Forex Trading in the Philippines: Complete Guide for ...
Forex Trading in the Philippines: Complete Guide for ...
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Learn How To Trade Forex & Global Markets in The Philippines
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Forex Trading in the Philippines • Forex Strategies Benzinga
Hi! I'm a 20 yr old recent graduate in the creatives industry. I've been playing around with Philippine stocks for the past 3 months or so. Though recently I've also wanted to set a portion of my cash in US Markets, but still don't have the technical/fundamental expertise for forex trading I guess. With that, naisip ko what if may eToro muna ako para may exposure ako sa US markets through copy trading. Would you guys recommend eToro's copy trading? I've heard some positive and negative reviews about the platform so I'm not sure on how to go about it. Thanks!
Don't get [FOREX] scammed! (Long post but worth the warning)
I bet Im not the only one who sees ads like this on Facebook. LearnToTrade claims to be a Forex coaching company that was going to make you so rich, you'd throw your paperwork on your boss's face and buy a yacht next month. I was impressed as the venue for the free seminar was at a swanky building in BGC (sa ibabaw ng Lamborghini lol). One day, I saw one of their ads and because I had time to spare, I dragged my girlfriend along to check it out since we live around the area. During the two-hour ordeal, all the speaker did was: 1) Put Greg Secker (their founder) on a pedestal of flowers. The guy appeared on a video which served as his "speech" and appeared to be messianic as fuck. There was something about the guy and the way he was reverred that was so unsettling. (More about him later) 2) Exaggerate on how genius traders their students turned out to be. (A 13yo is now trading millions monthly and lawyers quit being lawyers because they apparently realized they started earning more from trading because of what they learned from LearnToTrade) 3) Badmouth other trading companies. I couldn't keep track with how many times she lambasted COLfinancial (not even a Forex competitor) for ripping off arms and legs with their "ridiculous commissions". She asked if anybody in the room uses COLfinancial for trading stocks. I do but I decided to keep quiet to hear what she had to say. She was saying shit like "Imagine, 40% ng kinita ng pera nyo, sakanila mapupunta." That's when I realized nangbubullshit sya because the commission is only 0.25%. It could've been an honest mistake but... 4) Practically try to force us to "not hesitate" in enrolling at THREE-SESSION COACHING WORTH 90K. And wait, discounted na yan! Promo daw eh! So she said, when you start attending the classes, don't tell your classmates because they paid 400k daw for those classes. WTF? 5) Focus on the participants' desire for wealth. No remote feel that they were there to educate. Although I was obviously not sold, I went home with a nagging feeling that I just wasted more than 2 hours of my life. BUT WAIT, THERE'S MORE! They kept calling me for daysss (sayang I switched phones so di ko na maprovide yung call logs) trying to convince me to enroll. SUPER KULIT. I got so pissed, nagsungit na ko sa caller and started doing my research. Here are what I found out: 1) Greg Secker, the self-styled "internationally acclaimed" trading genius, was never even a trader. He was only affiliated with the big financial corporations that he LOVED to name-drop - as an employee. 2) For someone who claims his company can teach anyone to be really rich, the dude is allegedly operating at a loss. 3) His companies' incomes are mostly from the "enrolment fees" the more gullible trusting people throw in - not from actual effective trading. And soooo much more sketchy stuff. Up to you to give them a chance. Here are some links to foreign articles about Greg Secker and LearnToTrade: The Guardian article BBC UK article DailyMail UK exposé article Greg Secker labeled as a "snake oil salesman" LOL Quora forum Philippine exposé vlog And on and on... It's surprising that even after getting exposed left and right, he's still able to stay in the business. Im not here to smear shit on LearnToTrade or call Greg Secker a charlatan, I just think you should at least know what you're getting into and not listen to someone sell alchemy. Total waste of time. I know somehow there are honest people in that company, but I think they can only be the naive ones. PS: Just found out they're NOT registered with the SEC and was raided by the NBI as a syndicate halos last month lang. Hohoho. Pero may ads parin sa Facebook? Help me report pag may nakita kayo. :)
