RMteam Online Forex Trading

Cara Membuka Akaun Instaforex Termudah

2010-06-27T14:55:00.002+08:00

1. Buka Akaun Instaforex Anda KLIK SINI
2. Masukkan Affiliate Code iaitu IQ
3. Hubungi / PM / Email jutawanborneo@ yahoo.com.my saya untuk Urusan Deposit/Withdrawal Anda.
4. Dapatkan Tawaran Rebet Menarik.

THE FAST RIDE FROM THE BEST BROKER INSTAFOREX

2010-06-23T19:28:00.002+08:00

International online Forex broker InstaForex Company declares new super action for traders "The Fast Ride from The Best Broker". Within the campaign the flagman of model range of the famous British automaker Lotus Cars - the up to the minute roadster of 2010 - Lotus Evora will be drawn! "The Fast Ride from The Best Broker" campaign is held from 1 June 2010 to 25 May 2012. Thus, at the beginning of summer 2012 one of the participants of the draw will receive the keys to Lotus Evora. The owner of Lotus Evora will be determined by transparent algorithm using so-called Lotus-number.

To take part in the drawing of Lotus Evora it is necessary to fulfill the main condition of the campaign - deposit not less than 1000.00 USD to your trading account with InstaForex and fill in the application at the registration page on the official website of the company. You can open as many accounts as you want with the starting deposit of $1000 and rise your chances to win!

All you need is to continue your usual work at Forex market with the best trading conditions of InstaForex Company, to gain profit and wait for lucky Lotus-number, which perhaps will make you the owner of new sport car Lotus Evora.

We remind you that the drawing of Lotus Evora within the campaign "The Fast Ride from The Best Broker" is the third car drawing within the series of contests and campaigns of InstaForex Company following the drawings of Hummer H3 and Lotus Elis.

You can look through the detailed information about the campaign terms and conditions at the campaign's page.

"The Fast Ride from The Best Broker" is held within the series of contests and campaigns of InstaForex Company with total annual prize fund more than 500 000 USD. If you are InstaForex client, you can become the owner of a part of this sum or get one of autos Lotus Evora or Lotus Elise!

Speed of trading with InstaForex, speed of movement with Lotus!

high-low method

2010-05-03T21:28:00.000+08:00

This is some simple method.but used it wisely.

- Draw a horizontal line from the first tick of the day,
- BUY Stop 10 pips above the line.
- SELL stop 10 pips below the line for the same pair.
- Stop Loss 25 pips
- Take profit the next day(with out TP),Or 30-50 pips.
- Trade as many pairs as I could ( I traded 10 pairs )
- Every day I made more than 200 pips from all trading, but the biggest one I got
from Gbp/Jpn.

But I don't want you to do that ! That's only my "bad" experience last time. What I sometimes still do until today is:

- To draw a line on yesterday highest
- To draw a second line on yesterday lowest.
- Easier to use daily chart.
- Buy Stop at yesterday highest
- Sell Stop at yesterday lowest
- Stop Loss 50 pips.
- That's all.

I traded just to refresh my mind and to prove that everybody can make pips with a very simple tricks, including you. He...he...he...

You wanna do that ? Look at your chart and draw a line on the previous day high and low, you will get the answer.

Happy trading

Scalping King Berkesan

2010-04-28T00:02:00.002+08:00

Salam kepada semua pengunjung blog aku yang tak seberapa ini. Satu teknik yang simple enter post memang menarik. Sejak posting sebelum ni aku dah mula serasi dengan teknik scalping yang simple dan mudah difahami. Dengan berbekalkan sedikit pengalaman yang tidak seberapa seandainya konsisten sistem ini adalah tidak mustahil untuk MC.

Satu kaedah trading yang sesuai bagi aku yang jarang trade manual. Dari segi pengurusan masa yang fleksibel membolehkan aku menjana keuntungan walaupun sedikit namun ianya gaya trading yang relax dan sesuai bagi mereka yang jarang ada masa mengadap skrin PC selama 24 jam.

Di sini ingin aku berkongsi sedikit aplikasi yang aku lakukan dengan teknik scalp king ni.

Masa Trading : mana-mana jam antara 8 pagi sampai 12 tengah malam (aku normaly 6-7 malam & 11-12 malam )
Profit target : minimum 15 pip sehari .. tak kira lah USD0.15 sen ke USD1.5 ke USD15 ke USD150 dan seterusnya. ( aku 15-30 pip je dah ok)
Capital : USD10 pun dah cukup dah
Broker : Mestilah Instaforex KLIK kat banner atas ni ha
Pair : Cable Only (lain-lain punya pair aku x try lagi
Lain-lain nanti aku update lagi. Cheerss

Boleh rujuk post sebelum ni untuk info dan bantuan teknik scalping terhebat... chehhh

cheerss wasalam

Forex King Scalper Penawar Rindu Di Kala Dilema MC

2010-04-14T23:45:00.008+08:00

Salam 1 Malaysia kepada pengunjung setia ke blog saya...
Sejak sekian lama akhir nya saya kembali lagi mengemaskini blog kesayangan saya ini...

Sekadar ingin berkongsi satu teknik scalping yang tengah panas di Carigold.com sekarang.
Kepada yang berminat dengan teknik scalping mari saya kongsikan kepada anda semua agar kita sama2 mendapat keuntungan dari perkongsian yang telah dikongsiakan oleh seorang rakan trader dari forum kesayangan kami di carigold.com. Selebihnya maklumat sila KLIK SINI

Mudah-mudahan dengan perkongsian ini dapat memberi manfaat kepada pengunjung blog saya ini. InsyaAllah saya akan update hasil trading menggunakan teknik ini dalam masa yang akan datang.

Sila lihat gambar dibawah ini sebagai panduan...:- (sila klik pada imej untuk paparan yg lebih jelas)

InstaForex - the best broker in Asia

2009-11-20T17:27:00.001+08:00

It is not a secret that for the moment InstaForex Company is one of the leading Forex-brokers in European and Asian region.

Success recently achieved by InstaForex Company was noted not only by the customers and partners but also by independent financial institutions.

In October 2009 in London World Finance magazine summed up the results of the annual award in the category World Finance Awards for 2009 and InstaForex was announced as a winner in the nomination "Best Broker in Asia".

This award became a consequence of InstaForex efficient work in Asia and other regions of the world and also the highest level of provided service. Lately business activity of InstaForex Company in Asian region has significantly risen: the number of representative offices increases; there are held seminars and training; the retail office was opened in Kuala-Lumpur; there are developed additional online services for Asian customers.

All this in combination with the best trading conditions and unique range of special offers contribute to entitling InstaForex Company as the leader of brokerage service market in Asia.

You can get acquainted with the full-text article about the award of InstaForex Company with nomination "Best Broker in Asia" by international magazine World Finance right now, following the link to virtual edition on open access.

Read more About Instaforex Award

Open An Account With Instaforex Today

Masyuk v2 02102009 Current ROI 22.82%

2009-10-03T17:49:00.004+08:00

i`m not a profesional in this but i`m expert in seeking ....hell what ?

Masyuk v2 16092009 Current ROI 16.235%

2009-09-17T04:19:00.004+08:00

Aku closed secara manual pasal lepas subuh ni nak balik kampung drive... akan update lagi selepas Hari Raya ni le..

Masyuk v2 15092009 Current ROI 13.24%

2009-09-16T03:44:00.002+08:00

Still got 1 Order buy on GBPUSD

Masyuk v2 14092009 Current ROI 7.68%

2009-09-15T04:55:00.002+08:00

Floating

Masyuk v2 11092009 Current ROI 4.005%

2009-09-12T04:06:00.003+08:00

Floating and today result...

Masyuk EA v2

2009-09-11T02:11:00.003+08:00

Perghh lama jugak aku tak update blog ni...

untuk makluman rakan2 semua buat masa ni aku dah masuk bulan ke 2 menggunakan EA masyuk v2 ni... pada bulan lepas aku masuk 2 pair iaitu EURUSD dan GBPUSD untuk run EA ni... last2 MC pulak... maklum lah capital USD200 je... main nano lot... memang tak sesuai untuk margin yg kecik mcm aku ni... itu bukan pemutus semangat aku untuk mentry EA ni... jadi bermula lagi pada siang tadi aku run sekali lagi EA ni pada acc live aku dengan bermodalkan USD200 ... jadi lihat keputusan rasmi pada waktu ini.... Klil pada imej untuk paparan lebih jelas... atau anda boleh ikuti di forum kesayangan KLIK SINI

Forex dari Perspektif Islam

2009-08-05T23:59:00.001+08:00

Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, trading index, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.

