Malaysia

As for GJ, it have nice bearish movement...today itself, the pair have movement almost 300pips...so I'm expecting next daily candle will have small movement..probably around 100-150pips...this is very common for price action from what I always observed...to simplify, today have long candle, tomorrow small candle and next day continue to have long candle...

morning malaysia ppl....

(the following are selected excerpts from a reply I wrote in another private forum in reply to a similar concern)

1. Please read the Exchange Control Act along with the following BNM circular to understand the context: http://www.bnm.gov.my/microsites/fxa...0070401_06.pdf

The circular is called ECM9 and it has a section that says: "A resident individual with domestic ringgit credit facilities is allowed to convert ringgit into foreign currency up to RM1 million per calendar year for investment in foreign currency assets."

2. When Bank Negara mentions "foreign currency" only (as opposed to foreign currency assets), they usually mean foreign currency CASH. NOT the balance in your bank account, which, if you really think about it, is JUST A NUMBER.

3. Authorized dealers of foreign currency CASH in this country are Malaysian Banks and licensed money changers.

4. The term "scheme" refers to the deposit-taking by ONSHORE (not offshore) individuals or companies that are NOT LICENSED to accept deposits. The only licensed ONSHORE deposit-takers in this country (as far as I am concerned) are Malaysian Banks and discount houses.

5. Note that BNM mentions "illegal investments". Which means that "LEGAL investments" are ok.

6. "Under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer. It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless the person is an authorised dealer."

7. ... which means I CAN sell my ringgit asset to USD with any authorised dealer (i.e. any Malaysian bank) and invest my new USD asset as per ECM9. The first part of the last paragraph refers to buying/selling foreign currency against the RINGGIT. How I invest my new USD asset afterwards will be my own affair and I won't cry about margin calls because I should always be financially solvent every time and as long as I'm strict with my stops.

8. Some of the examples of dangers given in BNM's last press release are true, however. Some disreputable training programmes do use hard-ball tactics to entice unready and unprepared investors/traders.

9. I also get the impression that some programmes are merely "introducing brokers" for fly-by-night FX brokers.... which is why there is a need to do proper research as to which brokers are (relatively) tightly monitored by the offshore countries' monetary authorities.. which basically rules out a lot of US brokers, and many Russion ones.. ;-)

10. As for the "margin call", this so-called "modus operandi" is no different from trading KLCI futures, for example. It only becomes an issue when the trader is trading on borrowed money (which HE SHOULD NEVER EVER DO!).

11. What must have happened: a financially unready investor loses money trading on borrowed money (eg. credit card advances). If this investor is already undisciplined enough to trade on credit, I think it's reasonable to expect he lost money due to undiscplined stop-loss management or consistently wrong application of the techniques taught to him. (such people should be called "gamblers", by the way)

12. What does he do next? He goes to complain to the government. *sigh* What to do?

13. To recap: Based on MY interpretation of the rules, FX trading (on non-MYR pairs) is legal subject to conditions:

Do trade responsibly.

BE responsible for your own trading.

Do not trade for someone else i.e. with someone else's money (because that means unlicensed deposit-taking).

Do not ask someone to trade on your behalf (because that means placing a deposit in an unlicensed person or company).

Do NOT trade against the ringgit.

Do convert your ringgit asset to USD (for example) with any Authorised Dealer (i.e. Malaysian Banks) without fear. And after you receive your new USD asset, you may trade/invest (i.e. place a margin deposit) within the context of ECM9 to your heart's content.

Do NOT convert your ringgit asset to USD with unauthorised dealers (you know who they are).

Do research for (relatively) reputable offshore brokers.

NEVER EVER EVER trade on credit. Always make sure you have backup capital to help you pay day-to-day bills during the losing spells.

Thanks for your time and explaination imran...


Wishing All Malaysian Traders Good Luck !

Hope you will fine.My name is Khalid.And nice to c u over here as I was also a residential of Malaysia.I did my studies from here.And I always say that Malaysia Boleh La!as far as forex is concerned i am also new in that field....But hope will learn it soon very fast.

Take care Selamat Tengahari!!!!

welcome and happy trading...

Good morning malaysia...happy trading..

By the way 1st post On M`sia thread.Its too long but good explanation Thanks ImranYusuf..

not active as years ago

good morning malaysia...happy trading

morning. you always here every morning

hah..yup...part of my new resolutions hahahaha...no i just kidding..kinda free lately...

Gbp vs Jpy (1H) - Favourably, I'm looking forward market to perform a bearish trend in white to complete wave 3. A breakout towards the pivot critical line and lower red trendline would bolster towards this scenario. Otherwise, please be careful for another bullish rally perhap to perform corrective wave e in magenta.

Aud vs Usd (Daily) - Preferably, I believed market will perform a bearish reversal trend in white. A strong pullback from the upper green trendline would bolster towards this scenario. Otherwise, please be careful for any bullish rally perhaps to complete the unfinish corrective wave B in magenta.

