Author Topic: Getting Rich with Forex (Foreign Currency Exchange)  (Read 6202 times)

maiagabrielle

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Getting Rich with Forex (Foreign Currency Exchange)
« on: July 22, 2008, 07:58:52 AM »
I have constantly been thinking of ways in which to earn money given the crisis that we all face nowadays:  increase in gas prices, prices of basic commodities and so on..

financial advisors always say the best way to earn money is not to just work as that would only give you a meager salary but to invest, invest, invest.  But where do you invest your money in.  There is the local bank, you can make a deposit or better yet go for a time deposit that has a higher interest rate.  I have tried this and unfortunately, my money has only earned a hundred bucks or so in 6 months.  yes, income but little.

then there's stocks.  the thing with stocks is you have to know which company is better and you have to hire a broker which can guide you though all of this processes.  with stocks, you also have to wait for sometime for the companies to do something.  if the company earns you earn.

the best of all that i found is investing in foreign currency exchange.  why?  for a number of good reasons.  here are a few of them

1.  availability.  the market is available 24 hrs in a day as currencies are being bought and sold all over the world.  you can transact and earn anytime.

2.  liquidity.  as you are dealing with currencies, you can easily liquidate your earnings.  Unlike stocks certificates while you have to wait for it to be changed into money, in forex you are already dealing with your money.

3.  unlimited ROI.  Yes, return of investment is unlimited.  you can go for as many as you want.

in any business there is always risk involved specially in trading.  however, should you have the guts to pursue this then go ahead.  just make sure that you have covered the bases and of course are in control of your money.

in case someone is interested to learn more about this, you may pm so i can try to set you up an appointment with the forex consultancy firm here in cebu.  thanks





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Macky Ferniz

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Re: Getting rich with Forex
« Reply #1 on: July 22, 2008, 04:06:10 PM »
Maayo ni nga investment kay ang imong gains are pure gain and no strings attached. Ang imo lang puhonan ani ang imong ka wise ug kinahanglan updated ka sa world events and world economic trend. So, by doing this you will not only gain money, but you will also gain knowledge which is for me more important than material gains.

What I mean by "no strings attached" is that the money you earn is also a direct gain to our economy because that is pure currency. Compared to other investment and I have already explained this in other threads which I took example of a siopao business, that the investor will gain, but our economy is lossing. Why? Because we use gas to cook the siopao and we ride our way to market, thus using fuel. These fuel and gas are imported from expensive source, so the moment our country pays to the oil exporting country, the value of our currency is reduced by that amount. Whereas we are not gaining dollars from that Siopao, unless you will sell it to an American Tourist. Hope you get what I mean.

Another thing, we percieve that the more foreign investors we have in our country, the more our economy will progress. This is wrong. That depends on the type of business they will put up. The only reason a foreign company will invest in the Phils is to earn. Sorry that Mc Donalds food chain is my best example. We thought they helped our economy by providing jobs, but we are double fried with our own oil. They used expensive fuel, gas and electricity for thier gains. The situation is like this: We are importing oil to be used by Mc Donalds in cooking their food, so that they can gain from us (double fry). Some economist say we gain by their taxes. What tax? As I've said, investors come to this country to gain, so this tax is calculated/passed-on to their margins. This means we (buyers) are the ones paying thier tax (again double fry).

So the best foreign investors is outsourcing & service oriented/manpower like call centers.

The best thing to do as a country is to intensify our export and to minimize our imports. During the 70's we are the largest exporters of Coconut by products and Rice. That time, we are not importing cars and expensive oil. We are living a simple life back then, but we were rich and in abundance. Our ex-rate at that time was 6 is to 1 US Dollar and our economy is one of the strongest in Asia. At that time, there were no much foreign investors, but now we are feasted.

In conclusion, Forex and Export business is the best solution to alleviate our economy.

Tip: I predict that the Brazilian Real will be among the strongest currencies in a span of 5 years.

Sorry for the lengthy lecture folks. Hope you learned something.

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maiagabrielle

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Re: Getting rich with Forex
« Reply #2 on: July 22, 2008, 04:21:23 PM »
Our ex-rate at that time was 6 is to 1 US Dollar and our economy is one of the strongest in Asia.

korek sir mack.  if only we can go back to the way things were.  but we simply can't so like the saying goes, "if you can beat them join them." 

