Forex/Cryptocurrency General Chit Chat Thread

[havetheveryfun]

In Singapore, can we trade Forex on behalf of a friend in a personal capacity? i.e. I give my friend $50k to trade Forex on my behalf but under his name/account and at the end of 3 months he transfers the money back to me.

Does MAS allow for this or is it subject to specific MAS regulations?

Any guidance is appreciated thanks.

if no one loses money and no one gets angry and complain, then of course MAS will close one eye..

if ur fren loses all ur money then even if u complain to MAS they also won't be able to do anything

but if u do want your friend to trade forex for u, I don't see why he needs to trade it under his account. You can have your own account, then give him access to your account. This way he can only trade under your account and can't withdraw the money out because the bank details are not his, and you have more control - i.e. once your drawdown like maybe from 50k become 30k, you can cut your losses instead of having him lose the whole 50k + get you into debts

 

[peterchan75]

In Singapore, can we trade Forex on behalf of a friend in a personal capacity? i.e. I give my friend $50k to trade Forex on my behalf but under his name/account and at the end of 3 months he transfers the money back to me.

Does MAS allow for this or is it subject to specific MAS regulations?

Any guidance is appreciated thanks.

Please don't do it while you are still friend. Your friend may be profitable in forex using his own money, there is no guarantee that he will be profitable using your money.

 

[Mr. Wood]

In Singapore, can we trade Forex on behalf of a friend in a personal capacity? i.e. I give my friend $50k to trade Forex on my behalf but under his name/account and at the end of 3 months he transfers the money back to me.

Does MAS allow for this or is it subject to specific MAS regulations?

Any guidance is appreciated thanks.

if u still want him as fren, dun give him money.
later lose money or accounting issue sure will flip face one.
got 50k but dunwan to manage yrself, 1) buy low cost index fund, 2) give to licensed fund manager, 3) give to charity.
anyway is better than give to friend.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (MAR 26-30, 2018)

EURUSD:

Technical Outlook: The EURUSD was seen attempting to breakout to the upside once again last week but failed as price action was seen reversing the gains near the falling trend line. The rather long sideways price action consolidation has resulted in what could be a potential descending triangle pattern. Support is seen at 1.2213 – 1.2184 level. A break down below this level could potentially suggest steep declines in the longer term. However, there is also scope for the EURUSD to break the falling trend line. This could open the upside with the EURUSD targeting the resistance level 1.2466. Watch for a possible base being formed at 1.2323 which could be tested if there is a successful breakout from the trend line.

Fundamental Outlook: The week ahead turns out to be a relatively quiet one for the euroarea markets. Most of the economic data focuses on second tier information which includes flash manufacturing and services PMI data spread across the week. The flash indicators will give an early glimpse into how the business activity in the Euroarea had fared. On the cards will also be the German ZEW economic sentiment indicators as well as for the Eurozone.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (MAR 26-30, 2018)

GBPUSD:

The GBPUSD has successfully broken above the big psychological number 1.4000 after the BOE has signaled a more hawkish tone to their interest rate policy. Moving forward, we should expect as long as we trade above 1.4000 the bullish momentum to prevail. Only a daily break and close below 1.4000 can put an end to the current bullish run. On the downside the next important support level only comes at 1.3900.

The stochastic indicator is in neutral territory and it suggests that the current rally can continue to develop to the upside. For now last week high 1.4216 remains our first level of resistance. However a daily close above 1.4216 can open up the door for a retest of the current year high 1.4315. A further break to the upside can be the start of a much bigger bullish trend. The UK economic calendar will bring the final GDP figures for the last quarter of 2017 which is the only notable risk event scheduled to be release. Also on Friday banks will be closed due to the Good Friday bank holiday.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (MAR 26-30, 2018)

USDCHF:

Technical Outlook: The USDCHF managed to maintain the gains above the 0.9462 level of support although price action was seen falling back to this level by Friday’s close. Still, we expect to see consolidation taking place but there is an increasing probability that the current support level could give way for USDCHF to decline towards 0.9359 level initially. To the upside, if the support holds, we could expect to see USDCHF remain range bound within the support and the previous highs formed. Only a breakout above the previous highs near 0.9656 will push the currency pair to test the levels of 0.9629.

Fundamental Outlook: A slow week from Switzerland with no economic data worth mentioning will be compensated by a busy week from the U.S. The FOMC meeting is due on Wednesday and market expectations point an increase in the short term interest rates. The Fed will also be releasing its economic projections which could offer more insights into the path of rate hikes. Later in the week, the flash manufacturing and services PMI numbers will be coming out. On Friday, durable goods orders data will be released although the FOMC meeting is most likely to take the center stage.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (MAR 26-30, 2018)

USDJPY:

Technical Outlook: The USDJPY continued to post declines with price breaking below the support level at 105.78 – 105.42 level. In the near term, we expect to see further declines on the horizon. However, watch for a potential pullback to the breached support level which could bring further selling pressure in the currency pair. To the downside, the next main target comes in at the round number support of 104.00 which could be realized if USDJPY continues to trade weak and the resistance at 105.42 puts a lid on any gains in the near term.

