The COVID-19 pandemic has taken a toll on the economy. A number of Malaysians have received pay cuts. Some have even lost their jobs. Worse, however, is the air of uncertainty for the rest of the year: When will the economy recover? How long will I be without a full salary?
As Global including Malaysian economy heads towards its largest contraction and a full-on recession, it may seem like a risk to begin trading. It is simply too unpredictable. On the other hand, market volatility may spur experience and opportunity. After all, as multi-billionaire investor Warren Buffett once said, “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
MIBrand talks to Mr. Jin Dao Tai an entrepreneur, award-winning forex coach and trainer, multi-million dollar trader and Founder of ForexBriefcase who carries the exact same sentiments. He decided to change his life in 2012, pivoting into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio.
Hopefully our readers able to get some ideas on how to be a successful Forex trader in Malaysia?
What is Forex Trading?
The Forex [FX] market is a global market that allows one to trade two currencies against each other. If you have ever visited a money changer to exchange the money you have in your wallet into a different currency, you have essentially participated in the FX market.
The forex market has an average daily trading volume of US$5 trillion. Putting things in perspective, the New York stock exchange is at about $20 billion. And the Forex market is open 24 hours a day and 5 days a week.
Nowadays, it is easier to trade Forex. All you need is a laptop and a brokerage account and you can start trading. Of course, don’t just fire off trades without learning how to trade properly, you will blow through your account in no time.
How A Newcomer Can Start Forex Trading Business?
Anyone can start a Forex brokerage account with less than US$500. Having said that, this does not mean that you can make a decent income with a US$500 account. Unlike what you see on the internet, do not expect to be able to 100x or 200x your account in a few months.
If one expects that, he or she shouldn’t start trading. In order to do well in the FX market, one has to learn the correct and proper way to trade. So, before you start a LIVE account, do learn how to trade and be profitable first in a DEMO account before going LIVE with real money.
They can start their trading journey with LCMS Traders club, an online academy! It is a vibrant online community where trading knowledge is available to all levels, even if one has no prior experience. Our dedicated coaches ensure that beginners get off with a great start and the right mindset to approach trading the market.
The only ideal time to start is now! In trading FX, we only buy and sell a currency against another one, for example EUR against USD. Hence there are bountiful opportunities to be trading even during the current pandemic outbreak as we compare one country’s economy to another.
What are the available tools or resources that can assist a forex trader to succeed and make the most out of their trades?
There are many resources online. For example, I use ForexFactory.com to keep myself up to date with the various country economic news. New traders can also join my daily currency call where daily market analysis provided on a different currency pair.
Check out my website https://www.jindaotai.com/ for the link.
What is the role of ForexBriefcase in ensuring the success of its trades?
Here in ForexBriefcase, we help you to profit from the Forex market by having a team of experienced traders to trade on your behalf. This is called a managed Forex account. And by doing so, we charge a performance fee for this service. In other words, you only pay us when your investment is profitable. Our methodology consists of two stages, the first being Opportunistic Trades (short term tenure trades – minutes to days), based on data releases, announcements and technical analysis.
Once there is an established capital, buffer strategy will shift to stage two, Strategic Trades (longer term tenure trades – 2 days to weeks), to be aligned with macro views and when markets are volatile but trending.
Using this methodology, we’ve been able to achieve over 47% ROI in 2019. Traders / investors don’t have to go through the work and complications of learning how to trade FX so time and effort can be saved and profit from Forex without technical trading knowledge and skills.
Are Mobile apps Really Assist Forex Trader in Malaysia
There are a lot of apps out there that can assist traders. For example, forex signals, forex news, market updates and more. Some do work, and some don’t. For example, to be able to know if a Forex Signal provide is proper, look into the following factors:
- Who – Who is providing the signal? A company? A single individual?
- Why – What is the agenda to provide signals?
- What – Do they have a track record that is verifiable?
- When – Are the signals being fired at the time of your convenience?
Sometimes you may be working, or sleeping. In that case you may miss the trades.
- Where – Where are the providers from?
- How – How are they signalling? Long term trades or short term trades?
These are some things to think about.
My team at LCMS Traders provides signals and analysis too! We signal to show our followers that our trading style is profitable. Hence, our agenda is clear. It is to provide as many winning trades as possible. We post our verifiable results every month to our followers too. Check out
www.lcms.com.sg to get access to the free signals.
What led Jin to begin trading in Forex, and what is his key to success?
Starting out his career as an economic & financial consultant in Australia, one day Jin decided to change his life and pivoted into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio. He started trading on a part-time basis around 13 years ago. Of course, like many traders starting out, losses were incurred as well as a successful forex trader in Malaysia.
But slowly and steadily, putting his economics knowledge and background to full use, he managed to devise a 5-steps strategy, that incorporates both economics knowledge and technical charting tools, that helped him grow his account to a multi-million dollar portfolio today.
ForexBriefcase is a leading global multi-account manager established in 2018, providing clients with capital protection and competitive return-on-investment with its unequalled industry expertise and knowledge.
ForexBriefcase brings to retail clients an institutional quality of trading by emphasising transparency and broker regulations, with a clientele spanning seven main markets – Singapore, Malaysia, Indonesia, Australia, Hong Kong, China and the United Kingdom.