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Simon Mugo

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Everything posted by Simon Mugo

  1. Hi Lolman, I don't think its fair to the course creators to share a trading course that they are selling for free. Course creators usually spend a lot of time and resources creating such courses and its unfair to illegally distribute such courses to other users who have not paid for the same. I'd advise you to pay for the course if you think it could help you in your trading journey. However, it's okay if you cannot afford the course as there's a multitude of free trading education content shared by expert traders on the internet that you can use. You could check out some of the free resources we have on our website under the learn section.
  2. Hi Aditya, Most brokers leave the responsibility of reporting and paying taxes up to you. However, most of your trading profits will be taxed as earned income instead of as CGT, which is taxed on investments that you have been holding for a while. However, I wouldn't worry about taxes at this point as you would have to make a profit first before you can consider paying taxes. However, I cannot give you legal or tax advice given that I am not a licensed professional in your country. You should consult a tax professional in Ireland to find out exactly how the Irish government classifies the income generated from trading and the taxes levied on the same.
  3. Hey Aditya, I'd advice you to go with Etoro as it is one of our partner brokers and we've used and vetted their services. They are quite good for beginners. We also have an offer that you can take advantage of if you open an account with Etoro through us, you will get free access to our trading room, which costs $99 per month if you are not one of our clients. You will get access to other expert stock and Forex traders in the live trading room where we post live trade setups and review the markets all day long. Yow will get a chance to interact with me and other expert traders and you can ask us any questions about potential trade setups or other aspects of trading, hence, you'll never alone in your trading journey. Kindly check out all the details of this offer at this link: https://www.asktraders.com/stocks-live/
  4. Hello Pravin, As an option buyer, you only make money on your call options if the price of the underlying asset such as a stock/index/commodity rises above the strike price that you had chosen. However, if the price goes nowhere, you will lose your entire investment if you wait for the option to expire. The same principle applies when you buy put options as you will only make money on your options if the price trades below your strike price on the expiry date. You also stand to lose your entire investment if the price goes nowhere as the option expires worthless.
  5. Simon Mugo

    Frightened BTC

    HI Milani, you seem to be in the middle of a scam and the fact that the account manger you are dealing with is telling you to deposit more money into your account in order to get your initial deposit back is a red flag. I'd advise you not to send any more money to this account manager, or to deposit any BTC into the account as they are likely to be siphoned off immediately. I'm not sure how much money you have already sent the account manager, but just do not send any more money or Bitcoin until we're sure that this is not a scam. I don't know how much was taken out of your blockchain.com account but given that they are a legitimate wallet/exchange, you can lodge a complaint directly with them to try and recover the coins that were taken from your account.
  6. Hi Lawrence, thank for your excellent question on Gold ETFs. Gold has really done well this year given the massive volatility seen in the global equity market, which led to increased demand for gold as a safe-have asset. Most Gold ETFs have posted gains this year with some of the best performers being the SPDR Gold Trust (GLD), which is the largest gold ETF, as well as others such as iShares Gold Trust (IAU) and the SPDR Gold MiniShares Trust (GLDM). All of these three ETFs are up this year and are likely to keep rising for the next few months in tandem with spot gold prices. You can buy any of the three ETFs based on the funds you've allocated to this segment of your portfolio as the ETFs trade at different prices with IAU being the cheapest and GLD being the priciest of the three.
  7. You're welcome Aditya. Don't hesitate to shoot me a question if you get stuck.
  8. Hi Aditya, I'm impressed that you are barely 16 and already keen on making money from trading the financial markets. I think with the right advice and guidance, you can become a very successful trader. Firstly, I'd like to suggest that you hold on to your money for now and learn a bit about the markets. We have a section dedicated to teaching beginner traders how to trade under the learn tab at the top of our page. Once you've gone through some of the guides we have there, you can go to this link to open an account with one of the legitimate brokers that we have reviewed on our site. You can make good money from the markets by learning how to trade but it is not a get rich quick scheme, you have to put in the time and learn how the markets work. We can guide you on how to do this. Here's the link again once you're ready: https://www.asktraders.com/stocks-live/
  9. In my opinion, you have two choices. You can choose to keep engaging with the scam broker and send them more money. Remember, as I have explained above, their whole business model is to take your money and give you nothing in return. They have no legitimate services to offer you, except to steal you hard-earned money, but it's your choice whether to continue sending this scam broker more money, or to move on. If you are ready to move on, we have the tools and resources to ensure that you are never conned again, but you have to be willing to listen to sound advice. Do let me know if you're ready to move on and actually try become a profitable trader and we'll guide you to the right brokers and the right resources to become a successful trader.