Jangan engkau menjual sesuatu yang tidak ada padamu,” sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat Abu Hurairah.

Oleh sementara fuqaha (ahli fiqih Islam), hadits tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.

Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur’an,sunnah maupun fatwa para sahabat, larangan itu tidak ada.

Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. “Causa legis atau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar,” ujar Dr. Syamsul Anwar, MA dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.

Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi – karena satu dan lain hal — tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.

Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas rel aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan — satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.

Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa’il almu’ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.

Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa’I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.

Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan oleh Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a’yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idea.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.

Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islam dalam pengertian bagaimana hukum Islam diterapkan dalam masalah kepemilikan atas harta benda, melalui perdagangan berjangka komoditi dalam era globalisasi dan perdagangan bebas.

Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islam dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islam dapat dianalogikan dengan bay’ al-salam’ajl bi’ajil.

Bay’ al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay’ ajl bi’ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra’s al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi’iyah dan Hanabilah mendefinisikannya dengan: “Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad”.

Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay’ al-salam adalah:

Pihak-pihak pelaku transaksi (‘aqid) yang disebut dengan istilah muslim atau muslim ilaih.
Objek transaksi (ma’qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra’s al-mal al-salam dan al-muslim fih).
Kalimat transaksi (Sighat ‘aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi’iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa ‘aqd al-salam adalah bay’ al-ma’dum dengan sifat dan cara berbeda dari akad jual dan beli (buy).

b) Syarat-syarat

Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin ma’lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan.
Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk kilogram, pond, dst.
Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-’aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi.
Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.

Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay’ al-salam.

——————————

ISLAMIC FOREX TRADING By Dr Mohammed Obaidullah

1. The Basic Exchange Contracts

There is a general consensus among Islamic jurists on the view that currencies of different countries can be exchanged on a spot basis at a rate different from unity, since currencies of different countries are distinct entities with different values or intrinsic worth, and purchasing power. There also seems to be a general agreement among a majority of scholars on the view that currency exchange on a forward basis is not permissible, that is, when the rights and obligations of both parties relate to a future date. However, there is considerable difference of opinion among jurists when the rights of either one of the parties, which is same as obligation of the counterparty, is deferred to a future date.

To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U.S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of $50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of $50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or $50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. A minority view considers it permissible. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay $50 to him after six months. Alternatively, A accepts $50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market.

2. The Issue of Riba Prohibition

The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition.

The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed.

The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries.

A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance).

2.1. A Synthesis of Alternative Views

2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition

The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, “Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot; and when the commodities are different, sell as it suits you, but on the spot.” Thus, the prohibition of riba applies primarily to the two precious metals (gold and silver) and four other commodities (wheat, barley, dates and salt). It also applies, by analogy (qiyas) to all species which are governed by the same efficient cause (illa) or which belong to any one of the genera of the six objects cited in the tradition. However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause (illa) of riba.

For the Hanafis, efficient cause (illa) of riba has two dimensions: the exchanged articles belong to the same genus (jins); these possess weight (wazan) or measurability (kiliyya). If in a given exchange, both the elements of efficient cause (illa) are present, that is, the exchanged countervalues belong to the same genus (jins) and are all weighable or all measurable, then no gain is permissible (the exchange rate must be equal to unity) and the exchange must be on a spot basis. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. This is also the Hanbali view according to one version3. (A different version is similar to the Shafii and Maliki view, as discussed below.) Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible. It is also possible that in a given exchange, one of the two elements of efficient cause (illa) is present and the other is absent. For example, if the exchanged articles are all weighable or measurable but belong to different genus (jins) or, if the exchanged articles belong to same genus (jins) but neither is weighable nor measurable, then exchange with gain (at a rate different from unity) is permissible, but the exchange must be on a spot basis. Thus, when gold is exchanged for silver, the rate can be different from unity but no deferred settlement is permissible. If none of the two elements of efficient cause (illa) of riba are present in a given exchange, then none of the injunctions for riba prohibition apply. Exchange can take place with or without gain and both on a spot or deferred basis.

Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities; these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established.

The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value . This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis.

Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.

2.1.2 Comparison between Currency Exchange and Bai-Sarf

Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.

Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.

Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.

Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.

Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.

Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest-based borrowing & lending.

2.1.3 Defining Thamaniyya is the Key ?

It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions.

It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.

Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.

A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.

Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US; it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender.

Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.

2.1.4. Possibility of Riba with Futures and Forwards

So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.

We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.

Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10

3. The Issue of Freedom from Gharar

3.1 Defining Gharar

Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.

Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12

An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13

Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.

3.2 Gharar & Speculation with of Futures & Forwards

Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is $50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and $50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date.

Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.

Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.

3.3. Risk Management in Volatile Markets

Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.

It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation.

4. Summary & Conclusion

Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero.

It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.

At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.

The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .

Notes & References

1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views.

2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16

3. Ibn Qudama, al-Mughni, vol.4, pp.5-9

4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25

5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.

6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.

7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.

8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.

9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.

10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.

11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.

12. The following traditions underscore the need to avoid contracts involving uncertainty.

Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.

It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.

13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.

The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.

14. The holy prophet is reported to have said ” Do not sell what is not with you”

Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.

15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.

16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996

Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India
Mail to: obeid@ximb.stpbh.soft.net
Source: http://vlib.unitarklj1.edu.my/htm/islamforex.htm

FOREX DALAM PANDANGAN HUKUM ISLAM

2009-08-05T23:57:00.000+08:00

بســـــــم الله الرحمن الرحيـــــــم

Dalam bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.

Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan/komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.

Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.

HUKUM ISLAM dalam TRANSAKSI VALAS

1. Ada Ijab-Qobul: ---> Ada perjanjian untuk memberi dan menerima

Penjual menyerahkan barang dan pembeli membayar tunai.
Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan.
Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)

2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:

Suci barangnya (bukan najis)
Dapat dimanfaatkan
Dapat diserahterimakan
Jelas barang dan harganya
Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya
Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.

Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.

لاتشترواالسمك فیالماءفاءنه غرد

"Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan". (Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Mas'ud)

Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:

من سترئ شيتالم يرهفله الخيارإذاراه

"Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya".

Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam:

المشقة تجلب التيسر

Kesulitan itu menarik kemudahan.

Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.

JUAL BELI VALUTA ASING DAN SAHAM

Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya.

Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.

Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)

* Sumber : Forexmargin

38 sebab kenapa pilih forex, bukan bisnes lain

2009-07-22T20:08:00.000+08:00

Modal kecil, lebih kecil dari bela cacing, keli, lintah, kambing, lembu, ayam, kelapa sawit, jathropa, serai, pisang, buka kedai runcit, jadi kontraktor, atau buka mana-mana bisnes brick n mortar
Pasaran kewangan terbesar dalam dunia lebih $3.5 trillion sehari
Pasaran tunai
Keuntungan melebihi 1% sehari atas jumlah modal
Untung boleh dibayar segera melalui internet
Lebih suci dari saham
24 jam sehari, memaksimakan masa bekerja
5 hari seminggu
Bisnes global
40++ matawang yang boleh di trade, menjamin peluang membuat untung setiap masa
Belajar dalam 1-2 bulan, tempoh belajar yang cepat
Aktiviti yang sesuai bagi setiap keluarga
Boleh buat sama-sama dalam satu keluarga, suami isteri
Boleh habiskan masa kualiti dengan keluarga
Dapat mengisi masa anak dengan lebih berfaedah dengan mencari duit poket dari melayar web secara kosong
Hanya perlu internet
Boleh trading dimana-mana asal ada internet, menawar gaya hidup baru
Tak ada bos
Tak ada dateline
Tak ada VSS, restructring, downsizing, termination, layoff
Tak perlu berhenti kerja
Bukan ponzi
Bukan scam
Bukan skim cepat kaya
Bukan kedai cyber
Bukan MLM
Tak perlu ada website
Tak perlu hantar email
Tak perlu jumpa pelanggan
Tak perlu jumpa pembekall
Tak perlu mengharap kepada orang lain
Tak perlu office, boleh trade dimana-mana
Tak perlu orang atas upline
Tak perlu orang bawah downline
Tak perlu orang tepi sideline
Kemahiran penting untuk persediaan masa pencen nanti bila dapat duit EPF yang boleh diniagakan tanpa perlu cari bisnes lain
Kemahiran seumur hidup
Ultra-Recession proof

InstaForex Great Race

2009-07-22T19:53:00.000+08:00


		Company welcomes you!