Fundamental Outlook: Data from Japan this week is quiet with only the flash manufacturing PMI due on Thursday. Later on the same day, the national core CPI data will be released. The market data this week is unlikely to move the Japanese yen much. However, the ongoing uncertainty surrounding Trump’s policies on monetary policy is likely to influence the market sentiment which could see some volatility in the yen.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (MAR 26-30, 2018)

USDCAD:

he USDCAD has taken a strong dip below the big psychological number 1.3000. Last week sell off hasn’t altered the bullish trend started since the beginning of the year. We’re still trading inside the previous consolidation zone with 1.2800 being the line in the sand. Only a daily break and close below 1.2800 can place the USDCAD at a risk of falling further towards our next important support level 1.2688.

On the upside we have intraday resistance level at 1.2950 followed by the big round number 1.3000. Above these two levels stands current swing high 1.3120. The stochastic indicator is already in oversold territory which might suggest that we can expect support to hold. The Canadian economic calendar doesn’t have much to offer in terms of risk events but from the other side of the monetary policy spectrum we have scheduled two major risk events on Wednesday: the US GDP figures and the PCE inflation figures.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (MAR 26-30, 2018)

AUDUSD:

The Aussie has finished the last week of trading almost unchanged. Neither the bulls nor the bears were able to take control which suggests that we might see more consolidation in the coming weeks. Last week low 0.7670 will remain a point of reference for next week of trading but there is a high probability we can see a sell off below that can quickly fade away. We have minor support level at 0.7640.

On the upside the only notable resistance level comes at 0.7800 but last week high 0.7783 can also play as part of a minor resistance level. Only a daily break and close above 0.7800 can give bulls a chance to try to challenge again the big round number 0.8000. The stochastic indicator is in neutral position so currently we don’t have any oversold readings. There is no big risk event scheduled on the Australian economic calendar so we should expect a more technical driven exchange rate in the coming week.

 

[Mr. Wood]

Economic data releases
all in local SST times.

Tue Mar 27 11:00pm USD ** Consumer Confidence

Wed Mar 28 9:00am NZD ANZ Business Confidence
9:30pm USD Final GDP q/q
11:30pm USD Crude Oil Inventories

Thu Mar 29 5:30pm GBP Current Account
9:30pm CAD GDP m/m

 

[Mr.Canberra]

I truly appreciate you guys taking the time and provide honest opinions.

Newly registered nicks asking such questions are usually trolls or snakeoil salesmen. After make one post then MIA.

Search his posts and you can find him asking similar questions on multiple threads. Maybe he is K*****h K*m himself.

Wish all huat big as Q1 2018 comes to a close this week.

 

[jonleong]

Thanks for the insights.

Mr.Canberra, posting on 2 threads is hardly considered multiple and it's on 2 different topics mind you. And everyone starts off as a newbie who typically provides information or asks questions which is the purpose of such forums.

I'm asking about MAS regulations as I've been told that it's not allowed to trade on behalf of someone using your own account, even if family. I just wanted to know if this was accurate.

 

[havetheveryfun]

Thanks for the insights.

Mr.Canberra, posting on 2 threads is hardly considered multiple and it's on 2 different topics mind you. And everyone starts off as a newbie who typically provides information or asks questions which is the purpose of such forums.

I'm asking about MAS regulations as I've been told that it's not allowed to trade on behalf of someone using your own account, even if family. I just wanted to know if this was accurate.

just read this thread:
https://forums.hardwarezone.com.sg/money-mind-210/lost-money-commodities-trading-5773274-8.html

MAS investor alert list:
http://www.mas.gov.sg/IAL.aspx?sc_p=A

You think MAS got time to go after all of these above entities ? Unless it is super big scale where millions or billions are involved, if not they won't really have the time or resources to go after an individual.

No one cares about your own money more than yourself. and no one knows the answer to your question, it's much better and easier for you to e-mail MAS to ask directly (they actually reply quite fast)

 

[Mr.Canberra]

I'm asking about MAS regulations as I've been told that it's not allowed to trade on behalf of someone using your own account, even if family. I just wanted to know if this was accurate.

Not allowed.

Thanks for the insights.

Mr.Canberra, posting on 2 threads is hardly considered multiple and it's on 2 different topics mind you. And everyone starts off as a newbie who typically provides information or asks questions which is the purpose of such forums.

I'm asking about MAS regulations as I've been told that it's not allowed to trade on behalf of someone using your own account, even if family. I just wanted to know if this was accurate.

Bro havetheveryfun has already kindly directed your enquiries with the relevant info and I am sure you are smart enough to figure out how to proceed. You are more than welcome to participate if you have Forex/Crypto trading info or opinions to share.

There are no snakeoil sellers on this thread as far as I know. If there are indeed I will make sure I call them out and report to Mod. Same goes for the trolls.

This is the reason why I started this new thread in the first place which is to have independent views without vested parties selling products and services and feeding unsuspecting readers with bias views. You can see other threads infested by property, insurance agents and snakeoil salesmen spreading their propaganda.

All the regular participants here have stand the test of time through the intensive talk cock cum trading tips exchange between one another.

 

[jonleong]

I appreciate the insights. Thank you.

 

[Mr. Wood]

Wish all huat big as Q1 2018 comes to a close this week.

huat ah!
may the good Friday holiday bring good huatday holiday ah!

 

[Mr.Canberra]

USD/JPY

USD/JPY slight recovery.

 

[awful999]

USD/JPY slight recovery.

not enough leh

 

[Mr.Canberra]

not enough leh

Better than nothing haha.

London market reverts to start trading one hour earlier now at 3:00pm SGT.

 

[Takodoro]

UJ seems like shifting from 105-108 range to 104-107 range. I think it will prata when it reach 106.