Fact About Forex Trading Malaysia
New to forex? No worries. You need to start somewhere. It might as
well be today. Before venturing in the exciting world of forex trading,
you must understand these 4 FACTS.
1. Forex is technically “not legal” in Malaysia. Let
me elaborate. Bank Negara Malaysia does not allow any deposit-taking by
to take place by any representative (authorized or unauthorized) of a
forex company. All deposit-taking must be done by persons registered
under Bank Negara. However, if you trade on your own, you are entitled
to use money as you wish, whether to trade or to gamble it away in a
casino. It’s up to you. Your life, your call. The Malaysian law is hazy
on this. I have not seen or heard of anyone yet who is arrested for
trading forex. I won’t guarantee that this will never happen in the
future so don’t take my word for this.
2. All forex brokers have HIDDEN FEES. There is no
such thing as a totally honest forex broker. Their main purpose is to
make profit, whether it is from charging for deposits, or charging for
withdrawals, or charging from each transactions made through the
spreads, forex brokers will find a way to squeeze some money from any
activities made while using their services. Take for example FXPRIMUS.
They position themselves as being an honest forex broker. I agree with
them to certain extent. However, some things are not stated when they
sell their services to you. When you try to withdraw money using wire
transfer, they will charge $50 USD just for that to happen. $50 USD is a
lot for most of us Malaysians. That’s equivalent to RM150. So, for
some, FXPRIMUS might not be the right option. Regardless of this fact,
they are still quite decent and worth checking out.
3. Finding a good mentor to teach you how to trade correctly can be very hard.
This is a FACT. Not many successful forex traders in Malaysia are
willing to teach how they got to that stage. The skills gained from
forex are earned through closed doors. No fan fare, no hype and gimmick.
True mastery is gained in front of the computer with deep thinking
involved. But once you do find a great mentor, it won’t be as you
expected it to be. It may be in form of an e-book or a simple advice
from an obscure blog or a discussion in a forum. Check out this website for more insight on finding the right forex mentor.
4. Forex traders in Malaysia are divided into different camps and groups.
Let me explain. Malaysian traders who trade with easy-forex will find
it more easier to communicate and get support if they join groups such
as easyforexmalaysia.com or Mocfx. If
you happen to trade with Instaforex, there is a group for you to join
in Malaysia. You could go to Carigold to find such groups or simply
register with an established group such as instaforexmalaysia.net.
One thing that I notice is that it is not advisable to trade with
different brokers at the same time. This is the vibe I got by reading
long discussions in online forums. It’s not that you can’t, its just
that the sifu in these groups will only accept you if you show loyalty
to their preferred forex broker.
Guys, I have outlined 4 important facts that you must be aware of
before trading forex in Malaysia. Gaining mastery in forex takes time
but the perks can extremely lucrative. Check out this link to find out one of the best learning resources on forex trading.
