Jumping into Forex Wagon


Being in the US with most of my investment in Malaysia is pain in the a**. I can’t really respond to market changes in adequate swiftness.

In respond to this, I want to try another type of investment and this time, I’m going to broaden my knowledge in Forex. Why? In simple reasonings:

1) Forex has online platform which you can place your buy/sell in a second.

2) It’s running 24 hours and you can choose when/where to trade.

3) Online platform uses egold, which is to me, easy to get and to sell.

4) Extensive use of Technical Analysis, which will force me to learn TA. Proven to be beneficial with anything using graph ie. stock, currency rate etc.

5) Unlimited gain (and loss too).

6) Get to learn risk management.

7) Fun to have discussion with forex’ gurus

Yeap. that’s all what I can think at the moment. As a starting point, I’m going to forex school.

Forex has school too? haha yes. http://www.babypips.com/ is one of it. It has cute interface and tons of knowledge. Will update my progress soon.

If you are a newbie like me in this field, let’s start learn together. It’s fun to learn when there are friends around.

  1. #1 by Menjadi Trader on February 17, 2007 - 11:10 pm

    It’s good to know someone learning about Forex as a business. I’ve got a bunch of people already that I know making a living trading forex from their bedroom. I really envy them. I’ve been learning about forex since last October and it has been the most rewarding knowledge that I’ve ever seen.

    Yeah..let’s learn Forex together my friend!

  2. #2 by Zack on February 18, 2007 - 10:35 am

    Irwan,
    I’m not a pro but it’s just a friendly reminder for you.
    Forex is a zero sum game just like of the most of the financial instruments in this world. For someone who makes money, there must be someone or a group of people out there who loses money. Money doesnt come out of thin air.
    Start with a demo account n if u really feel that u’re ready for the challenge, start with very very very little amount of real money.
    We’re literally fighting with these so-called individualistic forex gurus and pros in this so-called glamorous world of forex.

    Warren Buffett has said, “I realized technical analysis didn’t work when I turned the charts upside down and didn’t get a different answer” and “If past history was all there was to the game, the richest people would be librarians.”

    I’m not starting a thread whether technical analysis works or not, but be very wary of people who claim they make a living from forex.
    It’s always far from the truth.

  3. #3 by Irwan on February 18, 2007 - 10:51 am

    thanks Zack for the advice. Babypips.com made me promise myself not to invest real money in two months. haha.

    Btw, I don’t think forex could really be my first stream of income. it’s too volatile for it. Even so, feeling a dip of it is never wrong. I just want to have some experience on it. I pretty sure I could use the knowledge somewhere in the future.

    Wish me for best of lack. And thanks again, Zack

  4. #4 by Md on February 22, 2007 - 4:45 pm

    Hi Irwan. Something we (muslims) should read before being involved in forex trading.

    http://www.zaharuddin.net/v1/index.php?option=com_content&task=view&id=157&Itemid=72
    Conclusion from the article author:

    Kesimpulannya, AMAT SUKAR UNTUK SAYA menyokong keterlibatan Muslim dalam pelaburan jenis ini, tiada satu pun yang dibuat terbukti dan ditonjolkan diurus tadbir secara Islamik oleh Badan Pengurusan Pelaburan Swiss ini. Semuanya terlibat riba dan perjudian, maka semua untungnya samada riba atau tidak halal satu sen pun, walaupun pulangan lumayan beratus ratus peratus tetapi ia adalah haram , HARAM DAN HARAM…MANIS DI DUNIA, PAHIT DI BARZAKH DAN AKHIRAT.