The third step of the contest "InstaForex Great Race"

Registration for the third step of the contest "InstaForex Great Race" has started

Passions of the second step of fascinating traders’ competition among DEMO accounts "InstaForex Great Race" has not abated yet, but registration for the third step already started. Prize fund in amount of 8000 USD was successfully distributed among 11 winners. Since the beginning of series of contests "InstaForex Great Race" 22 traders from 9 countries of the world became winners of the first two steps and won 16000 USD in total.

We remind that the total prize fund of the contest "InstaForex Great Race" is 46400 US dollars, and contest consists of 4 steps and the final. You can take part in contest from any of four steps.

At present, registration for the third step of the contest with prize fund in amount 8000 USD is in progress. Prize fund are divided by the same scheme that was used in the first two steps:

1 prize – 3000 USD;
2 prize – 2000 USD;
3 prize – 1000 USD;
4 prize –750 USD;
5 prize – 500 USD;
6 prize – 250 USD;
7 prize – 100 USD + 40 bonus points;
8 prize – 100 USD + 30 bonus points;
9 prize – 100 USD + 20 bonus points;
10 prize – 100 USD + 10 bonus points;
11 prize – 100 USD + 5 bonus points.

You can register for the third step

You can register for the third step of "InstaForex Great Race" till June, 30 2009 at the contest page.

InstaForex company – "Real Skalping InstaForex" with a weekly prize fund of 1500 US dollars

Besides, we invite you to take part in other traders contest from the InstaForex company – "Real Skalping InstaForex" with a weekly prize fund of 1500 US dollars. The total prize fund of a series of contests "Real Skalping InstaForex" is 75000 USD. “Real Scalping InstaForex” is a weekly contest and held every Thursday and Friday. For participating in the contest you should deposit exactly 100 USD to new live trading account. There are no limitations for these funds, you can withdraw them any time you want. Registration in the contest starts from 00:00 (terminal time) on Saturday, which follows the previous contest, and finishes at 23:59 on Thursday, which is before the current contest.

Go to the contest page

Go to the contest rules page

Register in the contest

Sincerely, Clients Service
If you have any questions you can make a phone call using one of the Instaforex Toll free numders right now:

USA and Canada	1-888-472-1855
UK	0-808-120-1991
Switzerland	0-800-898-548
Malaysia	1-800-813-813
Indonesia	001-803-017-910
Other countries	8-4012-774-592, 8-4012-751-961

Start making profit with InstaForex right now!

Contact Information:
Western Guarantor
236022, Teatralnaya 30, of. 501, 510, 516
Kaliningrad, Russia
E-mail: support@instaforex.com
Web: http://instaforex.com

InstaForex Companies Group is an international brand providing online trading services to the clients all over the world. Company' operation is regulated by the local and international legislation. This letter may contain a personal information for access to your InstaForex trading account, so for the purpose of safety it is recommended to delete this data from the history. If you have recieved this letter by mistake please contact the Clients Department of InstaForex. The full list of representative offices is available at the company's website http://instaforex.com

InstaTrade Corporation | Western Guarantor | Teatralnaya 30, of. 501, 510, 516 | Kaliningrad | 236022 | Russia

Valas SSP May 2009 Performance

2009-06-10T05:47:00.002+08:00

Still got a few order floating, most of all its required a very careful money management and its took a lot of dicipline.

Click on the image to view larger.

Forex Signals From a Forex Signal Service

2009-05-20T17:36:00.000+08:00

If you are having difficulty in finding Forex signals, then you can make use of signal providers.

There is a huge opportunity to make good money out of trading foreign currencies through the Foreign Exchange market which is available in the internet.

The trading platforms and brokers of the Forex market are found in the World Wide Web and trading can be done as long as you have access to the internet. This is the largest financial market in the whole world which makes it one of the most profitable investments in the world as well. Because of this, it has enticed millions of people to try and trade foreign currencies in an attempt to make money at home.

About eight out of ten beginners in the market lose to the market because of the difficulty that comes with technical analysis and finding the opportune moments to trade and to exit trades.

Forex signals play an integral part of any trading system. These are the events or changes in the market trends, charts and statistics that indicate when you should make your move. If you cannot find them, then all is lost. Signal providers give you a chance to find these signals. Every time they would find a signal, they would send a message or an e-mail to your account telling you when and where the opportunity to trade will come. This puts you at a good position to earn because you are backed by information from those who live to gather it.

If you think this isn't enough however, you also have the option of purchasing a computer program that will find Forex signals for you. This automated system will be able to analyze the market even with little or no intervention from the user. It can monitor the market twenty four hours a day since it doesn't need to sleep or eat which lets you avoid missing anymore opportunities in the future. At the same time, these automated programs can even act upon the current trends, changes and Forex Signals that it detects - it literally does all the work for you. Of course these programs do not win each and every trade, but different programs have different success rates. Some run to as high as eighty plus percent.

When looking for help with Forex signals, it would be wise to ask around first before entering into any deal with just anyone. Read up on user comments and reviews from other websites so that you can be sure that the signal provider or computer software you are about to purchase is not a scam and so that you will have a good idea on how it works and how to use it even before you have it.

By Bernice Eker

Forex dan Pokok Getah

2009-05-15T01:45:00.000+08:00

Pengalaman ini berlaku lebih 30 tahun dahulu. Ketika itu saya masih disekolah rendah. Saya selalu mengikut atok saya pergi menoreh getah. Saya masih ingat bagaimana atok saya bersiap sedia hendak pergi menoreh getah. Beliau akan keluar kehalaman rumahnya dahulu untuk melihat kelangit yang masih gelap. Dia akan menoleh-noleh sekeliling melihat keatas dan menghidu udara pagi. Selepas itu dia akan masuk dan bersiap kekebun.

Apa yang dilakukan tadi akan menjadi panduan kepadanya untuk bekerja pada hari itu. Samada dia akan menoreh untuk mendapat keping getah atau ojol sahaja. Samada dia akan menoreh sepenuh pagi atau terpaksa melakukan kerja lain kerana cuaca yang kurang memuaskan. Saya memang kagum dengan kebolehannya membaca ramalan cuaca untuk merancang kerjanya setiap hari. Kebolehana memerhati dan menilai keadaan alam semula jadi disekelilingnya. Apa yang dibacanya dari pemerhatiannya, menjadi panduan yang selalunya tepat. Namun ilmu dan kemahirannya itu tidak dapat saya pelajari. Saya hanya sempat belajar untuk mengagak hujan akan turun disebelah petang jika kelihatan petandanya apabila matahari terbit.

Apabila saya ceritakan pengalaman ini kepada anak-anak, mereka ketawakan sahaja. Apa susah-susah, ayah dengar ramalan TV atau radio sahajalah! Pakai jangkasuhu dan hygrometer pun boleh ramal! Anak-anak zaman merdeka sekarang ini memang susah hendak memahami keadaan susah dimasa dahulu. Manalah ada TV, radio, hygrometer tahun 50an!

Pengalaman ini menjadi sangat bermakna kepada saya dalam belajar "meramal" pergerakan forex. Bukan dengan melihat langit waktu suboh! Bukan! tetapi dengan menanamkan kegigihan belajar, menghayati, merasai, mengalami secara peribadi, secara langsung, dan menerima, melihat dan mengalami kesannya turun naik gerak harga forex setiap masa. Ketika ini, forex adalah serupa dengan menoreh getah zaman atok saya - tidak ada satu alat, satu teknik, satu cara, satu mekanisme untuk meramal forex pada sesuatu hari. Pergerakan forex yang kompleks yang kadang kala digelar random walk memang sukar hendak diramal dengan tepat. Jika ada orang yang mengaku bomoh forex dan boleh meramal harga forex, walau pun matanya biru dan rambut perang, eloklah berhati-hati dengan orang itu demi keselamatan duit kita.

