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Malaysia Forex Scandal

Bank Negara Malaysia

A lot of things are coming out from the closet, even issues that are 20 years old. Malaysia is not one to be left without any scandal. In fact, we have lots of them. From the Altantuya issue, to Anwar Ibrahim’s trial, and the most recent, a forex scandal in Bank Negara Malaysia that left us $5.5 billion poorer.

I won’t delve further on this issue as most of them are mere speculation (for now) and I tend to only worry about facts. Facts that will make you profit.

The only thing that I am concerned is right now is how forex trading can and will provide you a sustainable way of producing income in the long run.

The forex scandal that has rocked this nation 20 years ago has caused several long term repercussion. First, forex trading was banned for a very long time. Except banks, retail traders like you and I are not allowed to trade or be involved in forex trading.

Local companies are not allowed to set up trading house or obtain deposit from customers.

Recently, things have changed. A lot of Malaysians are now involved in forex trading. Some have even gained the status “Guru” and are teaching others how to trade the forex market at a very hefty price.

Foreign companies are starting to expand its wings to Malaysia. Malaysia is considered a gold mine for them because it seems so easy to get clients here due to the high level of interest among Malaysians.

I am of the opinionĀ  that you should not rush into every offer that comes your way. Not all companies that claim to be forex brokers are honest and decent. A lot of them are only there to get your money.

Some forex broker are plain scams. They don’t pay clients profit, they manipulate the technical charts, they close shop when thy reach a certain profit.

Where are the real and legitimate forex brokers? Do they even exists? They do exist but you need to find and dig deeper.

Dear readers, I would like to hear your comments on this. Just comment below ok.

Bye for now.