Have been "betting directions of exchange rates" for the last 3 yrs. Previously was doing that out of Singapore when I was resident there. Now I am commiting a supposedly illegal act because I continue what I have been doing in my beloved Malaysia. Of course that has yet to be decided by the courts whether betting directions of exchange rates constitutes trading in currencies. One strike against that is there will never be delivery of the currencies. Unlike a bank customer who buys/sells MYR vs Foreign currency for biz purposes, there could be delivery. So can that be deemed trading of currencies if there will never be physical delivery? That would be interesting to see how the courts would decide if we ever come to that.
Forex traders are by nature risk takers in nature. 95% of them lose money yet we think we are going to be in the other 5%. So how come so many of us suddenly lack balls when we see such a circular from BNN?
I can understand BNN position. Members of the stupiiiid public made complaints against those forex cons. (They deserved to be conned btw if they dont do their homework b4 plunging in) Obviously the best way for them to be seen doing their job ie protecting the public is to publish new rules prohibiting currency trading. Also since 95% traders lose money, I guess they feel they are doing the bulk of you a great service by discouraging you to trade forex. Since you most probably sell MYR to buy USD to fund your account, by stopping you, they are protecting the MYR and keep it strong. So they are doing their job.
And for the rest of you kamikaze traders and with balls (and equivalent to the other sex), do what you do, lie low, TRY to survive and prosper, but keep your winnings overseas till it is safe to bring them back. Although I could not think a logical reason to want to bring it back except to cover cost of living.
You can't be a worldclass financial centre, with such restrictive forex practices. Perhaps when that old man is no longer around to influence and bad mouth current PMs, maybe , just maybe , our forex scenes may move a notch up. Then it may be safe to come out and play then.
Forex traders are by nature risk takers in nature. 95% of them lose money yet we think we are going to be in the other 5%. So how come so many of us suddenly lack balls when we see such a circular from BNN?
I can understand BNN position. Members of the stupiiiid public made complaints against those forex cons. (They deserved to be conned btw if they dont do their homework b4 plunging in) Obviously the best way for them to be seen doing their job ie protecting the public is to publish new rules prohibiting currency trading. Also since 95% traders lose money, I guess they feel they are doing the bulk of you a great service by discouraging you to trade forex. Since you most probably sell MYR to buy USD to fund your account, by stopping you, they are protecting the MYR and keep it strong. So they are doing their job.
And for the rest of you kamikaze traders and with balls (and equivalent to the other sex), do what you do, lie low, TRY to survive and prosper, but keep your winnings overseas till it is safe to bring them back. Although I could not think a logical reason to want to bring it back except to cover cost of living.
You can't be a worldclass financial centre, with such restrictive forex practices. Perhaps when that old man is no longer around to influence and bad mouth current PMs, maybe , just maybe , our forex scenes may move a notch up. Then it may be safe to come out and play then.
