FOREX Trading for Pinoys

A few days before the month of October ends, I opened a “mini” account with Millennium Penata Futures of $1000, that’s around, Php 50k thru a friend broker. I had been practicing and learning the basics of FOREX trading as well as its terminologies thru a demo account.

So far, I know, that FOREX has a very volatile and liquid market and we all know, it’s risky. Some say, it’s better than stocks. Partly, true! High returns or profitability are possible but it may lead to greater losses if your strategy will go against you. Hmmm… learning the basics is what I recommend. Don’t rush on profitability. Think of it, it’s in dollars! A profit of $20 in a day is enough for me as a newbie but it’s not only limited to it, it could be more!

Capital to Invest?

FOREX trading for Pinoys might be known to only a few. It’s because, it’s the game then of the “BIG” guys! The richest of the rich, banks institutions and international marketers! With the availability of the internet, many companies into FOREX are opening its doors to online FOREX trading. One of them is Millennium Penata Futures based in Indonesia. To start an account with them, you could either choose to open a regular account ( $10,000 or Php 500,000) or if you don’t have that enough cash just like me, go to open a mini account ($1000 or Php 50,000). I can refer you to my friend broker to give you a sampler or demo account so you would know how FOREX trading would go just to familiarize on how to work with it.

Initial Profit:

So far, the highest profit I took in just days after trading in FOREX is $396! You may use a converter if you want to know the peso value of it! That’s almost half of $1000 that I invested!

How to take profit?

Aside from the initial capital or investment to start with, you have to open a dollar account in your nearest local bank. I recommend BDO, as they offer $200 to open a dollar account (this account doesn’t earn any interest). Other banks, may require you a deposit of $500 (dollar account that would earn an interest). Why you need one? You can only withdraw you profits from you FOREX through a dollar account as it is based in dollars! Definitely, a simple and quick transfer to your dollar account. Voila, you have the money now!

I will discuss my FOREX Trading ventures soon in my next entries! So visit this site always!