Seperti juga atok saya meramal cuaca dengan melihat nature, mencari petanda-petanda yang ditunjukkan oleh alam semula jadi, pergerakan forex juga boleh ditelahkan atau dijangkakan dengan mentafsir petanda-petanda yang ditunjukkan secara natural. Bagaimanakah ini boleh dilakukan sedangkan forex dibuat dalam internet? Jawapannya terletak kepada siapakah yang menggerakkan forex. Bagaimanakah mereka-mereka ini menggerak forex. Sudah tentu mereka ini manusia, bukan binatang atau jin.. Dan bukankah manusia itu makhluk, sebahagian dari alam semula jadi, sebahagian dari nature? Dan telah ditetapkan bahawa setiap unsur kejadian alam semula jadi, tidak kira binatang, manusia atau jin, ada ketetapan dan hukumnya yang telah ditetapkan. Hukum alam inilah yang wajib dipelajari sebagaimana atok saya mempelajari hukum alam berkenaan cuaca. Ada hukum-hukum yang tersembunyi, ada yang telah diizinkan manusia mengorek rahsianya. Semuanya menjadi ilmu-ilmu wajib dalam bidang-bidang yang berkenaannya. Disinilah perlunya ilmu, kemahiran dan pengalaman penting dalam forex.

Kesimpulannya, dalam forex ini tidak ada jalan pintas dan cepat. Jika ingin jadi forex trader, kenalah belajar dengan betul dan berdisiplin. Walau pun memakan masa lama, tetapi kemahiran yang dipelajari dengan sabar akan bermenafaat selagi kita masih hidup sihat walafiat.

Bucket Carrier Vs Pipeline Builder (Bahasa Malaysia)

2009-05-07T23:47:00.002+08:00

Suatu ketika dahulu, sebelum system pengairan kita di modenkan, ada dua orang bersaudara yang sangat akrab iaitu Pablo & Bruno yang tinggal berjiran di sebuah kampung. Mereka ini berkawan sangat rapat dan mempunyai cita cita yang sangat tinggi untuk berjaya di dalam hidup mereka. Setiap hari mereka bersembang yang suatu hari nanti, mereka berdua pasti akan menjadi kaya di dalam kampung mereka. Mereka berdua ini sangat bijak dan rajin serta kuat berusaha. Setiap hari mereka memikirkan apakah peluang yang mereka ada di dalam kampung untuk mencari pekerjaan.

Suatu hari peluang yang mereka impikan telah menjadi kenyataan. Kampong yang mereka tinggal memerlukan 2 orang pemuda untuk bekerja sebagai pembawa air dari kuala sungai ke tempat perkampungan. Akhirnya mereka berdua telah menerima tawaran untuk bekerja.

Setiap hari Pablo dan Bruno akan membawa dua baldi ke kuala sungai untuk menbawa air. Mereka bekerja dari awal pagi hinggalah ke waktu senja. Mereka di bayar upah 10sen untuk setiap timba.

‘Apa yang kita impikan kini menjadi kenyataan” kata Bruno. “Seperti tidak percaya apa yang tuhan telah takdirkan pada kita berdua” Tetapi Pablo hanya berdiam diri seakan-akan tidak bersetuju. Belakangnya, pinggang terasa sakit sekali dan tangannya lebam-lebam akibat membawa baldi yang berisi air tadi. Pablo mula memikirkan cara yang lebih baik untuk membawa air dari kuala sungai untuk ke kampung.

Pablo, Lelaki Pembina Paip Air

“Bruno, aku ada satu cadangan,” kata Pablo pada keesokan paginya. Sambil membawa baldi ke kuala sungai. Daripada kita mengankut baldi setiap hari untuk 10sen setiap baldi, apa kata kalau kita membina satu sistem paip dari sungai terus ke kampung.”

“Sistem Paip” Siapa yang pernah buat seperti ini? Nada perli dari Bruno. ”Kan kita dah ada cara yang baik, aku boleh bawa 100 baldi setiap hari. RM10 untuk setiap hari. Nah bukankah lumayan upahnya.”Aku boleh jadi kaya” Hujung minggu ini aku boleh pergi membeli sepasang kasut yang suda lama aku idamkan. Hujung bulan aku boleh membeli seekor lembu pula.. 6 bulan yang akan datang aku pasti boleh membina sebuah rumah untuk ibu ku. Kita telah miliki pekerjaan yang paling baik di daerah ini. Kita diberi cuti setiap hujung minggu dan bonus tahunan setiap tahun. Kita telah miliki apa yang kita impikan selama ini.” Pergi jahanam dengan sistem paip yang engkau cadangkan tadi”

Pablo tidak berputus asa dengan celaan dari rakannya tadi. Dia bercadang untuk bekerja separuh hari untuk mengangkut baldi dan separuh hari lagi untuk membina sistem paip yang beliau impikan. Rintangan yang paling ketara ialah kesusahan Pablo untuk mengorek lubang di tanah batu yang begitu keras sekali. Upahnya juga kini cuma tinggal separuh sahaja untuk setiap hari. ”Ahhh aku tak kisah, ini Cuma untuk sementara waktu sahaja” kata hati Pablo. Ia cekal dan percaya dengan diri nya sendiri, dan beliau tahu ia mungkin mengambil masa berbulan lamanya untuk membina sistem paip yang beliau impikan.

Bruno dan orang kampong telah mula mengejek Pablo, mereka menggelarkan Pablo orang paip. Bruno yang mempunyai pendapatan 2x ganda lebih dari Pablo kini beliau memiliki sebuah rumah dan kereta kuda. Orang kampong ramai menyanjungi Bruno dengan usha yang beliau lakukan untuk menjadi orang yang kaya di dalam kampung.

Tindakan Kecil Memberi Imbuhan yang Luar Biasa

Setiap minggu Bruno menikmati hujung minggu yang sangat baik, berborak, berjenaka ramai rakan-rakan yang bersamanya. Pablo terus tekun membina sistem paip yang beliau impikan. Selagi sistem paip Pablo belum siap di bina selagi itulah segala usahanya belum berhasil. Kerjanya sangat teruk sekali kerana beliau bekerja lebih masa setiap hari dan minggu. Pablo tetap bersemangat, Pengorbanan hari ini akan memberi hasil kejayaan yang pasti mengembirakan di masa akan datang. Beliau terus tekun mengali lubang dan menyambung paip setiap masa.

”Kesakitan, Kesusahan ini hanya bersifat sementara, Ia pasti di bayar selepas ini buat selama-lamanya” Bisik hati kecil Pablo.
Hari silih berganti dan bulan silih bertukar, suatu hari Pablo sedar paip yang di bina selama ini Cuma tinggal separuh sahaja yang beliau perlu siapkan. ”Wah... Ini bermakna aku Cuma perlu berjalan separuh sahaja , tak perlu lagi berjalan sehingga ke kuala sungai” kata Pablo. Sistem paip Pablo semakin hari semakin hampir siap di sebabkan masa yang beliau jimatkan.

Semasa Pablo berehat seketika , Kelihatan Bruno sedang membawa baldi. Bahunya kelihatan senget dan sedikit bongkok akibat bebanan air yang di bawa. Keadaan Bruno begitu berbeza sekali dari awal awal beliau mula bekerja. Langkahnya tidak sepantas dahulu. Terdengar keluhan dari Bruno, betapa bodohnya diri beliau membawa baldi setiap hari untuk seumur hidup beliau.

Kini Bruno mulai kurang bersiar-siar disebabkan keadaan kesihatan yang tidak mengizinkan. Kerja keras setiap hari telah menjejaskan kesihatan beliau. Bruno tidak seceria dulu. Tidak lagi berjenaka dan kini tiada rakan-rakan nampak bersamanya. Bruno lebih suka menyendiri. Kadang-kadang kedengaran juga orang kampung memanggil beliau Bruno si pembawa baldi.

Berita Gembira buat Pablo...

Akhirnya hari yang di nantikan telah tiba. Sistem paip dari kuala sungai ke kampung telah siap di bina. Orang kampung, kehairanan melihat air bercurahan dari sungai terus ke kampung. Kini kampung mereka telah memilik air yang berterusan untuk siang dan malam. Ramai juga orang kampung bersebelahan telah berhijrah ke kampung Pablo untuk memiliki air yang bersih dan berterusan. Nah.... kini Pablo tidak perlu lagi membawa baldi.

Air terus mengalir setiap masa tak kira siang atau malam. Bah kan ketika Pablo pergi ber siar-siar di waktu biasa beliau masih menerima pendapatan melaui sistem paipnya. Lagi banyak orang kampung menggunakan air, maka lebih banyak la juga pendapatan yang Pablo terima.

Kini orang kampung menggelarkan beliau sebagai seorang yang sangat ”Luar Biasa” Ketua kampung juga amat berbangga dengan kebolehan beliau dan memberi cadangan kepada beliau untuk menubuhkan sebuah syarikat.

