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Just A Reminder...

Dear All,

I personally urges you to scrutinize any "super "trading system by providing fast rich method or all-in-one signal to realize your dream, before paying fee to them. As we all undertand, the way to fortune is a painstaking process, much due to your hard efforts and practice, do you think people now can produce any super machine better than human brain? Please do not fall victime of "impulsive buying", cool down yourself for some days first before giving your most precious asset: "Money".

Sunday, September 14, 2008

Is FOREX trading illegal in Brunei?

This question has been in existance among the Bruneians for sometimes. Some advised me it's illegal and some said it's legal. Before I start trading on my own, I worked for a large bank in Brunei and deals with inter-bank transaction and deals with the government funds on a daily basis in a minimum value of not less than 8 digit figures. From the deparment I worked with in the large local bank (I don't want to disclose the name of the bank due to non-disclosure agreement that I bound to) I am being exposed by the Deputy CEO at that time how the banker rotate the bank funds and make money just overnight by placing money overseas and hold their funds in a number of financial instruments.

One of the financial instruments is forex, that if you really know how to fully utilized it is the money making financial vehicle after treasury notes, bonds and inter-bank overnight placements. But bank has very strict and tight rules in forex trading due to the liquidity of the financial instruments and at that time, I cannot trade forex for the bank without authorization from either the bank MD (Managing Director) or the Deputy CEO. And the risk exposure is being limited to not more than 1% of the trading fund!

Forex trading in Brunei so far is only legal for the big guys like the bankers. The Brunei Government through the Ministry of Finance (MOF) clearly prohibits any company or individuals that are not a licensed financial consultant to offer forex trading to the public. The MOF also repeatedly warned the public not to easily fall into forex trading schemes by any organisation, companies and individuals that are not fully licensed by the MOF.

Personally I have a friend worked with the MOF under the FID that controls banks, financial institutions and financial instruments within Brunei. To date there's no companies or person in Brunei are licensed to offer financial consultant for forex. Thus, if you hear anybody that claimed that can offer forex trading consultant or training in Brunei, do not easily enrolled in their program or offer. It is simply illegal!

I overheard that some group of people in Brunei that offer forex trading training, usually the gathering took place at one of the prominent hotel and shopping mall. And sometime daringly took place at IPA! If you do find them or about to join them, firstly asked them about their financial consultancy license. For sure they will have a hard time to show it to you. Beware, this is illegal!

Why it is illegal? They will not be responsible for any loss in your fund and they simply do not have the financial protection act as laid down the MOF. If you refer to the MOF, for a company to offer a forex trading or similar financial instruments to the public, a company must have a minimum financial liquid capital pledged with the MOF not less than B$25 million. However, if you have only B$25 million but do not have an experienced money managers within the organisation and the MOF not satisfied with the company management team, you will be unlikely to get the legal license to offer forex trading to the public.

But if you trade personally with a licensed company such as GAIN Capital Group, FXCM, Alpari UK Ltd, Oanda, ODL Securities or FxPro you can legally trade forex. Personally I need to add here about forex...forex trading alone is far more riskier than stock market. It is very volatile, very liquid and the market movement can easily be moved by so many market variables such as equity markets, bonds, commodities, inflation, and more.

A person should NOT trade the forex market without proper training and mentor. You can easily make losses without it. I trade the forex market with mentor in London, New York and South Africa. All have forex trading experience of well over 15 years in the market. Whenever I am in doubt about the market, I will always ask one of the mentor to give some guidance. The mentorship service are not FREE.

Only trade forex within your capital limit and with mentor as well as within the legal envelope.

31 comments:

Tiwin said...
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TwentyOne said...

Tiwin,

I am thinking of joining the currency trading that your mentor offers, so I hope you can answer a few questions regarding your mentor OrangeRoshan:

1. Is OrangeRoshan a licensed investment adviser in Brunei?

2. Where did OrangeRoshan get his 16 years experience in currency trading?

3. How do I join his mentorship program and how much are his fees?

4. Is OrangeRoshan part of Network21/Amway?

Thanks.

Tiwin said...
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TwentyOne said...

Hi Tiwin,

Thank you for your answers. I need to feel comfortable before I embark into something, so please indulge me a few more questions:

Why doesn't OrangeRoshan himself get a license? Doesn't he need one to teach the local licensed chartered investment advisers his methods? After 16 years of experience, he must be qualified and should have no problem with obtaining a license from the MoF.

One more thing, whilst I am interested in currency trading (especially since OrangeRoshan's seems foolproof/minimal loss), I am a bit wary of multi-level marketing. I have heard that if you want to use OrangeRoshan's methods, you need to sign up with Network21/Amway. Is this true?

Thanks.

Tiwin said...
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TwentyOne said...

Hi Tiwin,

My questions are basic enough, I didn't think I was asking you to divulge trade secrets. Anyway, I have emailed OrangeRoshan my questions. I hope to receive his reply soon.

