Forex Trading In Chiang Mai

[garyh]

the previous post seems to have a hint of anger at my posts or some other posts,

I am sorry to see that, but I am trying to understand the reason,

what comes to my mind is that yes, of course, I am sure there are dishonest brokers in this business just like any other business, but that is no reason to write the whole thing off as scam, secondly, with the vast amount of information available to people through the internet, why would anyone risk trading with a new-comer broker without any track record while he/she can open an account and trade with one of the reputable internationally well-known brokers? It is a free world, and one chooses his/her broker, is it not so ? why choose a bicycle when you can have a Mercedes for the same price ? Choosing the right broker is important and if you can not do a simple search online and be able to recognize or find a reputable broker, how can you expect to enter the complicated world of online trading ? Trading in the virtual financial markets is NOT for everyone.

I am still a humble student of this market, but I know what I know through my own experiences, and my comments regarding the forex market have simply been an expression of my own personal opinion, and not a lecture to convince or persuade or recruit, can you not see that ??

Don't take the crap that gets dished out on here too seriously, it's easy for some to try to prove how smart they are whilst in their comfort zone behind the keyboard. As I heard once, most people spend more on toilet paper than educating themselves.

[surayu]

Don't take the crap that gets dished out on here too seriously, it's easy for some to try to prove how smart they are whilst in their comfort zone behind the keyboard. As I heard once, most people spend more on toilet paper than educating themselves.

Yes thank you, i never take some sort of posts too seriously, no worry, it's surely more wise to spend your time with toilet paper instead to fall victim of a small group of people (or perhaps the same person? ) which only survive using the cash they dishonestly obtained tricking others in bona fide.....shame shame shame

[surayu]

Lots of traders do wash out because they are in a hurry to get rich and take too much risk and leverage..

and probably even more fall for the illusion created by the words of people which somehow kind of forget to make others aware of the many "educated" tricks being played, let me point out a few things missed from the posts (just a few as there is a universe of them)....

- No Dealing Desk : pleanty of reports denouncing brokers for not following their promise.......so in fact a dealing desks magically appear

- The Stop Loss Triggers : which are again "not respected" by the brockers, effectively empting your account

- Brockers just cutting you out from your connection with the result you can easily imagine (see above), you can have as many internet connection as you like, if they decide to log you out, there is not much you can do...

the link i previosly provided is full of reviews that talk about this and much more, you can also see how many brokers have been reported and succesfully shut down, but that is because of some naughty "ineducated" person.....

[garyh]

I prefer OANDA java platform for pulling the trigger, and now that they also run MT4, I can use the same trusted broker for popping a couple of custome indicators in.

I am east Thailand out in the sticks, and was using AIS USB Edge dongle. Worked fine, Every trade is made with a pre-determined stop loss, just in case connection drops - is working a treat.

Still learning though.

Have you looked at CAT CDMA? should be available in your area and is much faster than edge. I use a Cradlepoint router which is available from the CAT dealer in Pantip plaza Chiang Mai. This router allows you to have up to 3 modems plugged into it and if one drops out there is no problem it just keeps running on the other modem.

[Farang0tang]

I prefer OANDA java platform for pulling the trigger, and now that they also run MT4, I can use the same trusted broker for popping a couple of custome indicators in.

I am east Thailand out in the sticks, and was using AIS USB Edge dongle. Worked fine, Every trade is made with a pre-determined stop loss, just in case connection drops - is working a treat.

Still learning though.

Have you looked at CAT CDMA? should be available in your area and is much faster than edge. I use a Cradlepoint router which is available from the CAT dealer in Pantip plaza Chiang Mai. This router allows you to have up to 3 modems plugged into it and if one drops out there is no problem it just keeps running on the other modem.

Thanks garyh. I will look into that. Seems the AIS antenna is pretty close to my baan, as I very rarely have problems with connectivity. Speed doesnt seem to be much of a problem either, but I am careful not to run too many resources over the internet at same time.

