money Foreign Exchange

[Trader Val]

Anyone out here who plays forex? List of sites? Tips for newbies like me who want to test things out?

 

 

In Forex You Must Lose Before You Win

 

On the outside it seems amazing how so many traders have tank their trading accounts only later to become good traders. A huge lesson for all of us traders to learn and to learn as soon as we can is, “In order to be a good trader you need to know what it is like to lose.” More on this is, in order to become a good trader you must learn to lose with no emotions….because….guess what. You are going to take losses. That is the bottom line and the sooner you understand this the sooner you will be in the right direction of becoming a winning trader. The difference between a winning trader and a losing trader is this - A winning trader gets up from losses again and again while a losing trader just goes away. If you are afraid of risk, then you can not be a winner at Forex. True winners are not afraid to take chances. Losses in the Forex are as inevitable as strikeouts to a baseball player – they are going to happen. Baseball players who can't deal with striking out are the same as traders who become depressed by their losses…….both are doomed to the minor leagues. Do yourself a favor and seek out some successful traders, I bet that each one of them will tell you that they have experienced big losses before becoming a winner at Forex trading.

 

You have heard the phrase before, when you get bucked off a horse the best thing to do is get back on right away and ride again. Setbacks are part of life. In all areas of our lives, we get knocked down on one level or another only to work to pick ourselves back up.

 

If you ask traders how much time they put in, you'll find the same thing. Winning traders spend most of their time focused on trading and nothing else. They put in more time and preparations than you might imagine, but do they always win? Unfortunately the answer is no. Losing isn't the problem, the problem is becoming emotional about the lose and not being able to put it behind you after you have learned from it.

 

Put in the work. Study your losses. Get you a mentor who can give you hands-on training? Learn to leave your emotions at the door. Have a trading game plan ready and then be disciplined and you will place the odds in your favor on becoming a great trader.

 

:thumbsupsmiley:

[Alex_Corvis]

And it would always be helpful, if you open up a demo/practice trading account for at least 3 months.

or until you feel comfortable with the platform and losing money hehehe

[redshirt]

In Forex You Must Lose Before You Win

 

On the outside it seems amazing how so many traders have tank their trading accounts only later to become good traders. A huge lesson for all of us traders to learn and to learn as soon as we can is, “In order to be a good trader you need to know what it is like to lose.” More on this is, in order to become a good trader you must learn to lose with no emotions….because….guess what. You are going to take losses. That is the bottom line and the sooner you understand this the sooner you will be in the right direction of becoming a winning trader. The difference between a winning trader and a losing trader is this - A winning trader gets up from losses again and again while a losing trader just goes away. If you are afraid of risk, then you can not be a winner at Forex. True winners are not afraid to take chances. Losses in the Forex are as inevitable as strikeouts to a baseball player – they are going to happen. Baseball players who can't deal with striking out are the same as traders who become depressed by their losses…….both are doomed to the minor leagues. Do yourself a favor and seek out some successful traders, I bet that each one of them will tell you that they have experienced big losses before becoming a winner at Forex trading.

 

You have heard the phrase before, when you get bucked off a horse the best thing to do is get back on right away and ride again. Setbacks are part of life. In all areas of our lives, we get knocked down on one level or another only to work to pick ourselves back up.

 

If you ask traders how much time they put in, you'll find the same thing. Winning traders spend most of their time focused on trading and nothing else. They put in more time and preparations than you might imagine, but do they always win? Unfortunately the answer is no. Losing isn't the problem, the problem is becoming emotional about the lose and not being able to put it behind you after you have learned from it.

 

Put in the work. Study your losses. Get you a mentor who can give you hands-on training? Learn to leave your emotions at the door. Have a trading game plan ready and then be disciplined and you will place the odds in your favor on becoming a great trader.

 

:thumbsupsmiley:

very well said. Parang onlne sports betting din ah.

[boni]

Ano po bang inyong advise,

 

ako e nagpapadala (necessity) ng pera pa-pinas (USD), e sa ngayon malakas ang PISO, i-minimum ko muna padala o ganun pa rin (yung regular na padala)?

Ano bang magandang gawin, para di naman ako matalo sa palitan. Kasi nagkwenta ako, yung dati kong padala, e lumiit na value ngayon in peso. nakakapanghinayang...so naisip ko, bare minimum lang muna padala ko sa pamilya, at in dollars na muna ipunin, at antayin na lang bumagsak ang piso.