Cerita Ini sebenarnya telah di ambil dari sebuah buku yang berjudul”The parable of the Pipeline” Burke Hedges. Pekerjaan adalah fenomena yang sama seperti kisah Pablo dan Bruno tadi. Jika anda bekerja dengan memperdagangkan masa dan tenaga anda untuk wang, anda seumpama pergi ke kerja setiap hari untuk ”mengisi baldi” dengan wang.

Mendapat pekerjaan yang lebih baik tidak akan menyelesaikan masalah ini. Ia hanya umpama membawa baldi yang lebih besar! Sebaik sahaja anda berhenti kerja, maka anda tidak akan mendapat sebarang pendapatan.

Apakata kalau anda bertindak seperti Pablo. Menjadi orang bijak dengan membina saluran paip agar wang dapat senantiasa mengalir ke dalam hidup anda walaupun setelah anda berhenti bekerja?

Pipeline Builder Vs Bucket Carrier

2009-05-07T23:30:00.000+08:00

The Story of the bucket man

Once upon a time long, long ago, two ambitious young cousins named Pablo and Bruno lived side by side in a small Italian village.The young men were best buddies, and big dreamers.
They would talk endlessly about how someday, someway, they would become the richest men in the village. They were both bright and hard working. All they needed was an opportunity.
One day that opportunity arrived. The village decided to hire two men to carry water from a nearby river to a cistern in the town square. The job went to Pablo and Bruno.
Each man grabbed two buckets and headed to the river. By the end of the day, they had filled the town cistern to the brim. The village elder paid them one penny for each bucket of water.
"This is our dream come true!”shouted Bruno. "I can't believe our good fortune." But Pablo wasn't so sure. His back ached and his hands were blistered from carrying the heavy buckets. He dreaded getting up and going to work the next morning. He vowed to think of a better way to get the water from the river to the village..

Pablo The Pipeline Man:

"Bruno, I have a plan," Pablo said the next morning as they grabbed their buckets and headed for the river. "Instead of lugging buckets back and forth for pennies a day, let's build a pipeline from the village to the river."

Bruno stopped dead in his tracks.

"A pipeline! Whoever heard of such a thing?" Bruno shouted. "We've got a great job, Pablo. I can carry 100 buckets a day. At a penny a bucket that's a dollar a day! I'm rich!. By the end of the week, I can buy a new pair of shoes. By the end of the month a cow. By the end of six months I can buy a new hut. We have the best job in town. We have weekends off and two weeks paid vacation every year. We're set for life! Get out of here with your pipeline."But Pablo was not easily discouraged. He patiently explained the pipeline plan to his best friend. Pablo would work part of the day carrying buckets, and part of the day and weekends building his pipeline.

He knew it would be hard work digging a ditch in the rocky soil. Because he was paid by the bucket he knew his income would drop. He also knew it might take a year or two before his pipeline would pay off. But Pablo believed in his dream and he went to work.

Bruno and the rest of the villagers began mocking Pablo, calling him "Pablo The Pipeline Man." Bruno, who was earning almost twice the money as Pablo, flaunted his new purchases. He bought a donkey outfitted with a new leather saddle, which he kept parked outside his new two-story hut. He bought flashy clothes and fancy meals at the inn. The villagers called him Mr. Bruno, and they cheered when he bought rounds at the tavern and laughed loudly at his jokes.

Small Actions Equal Big Results:

While Bruno lay in his hammock on evenings and weekends, Pablo kept digging his pipeline. The first few months Pablo didn't have much to show for his efforts. The work was hard, even harder than Bruno's because Pablo was working evenings and weekends too.

But Pablo kept reminding himself that tomorrow’s dreams are built on today’s sacrifices. Day by day he dug, inch by inch.

Inches turned into one foot........... then ten feet............ then 20............. then 100.

"Short-term pain equals long-term gain," he reminded himself as he stumbled into his hut after another exhausting day's work. "In time my reward will exceed my efforts," he thought.

"Keep your eyes on the prize," he kept thinking as he drifted off to sleep with the sounds of laughter from the village tavern in the background.

The Tables Are Turned:

Days turned into months. One day Pablo realized his pipeline was half-way finished, which meant he only had to walk half as far to fill his buckets! Pablo used the extra time to work on his pipeline.

During his rest breaks, Pablo watched his old friend Bruno lug buckets. Bruno's shoulders were more stooped than ever. He was hunched in pain, his steps slowed by the daily grind. Bruno was angry and sullen, resenting the fact that he was doomed to carry buckets, day in, day out, for the rest of his life.

He began to spend less time in his hammock and more time in the tavern. When the tavern's patrons saw Bruno coming they'd whisper, "Here comes Bruno the Bucket Man,” and they giggle when the town drunk mimicked Bruno's stooped posture and shuffling gait. Bruno didn't buy rounds or tell jokes anymore, preferring to sit alone in a dark corner surrounded by empty bottles.

Finally Pablo's big day arrived, his pipeline was complete! The villagers crowded around as the water gushed from the pipeline into the village cistern! Now that the village had a steady supply of fresh water, people from around the countryside moved into the village and the village prospered.

Once the pipeline was complete, Pablo didn't have to carry buckets anymore. The water flowed whether he worked or not. It flowed while he ate. It flowed while he slept. It flowed on weekends while he played. The more the water flowed into the village, the more money flowed into Pablo's pockets!

Pablo the Pipeline Man became known as Pablo the Miracle Maker. But Pablo understood what he did wasn't a miracle. It was merely the first stage of a big, big dream. You see, Pablo had bigger plans. Pablo planned on building pipelines all over the world!

Sprit of sharing:

The pipeline drove "Bruno The Bucket Man" out of business, and it pained Pablo to see his old friend begging for drinks at the tavern. So, Pablo arranged a meeting with his old friend.

"Bruno, I've come here to ask you for your help." Bruno straightened his stooped shoulders, and his dark eyes narrowed to a squint. "Don't mock me," Bruno hissed.

"I haven't come here to gloat," said Pablo. "I've come here to offer you a great business opportunity. It took me more than two years before my first pipeline was complete. But I've learned a lot during those two years. I know what tools to use now, and where to dig. I know where to lay the pipe. I kept notes as I went along so now I have a system that will allow me to build another pipeline in less time........... then another........... then another.

I could build a pipeline a year by myself, but what I plan on doing is teach you how to build a pipeline, then have you teach others and have them teach others.

"Just think, we could make a small percentage of every gallon of water that goes through those pipelines."

Bruno finally saw the big picture. They shook hands and hugged like old friends.

The Philosophy behind our website:

As with the story above, with our years of professional experience in technical & fundamental analysis in the world of currency trading, we would like to share our techniques and strategy that will make you highly profitable in the currency market.

Many may wonder why we're giving this for free. The reason is simply because we love trading so much and we treat this as a full time hobby. At the same time we could help people to maintain a sustainable profit (especially for those who is a beginner in the world of currency trading or for those who do not have much time analyzing the daily market)

Put it this way, the forex market is like a piece of big cake. There is plenty to go around for everyone. Hence we don’t mind sharing. We wish everyone success and hope one day to see you at the top.

Valas SSP Trading For April 2009

2009-05-04T23:16:00.005+08:00

92 trade zero losses
2`nd Month On Progress

13042009 - 17042009 Fapturbo

2009-04-19T13:29:00.002+08:00

Big Cut Loss

What Happen with Fapturbo....

06042009 - 10042009 Fapturbo

2009-04-11T15:10:00.002+08:00

Fapturbo 1 Week Performance

24 OP , Win 21 & Loss 3

Fapturbo 1 Week Performance

27 OP , Win 24 & Loss 3
yg kaler pink tu manual TS hehe

30032009 - 03042009 Fapturbo

2009-04-03T21:08:00.003+08:00

Fapturbo 1 Week Performance

15 OP , Win 13 & Loss 2

Yang popit lagi bawah tu gatal tangan sikit manual trading hehehe

230309 - 260309 Fapturbo

2009-03-28T18:39:00.003+08:00

Fapturbo 1 Week Performance
30 OP , Win 24 & Loss 6

Buy One Today Click Image Below

16032009 - 20032009 Fapturbo Rocks

2009-03-21T23:46:00.003+08:00

Fapturbo 1 Week Performance
43 OP , Win 41 & Loss 2

Buy One Today Click Image Below

13032009 FAPTURBO & GT-SHADOW

2009-03-14T22:00:00.003+08:00

FAPTURBO
4 OP, 4 WIN & ZERO LOSS

GT-SHADOW
16 OP, 12 WIN & 4 FLOATING

12032009 Fapturbo & GT Shadow

2009-03-12T22:28:00.002+08:00

Fapturbo

OP 8, Win 8 & zero loss

GT-Shadow

19 TP Bergaya (long term)

Join For Free (TANPA MODAL)

2009-03-11T15:10:00.002+08:00

Hello

Something incredible has arrived!

