Rising crude oil price impacted forex market sentiment.
I have shifted to COL Financial later on and opened accounts to other online brokers. Read related story My First Time. COL Financial formerly Citiseconline , and more commonly known as COL, for one will also allow you to open a trading account with the same minimum initial amount of Php The phrase may sound exceptional, but I think they just made up that term to attract small-time investors — a. After all, both of them use almost exactly the same features of their online platform.
This bank account will then be linked to your stock trading account, allowing easy and convenient transfer of funds between the two accounts thru online banking. I actually have accounts in all of them: I also have an account in MakeTrade. Having three or more brokers is a meaningless exhibition.
Having that experience of using multiple online brokers, I propose the following considerations in choosing your own online broker:. The brokersI mentioned above charge you with almost have the same commission and transaction fees.
For small-value transactions, the difference ranges from few centavos to few pesos. With an increase in value of your purchases, this difference will also rise in value. But because the difference can be really small, I suggest you based your decision not on this alone. As previously mentioned, these brokers allow easy transfer of funds between your trading account and bank account through their online banking portal. COL for example, while allowing funding thru online banking thru online payment to a third party , still requires filling-up a form, and sending it via email or fax when requesting for withdrawals.
The opposite is the case for Philstocks — unless you do it by BDO online payment, you need to send your scanned deposit slip for funding. This of course is not a good option if other brokers let you do it all electronically without the unnecessary fees.
Having speculative stocks for example or stocks with no fundamentals crucially require players not to be left behind from fast rallying or falling stocks. In this kind of rapid market behavior, you would need a trading console that can show you all the relevant action — price movement, recent transactions, foreign entries and exits, etc; and allow easy entering of orders. I must also say that BPI Trade has just the most boring trading page.
It can be a good choice if you have an existing Metrobank account. Other online features and services that cater to more advanced market players can also be a factor. MakeTrade, COL, Philstocks and FirstMetro for example have extensive tools like charting, comprehensive market researches, market calendars and similar useful content to help you guide in your trade decisions.
They can be be useful tools if you aspire to be a skilled trader down the road. This means if you open an account with either of them, you can actually buy not just stocks but also mutual funds.
This is of low priority though, given that by the very nature of online brokers, we seldom make inquiries with their representatives. This also translates to receiving quick feedback when you ask them specific questions. But you may also want to take advantage of free seminars they organize.
Check their website for regular schedules. Some go the extra mile to value high-profile clients. COL Financial for example assigns dedicated Account Relationship Manager if you happen to be one of its premium clients which should have a minimum of 1M portfolio.
This resource person makes sure your concerns mostly admin are addressed quickly. They also organize special events for this group of Premium clients from time to time. Ultimately, your returns on your investments will heavily depend NOT on your broker but you as a self-directed investor making all the investing trading decisions.
Financial has EIP scheduler too you can use as your starting strategy. At any time you decide to do quick short-term trades, you can then just use the tools and researches available for you. Check this tutorial how to open an account in COL Financial. First Metro Sec is also a great option if you have Metrobank account. They have minimal researches available though compared to other brokerage companies. I see MakeTrade as one really good platform for aspiring traders with their automated charting feature called XTrack.
Some of my previous blogs tackled the value of investing. And then I shared my first-hand experiences. During my first few years and quite some of the time, I trade forex because of the adrenaline rush and the thought of easy money. I get excited on every high risk trade that turns out to be a winner.
It was my high. I was addicted to the feeling. He just wants to experience that same high that got him hooked. Then comes the realization, I continue to lose and I kept increasing my trading size. Only to burn even faster. With that good feeling that you miss, you just want to trade more and more, larger and larger, only to experience the bottom faster.
Trading this way will not work. It is not about the feeling in trading. How much money you made or how much you lost should not be the basis of trading.
The more I trade, the more I realize that. For me, being right matters most. Its all about the odds and probabilities. Its all about timed aggression and patience. A little bit of luck may help. Because even though luck is involved, there is a reason why the final table have so many familiar faces.
It is a different kind of feeling that the thrill of winning big. Being right is better than breaking the bank. This is not a sprint, its a marathon. Trading larger size may give you great gains, but also great drawdown, and greater risk to go bankrupt. What we want is to make the right decisions each and every time.
The more I read about the stories of successful traders, the more I realize that trading is much like poker.
Some people treat it as gambling, some treat it like a sport, a mental sport like chess. Some play poker just to have fun, feel the rush, some play poker as a profession, as a business.
We should approach forex trading the same way. The forex market is going stale as we reach the end of the year. Many investors are on vacation so the market is not liquid enough to be exciting.
Primary strategy is to produce passive income. Not sure for now, but the journey thus far have been so exciting. In forex, you can enter or exit anytime, very liquid.
And liquidity is very very good. I am also trading at no risk. Which means, the money that I have in my forex account are the money that I earned trading. I already withdrew the money, initially deposited into my account and thus, trading with no risk at all. This year, I also ventured into stocks and realized that its a lot different than trading forex. So I decided to change my strategy with stocks and focused on passive income generation.
In which I am very much enjoying. I realized that forex trading is a probabilities game. You can not predict what will happen next. A good forex trading system is not a system that could predict the next move of the market, because there is no such thing.
The time I realized this, my trading just improved. I learned to accept the risk before entering the trade. The reward may be small, but small steps before you can run. And it have proven to be profitable. The best way to trade forex is to trade defensively until the next big trend comes.
Always be in the market so you can be in the position when the trend starts. You just have to survive the ups and downs of price by money management. And if you caught yourself a big trend, double, triple, quadruple, quintuple up your positions until you are stopped.
I also realized that day trading is stressful. So I switched to swing trading daily. I forgotten my first reason in trading forex. It is to be free. There is no easy and fast money. The only thing you can find there is stress and a lot of time spent, staring at a computer.
That is not the life I want. I want to be free. With a lot of free time and let my money work for me, not the other way around. Its a great great feeling. This is the thing I learned while learning stock investing. When such demand keeps on going the need to increase the rate in order to force people to sell their dollars so that buyers can store the value they are expecting in the future.
Investing in online trading is a great alternative to achieve good profits, online forex trading business is very effective if you have knowledge and tools to operate. I understand that there are a few things that needs to comply before you start trading.
But how sure that my investment fund is safe once I send this to the forex market institution. Can you give me a little background on how I can trace my funding flows upon sending it t the Forex market. Hi I wanted to learn more about Forex trading and it seems that there are less articles about this topic unlike with stocks or other investments. I hope to find some more information about FX,.
I have no experience with this kind of investment and I am afraid to do money transactions over the internet cause of possible scams.
I would like to learn more about this and I would really love to see my hard earned money grow. Can you help me get started? Apologies for not replying to your message. FX trading is done mostly online and in the Philippines these are not covered by our laws since FX trading involves a wider investing community. Internationally there are accreditations of FX brokers.
You have to really choose one that you can trust. IN the Philippines there are groups that help in facilitating learning FX trading. I hope this helps David. Again this is a highly volatile market and investing in these involves high risk so be aware of the disclaimers.
Dont invest if you are yourself not educated and prepared enough to do trades. You can check out some simulated platforms and do attend seminar or live trainings to fully grasp this.