  10. Hi Aditya, I'll send you a link to our live trading room where you can talks directly to me and other traders about any challenges you're facing in your trading. We have a beginners' channel that should be very helpful to you as you start your trading journey afresh. Unfortunately, there's no way that you can get back all you've lost to this scam broker. They are actually counting on your desire to get back your money to extort even more money from you. They will never send your money back even if you give them another 1,000 dollars. These scammers know that as humans, we do not like to lose our hard-earned money and they are experts at capitalising on these raw human emotions to steal millions from unsuspecting individuals. Imagine if they took 100 euros from 1,000 clients each month, they could be making over 100,000 euros per month by stealing these small amounts from a large number of people. I'm sure they are doing this to 1,000s of people as we speak.
  11. Hi Aditya, Do not fall prey to any more demands from this scam broker. I warned you from the very beginning that they would keep asking you for more money with no intention of ever returning a single cent that you have sent to the firm. This is a classic scam where they tell you that you just need to do just one more thing before they can refund your deposit. The first thing they did was ask you to send them the 31 euro, which I told you not to send, but you send them anyway, after which they promised to send back your money in 48 hours. They did this to stoke your hopes and let you wait for about 24 hours before crashing your hopes with another request, which is now 100 dollars. I can guarantee you that you will not get back that 100 dollars if you decide to give this scam broker more of your hard earned money. I can only give you advice Aditya, but its up to you to act on it. Imagine if you did not send this broker the extra 31 euros, but instead opened a new account with a legitimate broker and deposited the amount with the new broker. You would be comfortably trading the markets right now and maybe even had a profitable trade or two, which is the best way to forget the 69 euros that you had sent the fraud broker in the first place. Aditya, there is no shame in cutting your losses and moving on from this broker, I was also conned in a similar way when I first started trading, but I learnt my lesson and promised myself to only deal with legitimate brokers going forward. The hardest thing for most people is to admit that they are wrong, but the best investors do this all the time as no great investor has a 100% winning streak. Even Warren Buffett recently sold a big chunk of hist stake in Well Fargo recently as the bank is no longer a very good investment. Cutting your losses is one of the best things you have to do, if you want to be a successful trader/investor in the future. You should take your recent losses as just a bad investment, otherwise you risk compounding your losses with this bad broker, yet there are hundreds of legitimate brokers out there.
  12. Did you have the option of withdrawing your bitcoin from the premiumoptionfx wallet?
  13. Hi Aditya, that was a bold move you took and I'm glad they seem ready to refund your deposit. I can see that you are making the withdrawal via wire transfer, was that the same method you used when depositing funds?
  14. Hi Aditya, there are two options that you can use to submit a complaint about the broker above. Firstly, you could launch a complaint with the financial services regulator in your country as it is their duty to protect the traders in your country. I'm not sure where you reside but most countries have a financial services regulator. For example, the FCA is the UK's financial regulator, while the ASIC is Australia's financial regulator. The second option would be to complain directly to the regulator in the country where the broker is based, which in this case is the USA, since the broker has listed a New York address on their website. You could file a complaint with the Commodity Futures Trading Commission (CFTC), which could lead to an investigation of the broker if they are truly based in the US. However, its highly likely that the broker is using a fake address, which means that they could be based anywhere in the world. Those are the two options that you could pursue Aditya and I wish you all the best.
  15. Hi Omar, thanks for your excellent question. I'm glad that you are interested in trading as someone who studies economics. It's true that buyers usually want prices to move higher, while sellers usually want prices to go lower, both of them stand to benefit if the price moves in their chosen direction. However, it goes against human nature to sell at the highs and buy at the lows mainly because the highs are usually characterized by intense greed and the lows are usually driven by intense fear. However, if you can control your emotions and actually sell at the highs and wait to buy at the lows, then you have mastered the hardest bit of trading/investing. Bonus tip: Did you know that technical analysis works largely because human emotions are very predictable and they have not changed for thousands of years. You can learn more about trading/investing on other sections of this site and don't hesitate to ask more questions, I'll gladly answer them.
  16. Hi Aditya, I have had a quick look through the Premiumoptionfx website and they look like scammers. Firstly, they do not clarify that you can only withdraw a minimum of 100 euro once you become a client. Therefore, its highly likely that they will put more obstacles in your path once you up your deposit to 100 euros, which means that there's little chance that they will ever process your withdrawal request. I would advise you to report the company/website to you local authorities or financial markets regulator so that they can be investigated to protect other unsuspecting traders. You should not send any more money to this company as that would just compound your losses and its unlikely that you'll get it back. I know it may be hard to hear, but you should cut your losses and not waste any more time with this broker. Remember that there is no trader/investor who has not made a mistake in the markets that cost them some money, that's just how this industry works. You should consider trading with a legitimate broker going forward and we have several excellent recommendations on the site if you're still interested in becoming a successful trader.