Thanks.

Dhanvika (Forex Trading) said...

Hi Smart,

Thanks for sharing your experience with us. Please keep us updated.

Forex Trading

ORLANDO TRUTH said...
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Tiwin said...
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ORLANDO TRUTH said...
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Tiwin said...
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NadD said...

Orlando truth,

I don't know what your motive is but I can tell that you have no clue what you're talking about. You have clearly been brainwashed by false assumptions on this man.

I know Orange Roshan personally. In fact, I'm one of his close students. I've known him for quite sometime now and I can tell the rest of you reading this that orlando truth is just trying to bring Orange Roshan down and I know why...

Orange Roshan, or as you prefer, Aman, is a generous man whom I learn a lot from. I was brought into the world of currency trading by this man. I didn't know anything about currency trading but Orange Roshan guided me step by step and now I'm a trader and I still am a student of Orange Roshan. Orange Roshan's SRDC methods are original and profitable.

It's okay to envy other's success but can you please stop the false accusations on Orange Roshan? Like tiwin said, hate and bitterness are not characteristics of successful traders.

Ice said...

Hi, I am also a student of Orange (and continue to be). Not only did i have no prior knowledge to currency trading before (although I did know of its potential) I chose the SRDC 1 method (plus proper mentoring by Orange and his submentors) because it already proved to be very profitable and effective with the proper psychology and mentality.To in fact follow the market and learn never to fight it. Guess what, Method is only 10% whats the remaining 90%? Its YOU! Correct and consistent mentoring is key.

Because your the one that's clicking that button.(Early or too late of an entry/exit) Orange reminds us of this fact and even trading newbies see it as an important ingredient to maintaining success in currency trading.

When education is widely available in most countries. How come we are not all Doctors/ Lawyers / Engineers/what have you. The system is there!

This is what Orange emphasizes on.

And not only that, throughout my experience under the guidance of Orange he has always proven to be wise and always generous with his time and money.

My advice is to always consider the source and the motive as to why you should listen and follow someone's teachings and how far you will go to infact to achieve success. Are you a good student? I chose to learn SRDC straight from the source and have seen on countless occasions of its success. Backtest and u will see for yourself.

Where and when did you travel with Orange recently orlando truth?

Tiwin said...
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Babu said...

Hi Orlando Truth,

I am one of Orange Roshan's students.
Knew him since ages. He is not as what you specified.

How dare you to say "No one makes money with Orange Roshan. Go to his forum and ask if anybody is making it."

Learning under Orange Roshan group, have made me once doubled my account in just 3 days time & that was the fastest.and that's LIVE account.

Salsa said...
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Tiwin said...
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amwayman said...

I am also an Orlando student of Orangeroshan.Many of you who have posted here have less than 2 months experience of SRDC so I am sorry to say this but your experience of SRDC counts for nothing. I had studied SRDC dilligently for 2 years. And although Orangetruths statements may have appeared a bit harsh they are nonetheless very truthful. Orangetruths passionate statement should be seriously considered by anyone contemplating studying SRDC. Orangetruth was promised many things by Orange of which none of them were delivered.Some may claim Orangetruth was not a good student or he did not follow the rules. But i can assure you the Orlando group to a man were both good students and followed the rules which they had. We were not a band of nobodies but professional people too. So dont think for one minute we were not capable of understanding and following SRDC. THE PLAIN TRUTH IS.. SRDC does not work. Tripling an account in 3 days does not prove a system. Neither does one months results. When you can post results for one yr then I suggest people should sit up and listen to you. Orange may claim the Orlando seminar was ruined by traderbill but that does not excuse his false promises to the loyal members who were left.Ask yourself this. Why are there only 3 members left from the original 30 who attended Orlando. Can they all be wrong? Could they all be bad students. Come on people wake up?

Let the facts speak for themselves. If this is a professional forex system then you will be able to post one yr results of the BUBU, post 1 yr results of the matrix and ambuyat. Post 1yr results of SRDC 1,2,3. Not what you could have got but concrete evidence. The $300 to $1 million advert is totally misleading and in my opinion unethical. When you can post substantiated results then people may believe in the power of SRDC, and doubting objectors like myself will go away.

A member of the Orlando group said that if only one of us ARRIVES they would be happy for that person. To date this is the only fact. NONE OF US HAVE ARRIVED and it is unlikely that anyone will arrive using SRDC.

My last statemnt is this. Why would anyone capable of harvesting pips at will have anything to do with Amway or network 21. Why would you bother with Amway and there dubious business practices. Maybe SRDC is just a trojan horse for Amway when you fail as a trader you can always sell amway products.

