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Help needed in OANDA + users from Malaysia 105 replies

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  • #24,061
  • Oct 27, 2014 5:36pm Oct 27, 2014 5:36pm
At the moment, a breakout toward the lower red trendline would bolster to the alt count in white. Otherwise, I believed we may see another bullish continuation trend scenario to complete corrective wave B in yellow. Good luck.
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  • #24,062
  • Oct 28, 2014 5:22pm Oct 28, 2014 5:22pm
Favourably, I am looking toward a potential of bearish reversal trend scenario in white. A valid "diagonal triangle" pattern, a "bull trap" scenario and follow by a breakout toward the lower white trendline would bolster to this scenario. Otherwise, I believed we may see another bullish rally to compplete either corrective wave B in yellow or aqua. Good luck
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  • #24,063
  • Oct 29, 2014 5:50pm Oct 29, 2014 5:50pm
At the moment, I am looking forward for an opportunity of a bearish reversal trend scenario either refering to the alt counts in white or yellow. A strong breakout toward the lower white trendline and critical line would bolster to the alt count in white. Otherwise, I am expecting a "bull trap" pattern in yellow before a potential of reversal trend. Good luck.
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  • #24,064
  • Oct 30, 2014 5:40pm Oct 30, 2014 5:40pm
At the moment, I am expecting market to perform a bearish reversal trend scenario either in white or yellow. A pullback or bull trap pattern would bolster to this scenario. Otherwise, please be careful for another strong bullish rally to complete corrective wave B in aqua. Happy weekend and good luck.
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  • #24,065
  • Oct 31, 2014 12:31pm Oct 31, 2014 12:31pm
I know two guys (not personally) from Malaysia who are millionaires trading Forex. They showed sports cars in their Facebook and Instagram. They conduct Forex classes/seminars, quite expensive.

Do you think they make money through Forex or through the classes?
  • #24,066
  • Nov 2, 2014 4:39pm Nov 2, 2014 4:39pm
At the moment, I am expecting either a bearish retracement trend scenario in aqua or a "doible top" reversal pattern in yellow or white. Good luck.
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  • #24,067
  • Nov 3, 2014 9:41am Nov 3, 2014 9:41am
Hello Jebatfx, I believe that you are a trader from Malaysia. I hope your trading is doing good. Good to see a Malaysian here.
  • #24,068
  • Nov 3, 2014 5:03pm Nov 3, 2014 5:03pm
Favourably, I am expecting toward a bearish retracement trend scenario to perform wave 4 either in white or yellow. Please be noted that market have potential to perform a truncated pattern in yellow. Otherwise we may see an extension of wave 3 in aqua. Good luck.
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  • #24,069
  • Nov 3, 2014 6:11pm Nov 3, 2014 6:11pm
Quoting superblack
I know two guys (not personally) from Malaysia who are millionaires trading Forex.
They claimed this or have they shown their bank statements? (If they have, good for them! )

Quoting superblack
They showed sports cars in their Facebook and Instagram.
I also know a few who just pose next to sports cars.

Quoting superblack
Do you think they make money through Forex or through the classes?
What are your own thoughts on this?
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #24,070
  • Nov 3, 2014 10:48pm Nov 3, 2014 10:48pm
Quoting skenobi
{quote} They claimed this or have they shown their bank statements? (If they have, good for them! )
I heard some people in the CG forum claimed to have seen his bank statement. But it was a screenshot of the bank statement, might be photoshopped.

Quoting skenobi
{quote} I also know a few who just pose next to sports cars.
Yes, they are those.

Quoting skenobi
{quote} What are your own thoughts on this?
I believe they make a significant amount of money from teaching. But probably not enough to buy a Ferrari or a Lamborghini. I am not very sure about this.

I know one is around KL, Bangsar I think, and the other one is around Penang. Skenobi, do you know anything about them?
  • #24,071
  • Nov 3, 2014 11:13pm Nov 3, 2014 11:13pm
Quoting superblack
I believe they make a significant amount of money from teaching. But probably not enough to buy a Ferrari or a Lamborghini.
Good instinct. You can trust it.

The only forex traders I know who can afford exotic sporters (and I mean paid-for in cash) are institutional traders, and they make this money from their bonuses, not from trading. I personally prefer to remain cash-rich rather than to accumulate nice-to-haves.

Quoting superblack
I know one is around KL, Bangsar I think, and the other one is around Penang. Skenobi, do you know anything about them?
You mean self-proclaimed millionaire traders/trainers? No I have not heard of any.

I know some traders who make a decent living from trading, and if they (the traders that I know) have actually made a million, I would not know, which to me is a testament to their down-to-earth character, and this is a trait I respect.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #24,072
  • Nov 4, 2014 1:13am Nov 4, 2014 1:13am
Quoting skenobi
The only forex traders I know who can afford exotic sporters (and I mean paid-for in cash) are institutional traders, and they make this money from their bonuses, not from trading. I personally prefer to remain cash-rich rather than to accumulate nice-to-haves.
I have heard something similar. Someone told me that sports cars owned by institutional traders from Bank Negara were parked there. I wonder if there is any technical analyst. Most of the institutional traders are fundamentalists, and they have to work for long hours.
  • #24,073
  • Nov 4, 2014 2:18am Nov 4, 2014 2:18am
Quoting superblack
{quote} I have heard something similar. Someone told me that sports cars owned by institutional traders from Bank Negara were parked there. I wonder if there is any technical analyst. Most of the institutional traders are fundamentalists, and they have to work for long hours.
"Institutional traders from Bank Negara"? LOL... I know some of them. I can tell you that they don't make much when they're working there.

