Author Topic: Filipino forex traders, converge here! (Read 34648 times)

karissa · « **on:** Dec 08, 2009, 11:02 AM »

Hi,

It's cool to find a pinoy forex forum. I have been trading for the past two years in the U.S. and currently, visiting the Phils. It is great to trade in the Phils. because of the time zone. I trade the euro/jpy and gbp/usd.

ferrariEverest · « **Reply #1 on:** Dec 10, 2009, 03:47 PM »

karissa,
oo masarap mag-trade dito saPinas. gising na gising tayo bago mag open ang Europe hanggang makapagbukas ang US market

tutoy · « **Reply #2 on:** Dec 10, 2009, 05:04 PM »

Quote from: ferrariEverest on Dec 10, 2009, 03:47 PM

karissa,
oo masarap mag-trade dito saPinas. gising na gising tayo bago mag open ang Europe hanggang makapagbukas ang US market

I agree!...kaya pwede maging forex traders destination ang Pilipinas.

beast_master · « **Reply #3 on:** Dec 10, 2009, 05:11 PM »

^ at ang maganda pa no taxes baby!!

iamstorm · « **Reply #4 on:** Dec 15, 2009, 11:39 AM »

Hi everyone, I'm just new to this and I'd like to ask people here a question.

I've been approached to be a part of a Forex trading team thats being established here. I'm not being asked to put out any money, only attend a 1 week training program (where transpo and food will be reimbursed) and a four month evaluation based on my performance with a dummy account (this evaluation period also has a minimal salary). If I pass the evaluation, only then will I be given a real money account with company money to trade. All this can be done through telecommute, as they can log into my account to check on the progress of my trades.

Their system involves generally positive results but only with small profits per trade. We're going to be asked to do about 20-40 trades per day initially with a 2.5 - 1 spread. Once I start with a live money account, the salary increases and then there's a 5% commission, plus some bonuses if I perform well. The broker they are using is WAL Capital.

It's a sort of offshoring arrangement, as the main office (which is, as I understand, a newly emerging company) is in the States, so it's separate from the local Forex here. The company is myforexplanet, by the way.

Can anybody tell me if this particular operation is legit or worth the time and effort, or is just a scam? Again, I will never put out any money at any stage of the whole process. Thank you very much!

beast_master · « **Reply #5 on:** Dec 15, 2009, 12:25 PM »

sounds like the other pioneering souls who put up same system the past few years. Unfortunately they are nowhere to be found now.

Anyway, since you don't have your own money on the line, what is your liability once you experience a string of losses? and besides you are trained for a week and a 4month demo and they think that's enough? Geez. If I didn't know better I would have thought it's alright. But this market has a reputation of skinning newcomers alive.

iamstorm · « **Reply #6 on:** Dec 15, 2009, 01:58 PM »

^Thank you for your reply. That's why there's the dummy account so that they can evaluate how you trade. They are teaching us techniques like buying at resistances and selling at supports, and only three trades max at a time are allowed. They are also teaching us hedging.

tops5450 · « **Reply #7 on:** Dec 15, 2009, 02:46 PM »

Quote from: iamstorm on Dec 15, 2009, 01:58 PM

^Thank you for your reply. That's why there's the dummy account so that they can evaluate how you trade. They are teaching us techniques like buying at resistances and selling at supports, and only three trades max at a time are allowed. They are also teaching us hedging.

If what you said is true, then go for it

Be wary that anything that sounds to good to be true is otherwise

iamstorm · « **Reply #8 on:** Dec 15, 2009, 03:03 PM »

Quote from: tops5450 on Dec 15, 2009, 02:46 PM

If what you said is true, then go for it

Be wary that anything that sounds to good to be true is otherwise

Thank you for your reply sir. Yes, these are really the techniques they are teaching us. I've seen people already doing the dummy monitored accounts and they can really only go as far as three trades at a time max, either two buys one sell, or vice versa. We are also not allowed to trade more than 5% of the equity or during Bollinger squeezes and NEWS events.

At this point, I don't feel that this is one of those too good to be true things, as I will not be putting out any money, and you really have to make it in the evaluation to qualify for a real money account. Plus, 5% commission is relatively small, isn't it? And with the limit of the equity we can use, the profit is small. Also, they're not rushing me to get a monitored account, as I indicated that I'd like to try out the unmonitored dummy for about a month or two before I commit to the monitored dummy.

Although I would appreciate it if people posted what could be wrong with this type of set-up, as I really want to know if this could be some sort of scam. I did research online about forex scams, but this doesn't seem to fit any of them. But still, there might be other scams people like me am not aware about.

Again, thank you all for your answers!

beast_master · « **Reply #9 on:** Dec 15, 2009, 03:19 PM »

well, I have nothing against the methods. It's the same ones we are using. The problem (or future problem) lies on the trader's accountability. If the trader doesn't have any money at stake, they tend to trade just to make trades. If they make losses they won't care because it doesn't hurt the trader's wallet at all.

iamstorm · « **Reply #10 on:** Dec 15, 2009, 03:42 PM »

Quote from: beast_master on Dec 15, 2009, 03:19 PM

well, I have nothing against the methods. It's the same ones we are using. The problem (or future problem) lies on the trader's accountability. If the trader doesn't have any money at stake, they tend to trade just to make trades. If they make losses they won't care because it doesn't hurt the trader's wallet at all.

So you feel sir, that this isn't some kind of scam?

As for the accountability, that's part what the monitored dummy account is for, so that they can see if we're sticking to the three trade rule and placing the right trades to we minimize having to hedge or having to wait for a trade to reach the TP limit (which is +3, btw).

Thank you for the reply sir!

ferrariEverest · « **Reply #11 on:** Dec 15, 2009, 04:18 PM »

Quote from: iamstorm on Dec 15, 2009, 03:42 PM

...
As for the accountability, that's part what the monitored dummy account is for...

bukod sa Bollinger squeeze, ano pa ginagamit/tinuturo, can u share?

hopefully u are really curious & not an agent for that company....

iamstorm · « **Reply #12 on:** Dec 15, 2009, 04:36 PM »

^Nope not an agent. wouldn't have mentioned the word "scam" if I was.

So far, the stuff I've posted are the things they've covered in the lectures. I really just want to know if there are forex scams that don't necessarily require traders to put out money.

beast_master · « **Reply #13 on:** Dec 15, 2009, 04:51 PM »

Quote from: iamstorm on Dec 15, 2009, 03:42 PM

So you feel sir, that this isn't some kind of scam?

Geez, I don't know. I don't know how these guys operate. DO they accept deposits by themselves? Do they promise fixed return? Who's the broker? from where? Who clears your trades? etc.etc. It's not easy to smell some fish.

iamstorm · « **Reply #14 on:** Dec 15, 2009, 05:27 PM »

Quote from: beast_master on Dec 15, 2009, 04:51 PM

Geez, I don't know. I don't know how these guys operate. DO they accept deposits by themselves? Do they promise fixed return? Who's the broker? from where? Who clears your trades? etc.etc. It's not easy to smell some fish.

Any tips sir, on when my alarms should go off?

Fixed return? I don't think so. One of the things they told me from the very start is that it's impossible to get a fixed return, much less be risk-free because the market is really unpredictable. Their broker is Wal Capital.