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
On Her Majesty’s Secret Service (Cantonese) – 2 Sep, 11.45pm @ GSC Midvalley
G-Force 3D (Cantonese)– 7 Sep, 5.50pm @ Golden Gateway (Hong Kong)
The Ugly Truth – 13 Sep, 1.10am @ The Cathay
Haeundae – 17 Sep, 11.45pm @ GSC Gurney (Penang)
Inglorious Basterds – 19 Sep, 6.30pm @ Shaw Lido
Haeundae – 30 Sep, 11.20pm @ Prangin Mall (Penang)
On Friday (11 Sep) evening, I had a great time having a mini potluck gathering at The Sail (Level 44). This was to celebrate Sherwin (11 Sep) and my birthday (12 Sep).
Thanks to those who attended and shared the happy moments with us – Lowie, KS, Loo Boon Loong, Agnes Lum, Yean Jie, Cher Hon, Edwin Kheng, Christopher Chean, Yi Fern, Yihui & Alvin, Elvis Chin, Tiger & Carol, KC Chan, Roland etc…
And also, special thanks to Yi Fern for this special ‘interesting’ gift for commending me as ‘Policeman of Forex Funds’… So funny… 
Anyway, I’m 27 already!!
The Hangover – 1 Aug, 4.50pm @ GV Tampines
Not too bad, but I think most jokes are Amercianized…
Overheard – 6 Aug, 3.15pm @ GSC Gurney
My 2nd time ‘eavedropping’…
The Proposal – 7 Aug, 9.30pm @ GSC Submit
So so la…
District 9 – 30 Aug, 2.20am @ The Cathay
Very good – Very thought-provoking – I don’t want to eat prawns anymore!
The Final Destination – 31 Aug, 9.10pm @ GV Max
Not too bad, but it’s the same old thing after all…
I just saw read this article from MSN Money and thought that this is a good (or should I say bad) article to share with everyone.
Anyway, there are 10 cases where the rich and
famous got caught in bad financial decisions.
It’s been a while since my last property investment in Malaysia. I just confirmed the purchase of this property 2 weeks ago but no time to write this down!
This time round, I opt for Berjaya Times Square (a 635-sqft Service Suite) after a long consideration. Despite not the best choice, this decision all boiled down to convenience and accessibility, and probably putting these down will result in me staying in this unit or turning it into a Trader Hub for my graduates instead of renting it out.
Why?
If you stay for the FOMC announcement 6 hours back, you would have see the long spikes in the price charts. After FED announce that they will slow the pace of treasuries purchases at 2.15pm ET, offering some positive news for USD, the USD rose against major rivals (GBP, EUR, AUD & JPY).
If you look back at the charts at the GMT18:00 (which is 2am this morning, SIN/MY time), the candles are almost 100-pips (for USD/JPY and AUD/USD), 110-pips (for EUR/USD) and 125-pips (for GBP/USD) and in an hourly candle. Even GBP/JPY is also greatly affected with a price volatility of 220-pips in that one hour.
WHAT TO TAKE NOTE:
Similar with all major economic releases, there is always significant price volatility with this FOMC announcement. Currency spreads will typically widen just before the release and will remain wide for a couple minutes after.
The spreads widen signficantly and if you are trading with a pending order, do not anticipate being filled at your entry price. You will be filled at the prevailing market price after the release, which could be significantly different from your desired price of your entry order.
klchoo | 
10 26th, 2009| 