Thanks cobra. Just had a quick look at brocompany.com, have downloaded a beta MT5 program. Will have a play with that later as well.

cheers

[likewise]

Lots of traders do wash out because they are in a hurry to get rich and take too much risk and leverage..

and probably even more fall for the illusion created by the words of people which somehow kind of forget to make others aware of the many "educated" tricks being played, let me point out a few things missed from the posts (just a few as there is a universe of them)....

- No Dealing Desk : pleanty of reports denouncing brokers for not following their promise.......so in fact a dealing desks magically appear

- The Stop Loss Triggers : which are again "not respected" by the brockers, effectively empting your account

- Brockers just cutting you out from your connection with the result you can easily imagine (see above), you can have as many internet connection as you like, if they decide to log you out, there is not much you can do...

the link i previosly provided is full of reviews that talk about this and much more, you can also see how many brokers have been reported and succesfully shut down, but that is because of some naughty "ineducated" person.....

Surayu, with all do respect but don't forget that lots of these bad reviews come from guys who lost because over overtrading, not respecting or understanding the rules of margin/leverage trading....... Surely there are scamming brokers around but if you do your homework you can and will find a good one. As you see I am not naming any brokers good or bad nor am I trying to sell some "trading tools" I just trade on my own which I have been doing for years and it creates a good income. Trading is not for all so no need for the "negativists" amongst us to be on our case because we trade forex or options.

As for some others with shitty replies, first of all none of us who trade ask you for a dime nor do we try to sell you something, regarding to what we earn with it...... that is personal do I ask you how much your income is ? No, nor do I want to know because I am not interested in other people's finances.

Personally I think it's about diversifying to create multiple streams of income, so for me trading is a part of it + other ventures which gives both my wife and I a very comfortable life.

[Cyrus2Ray]

Dear Fellow Earthlings,

All points, positive and negative, well taken, and I do believe that everyone has valid points that stem from their personal experiences, however, I just wanted to make a few suggestions that may help distinguish the good brokers from the bad ones perhaps;

This is what I myself do to make sure I am not being robbed of my right to deal with a transparent broker; to insure price consistency, and to insure the quality and integrity of the trading software offered by a particular broker :

1- I use multiple laptops, multiple screens which I can watch simultaneously; ( or one can simply use only one laptop and still have multiple screens of course ), and I am logged on to different trading accounts from at least 2 different brokers. One is my real account from broker X, the other is my other real account from broker Y, the other is my demo account from broker Z, and so on...etc...I think you get the picture !

Now, why do I do this, why go through so much trouble ?

Reason: to avoid exactly the kind of dishonesty that can be created by one broker or the other;

I watch price moves pip by pip, and even the fractional price movements, and constantly compare prices from different brokers simultaneously, specially during a sudden move ( a sudden tick, a huge price move back and forth in a very short time ) right after a certain news release for example, and watch carefully to make sure I am getting price feed consistency in my trading. I am sure you can see the benefits of this, if you want to make sure you are getting exactly what you should be getting from your particular broker, watch them pip by pip in comparison with other brokers.

2- Other benefits of running different trading accounts from different brokers simultaneously: ....To avoid getting cheated by other means which a broker may try to cheat its clients; to make sure that stop-loss and take-profit points are being respected by the broker, and also to see which broker suddenly freezes its trading software, which broker suddenly logs me out at the exact point in trading time so I will not be able to benefit or take advantage of a sudden price move to my advantage, etc, etc,... I think you get the picture !

SHOP AROUND !!! is the key....COMPARE & CONTRAST is the key !.... knowing more is always better than knowing less, and when one runs multiple screens, from multiple brokers, software vs. software, broker vs. broker, quality of the price feed comparison from various sources, demo account vs. real account movements, etc, etc,.... these are the tools that I use in my own trading to avoid some of the very serious pitfalls of trading that can happen, and I am sure do happen, when dealing with a not so honest broker.

I would be naive to think that where there is money, and where one's loss is the other's profit, dishonesty and attempts to cheat will not happen, such possibility is a given I think, however, I do know many individuals who have been making consistent profits and a great living by trading in this market, so I can not disregard this either,...so I think one must be positive but with caution that one should use in dealing with anything else in life and with finances in general.