Quoting superblack
I wonder if there is any technical analyst. Most of the institutional traders are fundamentalists, and they have to work for long hours.
I don't know where or from whom you heard that most bank traders are fundamentalists. You should read this thread: http://www.forexfactory.com/showthread.php?t=486128

I've traded for banks for more than 15 years, and the only fundamental analyst traders I knew were rookie beginner traders fresh out of university who would find out later on that fundamental analysis is almost 100 percent bullsh!t.

At the end of the day, ALL bank traders that are still surviving today are more technical and price action traders.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #24,074
  • Nov 4, 2014 2:33am Nov 4, 2014 2:33am
Quoting skenobi
I've traded for banks for more than 15 years, and the only fundamental analyst traders I knew were rookie beginner traders fresh out of university who would find out later on that fundamental analysis is almost 100 percent bullsh!t. At the end of the day, ALL bank traders that are still surviving today are more technical and price action traders.
Really? All these while I have been having the wrong perception. I read somewhere, probably in Lowyat forum, they were discussing how difficult it is to be an institutional trader. They had to do tons of analysis and work for long hours, very stressful, etc.

Since you have such a long experience in this field, could you please advise me where and how I should start to be one? Let's say I would like to be a trader in one of the local banks. Thanks.

Quoting skenobi
You should read this thread: http://www.forexfactory.com/showthread.php?t=486128
I will go through it.
  • #24,075
  • Nov 4, 2014 3:14am Nov 4, 2014 3:14am
Quoting superblack
Since you have such a long experience in this field, could you please advise me where and how I should start to be one? Let's say I would like to be a trader in one of the local banks.
I've been involved in hiring before. We only hire fresh graduates (in the appropriate numerate subjects) in their early 20s. Those with killer instincts for the prop trading jobs and those with marketing and math skills (generally speaking) for the sales trading jobs. If we can't find any directly from the schools, we hire from the internal management trainee pool. Other than that, we only hire experienced traders from other Banks with proven track records and good reputations.

We RARELY ever advertize the vacancies in the newspapers. Those with Type A personalities are usually able to grab the jobs before we even get to the point where we have to advertize.

In other words, we hire very cheaply but if we have to pay a premium for older traders, they better be fvcking good.

Another thing: if you can't stand standard foul language on the trading floor, you won't enjoy yourself very much.

Also, I personally would not hire old (also non-college grads, and those not in early 20's) retail traders. And please don't mention "what if I can show profitable trading statements". Before I even have the chance to reject, our HR departments would have already thrown it in the bin.

Quoting superblack
{quote} I will go through it.
Yup. Definitely you should go thru it.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #24,076
  • Nov 4, 2014 3:26am Nov 4, 2014 3:26am
Quoting skenobi
Also, I personally would not hire old (also non-college grads, and those not in early 20's) retail traders. And please don't mention "what if I can show profitable trading statements". Before I even have the chance to reject, our HR departments would have already thrown it in the bin.
Fortunately I am in my mid 20's and I am completing my MBA soon, so I am going to be a fresh grad . Could you elaborate why they do not want to at least interview the profitable-trading-statement candidate?

I know they will look into other things such as personality, risk management, trading styles, etc. But why do they directly reject?
  • #24,077
  • Edited 4:18am Nov 4, 2014 4:02am | Edited 4:18am
Quoting superblack
{quote} Fortunately I am in my mid 20's and I am completing my MBA soon, so I am going to be a fresh grad .
Then you can apply directly to Banks' graduate trainee pools and indicate your interests when you're already inside. Or if you're already a Type A personality, you would not be too lazy to make some cold calls to find out how to get in directly to the job you want.

Quoting superblack
Could you elaborate why they do not want to at least interview the profitable-trading-statement candidate?
Trading statements are meaningless. You're only as good as your last trade. Just because you can make money trading penny ante amounts (i.e. chicken shit small amounts) doesn't mean you have the balls to handle the stress of managing losses in multi-million dollar trades. That's why we only hire fresh grads (because we can train them from Day One) and experienced Bank traders (because we know their reputation in the markets).

Some traders come with trading statements from using certain vague indicators or blackbox EAs. These I would reject outright, because I know from experience that markets evolve faster than indicators and EAs can make money long-term. And traders who cannot adapt when their systems go in the toilet, will be dead meat soon enough.

Quoting superblack
I know they will look into other things such as personality, risk management, trading styles, etc.
A prospect can come to us with all the best grades, but if we think he's gutless or worse, if we think he's an asshole, we will put him in Sales at best. At worse, we put him back in the management trainee pool.

Not to say that people in Sales trading jobs are assholes... but the asshole will quickly learn that he can't be an asshole forever (when dealing with clients) and should check the attitude.

Quoting superblack
But why do they directly reject?
At the end of the day, if we simply don't "like" the prospect, we won't hire him. That's usually all it takes to reject. Some people might think that's unfair, but we don't really care what some people think... because the job is not their "right".
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #24,078
  • Nov 4, 2014 6:46am Nov 4, 2014 6:46am
Thanks for the reply Skenobi. I might email or call them up. Thanks again.
  • #24,079
  • Nov 4, 2014 12:38pm Nov 4, 2014 12:38pm
Quoting izzas
Looking forward to short this two currency pairs..waiting {image} {image}
Any idea where i could get this indicator? I am looking for a MACD indicator that provides signal for all time frames ona single chart..
  • #24,080
  • Nov 4, 2014 11:06pm Nov 4, 2014 11:06pm
Anyone trades USD/SGD here? Inability for the pair to take off after breaking 1.2900 is disconcerting (and annoying).
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