Oct 13
Why the Dollar is Toast
icon1 klchoo | icon2 Forex | icon4 10 13th, 2009| icon3No Comments »

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.

Oct 6

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…

———————————————————————————

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

Aug 5
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!

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!

Jul 31
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 canceled.
Some brokers like ibfx.com) did send out announcements on how their systems will be. So be aware. Traders must adapt their strategies.

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.

Jul 16
Pirated!!!
icon1 klchoo | icon2 Forex | icon4 07 16th, 2009| icon31 Comment »

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!!

pirated1
Friends, just take note of this. If you happen to chance by a  website like above or see any photos of me or my people, please let me know via email kl@klchoo.com.
Jul 14


ST-140709-PageA3

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!

Jul 5

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)!

Jul 3

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:

Jun 28

For those who know about my Teabreak Strategy, you know this is quite a simple profitable strategy.

Recently, we are making the complete strategy collection into a EA (Expert Advisor) which auto-trade by itself.

See the results here:
http://www.forexasiaacademy.com/main/teabreak-ea/

One note to take note: This is not those ‘make a few thousand percent return kinda’ EA… This is an ultimate conservative EA (which further employs active money management) that generates decent down-to-earth and believable profits! :)

Jun 5

It was about 3 years ago when my magazine firm shut down (due to poor cashflow management and low income). I was really down at that time and it really inspired me to get up from defeat (after having 3 magazine flop) and to climb back to become a winner in life.

Recently (just last year), when I started Forex Asia Academy, many scrutinized me for being too young and inexperienced. Naturally, I felt criticized and made fun of because the forex trading market mainly are seniors mostly double my age. Now, there are some who question the scale of my ambitions, who suggest that I’m too young, too inexperienced, unable to execute big plans. I pressed on.

I have lots of friends in my life journey. Most lost their way and started blaming other things and people for their own misfortune.

But it ain’t about how hard you hit; it’s about how hard you can get hit, and keep moving forward. It’s How much you can take, and keep moving forward. That’s how winning is done.

I have found that in my life, I have met so many people who were much smarter, talented and luckier than me. What made me more successful at the end of the day was my ability to get hit again and again and to keep moving forward. I never gave up. However, I know of many friends who got hit hard by life and could never find the courage to get up again. Instead, they quit dreaming and accepted a mediocre life.

There were many times in my life when I did get hit hard and felt that I had problems I could never solve. There were times when I felt that life was unfair and too painful to live. What kept me going forward was that I knew that no matter how bad, every problem will not last forever. Every recession will end. Dawn always breaks after the darkest hour. It was this belief that allowed me to keep getting up.

  • When I told my friends (at the age of late-teen), my friend scolded me ‘siao’ (i.e. crazy), I pressed on the journey of entrepreneurship.
  • When I started my first magazine business, my partners left all the sh*t work to me when things went bad, I pressed on.
  • When everyone looked down on me because I got poor grades in my university days, I pressed on.
  • When I was cheated by some media veterans in my 2nd magazine venture, I pressed on.
  • When I lost over US$18,000 in options trading market as an early amateur trader, I pressed on.
  • When I said I’m going to build a forex academy one year ago, and many thought that it would be like my magazine businesses and would never make it, I pressed on.

Whenever we see people achieve great things, it is easy to think that they had less problems and less obstacles than we have. That their brilliance, luck or talent gave them super human abilities to sail through life easily. That everything always goes according to plan.

I can tell you from experience that things NEVER EVER always go according to plan. 90% of the goals I set and plans you make will never go the way I want. Things will screw up and obstacles will appear that will knock me down. It’s all part of the game of life.

Success too has a price. The price is massive rejection, frustration, and hard work, People never succeed either because they thought that success comes easy or because they are not willing to pay the price!

Time flies…

and it’s been over one year now since the establishment of my Forex Asia Academy. Things may seem to happen and move fast, I must say this is a very challenging role as a Forex Educator. I started the entire academy doing all sorts of things a company should do. With help from great people like Lowie (currently my PA, and many great friends), I have more than 300 graduates from Singapore, Malaysia, and many from all over the world (as of today).

I told myself one thing: Since I’m trading and consistently profiting from the market, I must make even more money from this education business. Otherwise, I might as well go back to trading on my own. No point making mediocre income from teaching. I pressed on!!

For whatever we’re facing in today’s forex market, the market is getting more and more unpredictable. But it’s because of these tough times, we become stronger and tougher. We are like on a slope. If we don’t move up, we move down! We must go against gravity to scale greater heights.

So, within short span of just few months in the industry, Forex Asia Academy has been ranked one of the top by ForexForum.asia (www.ForexForum.asia), the authoritative forex forum in the region. Not only that, I have been invited to many talks and featured in various media in Singapore, Malaysia and Indonesia. As the only Southeast Asia speaker, I’m also invited to speak about the development on Forex next weekend for ForexExpo (www.forexexpo.com) organized by Russian.

I am very proud and fortunate to work with my staffs (Lowie, Sherwin and Ella), Tze Ping, Siew Fong the tutorial masters (Chee Seng, Edwin and Kit), my dear graduates and many great people. A big thank you.

  • Those who didn’t think I can do these, let me prove to you once more.
  • Those who seek to sow conflict or blame, bear in mind that people will judge you on what you can build, not what you can destroy.
  • Those who have contributed to my small success, I will continue to work hard and won’t let you guys down.
  • Those who becomes my students, you have my assurance that I will continue to upbring the forex education in Asia.
  • Those who believe in me, thank you so much. I will continue to bring values to people around me.

Accordingly to sources, there are close to 30 forex trading courses in Singapore and more than 40 in Malaysia. Forex Asia Academy became one of the most recognized forex academy around in Singapore and Malaysia, in just the first year.

faa-1st-birthday

On this day, I stand in front of you as a 26-years old individual (at least for the last 3 months), someone with big dreams and great (yet realistic) ambitions.

I’m glad to announce my Forex Asia Academy celebrated the 1st Anniversary yesterday (4th June 2009). FAA continues to move on to the 2nd year of Inspiring, Informing and Improving and the Forex Education in Asia.

Like what I always said to my graduates, Today is still the beginning.

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