 

Tama ba ang move ko?

 

Suggestion ko... Open ka ng dollar account the Pinas. This way meron standby na pondo just in case kailanganin. Then kung magkano lang ang kailangan iyon lang ang i-palit.

[dexterhaba]

Tanong ko lang kung ano ba ang mga factors ng pagtaas or pagbaba ng dollars? cENXIA na at mahina talaga ako sa economics,,, tulad ngayon,, medyo tumataas nanaman ang dollar pero di ko alam kung papalit ba ako o hindi,, laking bagay kasi kung magaling kang mag analyze ng trending ng dollar-peso ,, help naman please mga experts!!! :flowers: :flowers:

[dexterhaba]

I cant believe no one is interested in foreign exchange not to mention the many ofw member in mtc,,, :sleepysmiley03:

[di3s3l_pow3r]

Ano po bang inyong advise,

 

ako e nagpapadala (necessity) ng pera pa-pinas (USD), e sa ngayon malakas ang PISO, i-minimum ko muna padala o ganun pa rin (yung regular na padala)?

Ano bang magandang gawin, para di naman ako matalo sa palitan. Kasi nagkwenta ako, yung dati kong padala, e lumiit na value ngayon in peso. nakakapanghinayang...so naisip ko, bare minimum lang muna padala ko sa pamilya, at in dollars na muna ipunin, at antayin na lang bumagsak ang piso.

 

Tama ba ang move ko?

 

 

kung di kailangan, wag ka muna magpadala... kung kailangang kailangan naman, yung pinaka kailangan lang yung padala mo.

basa ka ng news tapos i check mo palagi sa www.xe.com yung exchange rate ng PHP sa kung ano man yang foreign currency mo.

pwede mo din i check yung history ng fx sa http://www.oanda.com/convert/fxhistory.

 

its always your call man! just be careful with aml (anti money laundering). don't send too much php in one shot.

perfect timing man... that's the challenge!

[dexterhaba]

kung di kailangan, wag ka muna magpadala... kung kailangang kailangan naman, yung pinaka kailangan lang yung padala mo.

basa ka ng news tapos i check mo palagi sa www.xe.com yung exchange rate ng PHP sa kung ano man yang foreign currency mo.

pwede mo din i check yung history ng fx sa http://www.oanda.com/convert/fxhistory.

 

its always your call man! just be careful with aml (anti money laundering). don't send too much php in one shot.

perfect timing man... that's the challenge!

 

 

hey di3s3l.. great link to check the foreign exchange,,,,, thanks sir!

[di3s3l_pow3r]

no prob!

about aml, magkano bago ma tagged as aml yung account/transaction?

thanks!!

[LYCHEE]

no prob!

about aml, magkano bago ma tagged as aml yung account/transaction?

thanks!!

 

dito sa 'merika, pag nagpadala ka ng $10thou or more in cash kahit saang bansa, the sender is required to fill up a Currency Transaction Report na pinadala naman ng banko o remittnce co. sa IRS sa Detroit..

 

sa Pinas yata P500thou ang standard o usual amount ng remittance para ma tag sa amla forms nila kung saan required na isaad ng remitter ang purpose ng remittance among other information...

[di3s3l_pow3r]

dito sa 'merika, pag nagpadala ka ng $10thou or more in cash kahit saang bansa, the sender is required to fill up a Currency Transaction Report na pinadala naman ng banko o remittnce co. sa IRS sa Detroit..

 

sa Pinas yata P500thou ang standard o usual amount ng remittance para ma tag sa amla forms nila kung saan required na isaad ng remitter ang purpose ng remittance among other information...

 

etong php500K, per month na kaya 'to? what if padala ka ng php500K every two weeks o every week?

yung ibang ofws paniguradong nag hoard ng foreign currencies nila. sobrang talo kasi yung palitan sa piso these past 6-8 months.

 

me kilala akong nagka increase ng 20% sa sweldo nya ngayong march. ironically, mas malaki pa yung napapadala nyang piso last year kumpara ngayon! walang nagbago sa monthly expenses at saka sa tax (no taxes in middle east). ang nagbago lang e yung 20% increase sa basic salary nya at saka yung pabago bagong exchange rate. nakakainis diba? tapos wala man lang support na natatanggap yung mga ofws sa government. in fact, me mga bali balita pa ngang mag iintroduce sila ng bagong tax para sa mga ofws.

