Anyone Trade in forex?

And do take notice : In January 2012, the MAS is introducing new criteria for providers of leveraged FX, CFDs and other specified investment products to assess the suitability of their products for their clients.

The new requirement

The regulator's new Customer Knowledge Assessment requires their clients to be able to answer 'Yes' to any of the following questions, once a year starting from 2012:

1) In the past three years, have you transacted CFDs, forex or any other OTC derivatives at least six times?

2) Do you have a diploma or higher qualification in any of the following fields?

        Accountancy
        Actuarial Science
        Business / Business Administration / Business Management / Business Studies
        Capital Markets
        Commerce
        Computational Finance
        Economics
        Finance
        Financial Engineering
        Financial Planning
        Insurance

3) Have you passed the Chartered Financial Analyst examination conducted by the CFA Institute or the Association of the Chartered Certified Accountants (ACCA) qualification?

4) In the past ten years, have you worked in any of the following areas for a period of three consecutive years?

        Accountancy
        Actuarial Science
        Developing, structuring, management, training, sale, trading or research and analysis of investment products
        Financial Risk Management
        Treasury
        Provision of legal services / expertise in relation to any of the above working areas

When the new requirement takes effect, clients who meet any of the above criteria will be able to continue trading as usual. Unfortunately, new applicants who don't meet any of these criteria will be unable to trade with forex brokers in Singapore.

voltrons. SG

well i don't play forex. the gain to me isn't attractive enough. ;)

nice information there M the name.

dangerboi SG

If you have the capital, go for oanda.

I'm not related or affliated with them.

Susanteo2011 SG

S'pore got one super trader leh................go search...Jimmy Wong..............

M the name SG

I heard that there is one trader name Patrick Teng who is the CEO and Chief Dealer of Six Capital Pte Ltd and Former Chef Dealer & VP -Treasury of UBS, Tokyo. He claimed that if anyone trained under him, they can earned US$4000- 12000 per month, there is no capital risk and you can trade with company's funds.

Also interested party can earn trading fees as you learn, and there is a comprehensive of 4 month part-time training program with sponsorships available for fresh graduates, student and unemployed. Anyone train under him before cos his term and claim seem too "good" to be true.

Susanteo2011 SG

assuming you can make money lah.....................he must be paying peanuts but you get a share of profits..................

good lobang no need to advertise liao.............he'll get his own kakis liao lor............

USD/INR ...........good chance to sell now, but ready to average down...............sell the pair

Just_do_it_lah SG

Forex trading is not for everyone.... seriously.... (w/o) deep pockets... dun even think about it.... leverage trading carries the most risk.

I was MAS licenced person approved to deal with financial futures, foreign exchanges since 1993.

Just_do_it_lah SG

But as a self-trader... (own portfolio).. dun need these professional licence.

Susanteo2011 SG

yes...............if no deep pocket, then trade very very small if averaging down...........or trade on small timeframes lor...............