Aud vs Cad (Daily) - Favourably, I'm looking forward for another bearish continuation trend scenario either to complete subwave v/A in white or yellow. Otherwise, please be careful for any breakout towards the dotted green horizontal critical line.

Usd vs Cad (Daily) - I believed market will perform a bullish reversal trend scenario in 5 bullish wave structures to perform a major corrective wave C in yellow. Therefore, advisable to loog for any opportunity towards a bullish reversal trend entry signal from BSTS. Otherwise, please be careful for any breakout towards the red horizontal critical line. Please be careful tonight for NFP news announcement at 9.30 pm (GMT +8). Good luck and happy weekends.

Hi jebatfx, do u look at EURUSD?

Btw, are u a trader or have ur own trading company, as I notice ur copyright thingy?

morning malaysia...enjoy ur weekend..next week we go to battle...

hi guys, haven't posted hhere for quite a while...

by the way, any of you here trade using rsi? would like to have some discussion lah...

Just wish to say hello to fellow malaysians...just saw there is a thread dedicated to us

I do double agree with some points pointed out by imranyusof, especially those company offering so called fx training with such and such indicators. I don't see it worth anything paying for MA as you can actually find many of it here in ff. And they do have much better setup as well.

As for my self, I just started with real money in december after 3 months in demo, and had since learn a lot. Especially the need of patient and 'jangan tamak' (not greedy in Malay languange).

The indicator I got from the training, already went away to be replace by some others i found here in FF plus using SR. I loss a lot without proper risk management and also due to what imranyusof mention, not knowing forex well enough. Everyone can discover their own trading styles, and we can't expect to always follow others. I have learn a few hundred % more here in ff than what i got from the so called training provided by the MY companies. Now better equiped with the right application and techniques, I have started to slowly recovering back my losses. And believe me, for those who plan to start, this is a very painful experience emotionally and mentally. i have since recovered from the breakdown and are ready for more. However, although it seems that the money paid for training provided isn't worth anything, but it got me exposed to fx, a financial instrument that is worth all my time to learn it properly.

Yesterday, just went in for a long call GU 5903, 5939, 5958 - the last one closed at 6000. Next long at 6060 TP 6100, total manages +126 pips. Didn't enter during rebound, as its my self set discipline now, profits now better than loss later, so went out with my family just to refresh my mind and soul after last month heavy losses. Don't enter unless you are sure, its not a gamble. And profits in hand now is better than loss incured later.

Do not believe that fx will make you rich instantly. And if the training ppl are so good, they don't need to charge any money to teach us new to it. Since they should be making a fortune already.

Thank you for having a place for me to share my woes and experiences. I have since moved on and start to consistently (although slowly) getting my +pips. Nothing yet 100% profitable trades, but the risk factor i set now works for me.

Rsi...hehe what is so difficult about RSI?

1malaysia should be more boleh!

Welcome to the club,And good luck in your trading

Guys, don’t kid yourself. Forex trading is NOT allowed in Malaysia whether you trade your own account or not. Go to the BNM website and look at the FAQ which they came up recently. http://www.bnm.gov.my/microsites/fxa...aqs.htm#04_q01

• Who can I buy and sell foreign currency with in Malaysia?
You can buy or sell foreign currency only with authorised dealers and those entities permitted by Bank Negara Malaysia as stipulated under section 4 of the Exchange Control Act 1953.
Authorised dealers are licensed commercial banks and licensed Islamic banks. Please refer to website at http://www.bnm.gov.my under "Foreign Exchange Administration" for further details.
^back to top

• Is trading of foreign currency through the internet allowed?
No. Residents are not allowed to trade currency through internet.
Residents are only allowed to buy or sell currencies in Malaysia with authorised dealers and those entities permitted by Bank Negara. Please refer to website at http://www.bnm.gov.my under "Foreign Exchange Administration" for further details.

What they are saying is that no one is permitted to trade forex except for the authorized dealers. And who are the authorised dealers? http://www.bnm.gov.my/index.php?ch=17&pg=697&ac=606
There are 52 of them listed and they are all banks.

Dont kid yourselves, if you still think what you are doing is legal, this is like playing Russian Roulette with a loaded gun. The penalty if you are caught will be like this. What are the risks involved if one participates in such an illegal scheme?

Participation in such an illegal scheme is an offence under the Exchange Control Act 1953 and on conviction , is liable to a fine not exceeding RM1 million or to imprisonment for a term not exceeding five years or to both

By "Illegal scheme" BNM is NOT just talking about those scammers or those who are doing illegal activities. Take note that BNM considers anyone who trades forex over the internet as illegal (in Malaysia) except for the 52 banks listed earlier. If you want to know more, go to their site and read the FAQ and you will know clearly the stand of BNM related to individual forex trading. Dont kid yourselves and don’t get caught with your pants down. When you are charged in court you cannot say you are ignorant of the law because ignorance of law is not a defense.