Choo Koon Lip

Forex Graduates Gathering (Quarter 4, 2009 - Singapore)

A great gathering session yesterday!!! First time holding a gathering at a cafe, I loved the atmosphere of the place and also energies of the Singaporean graduates at the gathering yesterday. So happy to meet up with all the graduates and also launch our very new platform (which is launched to our graduates first).

Looking forward to the 2 Malaysia gathering sessions next week!

Just want to share the joy here at koonlip.com that Forex Asia Academy was just awarded with ‘The Best Forex Education Project in Asia’ for having Forex Intensive by ShowFxAsia Expo 2009 held in The Ritz Carlton Kuala Lumpur on 14-15 November 2009.

The key criterion of winning the award for my FOREX INTENSIVE programme are as follows:

• extensive source of authoritative educational materials
• must have hundreds of traders every year whose successful trading at Forex market
• independent from any dealing center (i.e. brokers)
• rejection the service of teachers who are not traders themselves
• trading on Forex instead of theoretical discussions

Me with Vladimir Syrov (left) and Eldar Sharipov (right) from Instaforex – Broker of the Year

Here’s the award certificate! Hoohoo!

I just received an email from a gentleman and thought of sharing this story.

Lowie spoke to me pertaining this guy’s interest in your FOREX INTENSIVE programme. He himself spent almost SGD11k for both the beginner ($4,888) and advance ($5,888) course from a so-called forex academy (that operates on MLM). After that, he (as a SGD2,000 monthly earner) had blown his account with their strategy and now accordingly to his words, he is “very skeptical of any forex course which advertise, advertise and advertise again and again”.  The high hope he pinned on gained him nothing. After searching for so many course online, he realised that only Chris Lori and my course do not advertise much (think this is Chris) or do not even advertised (and this should be me).

That’s his story. I was in a dilemma state! On a business point of view, I wanted him to enroll into my programme. But as a trader myself, I (instead) emailed him the following advices having him to re-evaluate his options again:

• Yes, he should not give up forex trading since he already spent and invested so much money and time.
• But then, he should consider whether now is the right time to rush in again mainly because he may not have enough cashflow to take my programme and having the appropriate capital to trade the forex market.
• Next, based on what he mentioned in his email, his emotional state of mind may not be appropriate for trading right now.
• Trading should not be done under a ’rush rush’ environment.

For those of you who want to engage in forex trading, do consider all these factors.

I just completed my recent workshop in Kuala Lumpu. This must be one of the toughest workshop I ever conducted. Let me elaborate on the problems surfaced:

1. Ibfx powerstats just happened to be down on wednesday to friday.

2. Some of the buttons on the Fxcm platform didn’t appear for some of the students.

3. We had a ‘fake alert’ as one of the students wrote the wrong birthday on his facebook. Haha.

4. No entry for Teabreak Strategy on friday as there was no breakout.

Anyway, everything’s fine! All the best in trading for the new batch of graduates!

p/s: We entered Sell into EUR/USD using the short-term price pullback strategy and so far, it’s already 50+ pips in our favour!

Accident – 1 Oct, 11.35pm @ GSC Gurney Plaza (Penang)

G-Force – 2 Oct, 11.45pm @ GSC Gurney Plaza (Penang)

Cloudy With A Chance Of Meatballs – 4 Oct, 5.50pm @ Cineleisure Orchard (Singapore)

Rebellion – 16 Oct, 11.40pm @ GSC Times Square (KL)

Julie & Julia – 19 Oct, 9.45pm @ GVmax VivoCity (Singapore)

Poker King – 29 Oct, 11.50pm @ GSC Times Square (KL)

Michael Jackson’s This Is It – 31 Oct, 12.00am @ GSC Times Square (KL)

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