There is no denying Aman is into Amway. But If i had the choice of selling shampoo for pennies or trading and making millions I would choose trading. So why Amway Aman? You often say trading is your 3rd business. WOuld Amway be 1 and 2 and trading is 3rd? becuase you earn a pittance from forex, not by trading but by teaching others to trade a system which is unproven. . It is said that those that cant teach. Is that the case with you?

When you can bring forward proven results, trading SRDC then i will withdraw my accusations and applaud you. I am sure everyone will be clambering to join ORI.

I saw this picture at the recent Brunei Amway convention and there was Orange in the front row. Amway/SRDC seem to go hand in hand. SRDC is a trojan horse for Amway/N21 until you prove otherwise.

IceMan said...

First Step to becoming a Successful Trader: BACKTEST.BACKTEST And more BACKTESTING

You still don't see the Consistency?

Perhaps you should stop trading altogther.

So where exactly are you falling short?

Or perhaps you have other hidden motives?

To those that dont know better. BACKTEST and find out.

"There shall always be more critics in this world than Successful people"

Salsa said...
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Salsa said...
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amwayman said...

Salsa i admire your sincerity and your loyalty to Orange.There was a time when i would have done the very same thing. But loyalty is a two way street. You cannnot keep giving loyalty where it is not due. You cannot keep trusting someone and recieving little if any trust back. We are having a debate one in which i have done nothing but TELL THE TRUTH. The truth is very simple. NONE OF THE ORIGINAL MEMBERS OF SRDC have ARRIVED.Of that I am definately sure. If anyone of them had arrived they would be proud to say so and show their proof. When this happens I will gladly appologise publicly.

Salsa please can you tell me which of my allegations are wrong. I will be glad to answer those allegations.

I Dont put food on your table and I am not offering anything as a solution except to look elsewhere, and save yourself the needless frustration. Unlike Orange, i am not offering you something which i know will definately not work. At least with my suggestion it leaves you open to continue your journey to financial freedom. Whereas Orange is offering you financial freedom knowing you will never achieve it with SRDC.Who is more noble. Me for offering you nothing or OrangeRoshan who offers you something which does not work? I have no ulterior motive telling you this. I feel like the witness to a car crash. A crash I could prevent for many others.Do I stay quiet and let other people get duped. Or do I speak up. I chose to speak up. This is a blog designed for open honest debate to which i am adding an open and honest account of my experiences learning Srdc. I have nothing against Aman I find him a very likeable character. But where I disagree with him is on the profitablility of SRDC. Too many smart minds have backtested SRDC inside out. Too many smart minds have written Expert Advisors for SRDC. None could get it to be profitable. I believe in honesty. I am not traderbill or any of his supporters. I am most definately impartial. You want to learn how to trade go elsewhere. Seek another mentor who will live up to his promises. The Orlando group were made promises he could not keep.I believed those promises. I understood what was expected of me, and I carried out those requests. So please tell me what it is I did wrong. Was it my money management why I failed. No i followed the incubator rules. It is widely known that the best MM strategy cannot make a system that fails a good system. All a good MM will do for a bad system is make you lose your account slower. Was it my discipline? No it was not. I followed the rules of entry and adhered to the filters. Was it my psychology, No it was not. They say a bad workman blames his tools. But if all the SRDC workmen failed you begin to ask yourself the question "Was it the tools after all that were bad." Could all these people be so wrong and SRDC so right. I agree in order to become a good trader you must backtest. But every single SRDC method backtested has produced unfavourable results. So what secret sauce can Orange sprinkle on the SRDC to make it work that he did not sprinkle when the Orlando group were present. Has he got anything left in the locker to prevent this from being an unmitigated disaster. His character is in question not mine because I never made a promise I knew I could not keep. He made several promises to us as a group he failed to live up to. Learning SRDC has taught me one thing. Put no trust in man.. Put all your trust in God. I made the fatal mistake of trusting Aman.

Tiwin said...
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Salsa said...
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GtConcept said...

Oh god!!! Blah blah blah blah... You guys should be smart enough to use the computer and old enough to think right from wrong. If you think it's a fraud, simply don't join. If you think it's good, hey, why not! Do your research man! Teaching is not illegal, it just broaden your 'choices'. You make the final decision. So, assuming that you have a brain, think.
To people dissing OR, get a life. To ORI people, study smart & good luck :-)

Regards,
EMD

evision said...

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Fudge said...

There's an old saying

"When in doubt, do not it. But when you are doing it, you better stick with it... through better or worse..."

I don't see why we should condemn other people just because we are too scared to do what they are doing. They have already made it perfectly clear that joining FX is a high level risk, even higher than the stock market.

There's always a risk that you're invested money can be gone in a split second.

I understand that some people are scared because they have limited knowledge on what is going on. And there are just so many news about FX fraud, PONZI schemes and even the MADOFF incident which slapped the entire world of business! Totally understandable.

Thus mentorship and calculated risk is offered by them for guidance and people who have limited knowledge, like yours truly, can face the volatile world of FX.

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