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FOREX Traders/ Brokers
- Thread starter victorxq
- Start date
You come to coffee shop to seek such advice? wrong place
SGD going strong against many other Currencies for a while, if you are atarting with SGD, you have not much to trade at this moment.
May be it is good to consult the Tong Shen on when the auspicious time to open shop first.
so you are the first one to give him negative advice
The Forex market is a global casino. You might as well go to a real casino and get it over and done with quickly.
Forex trading can be done full time only under the following circumstances.
1) You are managing your family's private equity fund, using only a part of it for FX
2) You have already amassed enough wealth for the rest of your life and use a small amount of it for FX
3) You are working full time as an FX dealer for some financial institution.
It should be done part time as a hobby if you do not qualify as one of the above.
You can make money in FX, but its not like what you read in the newspaper adverts which screams " I quit a 10K a month job to trade FX." There is no such thing.
For a person making about 10K a month, he can always work and risk 2-3K every month.
For a person without income or accumulated wealth, he has nothing to lose and so should not trade FX.
For the desperate people, they will respond to the newspaper ads and contribute money to the pockets of conmen.
You choose.
real casino use own $$$ lah. this casino use other pple $$$ and u get paid for it handsomely.
Alot of brokers are offering free acounts with token money. Look at FXDD, FXCM,....
You should get a free demo account to hone your strategies & when you are profitable, then commit real money.
Don't waste your time with local brokers as many of them are bucket shops & charge ridiculous spreads.
Aiyah, don't discourage him. People from all over have come here to seek wisdom, knowledge, and even advice for all sorts of things from DIY sex change ops, cold fusion, paranormal activity, spiritual endeavours, bizniz tips, and even where to go for mee pok and to study lor. Where else can one find such diversity in ONE forum?
Cheers!
You can download simulator n practice your skill. But if your hand are itchy need to trade real money... The easiest path is to join Temasek and trade using other people money. Market goes south or north you will still be a winner.
Do you intend to trade mini lots or standard lots?
I know there are large brokerages with their regional offices in Spore but the problem is that you need to trade in standard lots(100,000).
To be successful in FOREX you'll have to go through primary school
Don't underestimate FOREX, very few people make a profit. I suggest you learn money management skills before even considering using real money.
Yes, I trade but haven't found a decent system yet with consistent wins :(
Don't underestimate the advantages of trading in minilots. You can do partial closing on your position when you are in profit. Some strategies would be too expensive if you use standard lots.
If you are looking for good brokers they do exist but they only do standard lots. You'll need at least $50,000 & good system.
MB Trading does minilots but charge US$5/std lot, thats 50 cents/minilot. $10 to buy & sell. Sometimes there is a problem with their connection, lousy rates for carry trades, kinda ugly interface.
Watch out for Fxcm, they are kinda sneaky like make it difficult in closing positions.
Well , for standard lots, do it thru one of the local banks or brokerages.
No point using one of the internet bucket shops where the hidden cost
is more and also run the risk of fly-by-night operators failing or running
away with your money.
For micro contracts, it does not matter as the most you have with them
is only a few thousand bucks.
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