I just became a shareholder in me2everyone and I never had to pay a single penny for the shares! It can only be described as the gold-rush for 2009. This company is going to be huge and shares will soar in value over the coming months! You can register for free and it never has to cost you a single penny!

me2everyone is going to be a cool new virtual world where you can meet friends, chat, shop, play, watch videos, create an art gallery, open a virtual newspaper, play the free inworld lottery and make money from your own online store! You and everyone you know make the decisions, shape the world, create real incomes and share in the profits. It’s a new place where you meet new people or invite your friends. Learn new skills or expand your business. Find the love of your life or help the planet.

Membership is free and every member automatically becomes a shareholder in me2everyone Limited. Personally I have WRITE YOUR SHARES HERE shares in the venture and I am going to increase my shares very soon. This is an excellent chance for all of us to make some real progress in 2009 and beyond! Please do not miss it.

If you are looking for something really good in 2009: something that changes your view on the world, then you really have to spend just one minute and look at this website.

www.me2everyone.com/275159 <<<<<Register Here For Free >>>>>

Regard,
Ismail

110309 fapturbo

2009-03-11T14:41:00.002+08:00

Fapturbo 5 Op, 4 Win & 1 Loss

100309 fapturbo update

2009-03-11T14:32:00.003+08:00

Fapturbo OP 13, Win 10 & 3 Loss

Sorry guys i`m late posting here

OUR ONLINE EXCHANGER

2009-03-10T20:52:00.003+08:00

WWW.MEWAHGOLD.COM
(click this link)

Mewah Gold is an independent Malaysia Exchanger which is located at Johor State. We provide the service all over the world, we offer our customers reliable, friendly, efficient and easy-to-use service for buying/selling of e-currency like egold, paypal, liberty reserve, webmoney and alertpay.

Mewah Gold provides fast, secure and friendly way without hassle trading services for individuals who interested to buy or sell e-currencies. You can stay along with us with our chatting program like ym, msn, gtalk, skype and other. All the transactions are guaranteed to be completed within 24 hours.

GET YOUR FAPTURBO TODAY

2009-03-10T07:47:00.002+08:00

YOu should belive it.
Just Buy It Today
Click Here To Get One For A Live Time

Fapturbo Update GMT+8 6pagi

2009-03-09T12:34:00.005+08:00

Fapturbo 9 OP, 4 Win & 5 Loss
2 Floating

Sesi Petang 9OP, 9TP & 48pips
3 Floating

Sesi Pagi 90p, 7tp & 31pips
2 Floating

NEW HANTU SIANG IMPROVED

2009-03-09T01:05:00.002+08:00

Dah tak sabar nak gunakan versi terbaru hantu siang ni.
Mulai esok saya akan post kat sini screen shoothasil trading saya menggunakannya...
It`s gonna be swing trading.
Lebih disiplin dan lebih aggresif.
Watch out soon.
Thanks for visiting yg blog.

InstaForex Contest USD3,000.00 (1`st Price)

2009-03-08T16:35:00.005+08:00

Pass the Great Race with InstaForex!
Excellent opportunity to try your trader’s skills and gilt your pocket is provided by InstaForex! We are glad to announce about another traders contest among the DEMO accounts with the prize fund in amount of 22 000 USD.

The Contest consists of four steps.

I step of the Contest starts on the April, 1 2009 and will continue till the end of the month. You can register in the Contest following this link right now . The last day of registration is March, 30 2009.

At the end of the Contest 11 owners of the most profitable accounts will be announced as happy winners of the money prizes:
• 1 prize – 3000 USD;
• 2 prize – 2000 USD;
• 3 prize – 1000 USD;
• 4 prize – 750 USD;
• 5 prize – 500 USD;
• 6 prize – 250 USD;
• 7 prize – 100 USD + 40 bonus points;
• 8 prize – 100 USD +30 bonus points;
• 9 prize – 100 USD +20 bonus points;
• 10 prize – 100 USD + 10 bonus points;
• 11 prize – 100 USD + 5 bonus points.

Do not stand aside! Pass the Great Race with InstaForex!

Look through the General conditions.
Look through the rules of the first step of the Contest.
To the page of registration in the Contest.
Open live trading account.

*Bonus points can be used in the final of the Contest “InstaForex Great Race”.

TArget USD14 TP USD22.43

2009-03-06T14:03:00.005+08:00

Indikator Hantu Siang
2 OP 2 Win zero loss TP USD17.02

EA Sabun Pencuci Pantas
11 OP 11 win zero loss TP USD5.41

Target USD14 TP USD8.86

2009-03-05T06:01:00.003+08:00

Indicator Hantu SIang

2 OP, 2 Win & No Loss

Sabun Pencuci Pantas
9 OP, 8 Win & 1 Loss

Live Acc Trading With InstaForex

2009-03-04T00:15:00.003+08:00

No Comment yet but still in process to recover some lossing trade.

Mama Sakit

2009-03-03T19:45:00.002+08:00

Aku baru jer sampai dari Kampung Bahagia Jaya, Teku lepas jenguk mak aku sakit baru keluar dari Hospital Sibu Sabtu lepas. Then emergency leave 2 hari Isnin dan Selasa (today). Kesian kat mak aku semoga dia cepat sembuh. So 2 hari ni Sabun Pencuci run kat acc live aku dengan setting seselamat yg mungkin. So far ada cutloss sebab aku run 24 jam. huhuhu prototaip sungguh. So mulai jam 3 petang tadi aku dah monitor dan tambah baik setting untuk hasil yg sebaik mungkin. Alhamdulillah dapat cover sikit loss. Owh ya indikator hantu siang aku sempat run sekejap tadi kat pair EURUSD dan USDCAD sempatlah TP sikit. Papa nanti akan aku update kat sini dalam post akan datang beberapa jam lagi. Terima kasih kerana sudi mengunjungi blog aku yg tak seberapa ini.

TARGET USD14 ACTUAL USD23.62

2009-02-28T05:52:00.002+08:00

Give thanks to Allah For The Moon & The Sun

Sabun Pencuci Pantas
OFF DAY
Indikator Hantu Siang
OP 14, 12 Win & 2 Loss

IKOFX LLC BONUS & IB Offer

2009-02-27T09:15:00.008+08:00

Ayuh mari sertai IKOfx hari ini...
Anda mahukan EA yg boleh diharap?
ATAU
Anda mahukan signal indikator yg tepat?
Owh itu semua boleh didapati dengan Group kami
Sertai hari ini http://www.ikofx.com/register.php
Masukkan ( Agent Code : 2008895 )

Setelah anda register sila dapatkan BONUS anda.
Kemudian sila emailkan kepada rm-team[@]hotmail.com
Nama :..............................
Acc No :............................
Email :..............................

p/s: jgn lupa YM saya setelah anda selesai.

Deposit Ke Acc Anda
Sila buat pembayaran dahulu di

Maybank Account : 162021245662
Name : ARIZUAN BIN MAT ARIF
Email : sweezerzs[@]yahoo.com

CIMB Account : 12470070894523
Name : ARIZUAN BIN MAT ARIF
Email : sweezerzs[@]yahoo.com

Rate deposit USD1=RM3.70
Rate withdraw USD1=RM3.50

YM : fxuniqlo

Wishing U guys A Happy Trading Day

IKOFX LLC

2009-02-27T09:13:00.001+08:00

IKOFX has been established for the purpose to help Investor in success of Forex. With the help of latest news feed, and world wide information gathering, IKOFX is aimed to bring online forex trading to the next higher level. During hash time of current economy downfall, forex trading is what the world most needed to boost up the economy.

The IKOFX Company provides services for currency trading on the international financial Forex market. The company's main working directions are: providing qualified investment services aimed at earning speculative profit on international financial trading markets. IKOFX had operating experience and distribute among Asia countries and Middle-east countries. Currently, there are about a thousand of traders are using our services provided.