There are lots of great brokers out there, as I am sure there are lots of bad ones too, that is the reason I do my own compare & contrast of brokers, and I have always gone through all that extra work that I mentioned above, and after having gone through my own strict screening process, I am glad that I have found brokers with whom I feel quite comfortable because they have earned my trust over time.

I must also mention that I have paid my dues and have paid dearly specially in the beginning of my trading, and everything I know I have learned the most difficult way possible, took heavy losses at the beginning and I remember how I hated everything about this market back then, but gradually I realized that I must take responsibility for my own losses and that in retrospect I could have avoided all those huge losses had I had more experience, and had I not rushed into it so carelessly I could have avoided so many of those big losses, etc.

I hope that my sharing of this part of my own personal experience in dealing with this market can shed some light to differentiate "the good, the bad, and the ugly".

I do my best to be respectful of everyone's opinions and perspectives, and really wish you all the best, trading or not, .. to each his/her own...

May you all be blessed with happiness whatever you do.

Peace .....

Edited March 22, 2011 by Cyrus2Ray

[Cyrus2Ray]

Dear Friend,

I am glad to see that you are doing ok with your trading, keep up the good work !

Here is a quote from one of my favorite forex-book writers, someone who has been a professional hands on type of trader himself, ....." if you can last long enough in this market, you may just be able to figure it out and succeed on a consistent basis"... " it is not a sprint race, it is a marathon "...... experience comes with time, there is no way of rushing it....like making a great wine; patience, and the love of what you do is important.....

And as for the fundamentals......

watch CNBC and Bloomberg as much as you can, it is a great free university to learn the fundamentals and their effects on the markets live....it is my source of education and news as well, I watch it for both purposes.....

I would like to write the name of some great knowledgeable authors and their books on forex which I have in my own library of books and educational materials, things that helped me a great deal..... however, I am afraid I may get accused of pushing a certain agenda or advertising to profit in some way..... I have always had an academic approach to learning everything in my life and when it came to forex, I also bought and read lots of books over the years, and they can be a great help I think,

However,....if you are in Thailand, you may not have access to a lot of the books, so please search online for all the free education that are offered by various brokers, financial sites, etc.... there are so many great free online resources for learning the technicals as well as the fundamentals that shape not just the forex but all other financial markets as well.

http://www.investopedia.com/ is great for free financial education in general.....and http://fxtrader.investopedia.com/ also has a small forex simulator, but the charts are not so great, I personally use that site for just learning the various aspects of the world of finance, .....that is just a small example, there are 1000s of great other resources as well.

Good luck ...always be careful, and think for yourself what is best for you.

just to clarify a few points that some members mentioned;

1- I am not looking to profit from sharing my forex experiences with others;

I never have, and never will tell someone to trade with a certain company, .... I realize that some traders have a contract with certain brokers to introduce new members to them and earn a partial income in the form of commission from the new-comer trades, but I have never done that and never will.... if I am successful in my own trading , then I will never have the need to go after such small income in the form of commission from other people's trading, again, I never have done that and never will.

2- Trading in this market has risks just like any other market, ;

if you do not know what you are doing, then you are gambling, and that will just depend on your luck which is just like going to Las Vegas to gamble, I would never ever do that myself and so never recommend it either.

Trading requires a deep understanding of the markets, and the fundamentals and the technicals that move the market price, from a few minutes to a few days or weeks in a certain direction, but since most people never take the time to learn it well, they will blame the dishonesty of the market and brokers as to the reasons for their loss or losses.

Just think about it,... the price either moves up or down,,,,and it does that consistently, up some, down some...and so on....it is not rocket science to trade...you buy or sell...and then the price will be moving either with you or against you....a loss could turn into a profit if you hold on to it...and vice versa...but doing it this way is not trading, it is gambling in Las Vegas, ..not the way to go ! one must take the time to learn it, understand it, and experience it through a practice account for a very very long time before expecting to meaningfully trade and profit in this market....please read my previous post more carefully to see my emphasis on this point.

Nice write up Cyrus,

I'm basically a tech/system trader. My fundamentals skills still have much need to be desired. Yes,trading is not easy. Anyone who claims it is cannot be a trader imo. Anyways, my online experiences have been good.

