A Venture on being an Entrepreneur

[j_ybanez]

---

Hi guys,

I was recently offered a position on one of the FOREX companies in Cebu, dont really know how this happened since i know nothing about Foreign Currency Trading. But anyways, since their offer was quite tempting, i took a chance at this. So in this topic, i would like to share my journey in this venture. I will post my newly-acquired knowledge and adventures on the matter since i still will be on training for the coming 2 weeks. And for you guys, you can also learn from this...

Here are some rules i would like to impose on myself.
1. I will be discreet in giving out critical and confidential information, especially on money matters.
2. I will not be mentioning any names of people and places.
3. I will post, as much as possible, everything i will learn.

So, keep in touch and hang-on to this journey...

God speed...

[d`monyita]

oist bago nga work? hehehehe

KAPE KAPE KAPE!!!! ikaw naman taya ngayon.

teka....forex? PANIHAPON NA LANG DONG! bwahahahahaha

[j_ybanez]

@d'monyita: Hi mother... mamaya na... i'm still about to learn the trade and its tricks... But PANIHAPON, no probs, with coffee pa if you like... hehehe...

[MeMing]

@ j_ybanez

gikan nako diha nga trabaho bai... ang ako lang ikasulti nimo, WALA (as in WALA gyud) gyuy makapredict bai kung mosaka or mona-ug ba ang certain currency against the dollar. PERTING DAGHANA gayud ang mga factors nga makapasaka ug pana-ug sa currency sa usa ka nasud against the US dollar. in short, HALOS (kung dili man gani panaghapay gyud) panaghapay gyud na ang pag predict sa fluctuations sa currencies. at most, WISE GUESS ra gyud intawn so tabla ra nipusta ka ug HANTAK ani nga venture.

at the same time, good luck sad nimo sir. tingali daghan ka kaila nga willing mo invest ug US $ 5,000 (ang uban forex trading co's mosugot lang ug US $ 2,500 sad). basta ayaw lang gyud kalimti bai nga ang kwarta nimo ug sa uban tao (prospected investors) dili na lalim pangitaon. so hinay2 lang gyud dala sa imong accounts (kung makakuha man gani ka) kay bug-at gyud ayo na sa imong consensya kung mahurot ang hinago-an nga kwarta sa sulod lang sa isa or duha ka adlaw.

lastly, kaning duwa-a para ni sa mga tao nga dagko na gyud ayo ug net worth. kanang willing nalang molabay ug kwarta bah. VERY HIGH RISKS with POSSIBLY VERY HIGH RETURNS ni nga venture.

again, GOOD LUCK nimo sir.

[j_ybanez]

@MeMing: Thanx for your concern my friend... and you're right, nobody can predict where the currency goes just like what will happen tomorrow... Nobody can predict the future...

As for the fact that i took the offer, this is just another journey for me to take, another chapter i will put in my life's book. Whether i will make it good or not, still it will be an experience to treasure.

And don't worry, i know the risks involved in FOREX, just like in STOCKS. In 1 minute you make money, the next you loose. Its part of the game....

And with regards to conscience, dont worry again, i wont be offering investment packages to people (prospected investors) who only has their life savings to invest on... My potential investors will be wealthy ones, as you have said, mga tao nga dagko na gyud ayo ug net worth.

So... hang-on and enjoy the ride!!! :mrgreen:

[j_ybanez]

Hi guys, Just finished the 1st week of training. Ive learned so many things that i can share with you. To start with, let me share to you a short comparison between FOREX, STOCKS and BANKS. These are financial institutions where you can actively participate in investing your money.