The IKOFX success formula is comprised of:

* The product, referred to as MetaTrader-IKOfx, from the world's leading trading platform software developer;
* News feeds from the leading information agencies, Reuters and Dow Jones;
* The possibility of obtaining help from major counter agents who have direct access to the money market.

Why Trader Trade in IKOFX:

* Minimum Deposit as low as USD 1
* Commissions-Free Trading
* Instant Orders Execution
* Flexible Leverage Up to 1:500
* Swap-Free Accounts
* Competitive Dealing Spreads as Low as 2 Pips

IKOFX seeks to provide a wide quality service package, and also the best trading terms in each working direction. That's why traders choose us.

Evaluate the quality of our service by opening a real trading account.

If you are new to trading, open a demo-account in order to get acquainted with IKOFX trading benefits.

Target USD14 Actual USD49.69

2009-02-26T22:32:00.008+08:00

Give thanks to Allah For The Moon & The Sun

Sabun Pencuci Pantas
OP 4, 2 Win & 2 Loss
Indikator Hantu Siang
OP 12, 12 Win & No Loss

Open An Acc With InstaForex Today

Target USD14 Actual USD52.72

2009-02-25T23:47:00.004+08:00

Give thanks to Allah For The Moon & The Sun

Sabun Pencuci Pantas
OP 6, 3 Win & 3 Loss
Indikator Hantu Siang
OP 18, 15 Win & 3 Loss

Target USD14 Actual USD12.88

2009-02-25T00:15:00.006+08:00

9 OP , 8 Win, 1 Loss

Indikator Hantu Siang

Deposit Your Fund Using Liberty Reserve

2009-02-21T07:57:00.004+08:00

# Liberty Reserve

Account Number: U9346972
Account Name: Prime Forex Investment LLC

Liberty Reserve Buying Rate : RM3.51 Per USD

Liberty Reserve Selling Rate : RM3.65 Per USD

Minimum Request : USD100

Minimum Deposit To Prime Forex : USD100

Contact me through via YM to order. Stock available 24 hours*
No Hidden Charge. All deal are in Malaysia Ringgit (MYR) RM.

OPEN YOUR LIBERTY RESERVE ACC TODAY

CLICK THIS BANNER BELOW

Performance EA

2009-02-21T02:23:00.002+08:00

Salam sejahtera kepada semua pembaca blog ini,
Semua rekod TP/SL sebelum ini telah saya deletekan postnya kerana ada beberapa masalah yg tidak dapat saya elakkan. Dan saya akan berkongsi bersama rakan-rakan yg mengikuti blog saya ini dengan menulis performance EA pada setiap hujung minggu. Tidak kira Take Profit mahupun Stop Loss dan Floating akan tetap saya kongsikan bersama. Selamat maju jaya.

Prime4x "Always in the lead"

2009-02-19T02:02:00.002+08:00

Prime4xPrime Brokers Prime brokers is a subsidiary of, PRIEM FOREX LLC. a fast-developing company whose principal business is the operations of financial services company located in Cyprus.

PRIME 4X offers a wide range of financial solutions geared towards addressing the needs of large corporations, institutional investors and private clients. Its collection of companies has expertise in brokerage, asset management, corporate finance, and financial IT solutions.

Prime4x Forex Spread

Prime4x CFD Spread

Prime4x Futures Spread

White Label in Prime4x

2009-02-19T02:01:00.000+08:00

White Label

The client interface can be customized to your needs. It includes full charting capabilities and position monitoring functionality. In addition, our margin monitor screen provides a unique real-time histogram of client account information, as well as real-time customer reports that are customizable for any trade period.

We can also provide you with a dealer/back office interface, allowing you to monitor your client’s activity and print key reports.

For the white label, you need to meet the following condition:

· Your company must be regulated.

· Your management must have the experience.

· Your company must have proper internal organizational regulation.

Prime4x Advantages

2009-02-19T01:59:00.000+08:00

Our Advantages

PRIME offers its clients the following advantages:

MOST COMPETITIVE TRADING CONDITIONS

· Institutional spreads from 1 pip (EURUSD & USDJPY)

· Standard spreads from 2 pips (Majors).

· Aggressive spreads on currency pairs as well as spot Gold, Silver, future and Index For a full list of our standard spreads, please visit the Trading Conditions section.

For a full list of our institutional spreads, please click here.

· No commission on all transactions.

· Streamline dealing with no request for quote for up to 40 million

UNIQUE MARGIN POLICY

· Leverage of 400:1 for accounts of up to $100,000.

· Leverage of 100:1 for accounts of up to $1 million.

· No maintenance margin, no margin call and no automatic closing of positions below the initial margin level during weekdays for accounts with initial equity of up to $1 million.

BEST SERVICE

· Unique and individualized service.

· Advanced, secure and user friendly platform in 21 languages: our platform (MT4 ) Station is one of the most powerful online trading platforms on the market.

· 24 hour dealing, online and via phone, from Sunday 23:00 CET to Friday 23:00 CET.

· Instantly updated account information.

· Real time charts with the most common indicators.

· Exclusive technical analysis by Capital Management provided daily to your mailbox in the Trading Platform

· Multi currency accounts - Our clients can choose to have their accounts denominated in either USD, EUR

· WAP service that allows our clients to view real time prices, charts and account information from their mobile phone.

· Mobile Trading service that allows our clients to view real time prices, charts, account information and even to trade using their PDA.

Introducing Brokers Prime4X

2009-02-19T01:51:00.003+08:00

Introducing Brokers

Our Introducing Broker (“IB”) program allows brokers to expand their client base and revenue streams by offering their customers access and education with the prime fx platform.

We support our IB partners by offering our expertise on how to run an IB office, we help in training of IBs’ staff, and we conduct joint seminars to promote IBs’ business.

1. A professional trading platform for IBs’ clients

· Very strong IBs’ offers

· Real time trading capabilities

· Live streaming market prices from which trades can be executed instantaneously

· An online back office to monitor positions, balances, profit & loss, and more

· A wealth of trading recommendations and market predictions from our own analysts and major financial institutions

· Low trading costs and spreads

· Quick and efficient account opening process for clients

2. Attractive tailor-made incentive schemes

Prime4x offers IBs competitive, volume-based commissions and depending on the IB’s situation, we can tailor the incentives to suit their requirements. Please contact us directly for more information.

3. Online back-office Prime4x provides IBs with 24-hour real time access to their global positions and earned commissions. IBs can also have direct access to view their client accounts, if this has previously been agreed with the client. Prime4x remains selective when choosing its business partners.

We require all of our IBs to comply with all local and international regulations, particularly those relating to money laundering.

Prime4x Account Type

2009-02-19T01:48:00.000+08:00

ACCOUNT TYPE

PRIME FX offers three different account types, Standard Accounts, mini Accounts and Institutional Accounts.

Clients are classified according to net deposits and trading volume.

Standard Account

· Minimum deposit: $2,000 US

· 2 pip spreads on five pairs

· Aggressive spreads on 34 pairs

· Leverage up to 400:1

Mini Account

· Minimum deposit: $100, US

· Leverage up to 500:1

Institutional Account

· Reserved for high net worth clients with significant trading volumes

· Spreads from 1 pip!

· Spreads reduced by 1 pip on t all major.

· Leverage up to 100:1

· Direct access to PRIME research department

· Special follow-up service from PRIME dealers

WELCOME BONUS PRIME4X

2009-02-18T14:24:00.004+08:00

Bonus

Bonus akan diberikan kepada semua client prime4x.com yang melakukan open account. Welcome Bonus yang akan di berikan adalah sebesar $30 untuk micro account dan $300 untuk standard accounts serta akan di berikan bonus lagi sebasar 10% initial deposit. Peraturan yang harus diikuti oleh semua clients Prime4x.com untuk mendapatkan welcome bonus adalah sebagai berikut.

Welcome Bonus $30 di Micro accounts atau $300 di standard account serta Bonus 10% dariinitial deposit.