Filipinos are somewhat hesitant to join this market because of the risk involved but we should think that there is always risk in business and in earning money.  what you must is do all you can to minimize that risk and maximize your profits.

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Macky Ferniz

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Re: Getting rich with Forex
« Reply #3 on: July 22, 2008, 04:58:48 PM »
Maia,

More people in my place invests on Forex. Hope Filipinos will realize the benefits of this investment. All currencies are on a wave cyle (high and low), like breathing. With this, you will find buy and sell opportunities.

This investment is two thumbs up for me.

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maiagabrielle

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Re: Getting rich with Forex
« Reply #4 on: July 23, 2008, 07:59:50 AM »
bitaw sir mack.  hopefully mga people here will too.  i am just opening the doors for them and giving them the opportunity.  contact me guys if interested.  thanks.

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ivyliz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #5 on: July 28, 2008, 09:56:06 PM »
too risky. I'd rather engage into business, at least the movement in under my control.

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Macky Ferniz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #6 on: July 28, 2008, 10:39:16 PM »
Dear Ivyliz,

I suggest you engage into export business and not import business. This way you help our economy and not the economy of other countries. Or any business that could boost tourism is also a good business.

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bol-anon_ko

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #7 on: July 29, 2008, 01:08:38 AM »
I dont think so hesitant ang Filipino's in investing..  sugarol paman gani kaayu ang pinoy kun bu-ot huna-hunaon.. the only thing is.. only a few knows and understands trading.. may it be equity, currency or etc.. 

i think the govt should sponsor seminars to educate Filipinos on how to invest..
for me, i initially was self taught.. took me a couple of $$ loses before I get a grip  of how the market works.. but its worth the risk..manugal man gani ta sa buwangan nga wla ta kaila knsay tag-iya anang ubang manok.. wla ta kabalo gi-unsa pag gam.. unsay klasi sa manok.. 

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"Like most trends, at the beginning it's driven by fundamentals. At some point, speculation takes over. What the wise man does in the beginning, the fool does in the end." -Warren Buffet

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #8 on: July 29, 2008, 02:35:48 AM »
aha! hahah mao jud bitaw, atong mga tawo wala kabalo anang investment "thinge" sa atoa schooling ra jud ang investment sa mga tawo...like us sa una, akong mga folks wa jud tawon kabalo anang  mga invest2x

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Macky Ferniz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #9 on: July 29, 2008, 05:50:34 AM »
I dont think so hesitant ang Filipino's in investing..  sugarol paman gani kaayu ang pinoy kun bu-ot huna-hunaon.. the only thing is.. only a few knows and understands trading.. may it be equity, currency or etc.. 

i think the govt should sponsor seminars to educate Filipinos on how to invest..
for me, i initially was self taught.. took me a couple of $$ loses before I get a grip  of how the market works.. but its worth the risk..manugal man gani ta sa buwangan nga wla ta kaila knsay tag-iya anang ubang manok.. wla ta kabalo gi-unsa pag gam.. unsay klasi sa manok.. 

Ang risk sa sabong 50% kay puede ka ug mo daug ug puede sab sa ug ma pilde sa samang kantidad. Apan kong swertehon ka sa market trading, exponential imong daug. Daghan ang na dato sa trading for just overnight. Basta mag sige ka lang ug research sa mga factors nga maka afect sa imong stocks. Mag sige lang ka ug paminaw sa news.

In the case of Currency Trading or foreign exchange, I will give you an example. Kung mi palit ka ug Iraqi Riyals before si Sadam Husein nadakpan, barato ra kaayo ang ilang currency. So mag huwat ka lang ug 1-2 years unya nadakpan si Sadam ug na liberate ang Iraq. So ang currency nga imong gi palit 1 year back is now x 100.