  5. #5 by Md on February 22, 2007 - 4:52 pm

    Hehe sorry, the following excerpt from the link is better in addressing the issue:

    Pemain-pemain forex kelihatan bersungguh cuba mempertahankan keharusannya, pelbagai fatwa di momokkan kepada saya, fatwa dari Jabatan Mufti Perak, fatwa seorang penasihat Shariah sebuah bank Islam dan lain-lain. Hakikatnya, semua fatwa keharusan adalah tertakluk kepada syarat di atas dan bukannya secara mutlak. Secara mudah, bagi saya anda perlu memastikan siapa yang menguruskan transaksi ‘permainan’ forex anda, adakah sebuah institusi kewangan Islam atau konvensional?; Jika institusi kewangan Islam, penasihat Shariah akan menanggung tanggungjawab, justeru, ia adalah harus bagi orang awam selagi penasihat Shariah ini mengatakannya harus.

  6. #6 by Irwan on February 23, 2007 - 3:29 pm

    Thanks for the heads up, Md. I guess I have to reconsider my decision to trade in forex. But of course, I’m still going to finish my forex school at babypips.com. Wish me luck, ahaha

  7. #7 by Md on February 26, 2007 - 2:32 pm

    anytime Irwan 🙂

  8. #8 by Radin on March 3, 2007 - 2:53 am

    Walaupun Forex dikatakan halal tetapi sebenarnya bergantung kepada bagaimana ia diuruskan. Perlu dikaji kontrak dan cara perlaksanaannya terlebih dahulu. Kebanyakannya Forex tidak diuruskan secara halal, dengan kata lain HARAM lah bagi orang Islam.

    Cuba cari diinternet Forex yang halal, try searh ” Islamic Forex” atau yang sewaktu dengannya (halal forex etc). Di sana ada akaun untuk Islam dan kontraknya berbeza. Moga kita mendapat keselamatan dunia dan akhirat.

    Wallahhuaklam.

  9. #9 by Affandi on April 4, 2007 - 8:11 pm

    Dalam hal halal / haram, yang pentingnya mekanisma yakni perlaksanaannya. Spt contoh, buah epal tu halal..tp kalo dapat secara mencuri, maka ia akan jadi haram. Begitu juga dengan hal FOREX.

    Dalam forex yang HARUS… yang pentingnya ‘On spot basis’, swap free.
    Spot basis = urusniaga segera, on the spot..takde ‘future’ kerana future tu macam bergantung pada nasib.

    swap = turn over, urusniaga yang berlangsung lebih sehari semalam…so kepada si trader, akan di caj interest oleh si broker..dan ini dikatakan salah satu cabang RIBA. Utk mengelakannya, pilihlah Islamic Account trading. Cara lain, jadilah ‘Day Trader’ dan close position sblm ‘end of the day’

    http://vlib.unitarklj1.edu.my/htm/islamforex.htm

    wallahualam

  10. #10 by Azam on April 30, 2007 - 6:27 am

    Hi…when it comes to halal/haram, I pun dah malas nak concern sgt. When you think about it, most investments available can be considered as haram one way or another. Come to think of it, what is there to be sure that something is not halal/haram?……for example, your bank loan for your car, your house…..yes, you have the option of getting these bank loans from Islamic banks….but the money which are used to fund your car/house is usually pooled from money funds from bank negara. Bank Negara claims its halal but everybody knows all central banks in the world are long term currency investors.

    In my opinion, it is up to you to decide. it is your decision. kalau dah tau duit haram, then be responsible of the consequences.

  11. #11 by mojojo on April 30, 2007 - 10:24 am

    hm, bistu camne nih? kalo nk kire jual beli yg online camne lak? takde akad jual beli. tu kire camne tu?

  12. #12 by Irwan on April 30, 2007 - 10:53 am

    in my experience dealing egold, i always use akad when selling my egold. in case of buying from non-muslim, i just make the akad for my part only.

    As with forex, as deep as my cursory understanding, it’s permissible to do the intraday trading but you cannot carry forward the trading into the next day. This is when the riba happen.

    there is a lot of info at zaharuddin.net but it’s too long and not written for laymen like us.

