying a currencies (doesnt matter which currencies) at lower rate and sell it at higher rate. another advantage of forex is if you see any particular currencies is already on high level, you dont buy anymore, but you sell it, when the price goes down you will make money.

so either the market is going up or down, you can make money both way smile.gif
of course, getting the market right is the hardest part.
jong52yuara
post Feb 20 2007, 11:26 PM

Forex is the best business you can do.
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is it illegal trading forex from Malaysia? (not using local malaysia forex company)
jong52yuara
post Feb 21 2007, 10:28 PM

Forex is the best business you can do.
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Added on February 21, 2007, 10:30 pm
QUOTE(amenlo9 @ Feb 21 2007, 09:48 PM)
i am just curious what is the qualification to run a forex company? rclxms.gif
i think forex broker is just same as casino,always the big winner biggrin.gif
*
you cant open forex company in Malaysia, because Bank Negara doesnt want other people to control Ringgit Malaysia..just imagine if BNM want RM1m profit per day, so.. today BNM raise the RM, buy USD and the next day they drop the ringgit value.

now.. since they already bought USD yesterday, they will exchange that usd with ringgit. (it will exchange more ringgit because the rate has drop, actually this is a chance to print more money tongue.gif )

this is how you called made money out from the 'thin air'. who says Malaysia is poor? BNM is just greedy.. laugh.gif

This post has been edited by jong52yuara: Feb 21 2007, 10:31 PM
jong52yuara
post Mar 14 2007, 12:58 AM

Forex is the best business you can do.
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if you open a forex account with US broker, you will need to sign a W-8BEN form to declare youre not US citizen and exempt from paying tax.

the form will be available from your broker.
jong52yuara
post Mar 18 2007, 10:16 PM

Forex is the best business you can do.
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QUOTE(luqmanz @ Mar 18 2007, 09:28 PM)
Sure. They discussed trading strategies for forex, stocks and option. Also got  talks about real estate but I didnt go to any.

One of the best speaker was the broker from CIMB. He has 28 years of experience trading futures,stocks and other derivatives. One of his advice to is to beware of "Academic fundamentalist" and "academic technician". I think he believes these people tends to give wrong information about trading. You wanna learn trading, learn from real traders. That broker I think is gathering RM100 mil for his own hedge fund.

He also shared with us his techniques that he has been using for 28 years. If that techniques has survived that long, probably it will last forever. To me, that's a very-very valuable information. I just included that technique in my trading system and I'm currently backtesting it manually.

Another good speaker is a lecturer from MMU who is also a seasoned forex trader. He demoed how an automatic trading system can turn 10,000 to 400,000 in 7 years. Completely automatic. He plans to start his own hedge funds in 3 years. The only tools he used is simple moving average. Unbelievable.

It's true that simple system works best.
*
Hi, do you mind teach us the forex system that he use for 28 years? please..? icon_rolleyes.gif
jong52yuara
post Mar 19 2007, 10:21 PM

Forex is the best business you can do.
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QUOTE(luqmanz @ Mar 19 2007, 09:40 AM)
Here you go. Pretty simple and boring but it works and that's what matters. You can use this almost on anything, stocks etc whatever.
If you used this on M'sian stock you should have profited handsomely from the recent bull-run.
His advices :
Always use stop loss.
Don't try to pick top and bottom. It never works. Just be happy with what you gained.
*
Thanks very similar with what im testing now, but i never use to weekly chart or trade for such a long term.. hmm.. smile.gif

This post has been edited by jong52yuara: Mar 19 2007, 10:28 PM
jong52yuara
post Mar 23 2007, 08:09 PM

Forex is the best business you can do.
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http://en.wikipedia.org/wiki/Foreign_exchange_market
jong52yuara
post Mar 24 2007, 01:14 PM

Forex is the best business you can do.
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do your own reading and research here,

forexfactory
fxstreet

so far only BANK IN MALAYSIA allowed to trade forex, normal people like us NEED TO USE USA, SINGAPORE, or OFFSHORE BROKER.

