Hi, am newbie in this forex thing.. Hope you guys can go easy on me... I was recently approached by a friend to do forex. And it all looks perfectly legit to me, it uses olympusfx and they go under a centre name FAMS+ in sri hartamas giving free classes.. Of course it has mlm elements..

Would be helpful if those who have some experience with this companies can shed some light and how to distinguish between legit or non legit forex groups?

My main concern is regarding the legality of forex trading in Malaysia which I can't seem to get a clear or good enough answer with quite an amount of probing through my friend and their uplines and uplines. Which means I did not get a convincing enough answer.

I have found out through our FEA and FSA 2013, any person who is involved in forex trading apart from licensed onshore banks is deemed to be liable. Liable persons can be subjected to find not more than rm50 million or jail up to 10 years or both.. So am pretty confused is forex legal or not? if it's not legal, why so much activity on forex here in lowyat forum? why so many still hasn't get caught? or is it bnm is closing off an eye?

Extra info: the money withdrawal can be done through olympusfx. and depositing money apparently goes through a local money changer which ultimately goes into this bank called europacific bank (am still in the process of finding out the particulars of this money changer).

Please refrain from gullible answers such as "all mlm element induced in forex is scam" or "if your upline can't answer you then probably don't join". Hope to get an educated and good response on this supported with facts.

Pretty sure statement should be possible. Does statement has any impact the legitimacy of this company? And what monthly return would I be looking at to even consider this or not consider this at all? You sound experienced.

Above all else, I hope someone can answer me on the legality of this as it is my main concern.

I asked for it and he redirected me to metatrader 4.. I also quite blur.. isn't metatrader 4 just a platform? there should be official statement or receipts for all the transactions that are made right? (hope any seniors here can shed some light to newbies like me)

how to get free lunch?

After much involve in trading in forex (real and demo) I hate to admit it, but forex might not be my part time income. I might just give up totally.

Own learning (for me) is too hard to grasp, paying others to learn is too much for me to pay, hence there is little/no chance for me to earn a passive income here.

Sometimes just need to admit defeat.

Then why u ask me live o demo? Of coz it demo, i thought u ask me do i play demo using live currency o made up currency

Yea i know, i'm not aiming for 1:1, at least 1:2. But the question is, let say u risk 50 pips, now earning >50 pips, say 70 pips, so would you still maintain your SL of 50 pips, or would you do something like at least use TS or moved to BE instead of worse possible scenario hit your sl of 50 pips?

wealth comes to those who can give more than receive.

think about it.

my good fren.... answer to fundamental is not as easy....

All this fundamental stuff is super complicated plus if u r not economic student b4..

Actual > forcast-=good currency.. is very basic stuff...

there is 3 things as i have observed through my years watching..

1. during big news - sometimes it happen half hour b4 release news..sometimes on the dot...sometime halfhour later
2. there is 3 facts can b observe-example.. actual < forecast but better than previous.. can be downward abit then upwards
3. sometime its good news but the trend went all the opposite way ( market manipulation)

just my 1cents

Agree bro just curious how people trade with fundamental tactic. I've opened a demo account and try out using fundamental tactic and just like you said market manipulation.

Global prime

They are liquidity provider, which means they do not have any financial gain if u lose money

Only downside, their leverage is low (1:200)

Thank you. Sent you a msg on further inquiries =D