  13. #13 by Ahmy on April 30, 2007 - 11:02 am

    Come on Azam, if we want to analyze this issue down to the root, it will become a never ending story. Firstly, the conventional system had taken place and implemented for hundred of years due to the weaknessess of our ummah. Secondly, there were self-realization by muslims in this yester years to look for alternatives to the conventional system as it was proven that Islamic financial systems was the backbone of the progress of Islamic countries be it during Rasulullah S.A.W, Khulafa Ar Rasyidin or the Islamic Empires (Umaiyah & Abassiah).

    Thirdly, we must remember the operation of Islamic banks or Islamic divisions in the conventional banks are governed by their own Syariah Advisory Councils. All aspects relating to the operations must strictly complied with guidelines of Syariah as advised by the Councils. The pool of money used by this banks to lend Islamic financing comes from deposits in the Islamic banking system and not from the conventional pool.

    We must give room of consideration to this alternative financial system. So far, the system is well-accepted not only by muslims but also non-muslims, and it’s better for us. At least, we have options to choose from between halal or conventional. In the end, it’s up to the individuals. Tepuk dada, tanya iman …. Wallahualam.

  14. #14 by john on May 21, 2007 - 12:43 pm

    Mudah sahaja. … forex yang halal mestilah ..

    1) Spot basis not futures. Most online forex broker adalah spot basis.
    2) No interest income. Kalau ade interest, sedekahkan semua interest tersebut bagi tujuan purification.

    Kan mudah gitu….

    • #15 by Ismail on April 19, 2009 - 8:09 pm

      Assalamualaikumikut hukum fekah duit tak boleh beli duit itu yang asas.
      ni sape yang cakap duit ni komoditi…duit bukan komoditi
      komoditi ikut bahasa yg mudah ialah barang dagangan/niaga.
      ,

  15. #16 by Irwan on May 22, 2007 - 8:15 am

    from email(md makmur):

    pasal sedekah interest tu, tak boleh di jadikan jalan keluar begitu saje.. sedekah interest bukan alternatif tapi kalau dulu pernah simpan interest maka boleh la disedekahkan dengan syarat kepada fakir2 miskin (tak boleh sedekah sembarangan). Point kat sini, jangan sampai ada antara kita yang memang tau bende tu akan beroleh interest tapi still terlibat jugak dengan membuat kesimpulan interest tu nanti boleh disedekahkan. Ini saya dapat dari laman ustz zaharudin tuh… sekian.

  16. #17 by hgffhgfhnfg on July 10, 2007 - 1:35 pm

    forex itu ciptaan yahudi laknat…yahudi itu haram,jadi forex itu haram…

    • #18 by Cari kebenaran on March 1, 2010 - 6:23 pm

      Seluar jean itu ciptaan yahudi…yahudi itu haram, seluar jean itu haram? Yang hang pakai seluar jean lagi tu, buek apo?

  17. #19 by Irwan on July 10, 2007 - 10:34 pm

    uish.. haha.. ade plak hujah camtu. malas nak balas

  18. #20 by Accrued on August 21, 2007 - 10:34 am

    to hgffhgfhnfg,

    jgn p kfc, mc d, kereta ford, american express…semua nya ciptaan yahudi..soooo short minded..

  19. #21 by James Hendrickson on August 31, 2007 - 7:59 pm

    They are some interesting think pieces, especially, s that you have posted on your blog. I’m going to have to take the time to actually sift through them for some ideas. Thanks Again, James. Momentum Trading

  20. #22 by raoudhah on November 26, 2007 - 5:31 pm

    Pada saya, forex ni kene main dengan betul, by means kene monitor setiap hari. Mgkn dalam dunia moden skrg ni mmg kita susah sgt nak dapat yg Islamic betul, even dgn ASB pun as an example. Tapi, kita kenalah berusaha ke arah tu.

    – Apa yang tak dapat dibuat semua, maka janganlah ditinggalkan semua.

  21. #23 by Fiza on November 28, 2007 - 9:39 pm

    how’s ur forex learning proggression now irwan? Did u already try the demo account?

