Welcome to the forums! I wanted to add a few thoughts since FXCM was mentioned. An account with 6 to 7 figures would qualify for the active trader program in which the overall transaction cost is lower than the regular standard forex account.
You mentioned it being confusing on how deposits/withdrawals work. Most brokers will offer multiple deposit methods such as credit card, debit card, or bank wire. For withdrawals, it will likely either be submitted online or through paper document sent back by email or fax. These are all great questions and something you should research carefully through any brokerās website.
Thanks for the info Jingoy, but i got a little confused back there, can you simplify the process on depositing and withdrawing money via moneybookers? hows that being done? is the transaction via bank or is it some kind of private institutions? Thanks
@gurenu : Sorry, I donāt have anything to add regarding your broker question. So far, I donāt have any problem with mine (Forex.com).
As far as strategies, yes, I too follow ICTās and his thread regarding price action. However, I also trade base on Fundamental or Economic News releases such as US Non-Farm, Durable Goods, GB Labour Market report, etcā¦ I have notice that most of my winnings are base on Economic News. I just have to learn to keep my winnings and not giving it back to the market. By the end of the week or even in a month for the pass 7 or 8 months, I have not yet maintain any positive gain but I have notice that my loosing are getting shorter so that is a good sign:)
One of the reasons why I donāt keep my winnings is because I tend to trade every single day ( maybe because I am afraid to missing out in the action? ). For me, I think these is over trade. I figure, I do not need to trade everyday. I just need to find 2 or 3 good trades in a week. I donāt have any problem finding trades but what I am lacking is the discipline. Discipline is really hard to master, this is what I am currently working on right now, because of the urge of being in the trade and letting my lose grow beyond of what I intended ( 20 pips vs. 60 pips lose in 1 trade, anyone?). The good thing about this experience is I am learning more about myself. I use to only thinking about how much I am going to make in a week, months, or even in years but what I have learn is not so much about that. It is finding who I am as a trader and who I am not.
As far as indicator, I only use FIB to watch for price action and thatās it. Every now and then I use RSI but very rare. I just wanted to keep it simple. So, I am hoping that I get better on or before my 1 year trading anniversary coming in Sept.
So, what you guys have learn so far with this journey?
when depositing you can use you credit card or debit cardā¦ its like paying online its an easy process (para ka lng nag babayad ganun)
when withdrawing i use moneybookers (payment processor) its a third party that processes payments for you
di ko masyado alam pero isipin mo nlng parang banko online u can also use it for deposits purchase online etc. I use moneybookers because is has less fees, I can withdraw from moneybookers 500 dollars and only pay around 2.0+ dollars diba ang gaan sa bulsa. mag oopen ka ng moneybookers account mo then verify mo muna ung address (they will send you a letter to your address with a code) then link ka ng BANK ACCOUNT (may option mag link ng credit or debit card pero di nila tinatangap dito sa pinas kaya bank account nlng)
the process of withdrawing is like this
I log in to hotforex and download a withdrawal form for money bookers, meron kasi mga form pang bank wire pang liberty etcā¦
print the withdrawal form and fill it up with you infor (moneybookers email and id number) and the amount you want to withdraw.
after filling up the form send it via email to the wthdrawal section of hotforex.
when you see your money in money booker (kasi withdraw from broker plang tayo to moneybooker) process another withdrawal from moenybookers to your bank account ( hindi kasi pede mag process to the debit or credit card)
after 3-5 working days you will find you money in you bank account i use EON UNIONBANK for cyber transactions, madali kasi at sigurado
bro if you have any question just message meor ask here i will the the forum from time to time
Nice thanks for the info. I have a question because I am not that really familiar with online payments. I think I will use paypal because I think I will be investing on Oanda. My problem is I am at UAE right now and I want to link my BPI account with it. The problem is my BPI account is not a Mastercard nor Visa?. Should I use my ATM here in Dubai or Better Stick with Philippines account if my address that I will use is the Philippines Address? Sorry for I can make confusion.
Paypal has high fees so it is better to use Wire Transfers which provide me a good and convenient method. And i always trust the UWCFX since it is a Regulated broker and the Investor funds are protected.
UWCFX also have added Liberty Reserve recently as a method for both deposits and withdraw.
Iām from Davao. Gusto ko magtry sa OANDA pero parang complicated ang pagsign-up. Madali lang ba ang pagsign-up? at ano gamit mo sa pagfund ng account?
Iām from cavite bro started with small amounts really, like 50 then i blew it, then 100 and its still doing good I withdraw and deposite a lot, di maiwasan pag kelangan ng pera eh haha Im from cavite
FXCM accepts $50 now. You can use Unionbank EON to fund your account. Some companies also accept wire transfer but the thing is, if youāre going for a wire transfer, deposit at least $500 or $1000 minimum 'coz w.t fee is $30 max and you must have a personal account on the bank youāll be asking for wire transfer. Also, donāt tell them that itās for an investment purpose, they would tell you that BSP requires documents and such blah, blah, just tell them itās a payment for something. As for PayPal, Iāve read from other posts and as well as according to my friendās sister, itās not ideal to link a bank account with Paypal, especially if you have money deposited on that account kasi thereās a tendency that PayPal, sometimes freeze your account or just deducts without you knowing. I hope this would help you a little.
Hi, Musta, anybody has any advice or idea about the new social trading in Forex(copying other big time traders trading), in Opteck.com. Thanks in advance
There is no forex broker in the philippines, all are off-shoreā¦
Iām a filipino forex trade, and i trade in Roboforex, XM and FBS just to name a few of my favoritesā¦
Easy to deposit and withdrawā¦ PM me if you are interested, i just want to help youā¦
u can also use it for deposits purchase online etc. I use moneybookers because is has less fees, I can withdraw from moneybookers 500 dollars and only pay around 2.0+ dollars diba ang gaan sa bulsa. mag oopen ka ng moneybookers account mo then verify mo muna ung address (they will send you a letter to your address with a code) then link ka ng BANK ACCOUNT (may option mag link ng credit or debit card pero di nila tinatangap dito sa pinas kaya bank account nlng)