 

nakakalungkot isipin, pero totoo, ang mga government officials natin e parang mga linta... sisipsip hanggang meron tapos kakalas pag wala na. sabay hanap naman ulet ng ibang kakapitan. mga ofws, malapit lapit na tayo... its just a matter of time. good luck mga kabayan!! :thumbsupsmiley:

[dexterhaba]

etong php500K, per month na kaya 'to? what if padala ka ng php500K every two weeks o every week?

yung ibang ofws paniguradong nag hoard ng foreign currencies nila. sobrang talo kasi yung palitan sa piso these past 6-8 months.

 

me kilala akong nagka increase ng 20% sa sweldo nya ngayong march. ironically, mas malaki pa yung napapadala nyang piso last year kumpara ngayon! walang nagbago sa monthly expenses at saka sa tax (no taxes in middle east). ang nagbago lang e yung 20% increase sa basic salary nya at saka yung pabago bagong exchange rate. nakakainis diba? tapos wala man lang support na natatanggap yung mga ofws sa government. in fact, me mga bali balita pa ngang mag iintroduce sila ng bagong tax para sa mga ofws.

 

nakakalungkot isipin, pero totoo, ang mga government officials natin e parang mga linta... sisipsip hanggang meron tapos kakalas pag wala na. sabay hanap naman ulet ng ibang kakapitan. mga ofws, malapit lapit na tayo... its just a matter of time. good luck mga kabayan!! :thumbsupsmiley:

 

 

BROD ,, NOT TO MENTION THE SOARING PRICE INCREASE OF GAS, FOOD ETC... KAHIT MALAKAS PA ANG PISO,, TUMATAAS PA RIN ANG MGA PRESYO,,, ! HOLD ON TO YOUR SEATS,, KASI TATAAS NA ULIT ANG PRESYO NG BIGAS!

[Guest lustfortravel]

etong php500K, per month na kaya 'to? what if padala ka ng php500K every two weeks o every week?

yung ibang ofws paniguradong nag hoard ng foreign currencies nila. sobrang talo kasi yung palitan sa piso these past 6-8 months.

 

 

the 500k actually is on a per transaction basis or if there is a regular remittance of big amounts ( not necessarily amounting to an equivalent of P500K) to the same account, and vice versa ( if the one in pinas is the one remitting abroad). anything that looks like a suspicious transaction may trigger some inquiries. as long as there is a legitimate transaction or source of income , your bank can actually justify certain remittances.

 

also consider that in amla, they don't just check one account but rather a web of accounts. so if the account is under your name and there are valid reasons to justify further investigation on possible money laundering, anyone connected to your account ( like if you deposit to other people's accounts) can also be checked - your spouse, children, parents, your business partner, even your mistress. but of course, the council ( amlc) cannot do this directly without the cooperation of your bank.

[di3s3l_pow3r]

the 500k actually is on a per transaction basis or if there is a regular remittance of big amounts ( not necessarily amounting to an equivalent of P500K) to the same account, and vice versa ( if the one in pinas is the one remitting abroad). anything that looks like a suspicious transaction may trigger some inquiries. as long as there is a legitimate transaction or source of income , your bank can actually justify certain remittances.

 

also consider that in amla, they don't just check one account but rather a web of accounts. so if the account is under your name and there are valid reasons to justify further investigation on possible money laundering, anyone connected to your account ( like if you deposit to other people's accounts) can also be checked - your spouse, children, parents, your business partner, even your mistress. but of course, the council ( amlc) cannot do this directly without the cooperation of your bank.

 

thanks for this info ma'am!

but just in case the council enquires, which documents can we provide them? job offer? monthly pay slip? certificates of the stocks?

 

thanks again lustfortravel!! :flowers:

[Guest lustfortravel]

thanks for this info ma'am!

but just in case the council enquires, which documents can we provide them? job offer? monthly pay slip? certificates of the stocks?