  17. Hi Aditya, I understand that you are in a difficult situation given that the only way to get back your 69 euro is to deposit another 31 euro with the same broker/wallet that you do not trust. Kindly let me look into exactly what the broker offers and see if I can find an alternative way to get your money back. I'll get back to you shortly.
  18. Well, new reports indicate that Saudi Arabia and Russia did reach a deal today where the countries agreed to oil output cuts of up to 10 million bpd, but investors remained unconvinced that the two sides would uphold such a deal. There was no joint statement issued by the two parties and the news reports are mostly based on rumours. On the other hand, crude oil prices crashed as investors braced for a no-deal situation. Investors could also have been reacting to the falling rig count in the US indicating that shale producers are finally feeling the impact of the depressed oil prices. Today's events are the reason why our traders make their trade recommendations based on technical analysis methods as they do not trade fundamental events such as today's meeting. You can see that oil prices fell despite rumours that the two countries had agreed on major supply cuts.
  19. Hi Peter, yes there's a good chance that the stock market bottomed at its March 23 low of 18,250 given the V-shaped bounce that followed. However, I do not think that the bear market is over and we will definitely see more pullbacks as the market consolidates before the bull market can resume. Therefore, I would hold back on establishing any long-term positions at this time. However, there are multiple short-term plays that you can profit from even as we wait for the COVID-19 pandemic to be contained. There are some good stock trading at a significant discount now in sectors such as 5G and these could are great buys now.
  20. Hello Ariff, thanks for reaching out to us. I don't think astrocoin.cash is a legitimate Forex broker. They do not seem to be regulated by any of regulator as they do not specify the same on their website. Regulated brokers usually state the regulators that have licensed them on their home page in order to attract discerning clients.
  21. Hi Peter, I think that the recent rally in the crude oil markets is likely to experience a slight pullback given before it can continue. Remember that the rally was largely triggered by the expectation that OPEC and its allies will agree to a substantial cut in oil production at their emergency meeting on Monday. Crude oil prices could crash if the countries do not agree to cut their current high production levels. I'm trading oil at the moment and I'm expecting a pullback before the next phase of the rally begins. However, nobody has a crystal ball of the markets, but that's my current view of the oil markets.
  22. Hi Lillian, the recent sale of GE's biopharma unit is great news for the conglomerate as it unlocks significant cashflow that the company can use to reduce its debilitating debt pile. The company has a debt load of about $121 billion and could use up to $20 billion of the $21 billion generated by the sale to pay off some of its outstanding debt. However, GE's problems are far from over given that the company still has ling-term care insurance liabilities from its failed GE Capital business and these will take a while to play out. Some of its core businesses such as GE Power have experienced issues such as the mismanagement of orders and operations that are yet to be fixed. Therefore, I'd advice you to be cautious with GE shares, you could buy a small amount to see how they play out, but the conglomerates future remains in the balance. It will take time for GE to recover its lost glory and you should be aware of this when buying the stock.
  23. Hi Nigel, the halving of mining rewards for Bitcoin on May 6th is likely to trigger a major rally by the top cryptocurrency as it would significantly reduce the future supply of new Bitcoins. Other cryptocurrencies may also benefit from Bitcoin's rally given that many altcoins have lower much lower valuations and could witness much bigger percentage gains than Bitcoin.
  24. Hi Peter, there are two ways to trade the US ETFs, one is to open a stock trading account with a US broker and trade the ETFs directly from the US exchanges on which they are listed. However, there's another option if you are based outside the US and cannot access a US broker, or if you cannot afford the significant account balances needed to trade such assets directly. You can open an account with a Forex broker who offers trading the US markets in the form of CFDs (contracts-for-differences). You will not be trading the ETFs directly, but you will be trading an instrument whose value is linked to the ETF, that is a derivative. Trading US ETFs via a Forex broker is a great option as such brokers allow traders to trade fractions of such ETFs instead of trading multiple units of the ETF as they would via a stock broker. You can use price action strategies combined with a bit of fundamental news to trade such ETFs.
  25. Hi Monika, I'm glad that you were not planning to send the scammers any more money. I wish you all the best in your efforts to recover the funds you lost. You should definitely report the spam Instagram profiles so that they can be taken down to protect others from being scammed. As for your new broker, we recommend several brokers on our site and the best one for you largely depends on your personal situation and in some cases your location. Kindly explore the website to see our reviews and recommendations.
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