"Hands that help are holier than lips that pray" Shirdi Sai Baba
- | Joined Jun 2009 | Status: Member | 77 Posts
"Hands that help are holier than lips that pray" Shirdi Sai Baba
first sugar issue, and now forex... that is what we call one malaysia.. 
well, we should know that it's about tax.. not more than that...
malaysian gov already margin call.. just waiting for stop out... put 200 million ni formula one... raise sugar price... hmm... but don't worry.. BNM cannot freeze our forex acc... hahahahaha...
well, we should know that it's about tax.. not more than that...
malaysian gov already margin call.. just waiting for stop out... put 200 million ni formula one... raise sugar price... hmm... but don't worry.. BNM cannot freeze our forex acc... hahahahaha... - Joined Oct 2007 | Status: Former institutional dogsbody | 1,253 Posts
I'm not trying to convince anyone. I'm not in the "convincing" business.
Ya,sum words there describes as foreign brokers too i guess..but later BNM gets mad we`ill see them later. Still other ways to make sum money such as futures,gold,oil r still there but not very similar 2 forex but the same concept wit ur charts...The unhappy is even BURSA MALAYSIA(Malaysia Stock Exchange) dont have hitech platform for us to trade with.And all the other contracts such as CPO.Yesterday BURSA EXceed its money 2 TRILLION thats good bursa is getting hotter.
Other than that still hav US stock to deal with and others as i said,wit that BNM cannot complaint anything...hehe
Other than that still hav US stock to deal with and others as i said,wit that BNM cannot complaint anything...hehe
- Joined Oct 2007 | Status: Former institutional dogsbody | 1,253 Posts
I'm not trying to convince anyone. I'm not in the "convincing" business.
Master Ramdas.. Yours is actually another very good explanation. I've been trading for 14 years and I've never thought of it that way before.
But I don't think BNM will see it that way though. For them, speculative traidng of any MYR pair (eg EURMYR, USDMYR, JPYMYR etc) or instrument (as we call them) is a no-no.
In my reply in the link below, I offer a more plausible reason why retail FX (if properly done) is legal in Malaysia.
http://www.forexfactory.com/showpost...ostcount=21947
Bro Imran , i hope BNM can accept the intepretations of the ECM9 as per your arguments above . I have myself emailed BNM last Monday regarding the legality issue and until now , no answers from them yet .
My take on the matter is that the Act itself ( ECA 1953 - Act 17 ) is outdated and needs to be updated to be relevant. If need be , we must push this matter all the way to Parliment . An association of traders ( PPMM - Persatuan Pelabur Matawang Malaysia ) is a good idea too .
Lets see how this matter will develop in a couple of days . Plz all , update if there's any new developments ...
Good trading all ...
- Joined Oct 2007 | Status: Former institutional dogsbody | 1,253 Posts
Bro Asri.
1. For your guide, ECM9 is really nothing for BNM to "accept". it's actually a BNM-issued circular.
2. To me, ECA does not contradict the ECM circulars. And I feel ECA is still relevant and not really outdated as it does serve an important purpose outlawing the unauthorized (physical or electronic) trading of ringgit, which is BNM's primary concern.
3. It is also my view that BNM simply does not wish the inexperienced and not financially-savvy segment of the Malaysian public to take part in something that is too big for them to handle i.e. encouraging speculative behaviour is not BNM's job.
4. As long as Malaysian residents convert their ringgit assets legally (with authorized Malaysian Banks) to make it easier for BNM to track and keep the ringgit ONSHORE, people can essentially do whatever they want with their new foreign currency ASSETS, including placing them OFFSHORE as margin deposits for the purpose of trading NON-MYR currency INSTRUMENTS (not physical CASH). all within the context of ECM9.
5. Also from my observation:All BNM wants is to track aggregate flows to monitor for speculations against the RINGGIT. For some us with USD3k margin accounts, I think the the amount is too small for us to declare when we initially convert MYR to USD (if i'm not mistaken la), so it's still safe.
6. As long as you only trade for yourself and not others and NOT on MYR pairs, and have enough capital, you can do whatever you want in my estimation.
7. I think the recent BNM press releases have the added benefit of spooking the newbies with not so much cash on hand, so they don't enter the market and spoil it for the rest of us. Especially when they lose all their money and cry to the government.
8. ... which is why I also think forming something like your suggested PPMM is actually a not-so-good idea. We should actually be very low-key and quietly discourage inexperienced and financially illiquid investors from entering the market. We should encourage them to go into something safer for their pockets... like unit trusts...
9. Something like PPMM will draw a spotlight on us that is too bright for us to "tahan." And if our luck is not good, the ECM9 "loophole" may even be closed.
10. I agree with you that we should just let the matter develop over the next few days. It will probably blow over quietly and have the desired effect of keeping newbies out of the market.
11. I've got nothing against newbies, by the way. But if they blow up their margin accounts because they come in without doing their homework and/or with not enough startup capital, it might bring BNM down on the rest of us. And that ain't cool. Sorry guys...
12. Let's make (or lose) money quietly.
1. For your guide, ECM9 is really nothing for BNM to "accept". it's actually a BNM-issued circular.
2. To me, ECA does not contradict the ECM circulars. And I feel ECA is still relevant and not really outdated as it does serve an important purpose outlawing the unauthorized (physical or electronic) trading of ringgit, which is BNM's primary concern.
3. It is also my view that BNM simply does not wish the inexperienced and not financially-savvy segment of the Malaysian public to take part in something that is too big for them to handle i.e. encouraging speculative behaviour is not BNM's job.
