Good question-forget about changing banks etc-the banking cartel is the same all over Singapore in screwing customers. Stop asking for cashier cheques when you withdraw money from us broker. which broker you are using? OXPS has a singapore office. The anxiety till receiving the piece of paper by courier/post and the waiting time (7 days easy) till it is cleared. If you still want to go by the paper route instead of TT, ask for a US$ Demand draft payable in singapore clearing. (yes both sing and HK have local US$ clearing) . In this case the broker will issue demand draft from their bank(say Wells fago) payable at singapore thro thier correspondent bank (their own branch or any one of the local big 4) To make things simple- open a us$ pass book saving/current in DBS/POBS. you may need to maintain uS$1000 minimum though. check DBS site(call C.S) what is the TT incoming charge for depositing TT in to US$ a/c. (US$ to US$- no conversion yet) but when you do convert-they will hit you.(TT exchange rate quoted includes 0.2 commision) That is another speculation. you can start watching USD/SGD when to convert!! My base currency is not singapore $. So I banked profit 500 pips and went back to us$. (that was 1.55 exchange rate -Now S$ has appreciated to 1.23/1.27 like that) had I just left my money in S$ a/c (zero interst rate!) ,I would have made 20%.
Thanks for your replies. I am checking the fees and charges for opening Foreign Currency accounts at DBS/POSB, StandChart, and CitiBank, so that I can receive the broker funds in USD through wire transfer. My broker is TradeStation.com
How do you trade with DBS as their commissions seem unreasonable? Daytrading with DBS seems very expensive to me.
I have checked around, seems DBS has the best exchange rate, let me know if you found one better exchange rate from US$ to S$... I also wanted to open a US$ account in coming weeks, most likely DBS...
Just started out. Could trade from home but prefer a office/arcade environment. Checked around saw two I like. UOB Schneider & Phillip. Former more expensive .. in any case. Anyone here doing night trading from the two arcades? Dont want to be in the only trading til 4 am in the arcade all alone ..
yes man, I am one of those (in UOB) who trades until late. Do not worry there are a few ppl. Happy to meet up for a drink if you want to. Ciao Edit: Actually I think I have something that could be interesting for you. Give me a buzz.
Hi, I have just started day trading in SG using the following markets: S&P and DOW minis Crude Gold Currencies Looking to meet up with other SG based traders who are working nights. Exchange ideas, support etc Let me know if you interested Cheers
I trade spot forex, using TradeStation and MetaTrader4 platforms. You mentioned currencies, so do you trade the London session or New York session and what symbol pairs do you trade? Also, what timeframes do you normally trade for currencies? Thanks! Here are some trades I took just now, the chart timestamp "3:24amET" is equivalent to our afternoon 3:24pmSGT. http://i.imgur.com/pJdUr.png http://i.imgur.com/0VrZs.png http://i.imgur.com/8ou6W.png
Hi all! This is my first time back on ET for ages! Good to see this thread and know that there are other people like me staying up late into night trading a market on the opposite side of the world. I know I would love to have some company on the slow days/lunch hours and I actually get that currently on Twitter but it would be good to know some folks actually nearby and we can talk some local content like the Sticker Lady or the SCDF corruption case. Drop me a PM if you are interested to get in touch over skype or twitter =) Gg for my lunch now... bye! DT