Posted this on scams as well but maybe folks around here can help me out. Also, I don't know how to cross post on mobile. Sorry. TLDR: Our mom lost over $3,000 in a trading app called UMarkets. We suspect it might be a scam so we want to find out if we can recover the funds. Update: I'd like to thank everyone who commented on this thread. You have all been very helpful. I will try later to reply to each of the comments here. But first, I'd like to clarify a few things. A couple of hours before I made this post yesterday, I finally mustered the courage to ask our mom what she was up to. Months earlier, she had ask one of our sisters to print a highly suspect document about some money she owed in some offshore bank in Belize. That rang off alarm bells among my sisters and me, unfortunately we kept tiptoeing about it. That Saturday morning, my sister told me about the app that our mom has on her tablet, the UMarkets app. So when she came home from a PTA meeting, I asked her about the document. That's when she told me everything and how she lost her money. It was more of a heart-to-heart talk and I really just offered a listening ear. She just talked freely and truthfully about everything that happened. I warned her that her UMarkets investment might be a scam but I told her that I'll look into it further. I assured her that everything will be alright even if there was no chance of recovering the money she put in. I guess overall she was glad to be able to get this off her chest. Apparently it's been bothering her since the beginning of this year. I told her not to put any money into the app and to stop contacting Marcus. He was still trying to convince her to buy Netflix stocks or trade other commodities like oil. But anyway, after our conversation, I decided to post here on Reddit to ask around and get any leads. I really feel sorry for our mom. She really wants to make money on her own so much that it lead her to this. I guess deep down she just wants a bit of control over her life. She's a house-wife and our dad doesn't let her do anything that much. She has kept everything about this a secret from our dad. This Sunday morning, I told her that after a bit of research, I can say with 100% certainty that the whole UMarkets debacle was a scam and there was no chance of getting the money back. She was still a bit in denial. We told her the only was forward was to block her credit cards, talk to someone in the bank, and try to report the incident to the NBI's cyber crime division. So that's the end of my update.
Sorry if I sound incoherent. I just only found out about this a few minutes ago when we confronted our mother about suspicious transactions she's making. For some background, we live in the Philippines. My mom isn't fluent in English and she did not finish college. She isn't financially literate and to be honest, I'm not really well-versed in investing as well. She's a stay-at-home wife and my sisters and I still live with her and our dad. Anyway, here's a timeline of the events. Last year September, our mom might have seen an ad on Facebook or saw a spam comment so she got interested in investing her money. She somehow got in touch with a guy named Marcus Moreno, a guy who introduced himself as a stock broker based in the UK. He's Filipino so my mom and him often chat through Skype in Filipino. From my understanding he's the one who walked our mom through the whole process of buying and selling stocks on UMarkets. Around September 2018 she made an initial investment of USD 3,750. We don't have that kind of money so she used her credit card and pawned off her jewelry to pay for it. Her stock broker set her up to buy and sell currencies (USD, AUD, JPY if I remember correctly). Her initial investment got wiped out thid January 2019 because, according to Marcus, the yen dipped in value. Her account in UMarkets is blocked for now. This is where it all goes weird for me. I'm not sure if it's because I find it hard to understand the situation or of our mom is having a hard time explaining it. She says Marcus told her that if she wants her money back, she has to make another deposit of USD 1,000. If she doesn't do anything, the USD 3,750 will be lost forever. She googled UMarkets scam and managed to contact a website called MyChargeBack.com, which seems to me specializes in dealing with recovering money lost in forex scams, etc. In an email from the website, they want to redirect her to Dispute2.com, which I'll be looking into in a while. To be honest, I really don't know what to do or who to run to. I just wanna help our mom sort out this mess. I appreciate any help or advise that we can get.
I'm almost 18 and I'm looking to lock down my finances. Help would be awesome!
I've recently begun to think about my financial situation, and while my family is financially capable of supporting me well into my studies, I really want to get a head start and help them out asap (paying for med school) I have an extremely vague idea of what I'm going to do with my savings right now, so any help would be awesome. Here's what I have so far:
Invest it in a UITF or something of the sort
Invest it in various stocks
Trade the Forex market
However I've grown quite fond of the idea of trading the Forex market, and I've been trying to learn technical analysis for the past year and I've been practicing by trading cryptocurrencies. But I wouldn't know where to improve/learn more about trading here in the PH, but having a mentor or some type of formal training would be absolutely amazing. (Where would I go for that?) I am aware of the higher risks involved, but trading seems the most interesting to me personally, as it is quite hands-on. I've also considered investing most of the savings while trading the rest. Any advice on how to handle this would be gladly appreciated! Thanks Philippines! P.S. I know PHinvest exists, but it doesn't seem all that active, so I posted here.