Pananglitan karong november election sa US, so uncertain ang mga US businessman nga mo invest kay basin dili mo daug ang ilang gi suportahan nga candidate. So ang economy sa US mo ubos at its lowest in 2008 karong November. So, mao ni ang pinakadabest nga time ipalit ug dollars kay perteng baratoha. So inig lampas sa Election, naa nay mga bagong investment ang winning administration so mo bounce back na pod ang ex-rate sa US dollars. So ang imong gi palit sa barato nga USD kung imong ibaligya, after election, mahal na & mi ginansya ka na.

Wala pa ko kasuway ug siminar aning forex, pero pareho ani ang concept sa akong nahibaw-an. Kinahanglan siguro gihapon ka ani ug broker.

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bol-anon_ko

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #10 on: July 29, 2008, 06:02:55 AM »
sakto ka Macks. in investing the potential ROI is limitless..   which market are you currently involved Macks? Currency or Equity(Stocks), Options?

Whose your broker?

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"Like most trends, at the beginning it's driven by fundamentals. At some point, speculation takes over. What the wise man does in the beginning, the fool does in the end." -Warren Buffet

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #11 on: July 29, 2008, 06:14:41 AM »
That is very right Macky, karon ang best time to buy houses ug naa kay ika down, stocks ug naa kay ikapalit.

Steel as much as possible, mao jud na shay kusog after sa gubat-gubat sa  Iraq...

I hope America will bounce back Macky as what you have predicted, naglisud baja kaajo ang America karon Macky, naglisud jud.

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Macky Ferniz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #12 on: July 29, 2008, 06:21:50 AM »
Wala ko mo invest kay permi ko mahutdan. Permi dili ka sukad kay mahurot permi. Kutob lang ko sa plano.

Pero dugay na ni nako gi research. Ang akong manghod nga naa sa Long Beach mi invest ug stocks dire sa Pilipinas apan murag nawad-an siya ug interest kay luya kuno ang market sa atoa.

Apan sa akong na research ang pinaka the best nga stocks karon kanang sa Brazil, nga steel companies. Daghan kaayo ang advantage sa Brazil kay emerging market pa sila. Ang steel permi ga tungas ang presyo constantly. Unya ang pinaka the best factor nga ang Brazil nag produce ug ilang kaugalingon nga bio fuel gikan sa sugar cane molasses, so dili siya affected sa Fuel Crisis karon. Bale independent ang iyang system kay wala man siya nag import og oil sa OPEC. Mao bitaw nga nasuko ang US sa Brazil kay ang Brazil wala na mag export sa US ug Agricultural Products, tungod kay ang dating mga agricultural lands sa Brazil ila na nga gi tamnan ug Sugarcane.

Another thing, grabe pod ang pharmaceutical policy sa Brazil kay puede ilang sundogon ang mga expensive drugs unya ilang i-reproduce locally at very cheap price. Mao nga gamay kaayo ang ilang expense sa healthcare kay sila man mismo ang nag produce sa ilang kaugalingon nga tambal. Even ang Aids drug, barato ra kaayo sa Brazil compared to European or US made nga original.

Ang mga Amercana nga gustong magpa implant ug silicone breast mo adto sa Brazil kay tanan ilang gi manufacture locally at very cheap price.

Akong trabaho sa among companya sa purchasing. One time nasuko ang among supplier sa France kay didto ko mipalit ug Bausch&Lomb Contact Lenses sa Brazil. Perting baratoha ang presyo ug mao ra ang quality.

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #13 on: July 29, 2008, 06:29:46 AM »
Brazil will be the next  "CHINA" economically. CHINA right now is at its peak or close to its peak..

ok bya i invest sa pinas.. ilabi na nka timing ka last year nga perteng daghana nag IPO's.. that was the best time to own stocks..

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"Like most trends, at the beginning it's driven by fundamentals. At some point, speculation takes over. What the wise man does in the beginning, the fool does in the end." -Warren Buffet

Macky Ferniz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #14 on: July 29, 2008, 06:35:40 AM »
Mao bitaw ang market sa Pinas affected kaayo tungod sa China. Naa sa peak na man gud ang China. Kon sa wave pa mo padungay na pod sila sa ubos, mao nga dili na safe ang stocks investment. Kadaghanan sa atong mga dagko nga business entities conectado either sa China or Singapore.

Na hala matulog na pod ko kay gabii na dire. Diha murag udto pa tingali.

