Right off the bat, we were making hypothetical thousands of ringgits in just a few hours. By mid Day 2, I thought that the job was to manage funds for other people. I was high from all the praises — I even thought I was naturally talented at it! She pointed to the large screen which showed a bunch of live currency forex charts. She pointed to some staff members and told me the accounts they managed.
That staff also manages her family account. That one over there manages two accounts for friends and family. I might have freaked him out. He said no real fast. I think that this is just the way this company, which is actually a forex broker, recruited clients. Other forex brokers use ads. They used the job vacancy section. They turned their employees into clients. That was a bullet dodged.
On another occasion, I enlisted myself in a week technical analysis forex trading webinar. Did you get that? The classes were a customer recruitment method for a forex broker, after all! After the webinar ended, the staff followed up via email and phone calls relentlessly, for months in an effort to sign me up. They also pushed for the audience to buy the full coaching course, which carried a figure price tag credit card payment is available of course.
Yes, I got sucked in forex copy trading as well. Needless to say, I lost all my money there. I shared these stories not to scare you, but to remind you that the financial instruments may be legit, but many parties out there will want to exploit your desire to make money. After all of these learning experiences, I became more selective with my investment opportunities.
I also developed extra sensitivity to the psychology of limited-time offers. I like to have time to research, and have a healthy sense of fear. But definitely learn to limit your losses. Do you have any experience with forex trading? Was it positive or negative? Share in the comments section so all of us to learn. Support a content creator, share this article : What are the stereotypes of a property investor?
A stock investor? Support a content creator, share this article : Every Malaysian should know about Amanah Saham Nasional Berhad, usually referred to…. Support a content creator, share this article : Investment is such a loaded word. Your job offering experience is so interesting! How did the bell rings if you actually still thinks they are legit? Looks like a great source for trading for Malaysians. Thanks for the heads up! Yes, many newbies now love to trade forex, but most of them thinking fast money, but ended up with loss all their hard earned money.
Thanks for sharing. Really guide for noob like me. But my friend ask me about forex, I know a little bit but not detailed to explain. So basically, forex analysis same as stock analysis, technical analysis, but is it the analysis is same? From what I know, forex trading not syariah compliant but I see many people still trade forex.
And many people know forex than stock trading. Hey Naziman, Yes, you can say that the technical analysis is similar for other types of investments like stock, except that forex technical analysis is way more short-term focused than stocks.
Never used them though, and not the best person to answer this. I have been reading some article about the syariah compliant. Based on my understanding, individual forex trading specifically still syariah compliant but still have many rules to follow. So for me, rather than hassle about the syariah, better I learn about invest in a stock. Still, have an issue on syariah but small than forex trading. This is a well-known remark in algorithmic backtesting circumstances.
With that being said, a lot of charlatans took this as an opportunity to pull in some side money via teachings. That is a form of illusion and many chose to believe that their system works. It just had a slight probability of to which you may hit the jackpot sometimes. If it works, why would the broker still advertise it heavily via partnerships? The more you train, the more they earn based on the commissions and affiliates you signed up with.
The bigger the community, the richer they are. Sheep are slaughtered for years in this industry due to the lack of transparency. If you really want to succeed, there is no way out in FX. Thanks for your insightful comment! The market can go up, down or sideways. Hence, most charlatans will teach you to follow the trend by default. Plus, a broker would not play this game of probability with retailers if retailers were always winning.
They just knew retailers are a bunch of new suckers, hence, slaughtering them in the process with time because statistics never lied. Been in the trading business Banking Industry — Sell side for 8 years. Now, trading stocks with HLB — Bursa. Do we have to declare our earnings once withdrawn? How about taxes consequences? In Malaysia, profit made from trading is taxable, yes.
However many forex exchanges are technically illegal or flagged in Investor Alert List. Better to get an accountant to give proper advice. Yeap, been trading for 7 years. I strongly suggest everyone to do research on the broker before signing up. Look up their fb page etc to see user comments.
Red flags will be unable to withdraw profit. Another thing I recommend to check is, compare charts with other brokers or sites tradingview. Sometimes, broker A may show a different price movement compared to broker B. For the beginners who are still at the learning stage, know this first, dont ever think what your learning will work out like you wish it do.
Always think in probability. The only way to make money here is by having risk management. Treat this as get rich slow scheme. Keep that in mind. Open Live Account. Open Demo Account. Security of Funds:. Diversify your trading portfolio. HF mobile App Financial markets and your HotForex account are in the palm of your hand with the HF app: use it to help you understand the markets with trading tools and the latest news, updates, and financial analysis.
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