Open real account.
Minimum deposit di micro accounts $100 untuk Bonus $30 dan Bonus 10% dari Intial deposit.
Minimum deposit di standard accounts $2000 usd untuk Bonus $300 dan Bonus 10% dari Intial depsoit.
Bonus akan diberikan pada semua client Prime4x LLC yang melakukan open account
Bonus dapat di withdrawals jika memenuhi ketentuan jumlah LOT sebagai berikut :
- 25 lot standard untuk bonus lebih kecil sama dengan $500
- 50 lot standard untuk bonus lebih kecil sama dengan $1000
- 75 lot standard untuk bonus lebih kecil sama dengan $2000
- 100 lot standard untuk bonus lebih kecil sama dengan $4000
- 200 lot standard untuk bonus lebih besar sama dengan $4000
Jika clients yang mendapatkan bonus dan sebelum memenuhi persyaratan point 5 maka Bonus tidak dapat di withdrawals.
Initial deposit dapat di withdrawals tetapi kami akan membatalkan semua bonus yang ada.
Jika clients melakukan withdrawals dari profitnya maka kami tidak akan membatalkan bonus.
Prime Forex berhak untuk membatalkan jika dirasa client dengan sengaja melakukan tindak kejahatan.

Setelah proses open account anda selasai maka automatis anda akan mendapatkan bonus $30 di micro account atau $300 di stardard account, tetapi account trading belum dapat digunakan untuk melakukan trading sebelum anda melakukan deposit.
1 lot standard prime dihargai $200 dengan nilai perpip $10 usd dengan menggunakan leverage 1:500
Kami menyamakan ketentuan penggunaan margin pada semua pair yaitu 1 lot $200 dengan leverage 1:500

Tawaran Istimewa Kepada Trader Under Saya (TERHAD)

Rebate 50% per lot kepada sesiapa yg register bawah kumpulan saya
offer kepada semua tidak kira anda siapa .
1Lot ; Rebate Anda USD3.50 tidak kira anda Stop Loss mahupun Take Profit.
syarat nya emailkan butiran berikut selepas anda mendapat Login Detail.

1. Login acc :
2. Nama :
3. No Tel :

Send kepada prime4xmy@yahoo.com

Untuk register klik sini http://real.prime4x.com/index.htm?code=SB15

PRIME4X .COM (HOT REBATE)

2009-02-16T22:04:00.005+08:00

Why do you prefer Prime Forex LLC as your broker?

A very small spread of 2 pips for all major pairs (Fixed).
Micro, Mini and Standard Accounts
Minimal deposit of $100 (micro) and of $2000 (standard)
Bonus of $30 for micro account and $300 for standard account, and bonus of 10% from initial deposit
Maximal leverage of 1:500.
No Swap account.
No commission
You can Deposit/Withdrawals via Wire Transfer, Liberty Reserve, Money Booker and Bank Lokal (BCA dan Mandiri).
Full Hedging
We provide Multi Terminal Trading.
It can be Mobile Trading (providing platform for PDA/Smart Phone)
Allowed Scalping and Robot Trading.

Easy Step To Open An Account, just follow an easy step bellow ;

1. Open An Acc : CLICK HERE
2. Click Open Account
3. Read & Accept Term of Aggrement by clicking on it.
4. Then complete the form & click next when done.
5. Download Prime4x Meta Trader 4, CLICK HERE
6. Check your email and login to your acc using the login detail given.
7. Make a deposit using Local Bank In Malaysia, Wire Transfer & Liberty Reserve.

Deposit using local bank in Malaysia
please YM : prime4xmy

Saya Anak Malaysia, Malaysia Boleh!!!!

Money Management and leverage, stop losses and targets

2009-02-15T13:36:00.000+08:00

Money Management and leverage, stop losses and targets

This is one of the most important and most overlooked parts of trading. Many traders take huge risks with their capital in the hope that they will “get rich quickly” or recover previous losses with one good trade. I would like to suggest some simple guidelines for managing your trading account with the Expert Forex Systems, which will help you to reduce risk and maximize returns.

1. Never leverage more than 5:1

*

This means that for every dollar in your account, you should not trade more than 5 dollars per trade positions. For example, if your account size is $5000, you should trade no more than $25000 per position. This is 2.5 mini lots (a mini lot is worth $10,000) For example, with a standard account ($100k lot size), you should have at least $20k in your account to trade one standard lot of $100k.
* I prefer to leverage even lower than 5:1 with 1:1 – 2:1 beingoptimal.

2. Never risk more than 2% of your account on 1 trade.

* This is easily calculated. If the trade you want to enter requires a 40 pip stop loss for example, the risk to your account if stopped out is 40 pips x leverage/100%. In this case, if your leverage is 5:1 then the risk would be 40×5/100 = 2%. If the stop loss is higher, the leverage would have to be reduced.

3. Always aim for a 2:1 reward/risk ratio in your trades.

* If you are prepared to risk say 40 pips on a trade, ensure that the potential target for the trade is at least 80 pips. If you areprepared to risk 50 pips, make sure you have a possibletarget of 100 pips, and so on. Try to always aim for twice asmuch as you risk. The only exception to this rule is found inthe Power Break™ method, and this will be clarified in thatsection.

If you stick to these simple rules, you should be able to weather the storms and have a long lasting and relatively stress free Forex career! Good luck and enjoy!

मनी मनागेर्मेंट
बी त्रदिन्ग्शोप

RMteam Forex Journal

2009-02-07T19:56:00.003+08:00

I will post my daily performance here starting this Monday after receiving my Daily Confirmation. All visitor are welcome to follow this blog. It`s gonna be interesting soon. Cheers & Happy Trading.

InstaForex | Instafx | Instant Forex Trading Broker

2008-12-31T23:36:00.002+08:00

InstaForex offers the trading services for private and institutional traders on the Forex markets, NYSE(CFD) and Commodities (GOLD, SILVER).

The main principle of InstaForex is the Instant trading, i.e. momentary processing of all deals. InstaForex offers better conditions for the traders, which include:
- wide spectrum of trading instruments
- competitive swaps and spreads
- trading without dealing desk
- customer support 24/5
- the best affiliate program - 2 pips from every trade

In this topic the official representative of our company would like to answer all the questions that traders are interested in. We are ready for the constructive dialog and we are ready to comment on any issues concerning our work. Now our company supports the Russian version forum for traders - http://ruforum.forexpeoples.com
In the near future we are planning to launch English version forum.

We are inviting all the traders to take part into the affiliate program by proclaiming revolutionary new conditions for the participants of the affiliate program:
- We are giving 2 pips from each deal processed by recruited client
- Momentary putting commissions on the account
- Withdraw agent commissions through e-Gold, WebMoney, Liberty Reserve, Bank transfer

InstaForex - new forex broker with better conditions for traders and partners.

Free EA | FXOpen | FXMalay | Open An Account Now

2008-12-31T21:56:00.005+08:00

FXOpen is a financial services company specialized in providing traders with high quality online trading services. FXOpen provide opportunity for individuals and private companies to trade on financial markets under equal conditions like traders operating in traditionally closed financial centers and institutions. FXOpen.com - Offers you FXOpen currency trading service that includes professional services in free streaming forex, forex broker, online forex trading, forex exchange, mini forex, mini forex trading platform. You can trust us for services in micro forex, micro forex trading platform, affiliate system, bonus system and in places like the United States, Egypt, Malaysia, Indonesia, Russia, China, France...

Our mission — high quality of services, trust of our clients and reliability of our work. Most important of all — a winning attitude that always puts YOU first!

Opening an account is fast and ready to activate within 5 minutes from any place of the world. Open a FOREX account with us today to enjoy the benefits so many have already experienced. As FXOpen customer, you can select from a full menu of professional services that have been specifically designed to meet your trading needs, including:

Spread from 2 pips
Leverage from 1:1 to 1:500
Micro accounts from $1
Standard accounts from $25
A wide range of financial tools
Trading terminal MetaTrader 4
Islamic accounts
Instant Execution — Quotation system
100$ bonus for standard accounts
Online support 24/5
Account opening within 5 minutes from any part of the world!

Penanaman Serai Secara Kontrak Farming

2008-08-02T12:55:00.006+08:00

Mereka yang berminat hanya perlu menyediakan RM5000 dan segala urusan berkaitan benih penjagaan akan diuruskan syarikat tersebut dan keuntungan akan dibahagikan sama rata selepas 6 bulan. Kepada yang berminat untuk turut serta sila hubungi saya.

Gambar Lokasi sila klik Sini

MY LOVELY FAMILY

2007-06-24T22:19:00.004+08:00

Kelahiran Muhammad Aaqil Mahreen

Selamat dilahirkan jam 1245 petang pada 21 Jun 2007 di Hospital Mukah. Wajahnya setampan ayahnya yang sedia tampan. hehehehe.. Alhamdulillah segalanya selamat dan setinggi-tinggi kesyukuran dipanjatkan kehadrat Illahi. Amin..