Forex Course Singapore (Crap!)
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I attended a forex course preview from the guy who keeps advertising on newspaper every other day. The one that claims to have his students making from $1000 to $60,000 in dunno how many weeks.
So that "FREE forex course" got me interested and went down to have a look. Boy there's lots of story telling in the preview, taught nothing except to bluff the simple people who know nothing about forex that they can buy low and sell high and continue to claim that he has a 100% sure win method. Who cannot talk such stuffs?!
And when we are about to end the preview, he ask us all to stand up and arrange us in an order for who is interested and who is not interested. He was DAMN pushy into getting people to sign up. And he discriminate those standing in the not interested area.
End of the day, i was totally pissed by his hard selling and no results were shown to proof that he is a really good trader or one that is making money now. What's worst is people sign up and not knowing what they sign up for.
My 2 cents.
Update:
I have finally found the way to trade with just 1 hr a day with high winning ratio.
You can read more on page 2 on this thread where i place my reviews and comparisons.
If you want to fast forward and cut the chase, it's www.asiaforexmentor.com
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Thanks Noted !
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Do you know that MAS has new criteria for providers/brokers of leveraged FX, CFDs and other specified investment products to assess the suitability of their products for each client. In other words if you didn't don't meet any of these criteria, by default you will be unable to trade forex in Singapore :
1) Traded CFDs, forex or other OTC derivatives at least six times in the last three years;2) Passed a diploma or higher qualification in a relevant course.
3) passed the Chartered Financial Analyst examination conducted by the CFA Institute or the Association of Chartered Certified Accountants (ACCA) qualification; or
4) Worked at least three consecutive years in the past ten years in a relevant field.And surprisingly Forex course is still running, or it just part of self-knowledge course for yourself?
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yes, i seriously doubt the effectiveness of the content they are teaching in their forex course seminars.
What they can show is screenshot of their strategies working. But when trading live, you will come to realise that it probably failed more times than it actually works.
So those screenshots are captured on ones that worked, what will happen to most of the people who aren't actually good at trading and follow their forex strategies wholeheartedly and to realise it doesn't work as taught.. They end up loosing more money than they actually had in the first place.
Most people join these forex courses with the mentality of making more money, but most end up loosing their money instead. what an irony
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I consider myself as a knowledgable forex trader, but a keen learner. so always going to check up these forex course seminars in singapore and also forex courses on the internet.
Found some good ones, but so far nothing really good and applicable (those that can really follow their forex trading strategy and make money most of the time).
Maybe i'm not looking hard enough?
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nuttin is free in this world
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the people that is actually making money is not those who trade nor those who go to the course.
it was those who teach u a so call courses on how to trade forex
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One should only enter Forex gaming if let say you have a dispensable amount of 100,000 available. You probably may use 20,000 from the dispensable amount to have some fun. Other wise....donate to charitable cause :D
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not really true. you can trade forex even if you have a small capital like $1k.
of course you cannot expect to win $500 in 1 trade. that will be like 50% profit per trade.
Its too risky that way. (which is why forex course out there that claim to take $1k to $XX,XXX amount in how many weeks is just pure crazy! - you will easily loose all your money in 1 day if you trade so high a stake)
A decent ratio will be 1-2% profit per trade. Which is $10-$20.
This may seem small, because the capital is small, but if you increase or grow your capital, then it will snowball to a good sum.
On a sidenote, i have just sign up for 3 online forex course (sound stupid i know, but i like to learn because to me is if i can just get 1 good tip from a forex course that will help in my forex trading then it's worth it for me) those 3 have quite good reviews, but shall see how it goes, or is it just another crap load of theories that doesn't work.
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i was saying my comments on the 3 forex course i got. maybe the comment wasn't very good. but i require 30 posts . =) so cheers.
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actually i even wonder why people go for these "free forex course previews"
there are so many information on forex trading readily available on the internet. these people attend these forex previews not even knowing a clue what is forex.
hard not to get con. because these sales man will make forex trading sound so easy. is it actually that easy?
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ok review time. I have gone through the 3 online forex course i got.
All 3 forex course are on price action. Because indicators are usually slower, and by the time the indicator got a signal and when you enter. Usually, the market will then turn against you. Price action is what that moves the market. Thats the reason why i now focus on price action. (after learning the hard way)
Out of 3 courses, 1 really sucked. The strategies were not new and didn't worked.
the other 2 was quite ok. 1 is from www.learntotradethemarket.com and the other is www.asiaforexmentor.com
Both teach pretty much the same concept on price action. which is really good.
Learntotradethemarket is more theory base which i didn't really like as there is not much actual forex strategies to apply.
Asiaforexmentor focus more on live trading and did show 2 trade secret which i have tested works pretty good. having gone through so many forex courses, i have learnt to backtest strategies first before implementing them. because most of the time, the strategies doesn't work live most of the them. what works are captured on screenshots and showed to you. but they never show the times it doesn't work.
all and all, i am surprised that i have actually found a good forex course but will followup to see if the strategies works consistently.