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bol-anon_ko

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #15 on: July 29, 2008, 07:00:50 AM »
Mao bitaw ang market sa Pinas affected kaayo tungod sa China. Naa sa peak na man gud ang China. Kon sa wave pa mo padungay na pod sila sa ubos, mao nga dili na safe ang stocks investment. Kadaghanan sa atong mga dagko nga business entities conectado either sa China or Singapore.

Na hala matulog na pod ko kay gabii na dire. Diha murag udto pa tingali.

yup.. CHINA is startign to display  indications of a forecoming bubble

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"Like most trends, at the beginning it's driven by fundamentals. At some point, speculation takes over. What the wise man does in the beginning, the fool does in the end." -Warren Buffet

Macky Ferniz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #16 on: July 30, 2008, 05:50:52 AM »
China is comprise a multi category of production business and each category will rise and fall independently.

Since China is the backyard of the US in terms of production, China's economy too will follow with the curve. However, not all items from China will be affected by the US recession.

Some items like home fabrics (curtains, carpets, bed sheets) and garments will surely fall due to the current recession caused by housing policy crisis. People tend not to buy fashion related goods.

However, plastic products will be in demand as China is the king of plastics. To save, Americans tend to use the cheap/economical plastic as almost all gadgets can be substituted by plastic. Durability is not the concern in US at this time.

Hence, it is wise to buy stocks from companies related to PLASTICS (raw materials or finished goods).

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maiagabrielle

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #17 on: July 30, 2008, 10:27:22 AM »
there is always risk when we go to any investment.  however, you can do well to minimize your risks in forex.  there are technical tools to assist you.  Saxo bank offers a website that gives you a picture of how the trends in forex all over the world looks like.  also look at the economic and political events of a country that has a big effect on its currency rating. 

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ivyliz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #18 on: July 30, 2008, 03:15:25 PM »
yes, i think that's a good idea..but i'm still financially incapable to start one.

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #19 on: July 30, 2008, 08:51:50 PM »
 100% discipline + 50% planning + 50% strategy = 200% pure profit.

for example: $25 is very attainable, if you have a $1000 dollar account. It is actually based on the rule: "Trade only 5% on you total account size on each trade." If you were trading on a Marketiva, you would have a lot size of: 10,000.. and you should gain 25 pips to attain $25 dollars profit.

25 pips is achievable especially on GBP/USD, just one fundamental indicator on it boom, gives a minimum of 20 pips. Compared to other currencies like cross currencies are more like ranging pairs.
 
 
 


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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #20 on: July 30, 2008, 09:05:36 PM »
ito tingnan nyo ang Strategy na ganito.. at sabihin nyo ug maayo ba ug dili..



Actually, there are lots of ways to hedge/arbitrate the market. here's one example:

1. Trade with two brokers (one charge overnight interest {interbankfx} and the other one don't charge overnight interest {marketiva}). overnight interest other term "swap".

2. Choose a pair to trade, example: EUR/USD pair.
---- when you open a "sell/short" position; you'll earn interest.
---- when you open a "buy/long" position; you'll be charge with interest.

3. Now, on the broker that charge interest, open a EUR/USD sell position.

4. While, on the broker that don't charge interest, open a EUR/USD buy position.

5. In that way, no matter which direction the market price go. Your capital stay/safe. You will only earn interest per day.

NOTE: the position must be open atleast for a week

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maiagabrielle

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #21 on: July 31, 2008, 09:40:04 AM »
when we get time deposits from banks, that money that we deposited is actually used by them to trade in the forex market.  when we engage directly in forex trading, we see where our money goes, how it is used and how much it is earning according to our controls.

banks usually require the maximum amount in order to start trading, but with megatrend consulting which is an affiliate of Primehill Investment Services Ltd, the international broker, traders are allowed to trade per lot.  Lots are at $1500 each. You would need at least $5000 to start.  That's a small amount compared to the $62,500 required by banks.  The broker uses margin trading so you need not trade in your whole investment all at once.  You can do so with two lots now and increase them to what you want, according to how you foresee the market to be.  bale, diskarte na jd na nmo.