Edited March 22, 2011 by Cyrus2Ray

[CobraSnakeNecktie]

I prefer OANDA java platform for pulling the trigger, and now that they also run MT4, I can use the same trusted broker for popping a couple of custome indicators in.

I am east Thailand out in the sticks, and was using AIS USB Edge dongle. Worked fine, Every trade is made with a pre-determined stop loss, just in case connection drops - is working a treat.

Still learning though.

Have you looked at CAT CDMA? should be available in your area and is much faster than edge. I use a Cradlepoint router which is available from the CAT dealer in Pantip plaza Chiang Mai. This router allows you to have up to 3 modems plugged into it and if one drops out there is no problem it just keeps running on the other modem.

Thanks garyh. I will look into that. Seems the AIS antenna is pretty close to my baan, as I very rarely have problems with connectivity. Speed doesnt seem to be much of a problem either, but I am careful not to run too many resources over the internet at same time.

Thanks cobra. Just had a quick look at brocompany.com, have downloaded a beta MT5 program. Will have a play with that later as well.

cheers

I think MT5 is not ready for primetime. You might want to get the demo account login info and server and point your MT4 at it... MT4 has the most tools. They changed a lot under the hood for MT5 and the two are not compatible for indicators etc.

[garyh]

Unless they find a way to convert EA's and indicators from MT4 to MT5, MT5 may die, it's been around a while now and hardly any brokers have gone past demo with it.

[mcgriffith]

With all apologies to the OP, this thread has slowly devolved from a question about internet connectivity in Chiang Mai (issue 1), to facilitate forex trading (issue 2)...

to a discussion, somewhat technical at times, about forex itself.

I think I can answer the OP's original question. Yes, depending on how much one wishes to spend, one can have multi screens, Bloomberg, CNBC, real time connectivity with minimal latency issues. As already mentioned by member CSN, people here trade forex successfully.

At this point, it is time to move this discussion to the Investment forum.

Thanks for your understanding, and may all your trades be green.

Moved to Business forum, with a live link remaining on CM.

[Cyrus2Ray]

Well, thanks everyone, it has been a great experience, and I learned a lot !

Here is a link to a great FREE online resource for those who want to learn forex and also those who already know little or even a lot about forex... everyone will learn something ....

.... something to remember me by .....

Preschool + Kindergarten + Elementary + Middle School + Summer School + High School + Undergraduate + Graduation

http://www.babypips.com/school/

Edited March 23, 2011 by Cyrus2Ray

[Cyrus2Ray]

• We have moved .... .....
• Thailand Forum
• > Business in Thailand, Jobs in Thailand
• > Jobs, economy, banking, business, investments

Edited March 23, 2011 by Cyrus2Ray

[keestha]

There have been a lot of threads about forex on this forum. Forex is highly risky, there are so many factors influencing the movements of currencies, that the prediction you base your transaction on will always be hardly better then a pot luck shot.

Anybody contemplating to try his luck with this, I suggest finding a thread dating a few years back, and send off a few PM's to posters who claimed back then to be successfull traders, and ask them if they are still doing it.

Edited March 24, 2011 by keestha

[garyh]

There have been a lot of threads about forex on this forum. Forex is highly risky, there are so many factors influencing the movements of currencies, that the prediction you base your transaction on will always be hardly better then a pot luck shot.

Anybody contemplating to try his luck with this, I suggest finding a thread dating a few years back, and send off a few PM's to posters who claimed back then to be successfull traders, and ask them if they are still doing it.

[likewise]

Well Gary I for one am still trading, bit over 5 years now.

[garyh]

Well Gary I for one am still trading, bit over 5 years now.

i wasn't laughing with that post, I was laughing about how someone can make such statements, if they knew what they are talking about they would never say it. I have been trading forex and futures for over 15 years.

Edited March 24, 2011 by garyh

[likewise]

Ah good to hear, a brother in arms

Guess we both know that there are a lot of disgruntles traders around, the " I got margin called" gang.