MALAYSIA DOES NOT HAVE FOREX COMPANY TO LET PUBLIC INVEST IN FOREX.
jong52yuara
post Mar 30 2007, 10:12 PM

Forex is the best business you can do.
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From: sarawak


if im not mistaken, world's largest individual forex trader have over US$25 billion in one single account.. blink.gif
jong52yuara
post Mar 31 2007, 01:28 AM

Forex is the best business you can do.
******
Senior Member
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From: sarawak


QUOTE(luqmanz @ Mar 30 2007, 11:39 PM)
Perhaps you mean 25 million ? 25 billion is enough to be world's 3rd or 4th richest man.

I know an individual forex trader who trade 50-150 lots per trade. That's equal to USD 5 to 15 million per trade.
*
it is 25 billion, i read it from babypips his account is about 2% of forex market. he is fund manager or something like that i think.
jong52yuara
post Apr 1 2007, 01:22 PM

Forex is the best business you can do.
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Senior Member
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jong52yuara
post Apr 7 2007, 11:26 PM

Forex is the best business you can do.
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QUOTE(Leonhart @ Apr 7 2007, 10:11 PM)
i know local campany who do forex but the deposit they need is high. 80k minimum
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you mean bank? in Malaysia, the government rule only allows banks to legally trade forex.
jong52yuara
post Apr 15 2007, 04:15 PM

Forex is the best business you can do.
******
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QUOTE(QD_buyer @ Apr 15 2007, 02:14 PM)
Hi!

I interested to start forex trading,so got few Q to ask biggrin.gif

1.What is FOREX Trading?Is it kinda like saham?Unit trust investment? biggrin.gif
2.How can I start forex trading?How do I open account?What is the WWW?
3.How can I pay the money?And how can I convert the money to cash?
4.How much ur income monthly for the trading? biggrin.gif

Thanks!
*
go to www.babypips.com and read

This post has been edited by jong52yuara: Apr 15 2007, 04:15 PM
jong52yuara
post Apr 15 2007, 07:45 PM

Forex is the best business you can do.
******
Senior Member
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From: sarawak


QUOTE(QD_buyer @ Apr 15 2007, 06:24 PM)
What is VIrtual Forex and Fund? biggrin.gif

And what the diff between Live Forex And FUnd? biggrin.gif

Izzit if we want to buy currencies must use the fund then it wil be converted to live forex? biggrin.gif

Its just my thoughts, biggrin.gif

thx!
*
DEMO means you trading forex with fake money.

LIVE means you trading forex with real money.
jong52yuara
post Apr 18 2007, 10:48 PM

Forex is the best business you can do.
******
Senior Member
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Joined: Jan 2007
From: sarawak


QUOTE(QD_buyer @ Apr 18 2007, 10:11 PM)
Is FOREX trading need a license? shakehead.gif
*
no need, it is exactly same like buy stock, it is available for public.
jong52yuara
post Apr 20 2007, 01:37 AM

Forex is the best business you can do.
******
Senior Member
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From: sarawak


QUOTE(clsiluf @ Apr 19 2007, 10:11 PM)
where should i start to learn ?

any website ?
*
here, www.babypips.com
jong52yuara
post Apr 27 2007, 10:14 PM

Forex is the best business you can do.
******
Senior Member
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Joined: Jan 2007
From: sarawak


sold eur/usd at 1.3670
t/p 1.3636
jong52yuara
post Apr 28 2007, 05:46 PM

Forex is the best business you can do.
******
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From: sarawak


QUOTE(cafuheva @ Apr 28 2007, 05:12 PM)
what is LEGAL forex broker out there? I would like to know before I invest money. Thank you
*
as long as any broker regulated by financial authority i think its fine.
http://www.fxstreet.com/brokers/regulatory-organizations/
http://www.fxstreet.com/brokers/

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