I was invited by Instaforex to do a forex talk (for the second time) on last Saturday (24 October 2009) in KLCC Convention Centre. Thank you Instaforex and also the endorsement from Alliance Bank (Malaysia) for sponsoring me for this event.
By the way, Instaforex is recently named the Best Broker in Asia by World Finance (http://www.worldfinance.com/winners_articles.php?article_id=718).
Full Detailed Results: http://www.koonlip.com/ea/fxdd-DetailedStatement.htm
Disappointed with my FXDD account… So far, it lost more than 20% of the equity (fortunately, I only put in US$5K inside initially).
I’m not sure whether is my friend’s EA didn’t work well or is it just because it’s FXDD higher-than-normal spread… Unless the demo account, the LIVE results is very disappointed even after several changes in the strategies and the lot size progression etc etc… Furthermore, the spread at FXDD is at least 1 pip higher than the rest of the reputable brokers!!!
I’m going to withdraw all the money and perhaps trade on my own…
I just read an email from Robert Kiyosaki. I found one particular excerpt very interesting and thought of sharing with you.
The dollar has long been the reserve currency of the world, giving the US tremendous power. But that power was built on the world’s fragile faith in our currency. Stress cracks are beginning to show in the world’s willingness to accept the dollar.
“I know Iran’s President is not the most popular man in the world, or in his country. I know he is scrambling to retain power in Iran. And I know he is switching from the dollar to the euro in order to throw mud in our face. Nonetheless, this change is right in line with what is predicted in Conspiracy of the Rich. The dollar is losing its power as the reserve currency of the world. In other words, the American empire of debt is coming to an end. “
If you are a mid-to-long term currency trader, this is not a bad news after all if you know how to place your assets accordingly.
Even Citibank is now fighting for the forex brokerage pie with more than 130 currency pairs on MT4!! Take a look at the report from FX Week…
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Citi extends reach into retail FX
October 5th 2009
NEW YORK – Citigroup is extending its reach into the rapidly growing retail foreign exchange trading community by launching its CitiFX Pro platform on MetaTrader today (October 5).
The move brings Citi access to almost one million individuals and small institutions globally who use MetaTrader to trade FX, futures and contracts for difference.
The move marries Citi’s weight of expertise in FX with the vast reach of MetaTrader’s highly successful network.
“CitiFX Pro is an ideal fit for the MetaTrader community,” said Sanjay Madgavkar, head of CitiFX Pro in New York. “MetaTrader users around the world can now benefit from the liquidity and pricing benefits of trading with Citi.”
CitiFX Pro is the bank’s margin trading foreign exchange platform, which it launched in November 2007. Developed in partnership with Saxo Bank, the platform is a customised version of Saxo Trader.
Citi has been rolling the platform out to individual and small institutional traders over the past two years, and it is now live in the US, Hong Kong and Switzerland. Launches are planned in the UK, Israel and the Middle East before the end of this year, and in Europe, Japan and Singapore in 2010.
The deal with MetaTrader however, now brings CitiFX Pro to hundreds of thousands of potential customers around the world instantaneously. They get access to the more than 130 currency pairs offered on CitiFX Pro, and the same research and commentary that is available to institutional clients – as well as some dedicated to retail traders, said Madgavkar.
The set-up is slightly different to a white-label arrangement whereby traders would use an explicity Citi-branded platform. Instead, traders using the MetaTrader platform get access to Citigroup’s prices and research as one of the liquidity providers. The appeal to MetaTrader and its users is the addition of the CitiFX name and the opportunity to deal on CitiFX prices and depth of currency coverage, which might not previously have been available to them.
“MetaTrader is delighted CitiFX Pro will be available to our clients,” said Gaies Chreis, deputy CEO of Metaquotes, which runs MetaTrader. “This is a tremendous opportunity for MetaTrader users to develop a relationship with the premium name in FX trading.”
Retail foreign exchange is the fastest-growing segment in the $3.2 trillion a day global FX market, and the world’s leading commercial and investment banks are fighting for lucrative access to potentially millions of individual and small institutional traders.
Nikki Marmery, FX Week
http://www.fxweek.com/public/showPage.html?page=869597
For those who are trading the GBP related currency pairs, please take note that GBP/USD seems to be testing the 1.7000 mark.
On Tuesday 04 August 2009 (our local time), GBP/USD breached this benchmark twice and rebound back to 1.6900 region. Furthermore, it has been hovering up and down between 1.69 and 1.70.
As 1.7000 seems to be a strong resistance line, so please take note that any technical indicators may not work as well.
Elsewhere, GBP/JPY is testing the 162.00 level too!
Remember today (July 31, 2009), NFA Rule 2-43 becomes effective for all US-based Forex Brokers. Be aware of your broker solutions and be prepared for the consequences.
Take Profit or Stop Loss orders associated with a FIFO matched position will be automatically cancelled.
Some brokers (like ibfx.com) did send out announcements on how their systems will be. So be aware. Traders must adapt their strategies.
Last Friday evening, I was having supper (yes, I know I need to cut down on my weight) with a good friend Mr Kee. He brought this guy which used to be his property agent 1 year plus ago and now ‘claim’ that he’s trading Forex very profitable.
Despite his brief trading experiences (less than 1 year), this guy mentioned that he’s currently managing people accounts and making 30% per month now.
And on that same night, I went to his website (yes, I will never publish his website here and bring him free traffic) and found out that his site used my training photo (my Malaysia batch – January 15/16, 2009). I dropped him an email and request to remove my photo at the soonest convenient time, and yet he still dare to ignore it!!
I just read about this article (attached in this email) on The Straits Times (Singapore) and thought of sharing.
BNP Paribas reported Singaporean estimated net wealth is $942 billion in the year of 2008. Comparing to the average daily turnover of Forex market (US$3.8 trillion), it really gives us a true idea that the Forex market cannot be that
easily manipulated!
Yesteray, I shared the 3rd day with Edgar (the renowned psychologist) on teaching more on the psychological and emotion part of trading.
It seems like everyone were having a great day which ended quite late (around 8.20pm)!
My team seemed to be taking photos every other minutes (or shorter) when I was teaching the techniques and strategies earlier today.
More photos from Day 2:
klchoo | 
10 26th, 2009| 