4. As long as Malaysian residents convert their ringgit assets legally (with authorized Malaysian Banks) to make it easier for BNM to track and keep the ringgit ONSHORE, people can essentially do whatever they want with their new foreign currency ASSETS, including placing them OFFSHORE as margin deposits for the purpose of trading NON-MYR currency INSTRUMENTS (not physical CASH). all within the context of ECM9.
5. Also from my observation:All BNM wants is to track aggregate flows to monitor for speculations against the RINGGIT. For some us with USD3k margin accounts, I think the the amount is too small for us to declare when we initially convert MYR to USD (if i'm not mistaken la), so it's still safe.
6. As long as you only trade for yourself and not others and NOT on MYR pairs, and have enough capital, you can do whatever you want in my estimation.
7. I think the recent BNM press releases have the added benefit of spooking the newbies with not so much cash on hand, so they don't enter the market and spoil it for the rest of us. Especially when they lose all their money and cry to the government.
8. ... which is why I also think forming something like your suggested PPMM is actually a not-so-good idea. We should actually be very low-key and quietly discourage inexperienced and financially illiquid investors from entering the market. We should encourage them to go into something safer for their pockets... like unit trusts...
9. Something like PPMM will draw a spotlight on us that is too bright for us to "tahan." And if our luck is not good, the ECM9 "loophole" may even be closed.
10. I agree with you that we should just let the matter develop over the next few days. It will probably blow over quietly and have the desired effect of keeping newbies out of the market.
11. I've got nothing against newbies, by the way. But if they blow up their margin accounts because they come in without doing their homework and/or with not enough startup capital, it might bring BNM down on the rest of us. And that ain't cool. Sorry guys...
12. Let's make (or lose) money quietly.
Hiya peeps ,
Bro Imran , i hope BNM can accept the intepretations of the ECM9 as per your arguments above . I have myself emailed BNM last Monday regarding the legality issue and until now , no answers from them yet .
My take on the matter is that the Act itself ( ECA 1953 - Act 17 ) is outdated and needs to be updated to be relevant. If need be , we must push this matter all the way to Parliment . An association of traders ( PPMM - Persatuan Pelabur Matawang Malaysia ) is a good idea too .
Lets see how this matter will develop in a couple...
I'm not trying to convince anyone. I'm not in the "convincing" business.
- Joined Oct 2007 | Status: Former institutional dogsbody | 1,253 Posts
1. Our (legitimate) activity doesn't affect the ringgit at all. The purpose of ECA and ECMs is to regulate the conversion of ringgit. The only time ringgit is involved is when we convert ringgit to USD for the purpose of wiring it to our margin accounts. That is all.
2. BUT... the purpose of the recent BNM press release focuses on ILLEGAL forex investments... which means LEGAL forex investments (within the context of existing ECA/ECMs) is still OK.
3. Nowhere in the recent press release was the ringgit even mentioned.
4. So we should all sleep easy. As long as we convert our ringgit legally, we can still trade NON-MYR FX pairs.
5. Come to think of it, our activity DOES affect the ringgit but in a small and negligible way. BNM makes you convert your ringgit to USD ONSHORE first simply because they don't want you bring the ringgit OUT of the country, which makes it difficult for the Government to track ringgit flows.
6. What you do with your new USD asset afterwards is YOUR business. It's YOUR money maaa...
7. I really hope you guys understand the difference by now. Or we could be here all day...
2. BUT... the purpose of the recent BNM press release focuses on ILLEGAL forex investments... which means LEGAL forex investments (within the context of existing ECA/ECMs) is still OK.
3. Nowhere in the recent press release was the ringgit even mentioned.
4. So we should all sleep easy. As long as we convert our ringgit legally, we can still trade NON-MYR FX pairs.
5. Come to think of it, our activity DOES affect the ringgit but in a small and negligible way. BNM makes you convert your ringgit to USD ONSHORE first simply because they don't want you bring the ringgit OUT of the country, which makes it difficult for the Government to track ringgit flows.
6. What you do with your new USD asset afterwards is YOUR business. It's YOUR money maaa...
7. I really hope you guys understand the difference by now. Or we could be here all day...
how can our activity affect ringgit? doesnt make sense at all. most of traders in malaysia have small account including me.
I'm not trying to convince anyone. I'm not in the "convincing" business.
- Joined Oct 2007 | Status: Former institutional dogsbody | 1,253 Posts
1. HAHA... No worries sir... I "feel" your pain! 
2. But that issue you mention is something that should only be addressed in another forum... We can't really do anything about it except try to make our money whichever legal way we can...
3. Our concern right now should be about the undisciplined and financially illiquid gamblers who spoil our fun by complaining to the government when they lose their life savings... which is why I think the recent BNM press releases came out.
2. But that issue you mention is something that should only be addressed in another forum... We can't really do anything about it except try to make our money whichever legal way we can...
3. Our concern right now should be about the undisciplined and financially illiquid gamblers who spoil our fun by complaining to the government when they lose their life savings... which is why I think the recent BNM press releases came out.
hmm, eventhough they know who bring the ringgit out in huge amount, they can close their eyes.
1forex
I'm not trying to convince anyone. I'm not in the "convincing" business.
Bro Asri.
1. For your guide, ECM9 is really nothing for BNM to "accept". it's actually a BNM-issued circular.
2. To me, ECA does not contradict the ECM circulars. And I feel ECA is still relevant and not really outdated as it does serve an important purpose outlawing the unauthorized (physical or electronic) trading of ringgit, which is BNM's primary concern.
3. It is also my view that BNM simply does not wish the inexperienced and not financially-savvy segment of the Malaysian public to take part in something that is too big for...
Thanks for your all your explanation and what you're essentially saying is that
provided that the monies / ringgit is converted properly before being wired outside Malaysia , trading forex with an offshore brokerage is all legal and good . All thanks to the ECM9 "loophole" ?
Did i understand correctly ?
Thanks .