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Originally posted by M the name:
Do you know that MAS has new criteria for providers/brokers of leveraged FX, CFDs and other specified investment products to assess the suitability of their products for each client. In other words if you didn't don't meet any of these criteria, by default you will be unable to trade forex in Singapore :
1) Traded CFDs, forex or other OTC derivatives at least six times in the last three years;2) Passed a diploma or higher qualification in a relevant course.
3) passed the Chartered Financial Analyst examination conducted by the CFA Institute or the Association of Chartered Certified Accountants (ACCA) qualification; or
4) Worked at least three consecutive years in the past ten years in a relevant field.And surprisingly Forex course is still running, or it just part of self-knowledge course for yourself?
Your above criterias may be correct... but only if one need to register with the Authority aka MAS (as a registered representative), if one need to solicit business for trading.
I was one of the above-mentioned since early 90s but left in 2002.
If one need to trade his own account aka self trader, you need not have any licences to do so, what you need is MONEY.
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Originally posted by eddiecheng:
not really true. you can trade forex even if you have a small capital like $1k.
of course you cannot expect to win $500 in 1 trade. that will be like 50% profit per trade.
Its too risky that way. (which is why forex course out there that claim to take $1k to $XX,XXX amount in how many weeks is just pure crazy! - you will easily loose all your money in 1 day if you trade so high a stake)
A decent ratio will be 1-2% profit per trade. Which is $10-$20.
This may seem small, because the capital is small, but if you increase or grow your capital, then it will snowball to a good sum.
On a sidenote, i have just sign up for 3 online forex course (sound stupid i know, but i like to learn because to me is if i can just get 1 good tip from a forex course that will help in my forex trading then it's worth it for me) those 3 have quite good reviews, but shall see how it goes, or is it just another crap load of theories that doesn't work.
Trade with 1k ?
I reckoned you keep your "1k" in your bank accout.
Do you know what is the actual contract size, per 1 lag of US$ vs Swiss/Yen ? or 1 lag of BP/Euro vs US$ ?
As Forex is also considered as a leverage trading instrument, one must have at least 3-5% of the initial contract size, ie, US$3-5k per contract (1 lag) in order to even think about speculating in Forex Trading.
If you have less than S$30k, better don't think of Forex as your preferred investment choice. I worked in the dealing room before. Experienced millions of dollars lost in the market within hours... what is your 1k of investment ???
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I'm not FT.
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Sgforums really lacked of people with these trading knowledge....
Except me lah...
Knn... want to talk cock... must also know there is always a higher mountain out there....
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I just had Happy hours with some of my old colleagues from the banking-forex industry a few weeks ago..
One kaki also got promoted recently in RBS dealing position (Royal Bank of Scoltand) earning $25k a month.. Foreign banks really paid alot.
Also met some "SIMEX LOCALs", those whom wear red jackets on the trading floor when the open out-cry is still around before replacing by Electronic Trading System, ETS.
Some of them (w/o all those bull shit licences mentioned above by M the name
), are trading online, from Forex to stock indices.Well, I may go back to self-trading in future too... but never with 1k....
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Just do it lah. I don't know what kind of trader are you. But i'm sure you know nuts about forex trading.
I have been trading live for more than 3 years (not that its a long time) and am profitable.
Apparently you do not trade forex as you do not even know 1k can be traded. There is such thing as MICRO account - micro lot sizes. Go check it out!
Many forex broker offer micro lot sizes.
Forex is DIFFERENT from stocks.
and you can definitely trade 2-3% or any percent you want with your 1k account.
dunno want talk cock and act higher mountain here.
You may go back to self trading in future. but you never did. because you lose money. that's why! Its easier to talk than to trade your own live and be profitable.
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and don't need to haolian your friends here. They are not you. you are not them.
I also know many rich friends. don't see the point of this bullshitting.
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Forex broker - Oanda is one of the many forex brokers that offers micro account.
so you can trade a 1k account just like a 100k account. It makes no difference.
Only difference is the 1k account you are trading with smaller lot sizes. the 100k with bigger lot sizes.
However, i will not recommend people do live trading with opening a demo account (virtual account) first.
Many forex brokers offer free download of their mt4 software where you can open a forex demo account.
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Last time, I talk to this guy who traded forex.
He used all sorts of bombastic words and technical jargon on me trying to impress me.
Said he made money on this currency pair and that currency pair.
Then later I found out his trading account was like $1000 and his PnL was like a few cents or a few dollars a day because he trades mini contracts.
I told him why work so hard for that few cents? Why not just play mahjong - one game win yi fan and can make $4 already.
He stopped talking to me after that.
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I recently went for JF Lennon introductory seminar. Looks really good. But price also see already nosebleed. $5k for 2 day session.
Anyone know of any other Free introductory forex seminars worth going, with decent turnout ? I'd like to attend these sessions to meet other beginner traders just like me.
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I have never been to JF lennon forex seminar, but know of a few friends who have been through it. can't say its very promising after hearing their results from trading after attending his forex seminar.
and there's always a further upsell at the back of a bootcamp overseas.
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Originally posted by eddiecheng:
I have never been to JF lennon forex seminar, but know of a few friends who have been through it. can't say its very promising after hearing their results from trading after attending his forex seminar.
and there's always a further upsell at the back, an advance course and also a bootcamp overseas.