  22. #24 by Irwan on November 29, 2007 - 3:22 am

    my learning progression has been stalling. haha. right now I’m focusing on my iphone business. Now I’m not sure whether to continue to learn or not. part of it because I thought this area need a large contribution of time. even if I master all the techniques, I still have to spend more money and time to gather enough experience to beat the market.

  23. #25 by Fiza on November 29, 2007 - 3:06 pm

    well… true enough… forex investment is not that easy… btw good luck in ur iphone biz.. 🙂

  24. #26 by Zeke on December 7, 2007 - 12:40 am

    What is “Forex”? I thought this was a brand of condoms.

  25. #27 by Irwan on December 7, 2007 - 12:51 am

    lol… that’s durex bro

    forex stands for foreign exchange

  26. #28 by fxrace on February 4, 2008 - 6:00 pm

    harap ada pihak dijakim dapat keluarkan fatwa. Kalau haram kita stop main forex. Kalau harus tlg beri panduan. Buat masa ini saya ikut pendapat yang kata harus. Maksud nya ada tiga perkara pokok.

    1. Forex Spot (2 Days)
    2. Leverage 1:1 (No Margin)
    3. Long Only

    Cuma saya konfius kalau buka Sell Position..Cara Spot….Mohon bantuan

    TQ

  27. #29 by razlan on February 5, 2008 - 12:30 am

    forex ni dah jadi samar.. aku rasa kalau nak selamat dunia akhirat, kite elakkan lah dari buat perkara-perkara yg samar nie.

    kadang-kadang mata kite ni cube menidakkan benda yg kite dah tahu benar atau salah. biasalah kite ni manusia ; duit, perempuan cantik dan kuasa besar.. mmg sentiasa mengaburi kita.

    mmg kadang-kadang kebenaran tu pahit nak ditelan dan kadang-kadang terlalu manis untuk diterima sebab itulah ada kitab 30 juzuk untuk dirujuk.

    Saya pun dulu kaki forex gak.. berpuluh-puluh pip sehari.. tapi dah bace benda ni dan research.. saye quit lah.

  28. #30 by abanglong on February 10, 2008 - 4:36 pm

    fxrace,

    sell tu maksudnya beli the other pair. contohnya pair eur/usd, kalau kita BUY maksudnya beli currency euro. kalau SELL maksudnya beli currency usd.

    kalau masih nak trading forex ni, bukalah akaun dengan broker yang ada islamic-based account dan tiada leverage. ambil leverage 1:1 sahaja, bukannya 1:100 atau 1:500. yang saya jumpa hanya broker berikut: northfinance dan moneyforex sahaja. wallahualam.

  29. #31 by fxrace on February 28, 2008 - 7:10 pm

    http://www.tadawulfx.ch/

    ISLAMIC CONDITIONS

    TADAWUL Fx SA is delivering to its clients an online system to trade only Spot Currencies. Clients can open and close positions at anytime without being constraints to hold them for a defined period. The MT4 Trading system is the most reliable trading tool offering its users instant execution, professional charting packages, as well as MT4 indicators.

    Tadawul Fx SA is the First Foreign Exchange Company to offer Islamic conditions such as:
    Interest Free Accounts
    Clients benefiting from Tadawul Fx SA ‘No Riba’ policy may hold positions for an undetermined time at the original opening price until they are closed, no charges occur. Tadawul Fx SA may revoke the ‘No Riba’ policy in case of abuses with a 48 hours Email notice.

    Musharaka or commonly called joint venture
    Refers to a partnership or joint venture for a specific business with a profit motive, whereby the distribution of profits will be apportioned according to an agreed ratio. In the event of losses, both parties will share the losses on the basis of the agreed ratio.

    Hibah (Gift or Donation)
    This term Refers to gifts awarded voluntarily in return for loan given. Tadawul Fx SA will select different organizations in order to enable investors to donate a percentage of their profits.

