Forex Investment

I Won $500 from a Contest on Facebook!

If you’re a friend on my personal facebook account, you’ve probably noticed or even wondered why I suddenly changed my display name to my real full name. And that is because I joined a contest and one of the conditions was to use my FB account with my real name.

Here’s the full story…

A day before I attended MTrading’s Forex Seminar, I visited their official facebook page and saw a post about an ongoing contest. I never joined any contest on facebook before but this one made me curious and so I gave it a try. I checked out the details and found the mechanics to be pretty easy…

  • Post a trading advice and share it. Whichever comment gets the most likes by the 18th of August will earn $500 on their trading account!

Without any further-a-do, I posted my “advice” comment to their page and waited for the other members to like it. I also invited a few of my FB friends who were online to like MTrading’s page and of course my comment.

I checked the page from time to time to monitor my likes and the others’ too. But it seemed like the other members who posted their comments weren’t exerting as much effort on the contest. For a week, my comment remained on top of the page for having the most likes.

It seemed like I was the only one interested to win. I didn’t know if the $500 prize seemed too good to be true that’s why the other commenters were kind of skeptical about it. Or maybe $500 is not a big deal to them. But for me it is.

I continued to monitor my likes until the last day of the contest. I even thought others would invite their friends to gain more likes but to my advantage, nobody got more than mine. I ended up having 22 likes while the one next to me only got 4. I could have more if my competitors showed their willingness to win. But they didn’t, so in the end, I was announced as the WINNER!

I still could not believe that the prize was real but when I received an email from MTrading and when I checked my trading account, voila! My $500 prize was already credited.

Even with certain conditions applied (like I can only use it for trading purposes), I am still very happy to have won in the contest. It’s such a surprise bonus! 😉

It’s not much but good enough to fund my forex trading account. At least I don’t have to worry now where to get my funds from to start my forex venture. I’m not confident in forex yet but I’m already practicing using my demo trading account. If I get any better, then I’ll go with my live account and use my prize funds.

Thank you MTrading for this opportunity!

Featured Image courtesy of MTrading.

Forex Investment

Forex Seminar by MTrading

Because I wanted to learn more about forex, I searched for resources online and luckily I found seminars that are being offered by some forex brokerage firms or dealers for free. One of which was with MTrading. I contacted them via email and I received a text message from one of their account managers the next day with all the details of the seminar.

The schedule of the seminar was Wednesday and Thursday, 10AM to 4PM at their office in Makati. I confirmed my attendance the day before to reserve a slot. I reached their office at 9AM on the day of the seminar and yes I was the earliest bird. 😉

Our trainer was Ms. Cathy Silerio.

cathy silerio mtrading seminar

We briefly introduced ourselves and we shared how we learned about forex and MTrading.  There were around 15 attendees that day and most of us learned about MTrading from the recently held Money Summit and Wealth Expo 2014.

The first topic in the morning was Introduction to Forex. She discussed what forex trading is, which basically is the buying and selling of currencies. In one of her slides, I was amazed to learn that forex market has a daily turnover of around USD 5 Trillion, which is way too far from the average daily trading volume of the stock market.

A lot of valuable information were discussed including the most traded currencies, currency pairs, when to buy or sell, cost of trading, spread, pips and profit, leverage, how to earn in forex, and a whole lot more. And for someone who has no idea about forex, the terms were confusing to me. Thanks to Ms. Cathy who did her best to explain these terms in a way that was easier for us to understand.

In the afternoon session, we learned more about MTrading. From Admiral Markets, they changed their Philippine brand name to MTrading to have a “fresher look” according to Ms. Cathy. But they are still affiliated with Admiral Markets, which is their mother company and with several branches worldwide.

We were also taught on how to register in the Trader’s Room and open an account with MTrading. I suggest, if you attend this seminar, bring your own laptop so that you could register and open your own account real time.  Please bear with their connection though because during our seminar, the internet connection was intermittent and kind of slow. 🙂

Technical and Fundamental Analyses were also taught to us.  According to Ms. Cathy, her main objective was to make forex trading simple for us. But again, for an ambitious newbie forex student like me, it was absolutely challenging. Thanks to my brain cells for trying their best to understand the terms and charts. I could feel my nose bleeding when she started discussing Support and Resistance, Trend lines, Fibonacci Levels, Moving Averages, Relative Strength Index, and Stochastic Oscillator. Thank goodness I had a roll of toilet/tissue paper in my bag. 🙂

She ended the topic on Technical Analysis with a sample trading plan which is

“Plan your Trade! Trade your plan!”

Fundamental Analysis was supposed to be taught the next day, from 10AM to 12NN. But we requested to have it done that same day by extending the session to save our time.  Good thing they approved it thus we continued the topic on Fundamental Analysis.

The idea of Technical Analysis is that “History repeats itself” while Fundamental Analysis is that “There is always something new(s).” FA is more on looking at the economic, social, and political forces that affect the economy of a country. And as an investor/trader, we have to be up-to-date with the news and goings-on in the market.

