When I'm going to start a forex trading account, I realised there are so many of them online.
These are som recommendations (or maybe considered as stringent criterias) to take note:
(1) You can open a mini account. A mini account can be funded with as low as US$250 (standard account is typically US$2,500). Mini Accounts feature smaller, 10k contract sizes and leverage of up to 200:1. For new forex traders, a mini account is a great way to get started trading in a live environment.
(2) Choose trading platform that provides you the convenience to fund your account via credit card or paypal. Do take note of the relevant banking fee - paypal (typically US$0.30 + 3.9% of the transferred fund) & credit card (US$10 to US$20 convenience fee).
(3) Look for platforms that suits your lifestyle. Some provides wireless platforms so you can trade on your PDA or mobile device. Some provides web platform while some others need you to download their real-time trading software.
(4) Commission-free forex trading - Pay no commissions, only the bid/offer spread. The bid-ask spread is already the commission for them. And also trade on spreads as low as 1-2 pips on the most widely traded currencies.
(5) Live chat is available to help you anytime '24/5' when you are trading.
(6) Additional forex resources are important. Chartings, trader educations & webinars will be helpful in your trading journey.
(7) Guaranteed fills on stop loss and limit orders. Stop loss and limit orders are an important part of every trader's risk management strategy.
Look out for all these before choosing your trading platform. With the right trading platform, victory is already half-way there.
Forex.com is one good one that I use; otherwise you can consider Oanda.com or Interbank FX.
If you are interested to find our more about me, Forex Trading or my Forex Asia Academy, let me welcome you to my complimentary Forex session. Please feel free to visit my corporate website to find out more. Get in touch with you real soon!
Wednesday, September 19, 2007
First Straddle Win!
During the recent moody subprime happening, financial companies like Lehman Brothers (LEH), Morgan Stanley (MS), Goldman Sach (GS) and Bear Sterns (BSC) are expected to swing their stock price violently when they announce their quartetly earning report face-to-back this week.
Anticipating the swing of the stock price of Lehman Brothers (LEH) on Monday night, I entered the Straddle trade on Sep 60 Call ($1.90) and Put ($3.20). LEH announced their earning on Tuesday before market open and open with a gap up of $1.36. But surprisingly, both call and put options depreciated in value (call $1.55 and put $2.00) when market opened on Tuesday morning.
But I closed the put option when I see a steady rise in the stock price at $1.20 (ya, a loss of $2.00). And the great news was definitely the announcement by Fed chief to reduce rate at 2.15pm ET and the stock continued to rally more than $5 from previous close. At around 3.40pm ET, I closed the call option at $4.60 before market close.
No doubt the put option loses $2.00 of my bought value, it was the call option that brought me the glory by rising $2.70 in value! This resulted in a $0.70 profit (13.7% out of $5.10 that cost me on Monday).
Using Straddle strategy, it was the 'insurance' that I can profit no matter which direction the swing of the stock price.
Great! My first Straddle and first Straddle win!
Anticipating the swing of the stock price of Lehman Brothers (LEH) on Monday night, I entered the Straddle trade on Sep 60 Call ($1.90) and Put ($3.20). LEH announced their earning on Tuesday before market open and open with a gap up of $1.36. But surprisingly, both call and put options depreciated in value (call $1.55 and put $2.00) when market opened on Tuesday morning.
But I closed the put option when I see a steady rise in the stock price at $1.20 (ya, a loss of $2.00). And the great news was definitely the announcement by Fed chief to reduce rate at 2.15pm ET and the stock continued to rally more than $5 from previous close. At around 3.40pm ET, I closed the call option at $4.60 before market close.
No doubt the put option loses $2.00 of my bought value, it was the call option that brought me the glory by rising $2.70 in value! This resulted in a $0.70 profit (13.7% out of $5.10 that cost me on Monday).
Using Straddle strategy, it was the 'insurance' that I can profit no matter which direction the swing of the stock price.
Great! My first Straddle and first Straddle win!
Monday, September 17, 2007
ACME MADE is coming to Town!
Approaching the launch of the Singapore website, I'd been working on the brand ACME MADE for the whole day! Planning for the Press Release, the Promotional Materials (Brochure, Media Card, Envelopes etc), the promotional free gifts, the website www.acmemade.sg and most importantly, the pricing!
Let me tell you more about ACME MADE. In the America, ACME MADE is famous for its well-designed laptop bags that can easily act as a beautiful handbag. A picture is more than a thousand words. Just take a look at the brochure design cover I did. You'll understand what design and quality.
Website will be launched by end-next week. Stay tuned www.acmemade.sg.
Let me tell you more about ACME MADE. In the America, ACME MADE is famous for its well-designed laptop bags that can easily act as a beautiful handbag. A picture is more than a thousand words. Just take a look at the brochure design cover I did. You'll understand what design and quality.
Website will be launched by end-next week. Stay tuned www.acmemade.sg.
Sunday, September 16, 2007
Live A Simpler Life
Many relate wealth as the ability to have a luxurious life! That's a myth, at least to me. If you make big money and you spend a big bulk of it, how can accumulate great wealth in the shortest possible time?
In actual fact, I realise a rich person normally (but but all the time) spend so much lesser and utilize what around him/her as much as possible. If he's part of the top management, he may use the company fund to get a car or go to the posh restaurant. If he buy a expensive watch (those like Cortina, The Hour Glass etc) or a luxurious apartment, he may be buying it to invest.
He only use his money to pamper his loved one (family, parents etc). He buy only the essential (apartment, and basic wants (car, TV, computers etc). He will only start' spending big money if his income is so much more than his spending.
Look at the article below from TODAY newspaper published on 12 Sep 2007.
Spend more time with your loved ones and don't be blinded by your materialistic pursuits. Save your money (so that you won't have spare cash to spend excessively). Live The Simple Life!
In actual fact, I realise a rich person normally (but but all the time) spend so much lesser and utilize what around him/her as much as possible. If he's part of the top management, he may use the company fund to get a car or go to the posh restaurant. If he buy a expensive watch (those like Cortina, The Hour Glass etc) or a luxurious apartment, he may be buying it to invest.
He only use his money to pamper his loved one (family, parents etc). He buy only the essential (apartment, and basic wants (car, TV, computers etc). He will only start' spending big money if his income is so much more than his spending.
Look at the article below from TODAY newspaper published on 12 Sep 2007.
Spend more time with your loved ones and don't be blinded by your materialistic pursuits. Save your money (so that you won't have spare cash to spend excessively). Live The Simple Life!
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