 

thanks again lustfortravel!! :flowers:

 

 

they will not require you to submit anything. it will be your bank who will provide them with justifications as to your source of income. we do have the bank secrecy law and your bank is bound to keep your records confidential. unless of course, the transactions are already arousing suspicion on possible money laundering.

 

lft

[LYCHEE]

etong php500K, per month na kaya 'to? what if padala ka ng php500K every two weeks o every week?

:thumbsupsmiley:

 

per transaction item yan, kabayan. may mga banko sa 'merika or in the mid-east or elsewhere abroad na may electronic tracking system (software) na pwedeng i monitor ang frequency or no. of times nagpapadala ang isang regular remitter kahit below the 500thou limit in a manner that will tag the remitter or beneficiary (or both) for possible violation of amla. pero kung maayos naman ang source or pinanggalingan ng padala at purpose ng padala (kung 500thou or more ang equivalent in fx remittance), there is no cause to worry. just make sure the funds are also credited to a bank account of your beneficiary at wag mong ipapa door-to-door for obvious reasons. that's another story...ingat lang, kabayan.

[LYCHEE]

they will not require you to submit anything. it will be your bank who will provide them with justifications as to your source of income. we do have the bank secrecy law and your bank is bound to keep your records confidential. unless of course, the transactions are already arousing suspicion on possible money laundering.

 

lft

 

korek...the remitter is answerable only to the bank or remittance co. where the money was sent...it's the sending bank that has to answer to the regulatory body of the country for any questionable/suspicious transaction..at kahit na nakalusot ang padala mo sa sending bank mo abroad, the receiving bank has the right to put your transaction in question to the sending bank if the former deems that your remittance may be a suspicious transaction.

[dexterhaba]

Dollar is going up,,, whats happening??? :flowers: :flowers:

[Guest lustfortravel]

Dollar is going up,,, whats happening??? :flowers: :flowers:

 

 

lots of factors are causing the peso to depreciate against the dollar - the rising oil prices, inflation woes , etc. if not for the steady remittance by ofws to the country, it would have slipped down even more.

[yotibear]

"Higher commodity prices increase demand for U.S. dollars and that's hitting the peso" (galing bloomberg.com)

[Pinoymale]

For our wedding, one of wife's aunts gave us a Hawaiian lei made of several $1 bills. She did this by folding the bills in an accordion fashion (like a Chinese fan). It looked great, the only problem was that when we tried to deposit them into our dollar account, the bank wouldn't accept them because of the many folds each bill had, which we couldn't remove no matter what we did.

 

Is there a way around this problem so that we can finally deposit our money? Thanks.

[Guest lustfortravel]

^^ I know banks are a bit strict when it comes to markings on dollar bills but folds? That's a new one. Perhaps your bills are too creased to distinguish the serial numbers.

 

If that is the case, unfortunately you can't deposit it in any Philippine bank. You would have to use it in the States then when you travel.

[Dr_PepPeR]

^^ I know banks are a bit strict when it comes to markings on dollar bills but folds? That's a new one. Perhaps your bills are too creased to distinguish the serial numbers.

 

If that is the case, unfortunately you can't deposit it in any Philippine bank. You would have to use it in the States then when you travel.

 

Banks are wary of accepting fake dollar bills. The strictest I've encountered so far is BDO, which also does not accept any dollar bill with something written or marked on it.

[Pinoymale]

^^ I know banks are a bit strict when it comes to markings on dollar bills but folds? That's a new one. Perhaps your bills are too creased to distinguish the serial numbers.

 

If that is the case, unfortunately you can't deposit it in any Philippine bank. You would have to use it in the States then when you travel.

 

The bills are in very good condition. In fact, if not for the many folds, they could be mistaken for brand new bills. After the banks rejected the bills, we just kept it hidden in the closet, hence the good condition. We're just hoping that one of our US-based friends or relatives come home for a visit and are willing to exchange bills with us. I doubt they'll have trouble using the folded bills in the US.

[Pinoymale]

Banks are wary of accepting fake dollar bills. The strictest I've encountered so far is BDO, which also does not accept any dollar bill with something written or marked on it.

 

Hehe, BDO was the first bank we went to since we have accounts there ... and was, naturally, the first bank to reject our bills. I understand the need for strict rules to avoid counterfeit bills but I would expect banks, especially one as big as BDO, to have the equipment to detect fake bills so that genuine ones are accepted.