Edited March 24, 2011 by likewise

[PCA]

so garyh and likewise think trading (forex in particular) is easy and the OP who is inviting the public to join does a good job by luring people into the markets?

likewise for example has maybe been playing for 5 years but he did not make 1 single buck profit since that time. About garyh I am not sure but probably same story on extended time horizon.

Anyway survival is victory

All Chiang Mai Forex traders - and I think there must be thousands - please answer the OP's questions about TV and internet there quickly so that he can faster proceed to squeeze the currency markets, hahaha.

[garyh]

so garyh and likewise think trading (forex in particular) is easy and the OP who is inviting the public to join does a good job by luring people into the markets?

likewise for example has maybe been playing for 5 years but he did not make 1 single buck profit since that time. About garyh I am not sure but probably same story on extended time horizon.

Anyway survival is victory

All Chiang Mai Forex traders - and I think there must be thousands - please answer the OP's questions about TV and internet there quickly so that he can faster proceed to squeeze the currency markets, hahaha.

I never claimed it was easy, at least finding the right knowledge is not easy, certainly much easier these days to get your hands on good information without having to pay big money for it.

[likewise]

Not one single $$ profit ?? Ok PCA whatever .

Where did I say trading is easy?

[PCA]

Not one single $$ profit ?? Ok PCA whatever .

Where did I say trading is easy?

in the end all will be fine likewise, don't worry. And yeah, you did not make 1 $ profit

[likewise]

Not one single $$ profit ?? Ok PCA whatever .

Where did I say trading is easy?

in the end all will be fine likewise, don't worry. And yeah, you did not make 1 $ profit

Ok, whatever you say

[keestha]

Sure there is excellent money to be made with forex....just start a brokerage firm. When the trader loses, the broker wins. The transactions of these traders never reach the capital market. When the guy loses, it will be deducted from his margin, and when he wins, it will be added to it.

Everybody is bound to lose in the long run. The broker will give the option to put in a stop loss, but if the rate flashes down instantly because of a drastic event in the real world, the stop loss cannot be executed because the rate at which the stop loss is put was never reached. When this happens, there is no limit to the loss that can occur.

Forex threads on this forum always attract a lot of views and posts, because there are a lot of people out there looking for a source of income. Not easy to find a job or start a profitable business in Thailand. But don’t fall into the forex trap, it’s a dead end street.

Also think of this: for any type of work, you need to have a work permit in Thailand, and you won’t get it for forex trading. Suppose you are at one point making good money with this and you talk about it, somebody being jaleous or having for some reason a grudge against you, could report you, and you would be in big trouble.

Oh well, nevertheless I wish you traders all the best, may all the pips go your way.

[Cyrus2Ray]

oh my goodness !!!! I am really disappointed at how quickly some people jump to conclusions, and start accusing others !!! ....

for God's sake ! grow up !

it is just unbelievable !!!

when I started this forum, I simply wanted to have a few questioned answered, but now I find myself being accused of so many deceptions or .... so called.."luring people in".....

I only shared a few pieces of info because some members showed interest to know more..... I am not a travelling salesman, and honestly do not have the time or the patience to get into having to defend my open and honest comments....

so I say, the heck with it....I am done here.....

have fun whining and accusing.... I am out of here ! Adios !

Edited March 25, 2011 by Cyrus2Ray

[PCA]

oh my goodness !!!! I am really disappointed at how quickly some people jump to conclusions, and start accusing others !!! ....

for God's sake ! grow up !

it is just unbelievable !!!

when I started this forum, I simply wanted to have a few questioned answered, but now I find myself being accused of so many deceptions or .... so called.."luring people in".....

