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understanding the Law of forex as a trader 
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Post understanding the Law of forex as a trader
copied from post by fising in CG

Mari aku huraikan sket laa berdasarkan pengalaman aku.. aku tau, kat luar sana tu ramai yang otai2..tapi semua tu duduk diam2 je sebab "silence is safer than louder".. tol tak otai?

1) Baca dulu Exchange Control Act yang ****luarkan dibawah Exchange Control of Malaysia Notice9 (ECM9) untuk memahaminya :

The circular is called ECM9 and it has a section that says: "A resident individual with domestic ringgit credit facilities is allowed to convert ringgit into foreign currency up to RM1 million per calendar year for investment in foreign currency assets."

2. Bila Bn-M mention "Foreign Currency" ianya bermaksud nilai matawang asing iaitu dalam bentuk CASH. Dan semuani hanyalah dalam bentuk nombor semata-mata bila kita bercakap soal matawang asing kerana kita bukannya money changer yang simpan hard cash. Kita ni online trader which is yang bukan simpan cash.

3. "Authorized dealers of foreign currency CASH in this country are Malaysian Banks and licensed money changers."

4. Terma "scheme" yang ****luarkan oleh BN-M merujuk pada kenyataan BN-M mengenai deposit taking hanya untuk ONSHORE..dan bukannya offshore. ONSHORE deposit taking ialah salah kerana tiada individual/company yang diberi lesen mengambil sebarang deposit ke dalam mana-mana Forex Broker (setahu aku la)dan hanya bank-bank dan discount house yang berdaftar sahaja dibenarkan. So IB-IB yang buat Local Deposit, watch out your activity from now on.

5. Ambil perhatian pada penyataan BN-M yang dia melarang sesiapa terlibat dalam "Illegal Investment". Ini bermakna, "Legal Investment" yang wujud di luar OK. Jadi, mulai sekarang kita hendaklah ambil kisah terhadap sesuatu Forex Broker tu.. adakah mereka benar-benar incoporated dan regulated di mana-mana Badan Kewangan Dunia di luar sana. Dia tak mahu rakyat Malaysia terlibat atau support broker kat luar sana yang kalau tak regulated.. adakah kita tahu bahawa fund kita deposit tu tak akan digunakan untuk pengganas atau digunakan oleh Israel untuk mengembangkan idea zionis? itu salah satu contoh laa.. sorry terselit-anti semitism lak.

6. "Under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer. It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless the person is an authorised dealer."

. Ini bermakna, saya boleh berurusan dengan SELL my Ringgit asset to USD dengan mana-mana authories dealer. (Contohnya mana-mana Malaysian Bank) dan selepas itu, invest my new USD asset seperti yang tertulis dalam ECM9. The first part of the last paragraph refers to buying/selling foreign currency against the RINGGIT. How I invest my new USD asset afterwards will be my own affair and I won't cry about margin calls because I should always be financially solvent every time and as long as I'm strict with my stops.

7. Beberapa perkara yang disampaikan oleh BN-M ada juga benarnya. Contoh seperti kelas-kelas yang dianjurkan oleh so-called sifu yang hampir tiap2 hari di dada akhbar STAR..dari Master apa tah namanya.. ramai dah pegi bayar ribu-ribu tapi bukannya ada hasil pon. Seminar organiser yang kaya.. tu yang BN-M ni ambik berat kat korang-korang yg baru nak belajar forex ni.. kekeke..kononnya laa.. . Lepas tu tentang company yang dah lama sejak 10-15 tahun yang bukak ofis kat area-area Megan Phileo yang iklan kat dada akhbar tulis "kerja kosong". Sampai sana je, derang cerita pasal forex dan suruh carik investor.. lepas rugi/atau margin call derang suruh topup. Derang peduli apa, semua position tu ada spreads.. so derang makan on spreads.. tu yang BN-M keluarkan kenyaan to protect Malaysian.

8. Ok ni panas sket laa..I also get the impression that some programmes are merely "introducing brokers" for fly-by-night FX brokers.... which is why there is a need to do proper research as to which brokers are (relatively) tightly monitored by the offshore countries'and monetary authorities.. which basically rules out a lot of US brokers, and few Russian and Europe Brokers... ;-). Apa pun yang penting kena cari REGULATED broker dan bukan sahaja INCOPORATED OFFSHORE sahaja..ok.

9. As for the "margin call", this so-called "modus operandi" is no different from trading KLCI futures, for example. It only becomes an issue when the trader is trading on borrowed money (which HE SHOULD NEVER EVER DO!).

10. What must have happened: a financially unready investor loses money trading on borrowed money (eg. credit card advances). If this investor is already undisciplined enough to trade on credit, I think it's reasonable to expect he lost money due to undiscplined stop-loss management or consistently wrong application of the techniques taught to him. (such people should be called "gamblers", by the way)

11. What does he do next? He goes to complain to the government. *sigh* What to do?

12. To recap: Based on MY interpretation of the rules, FX trading (on non-MYR pairs) is legal subject to conditions:

Do trade responsibly.

BE responsible for your own trading.

Do not trade for someone else i.e. with someone else's money (because that means unlicensed deposit-taking).

Do not ask someone to trade on your behalf (because that means placing a deposit in an unlicensed person or company).

Do NOT trade against the ringgit.

Do convert your ringgit asset to USD (for example) with any Authorised Dealer (i.e. Malaysian Banks) without fear. And after you receive your new USD asset, you may trade/invest (i.e. place a margin deposit) within the context of ECM9 to your heart's content.


Sun Jan 10, 2010 12:13 am
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