(Reboot) ELI5 on how China fucked their own economy, chapter 6
OK Yesterday's HCFTHE was a big let down. I read on the next few chapters and I feel like there's no more point in translating anymore because the author's coherence is slipping. This is a reboot. From here on, it's all cruise speed. No translating, it's all me! (Translated) Chapter 1 (Translated) Chapter 2 (Translated) Chapter 3 (Translated) Chapter 4 (Translated) Chapter 5 Chapter 6: RMB internationalization, a dream? a future? RMB internationalization. You've heard of RMB. We all have, the legend, the curses. Some foolishness about a currency that never devalues. A closed currency. Buried beneath an opaque monetary policy... a bald, aging portrait of Mao luring investors to their dreams. An illusion that you can begin again, change your fortunes. Issuing them, though, that's not the hard part. It's internationalization. (Sorry been playing A LOT of fallout. Production is down 50% because half my office are gone and the other half...are playing with me. Seriously, fuck Chinese New year.) Except for the face culture, RMB internationalization is pretty much a national goal of China. To have their currency achieve global status will make it a rival currency for the USDollar, much like the Euros...except it's Asian. An Asian euro is crucial for China to establish its asiaphere influence zone. Having China enter IMF's basket of currencies is just a first step. Before we talk about "how", let's talk "why". Why is it important for RMB to go global. For this we will need a deep understanding of world economics, but to dumb it down to ELI5 levels, we'll simplify it down as following: World domination. Wow wow wow holy fuck upadswhat the fuck!? This escalated quickly! Sorry, but this is a fact. The British Pound, once served as the world's premier reserve currency, shaped the British Empire where the sun never. In fact, UK still hold [14 overseas territories[(https://archive.org/stream/09LONDON1039/09LONDON1039_djvu.txt), and the sun never sets on all fourteen British territories at once. Glory to the queen! OK let's double time, here's a short list of goals that RMB internationalization can help achieve:
Debt. Chinese companies have a lot of debt in USD. As of right now China don't want RMB to devalue because it would make debts harder to pay.
Getting rid of forex risk. Self explained.
Exports. With all China's debts in RMB there will be no consequence in devaluing the RMB. Will you pay $400 for a Huawei smartphone? No? How about $100? Cheaper price, it helps boosts sales volume. A lot.
Getting rid of language barrier. If you look up most common language on harmony it lists Chinese with the most number of speaker s in the world, followed by Spanish, then English. Guess what language is most common in the business world? English. Guess what language does world reserve currency countries speak? English.
Getting rid of autistic monkeys ESL teachers. Having RMB as a global currency will help China demand their business partners to start speaking Chinese, giving China home field advantage. The reason ESL teachers are needed is because China needs to do business in English. Seriously why the fuck do I need to learn English if I'm not gonna do business?
Better politics. With foreign languages kicked out of their curriculum, the Chinese population can spend more time learning useful things, such as how to worship the communist party Seriously, learning how to think politically is a mandatory subject in high school curriculum, as well as gaokao.
Now on the spot light. Everyone who are asking me to talk about silk road start reading here. Right now, China is in a tough spot with their overproduction problem. Here's a flow chart, from the start to now:
Steel industries fighting to get into the market
Too many steel suppliers leads to overproduction
One steel suppliers try to eliminate competitions by driving prices down.
Every steel supplier does the same.
Prices eventually go so low, sales price is lower than production price.
Every steel suppliers are now religions, praying their competitions will go bankrupt first so they can one day dominate the market.
CCP cracks down on religion, prayers not answered. Steel suppliers now in the negative, have to borrow money from banks.
Banking regulations stats they can only lend money to suppliers who are in business, i.e. have production and sales. Nobody can sack their workers and nobody can let their workers sit idle because it is also against the law to have idle workers.
Death spiral: Lending leads to production, production leads to loss, loss leads to lending.