Some people compare trading with gambling. And if I were to be asked if trading is gambling, my answer would be yes and no. Yes, forex is gambling if you enter the market without having clear trading goals and plans, and with the hope of winning out of pure luck with no technical and fundamental analyses at all. And no, trading is not gambling if you know what you’re doing and you understand the factors that affect the movement of the market.

Lastly, Ms. Cathy discussed the advantages of being with MTrading. Here’s a list of what they’ve got to say on Why choose MTrading.

  1. Lowest spreads
  2. Meta Trader 4
  3. Free Education – seminars and webinars
  4. Autochartist
  5. Multi-Account Managers
  6. Hassle-free Deposit

The terms may sound like a jargon but don’t worry, everything will be explained to you once you attend their seminar.

I learned a lot from this seminar but I am still not comfortable with forex. Like what I mentioned in my previous post, forex is the most complex type of investment that I’ve encountered so far. That’s why I really need to invest my time and effort learning the ins and outs of the market before I finally decide to invest using real money.  It’s a good thing that there is a demo  account where I can practice trading without worrying about losing money. And when I feel that I’m already financially, emotionally, and mentally prepared, then that would be the time that I will try investing in the foreign exchange market.

Just a dislaimer, I am not in any way affiliated with MTrading or Admiral Markets as of this writing. The information on this post are based on my own understanding and interpretation of what I learned from the seminar. I am not liable for whatever results this article may bring about in your investments because you are responsible for all your decisions. If you want to know more about MTrading and the seminars that they offer, you may contact them directly or visit their website for more details.

Forex Investment

How I Learned about FOREX

When I started reading finance blogs last year, I was already seeing ads about forex. Those are the catchy advertisements which you’d see almost anywhere on the internet that boast about high potential profit. I checked my email while writing this post and look what I found on the right side. This ad is exactly what I’m talking about.

It may sound like a cliche but when something seems too good to be true, then it probably is, a scam… And I admit it was so judgmental of me to consider those ads a scam right away without checking the validity of my judgment. Furthermore, I also didn’t bother to click those ads because I was afraid that my computer will get a virus. My misconception was that an ad on the webpage is always related to either a scam or a malware.

But actually, before I noticed these forex ads, my only idea about forex was about money changers. I thought that forex is only for those who have relatives abroad who send money here in the Philippines and the recipient will have to exchange it to Philippine peso before they could use it here in the country.

The second time I heard about forex was, when my husband and his friends were talking, I heard that one of them has been trading forex for 5 years now. It is his primary source of income and he is doing pretty well on it. I also heard from another friend that he’s already a millionaire because of forex. My reaction was “Weh, di nga? Totoo ba talaga ang forex?”. But that was only on my mind because I pretended to be asleep while they were conversing. 🙂

The third time was when I attended the Money Summit and Wealth Expo last month. I got the chance to have a one on one talk with Ready to be Rich founder and author, Mr. Fitz Villafuerte. I have been following and reading his blogs since last year and meeting him personally was a great honor.

Pinay Investor with Fitz Villafuerte
Pinay Investor with Mr. Fitz Villafuerte

My main purpose of attending the summit was to learn forex. In fact I didn’t register for the money summit conference (with fee) because forex was to be discussed at the co-located wealth expo. It was an advantage for me because the expo was free.

While talking to Mr. Fitz, he told me that he will be conducting a talk about forex on the second day of the expo. I knew that forex was one of the highlights at the expo but I didn’t know that he was one of the speakers. I felt excited because one of my favorite finance bloggers will talk about a topic that I was most interested in during the expo. I was even more surprised when he started telling me what forex is, how it works, and why he likes trading in forex more than the stock market.

He also told me a bit about leverage and risk management but since I knew nothing about forex yet, I found it confusing. Nevertheless, I felt privileged to have spoken with him. Thank you so much, Sir Fitz! I hope you get the chance to read this post. 🙂

I returned to the expo the next day and after listening to all the talks about forex, I somehow got an idea on how it works. It’s almost the same as the stock market but forex market is more volatile, hence, it’s riskier. And because of that, I need to study it further before I decide to enter this type of investment.

Forex at Money Summit and Wealth Expo

There were three forex brokers (brokerage firms or dealers) present during the Money Summit and Wealth Expo. They were MTrading, FBS, and MetisEtrade. I went to their booths and got the chance to try their online platforms. I don’t know if I remember it correctly, but I think Mr. Fitz mentioned during our conversation that he is with two other brokers, Iron FX and FXCM.

After knowing that there are actually forex brokers in the Philippines, I realized that ForEx is absolutely NOT a scam, contrary to what I initially thought of. Forex is legitimate and in fact the most liquid type of investment because it primarily involves currency or money.

I can’t speak much about Forex because I only have very limited idea about it. It is by far the most complex type of investment that I’ve encountered and I know I still have a lot to learn about it. I haven’t even learned the basics yet.

I will continue to educate myself by reading more resources about forex and I will be attending forex seminars for more advanced learning. I’ll take one step at a time, while I’m still working on finding where to get my forex funds from. 🙂

So please keep checking Pinay Investor back because I will share my learnings with you and we will continue learning together.

Good luck to all of us!