I only shared a few pieces of info because some members showed interest to know more..... I am not a travelling salesman, and honestly do not have the time or the patience to get into having to defend my open and honest comments....

so I say, the heck with it....I am done here.....

have fun whining and accusing.... I am out of here ! Adios !

bye bye

In case you change your mind maybe you can teach me something as I am always keen to learn from the masters

[Cyrus2Ray]

sorry folks, did not mean to lose my cool, I apologize.

just wanted to say that yes, I myself am a skeptic too, but being a constant skeptic in life may cause one to lose out on some possible good things that life may have to offer at times,...

having said that, I agree with all the skeptics but only to a point where it is still logical; an emotional skeptic is in a greater danger of making an error in judgement, where as caution with a healthy balance is not so bad.

if you read the "graduation" part of the link I mentioned earlier : http://www.babypips.com/school/beware-of-bucket-shops.html

you can read all about the dishonesty of some brokers, the threats to an unaware trader, the dangers, the bad stuff that can exist in this market, and these threats and warnings are quite real, and must not be taken lightly....

so I agree with the skeptics, but only to a point.

when I started this forum, I had a couple of simple questions, and I did get them answered, and I am really thankful to all the participants who took the time to write and provide guidance,

however, I never intended this thread to turn into a battle field of opinion, that was not my intention.

Please read my previous posts more carefully to see that I never claimed to be a master, I never claimed to have the holy grail, and I never forced my opinions on anyone, it is still a free world I surely hope !

but, this forum has no longer anything to offer for me, in relation to my original questions about Chiang Mai, and I really do not see the need to continue and drag it into arguments and making it into a playground for conflict of opinions, just not my style.

everyone is entitled to their opinions and I respect all that,

I really enjoyed everything, and learned a lot !

may all your good dreams and good wishes come true for you,

take care,

Peace ...... ......... Cyrus/Ray

[honkytonklagoon]

It seems some people on here have a grudge against Traders, I think a hint of jealousy because they would like to do it but for whatever reason cant.

Financial Spread Betiing is the way to go, there is no better way to make money using just a computer and your brain.

Brokers are not the evil people some want you to beleive they are, they want you too suceed and place more trades with them, THEY WANT YOU TO WIN!

Yes, on rare occasions it may not be possible to exit the trade at your exact stop loss point, but they will always exit as close as possible and it will never wipe out your account.

Happy trading to the ones who are smart enough to do it!

[Venom2u]

I live in Chiang Mai and would like to give Forex a try. I have registered for a couple of demo accounts, and I have been reading Currency Trading for Dummies. I think I understand the basic theories but I still don't understand how to make a transaction. I don't know what to do with the info on the charts. In areas like Electronics and Computer Programming you can download simulator program. They give you lessons with known results for practice. That way they can take you step by step to learn the processes. That is different from using a live market program. Is there a club in Chiang Mai where I could sit eyeball to eyeball with someone for an hour and they can take me step by step through a couple of transaction on a Demo?

I did not start this forum to have to explain myself or be questioned by anyone, ( if you read my first post, you will see ), however, I need to point out a final point here.... a bit of education, only because I have heard it more than once,... here it is;

Critique of the forex market and the dishonesty of the brokers or their manipulation in the price offered to the client;

please search online for NND TRADING, No Dealing Desk Trading, there are brokers out there who offer NDD trading and there are brokers who do not offer such accounts, there is a huge difference between these two trading account types, and most critiques are referring to the trading accounts where the broker does not offer NDD, in which case the broker becomes your counter trader, where your profit becomes their loss, and your loss becomes their profits, and in such a case of course the broker will try to manipulate the trade in their own favor, but even that has its limitations, and is not as scary as it may seem on the surface.

I really do not have the time to get into it in details here, but I can only suggest to please do a Google search for NDD, No Dealing Desk trading versus the trading accounts where the broker does not offer NDD trading, and you will understand the difference if you take the time to read through the explanations, you will understand the difference of course, if not, you may just go around and around calling the whole thing as scam, it is your choice.

Hint ........... : NDD trading = Good No NDD trading = bad

[Chivas]

It seems some people on here have a grudge against Traders, I think a hint of jealousy because they would like to do it but for whatever reason cant.

Financial Spread Betiing is the way to go, there is no better way to make money using just a computer and your brain.

Brokers are not the evil people some want you to beleive they are, they want you too suceed and place more trades with them, THEY WANT YOU TO WIN!

Yes, on rare occasions it may not be possible to exit the trade at your exact stop loss point, but they will always exit as close as possible and it will never wipe out your account.

Happy trading to the ones who are smart enough to do it!

Totally correct.