China is not as stupid as you think. They know how supply and demand works. They did not foresee the death spiral because there is no precedent. In normal cases supply-demand imbalance even out naturally by supply side shutting down due to lack of profit. But this is China. Steel makers are not investing their own money in the business, they are getting their source of funds from the government are. They do not care if their factories do not turn a profit. Afterall, it's not their own business. "China is different." Damn right you are. China is the only country in the WTO whose majority of the population lacks independent thinking. The Chinese hierarchy system...it's a convenience. It tells you where to go, what to do, dulls your brain. The party wants us to make steel, I make steel, you make steel, everyone make steel! Everyone apply for a job for the steel making industry and everyone get subsidy from the government! Everyone drive down prices and everyone borrow money! Because the party says we need to make steel. To fix this death spiral, China needs a larger demand, and if they cannot create demand among themselves, they have to create demand among foreign countries...and there is no way in hell the Americans and Europeans will accept Chinese quality steel. So, turning their eye to Iran, Pakistan and other developing countries. Cue the one belt, one road protocol. Here's their pitch, dumbed down: China: Do you want GDP? Do you want groooowth? Learn from us! Build bridges! We can sell you steel at half price! Not like greedy Europeans. Really, that's it. Building infrastructure is one of the fastest way to bump your GDP, even if they end up useless later on. If China can sell their steel to those countries, they can effectively get rid of a lot of overproduction, maybe even evening out the supply-demand imbalances with the increase in demand! Two obstacles here. These developing countries have their own currency, and their other currency is in the form of foreign exchange, in USD. Foreign exchange risk still applies here. Secondly, because they are developing countries...often they don't have the money. The solution: lend them money. With RMB. Through the Asia Infrastructure Investment Bank. This is going to kill 3 birds with one stone.
Provide capital...provide a means to demand for things. The steel makers can now make a sale, easing oversupply problem finally.
Weaken USD status, strengthen RMB status. Take loan out in RMB, repay with RMB...except you don't have RMB in your reserves. You take your USD from your foreign reserves, and exchange for RMB, because with closer ties with China supplying your every needs, there is no reason to be keeping those USDollars. Although AIIB says it's going to offer USD, Euro and RMB, you bet your ass that they are going to offer some very good conditions on taking loans out in RMB...the potential of further devaluation of RMB is already very attractive, I wonder what else they can add.
Debt settlement. China can now use your USD to repay your debt (fun fact: AIIB lending terms are on a 3 year basis, so they will be collecting their USD in 2019----Guess when the majority of China's foreign debts are due? 2020. Their timing is just perfect).
Positive cycle: Initial lending leads to sales of steel, sales of steel leads to infrastructure building, infrastructure building leads to more sales of other materials, which leads to more lending...the whole cycle leads to weaker USD status in these countries and strong RMB status.
Whew! That's a lot of research! Now that we got the AIIB out of the way, one belt is partially explained but to those who don't get it, high speed rail uses a lot of steel, and is considered infrastructure. Now that we've got AIIB and one belt under the belt, the last that remains: one road. This is when I'm going into /conspiracy level shit talking and I'm sure I'll be generating a lot of downvotes, so I'll keep it skippy. Here's a list of problems are facing that can be solved with one road(sea silk road):
Economy focused along shorelines
Dependency on natural resources from hostile foreign forces.
Here's how one road will help them solve these problems:
Trade to solve overproduction, already mentioned above.
Give China an excuse to exercise more controls on the sea, such as the entire South China Sea.
This is the most important. Control of sea routes will allow China to prioritize their freight routes over other countries. While SCS is going to be free, it will be "free with Chinese characteristics". Freights from China are going to flood the SCS and take up a lot of queue space in sea routes shared with other countries, namely Brunei, India, Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan, Phili, Indonesia, Taiwa, Vietnam, etc. If you have ever tried queuing with the Chinese, you know how this will end.
Throwaway account + sorry for the English but I hope you guys can help me. Just a twenty something in the Philippines working on a barely above minimum wage job, but I have some advantages:
I've been using Goodbudget (used to be EEBA) on my Android for budgeting, it's a lot of help! I definitely have some personal finance knowledge and discipline when it comes to money, I think.
Job is relatively easy and public transportation (jeepneys and buses) is really cheap.
No debt whatsoever. Prefer to pay in cash or debit. I want a credit card for Internet purchases though. If I ever get a card I'll pay it as soon as possible.
Staying at parent's house. Just need to pay half the Internet and for cat food. Get free meals, lunch, housing, the works. Yeah, I'm aware I'm slightly privileged, but I living on my own is ridiculous with my current income, plus there's a less of a stigma.