  30. #32 by tarabas on March 23, 2008 - 5:30 am

    Salam utk semua,
    moga allah memberi keampunan & petunjuk kpd kita semua.

    Hukum forex asal adalah harus, w/bagaimanapun ia boleh menjadi sebaliknya (haram) bergantung pada cara & perlaksanaannya.

    setelah apa yg dapat diteliti saya berpendapat haram jika :-

    1. berlaku rollover (swap) = haram.
    2. sengaja tidak mencari a/c islamic = haram.

    jika perkara diatas dapat di atasi ia adalah sebaliknya sbb saya pn pernah bertrader forex berhenti sekejap & sambung balik bila sudah yakin.

    masalah akad insyallah tidak menjadi masalah krn setiap agreement perlu anda fahami dan ia ditulis dgn jelas (text & maslahah), manakala laverage pula adalah mechanism utk membolehkan kita masuk pasaran forex jika tidak maka tidak boleh masuklah, maaf kiranya saya silap.

    rujukan & scan sijil halal dr mufti perak 4 julai 2002 /23 rabiulakhir 1423, email pmuftipk@tm.net.my atau boleh klik disini –>

    http://www.liteforexasia.net/pages/hukum-forex-daripada-perspektif-islam.php

    wallahualam ana bisawab.

  31. #33 by fxrace on April 15, 2008 - 4:58 pm

    Thank you for your e-mail

    We offer swap free accounts for our clients of the Islamic faith only. Clients may open positions which will remain swap free for ten days only. If the position remains open swap will be charged from the eleventh day onwards.

    If you wish to apply please e-mail support@fxpro.com with your request.

  32. #34 by jebong on August 13, 2008 - 3:46 pm

    Pokok pangkalnya broker. Boleh kau orang tanya pada broker forex, adakah position saya (contoh GBP/USD) ini benar-benar masuk market ?
    Kalau broker korang jenis bucket shop, boiler room & market maker memang tak masuk market pon position tu. Tolak tepi dulu hal swap & leverage.
    Kalau position tak masuk market, tak nama trade tapi nama dia GAMBLE. Gambling on market movement, nampak macam trade tapi sebenornya berjudi. Duit kau tu duduk dalam server broker tu sahaja. Kalau position kau untung, broker dapat komisen + spread.
    Kalau position kau rugi, broker dapat komisen + spread + duit hangus kau tu !!! Maknanya kalau position kau rugi, broker untung lebih.
    Aku bukan ulamak tapi aku dah ternampak !
    Yang aku nampak broker forex ada dalam 3 jenis,
    1. Bucket shop/ spread better. Memang semua duit trader tak masuk market .
    2. ECN type broker. Jenis ni digunakan oleh bank-bank serata dunia. Modal mula ratusan ribu USD. Inilah market forex yang sebenarnya. Nak trading siap kena ada counterpart, kalau ada pihak nak beli kenalah ada pihak yang menjual.
    3. Market maker. Jenis ni pon tak boleh percaya. Duduk tengah-tengah antara bucket shop & ECN broker. Kononnya position tarder masuk market berdasarkan leverage. Entahlah..

    Jadi baiklah berambus dari betting. Trading itu halal. Betting memamg haram.

  33. #35 by rxyzal on December 30, 2008 - 4:31 pm

    assalamualaikum … saya dalam pembelajaran berkenaan forex, minta tolong kawan2 listkan trader yang islamic 100% (bukan separuh islamic separuh konvensional) kalo ada sijil lagi elok, bukan apa kekadang dalam mengejar kemewahan dunia kita terlupa akhirat, sesungguhnya sekiranya kita terlibat dgn riba betapa hinanya di sisi Allah … sekian w’salam

  34. #36 by yuz on April 1, 2009 - 3:14 am

    assalammualaikum.. leh x sesape kat sini bgtau name broker/agent forex yg ade kat sekitar kl?

  35. #37 by MOHD ZIN HAMID on July 17, 2009 - 11:56 pm

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