there is also short selling.  this means that you can open any position you want.  the game is actually pitting other currencies with the USD.  if the USD is weak then you should start investing in other international currencies:  the GBP, the EURO and the JPY.  you can open a buy position or a sell position whichever is more preferred by you.  and you can close the deal as soon as you make a profit.  it doesn't have to be a whole week, it could just be a couple of hours.  since it is just a point system you can earn in a matter of hours.  here is an example.

you open buy 2 lots Euro at 2.0000 then its value increases at 2.0050 after a few hours, you can close sell and earn 50 points already.  here is the computation
 (selling price-buying price) x $62,500 (the contract size) x no. of lots
 (2.0050-2.0000) x 62,500 x 2 = $625
 translated into pesos at 44.00 that is P27,500.

the broker's fee is only $70 per lot and that is fixed.  so you simply deduct $140 from $625 and that gives you a net income of $485 from trading (P21,340)

not bad huh?  and that is just for a few points.  if you really want to earn big then you wait for bigger variances, but of course there is also a bigger risk that rates will fluctuate the other way.  it is actually a game of strategy and you as the investor, has the complete control over it.

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #22 on: August 03, 2008, 04:09:09 PM »
Maia,

I have a couple of questions.

- Are the dealings online and in actual time? Or is it made through phone vide your broker?
- If it is online, is the website accessible worldwide?
- Which country is the broker based?
- What are the specific timings does the trading open and close?
- Is Forex Trading like Stock market which is a physical trading and held in a trading venue or is the trading made only virtually?
- If the trading is made virtually, are their sites secure without the risk of hackers or identity theft?

Please PM to me the basics, just the basics of Forex and TY in advance.

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #23 on: August 03, 2008, 08:49:55 PM »
hi sir Mack, the broker is PrimeHill Investment Services Ltd.  they are located in the British Virgin Islands.  There is a direct line in the office to connect to the broker so you can transact an open or close your position anytime.  You trade through your consultant who communicates directly through phone to the broker.  and no transaction is of course made without your consent.

Forex trading can be done anytime as we are dealing with international currencies:  GBP, Euro and Yen are the most popular, all being pitted against the USD.  As these currencies are used, bought and sold and traded all over the world, trading can be done anytime during the weekday.  But it is usually preferred to trade from the afternoon until 3am here in the Phils, as the market is much active during that time as that is the period when the European and US markets open.  Trading closes at 4am each day (Phil time) or 3am (if DST). 

We usually look at the Bloomberg channel or Saxo bank for details on the rate as there is less difference than the actual, and the financial consultant assigned to you is tasked to constantly update you on the rates especially if there are lots of fluctuations.

The style is more like "paper trading" because transactions are virtual but the investor can withdraw their money anytime.  Just allow 5-10 banking days to process the transfer the money from the broker to the Philippines.

Before the Philippines had a currencies and commodities trading center aside from the stock market, however due to less investors and less brokers, it has been closed and the government has still to make their move to renew it.  What the company is doing is allowing Filipinos or perhaps, Cebuanos who are interested in Forex to trade and invest.  There are lots of these firms in Manila but i think only one or two here in cebu.  The firm has existed for 10 years now, just opened an office in CDO and hopes to expand to Davao and Iloilo. 

Sir Mack, if you are really interested I can ask the manager to email you directly so you can ask him all of your questions.  pm me lng your email sir.  Thanks  :)

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #24 on: August 03, 2008, 11:09:34 PM »
I have already answered you in PM. I am not ready financially . I have priorities like the TB Village.

Perhaps by next year. But I am really interested.

Please post more tips and articles.

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PR0CESS0R

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #25 on: October 12, 2009, 05:56:00 PM »
If FOREX business, asa man sad ta mo check if ever mo fluctuate ang rate?



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gwargz

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #26 on: October 13, 2009, 01:12:55 AM »

devondad93

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Re: Getting Rich with Forex (Foreign Currency Exchange)
« Reply #27 on: July 05, 2010, 12:59:49 PM »
Yes you are right! If you trade in forex, you will going to be rich because forex trading is far better than any job or business because you don't have to do any marketing, advertising or selling. Just open a forex account, apply what you know, and money will follow.

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