Some disadvantages though: * Company has no benefits like 401k, IRA, employer matching, or something like that. * Unlikely to get a significant raise since I'm pretty happy with my current position. Plus, meh, work. * Dropped college (no diploma) and don't really have that much of a skillset. The Philippines is heavily prejudiced against anyone without a college degree here, pfft. I probably need to study again. Here's my monthly budget: Savings and investments 20% investing on stocks. Been investing constantly every month. Stock account has about 23% of my annual income in it already. 7.6% on Savings. Just started putting into this 4 months ago. I dunno what I'm gonna use this for, probably for emergencies purchases or something. Note that I don't need emergency money for hospital visits and the like. Constant Expenses 7.6% on Internet 3.8% on cat food 4.6% for public transportation 2.9% for Internet hosting... for a hobby. Variable Expenses 23-30% on Guilt-free money for eating out, movies, gym, etc. Don't really eat out that much since I prefer to bring lunch to work. 30% or the rest is free money I can allocate into anything. Right now, I'm putting most of this into a "buy something fund" for purchasing stuff or extra money for my guilt-free expenses (I rarely do that though). So far, bought a 3DS, a mid-range computer(bought this after saving for 6 months), and some games. Pretty happy with them! If I get a raise, it most of it will probably become free money, rather than going into my guilt-free funds. My financial goals are:
Have enough money to comfortably "retire".
Hopefully earning enough from investing or my website to leave job.
Here's what I don't know what to do about:
I really want to put more of my free money into investing, but is that wise? More into stocks? Bonds? All of my investments are currently in stocks.
My dad has been bugging me to "invest" into Bitcoin... After some research, I think it's pretty unpredictable, although I'm leaning toward putting some minimum amounts into it, like $10 or so. Should I allocate some of my stock money into this or from my free money?
After reading here for a while, I was thinking if I should get a 401k. We've got something similar, but I don't understand it that much yet and might not be implemented yet. Can anyone help me understand this and this?
Started learning a bit about FOREX trading, but stopped. I could return and relearn though.
Is investing in real estate reasonable with my level of income? I sort of want to start it, but have no idea how to.
My computer is the most important thing I own, for work and for play. Thinking if I should set aside some for upgrades or the eventual breakdown. How long does a computer last anyway? I expect about 2-4 years at least since that's how long my laptops last before going kaput.
I still want some stuff to buy, like say more games (a new one every 1 or 2 months), some funds for advertising my website (and possibly earn from it a bit, hopefully). Maybe one of those nice, Cintiq pads... Don't really want or need a car, ever. Instead, I want a bicycle, maybe an E-bicycle, but E-bicycles suck here in the Philippines. But, I'm fine even if I don't have some form of personal transportation.
How to open Forex account in Philippines You need a trusted broker that has low commission and have office in Philippines. I really recommend this FOREX BROKER because they have good customers support for Filipino people who want to trade Forex. They have free seminars around the Philippines, Once you registered they will contact and help you to lean more in trading. Forex trading may not be strictly legal in the Philippines, so you probably can’t find a local broker that will let you trade currencies. Despite that, you might still find an international ... How to Trade Forex in the Philippines. Forex trading Philippines is relatively easy. Follow these steps to get started: Search for an online forex broker that accommodates traders from the Philippines. Create an account with the broker. Make sure to fund your account. Most online brokers accept online payment services for funds. If your chosen broker has a mobile app, download it for forex ... The chance of taking a victorious trade in forex trading is 50% for you only have two trend bias options: LONG or SHORT. If you went LONG and the price of the currency pair went down, you’ll obtain losses instead of profits. The same thing will happen if you went SHORT and the price went up instead. Simply put, you will acquire losses in forex trading if your trend bias is against the price ... How to Trade Forex in the Philippines. Forex trading Philippines is relatively easy. Follow these steps to get started: Search for an online forex broker that accommodates traders from the Philippines. Create an account with the broker. Make sure to fund your account. Most online brokers accept online payment services for funds. If your chosen broker has a mobile app, download it for forex ... Thank you for your time, this my second attempt to reach you, anyway I very confused about Forex in the Philippines, My wife is a citizen of the Philippines born and raised, my question is can she trade an online retail forex account as an individual legally in the Philippines if the retail forex broker is outside the Philippines? Much appreciated. Reply. Mark So says: May 7, 2020 at 1:22 PM ... Learn How To Trade Forex & Global Markets in The Philippines Updated: July 9, 2020. Do you want to learn how to trade or invest, and make money in the foreign exchange and other global markets? Then I have good news for you because, we offer TWO OPTIONS to help you learn and make money from forex & global markets. But first… why should you bother to learn about these? Because you want to ...
FOREX Trading for Beginners - Complete Beginners Guide - Tagalog
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