AVAILABILITY

• FOREX: 8am-4am (Phil Time) or 20hrs/day Monday to Friday
• STOCKS: 9am-1pm (Phil Time) or 4hrs/day
• BANKS: 8am-4pm or 8hrs/day

PRICE

• FOREX: based on interbank market rates
• STOCKS: based on supply and demand of each stock
• BANKS: based on bank's discretion in spite of Central Bank Reference Rates

LIQUIDITY

• FOREX: Transactions can be opened and closed in a matter of minutes or hours
• STOCKS: Transactions are rarely done in a day
• BANKS: Investments are subject to maturity period

SHORT SELLING - meaning you can sell before you buy to take advantage of a depreciating value

• FOREX: no limitations
• STOCKS: Not exactly legal and must be done in a short period of time ( less than a week )
• BANKS: Not Possible

MARKET STABILITY

• FOREX: not generally affected by local economic and political situations
• STOCKS: Local stock market is gravely affected by the socio-political and economic situation of its country
• BANKS: Affected by local socio-political and economic situations

CAPITAL REQUIRED

• FOREX: (1.5% Margin of Total Trading Volume) usually $1,500
• STOCKS: 100% margin requirement to trade. Some may allow 5% only but is not advisable since short selling is slow and inaccessible
• BANKS: (Some banks require atleast 50% of Total Trading Volume) more or less ($100,000.00)

EXECUTION

• FOREX: Executed after confirmation. No need to wait for buyers and sellers
• STOCKS: waits for buyers or sellers
• BANKS: Not applicable

RETURN OF INVESTMENT

• FOREX: When executed efficiently with a good trading plan can be a conservative 200% monthly
• STOCKS: Earnings rarely go to the 100% mark while dividends average about 35% annually for blue chip issues
• BANKS: Normally grossing 13%-15% per annum for time deposit and approx 17%-18% for trust bonds with a min of 5 years exposure.

For additional reference : www.forextrading.com
www.saxobank.com

[d`monyita]

hmmmmm.....

[Anton]

This is the one based in Pag-Ibig Tower, I believe?
Bai, i know a friend of mine lost $10,000 he's a highschool and college classmate of mine
Went into this company right after graduation.. After few month his 10k wen kaput...

Also a few other friends of mine (mrag mas na una sila nimo), told me about this... And asked for my opionion

So i looked into the details of the company...
Turns out they charge $70 commission per trade.. while FOREX.com has commission-free trading
70$ commission is quite a huge sum, avergae commission price for stock market trade is $15-$25

Asked my friend for the papers Turns out mega-trend (name of the company) is regsitred in the DTI and not SEC..
I asked him about this, and they were told na dli sila brokers but rather market consultants r rather facilitators for primehill inc..
So i looked into primehill, and saw that it was not registred with either PSE or SEC.. (i started to smell smething fishy)
My friend asked the higher ups in megatrend about primehill, and they said its registered in the Virgin Islands
(virigin where? A protectorate country of UK) I traced it out and saw their site http://www.primehillfx.com, and at first glance
you'd be shocked to think this was a forex brokerage company. No address, telephone number or contact details for that matter.
I traced the site and it turns out to be registred in China (bulkregister.com)

Here's the raw domain lookup:

Domain Name lookup. Morris Lee 2208, Yiu Wah House, Tin Yiu Estate, Tin Shui W - HK
Domain Name: PRIMEHILLFX.COM
Administrative Contact: Morris Lee morris966@hotmail.com Morris Lee 2208, Yiu Wah House, Tin Yiu Estate, Tin Shui W - HK
Phone: 001-661-8468535
Fax:
Technical Contact: Host Master hostmaster@communilink.net CommuniLink Internet Limited Unit 2620, New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon - HK
Phone: +852-29980833
Fax: +852-29980898
Billing Contact: Morris Lee morris966@hotmail.com Morris Lee 2208, Yiu Wah House, Tin

Now turns out, primehills contac details is in HK now? So i asked my friend to ask hem about this, and they say their bank is in HK...
so imagine

Mega-Trend .. dti registered
Primehill.. Virgin Isalnds Registered
Bank.. Hongkong Registred

This seems fishy..... for me

Im not saying don't try it.. I'm just telling you what I know and foundout and what I told my friends
So anyway goodluck

[molyn]

hey, pls. expound more about this type of business. I had experience money changing in block market, it's quiet good. But i never know this forex trading. Thanks.....

[inspector_ronan]

What do you think mr. j_ybanez? about Anton said?