FXCM, a bit more serious - Page 7 - Ajarn Forum

esoteric1 · 24th August 2007, 23:09

Damn! Sounds like you traders need to track down his lady and get some advice!

Quote:

Housewife Hid Millions in Currency Gains

Aug 24, 10:29 AM (ET)

TOKYO (AP) - A Japanese housewife who made $3.4 million as an amateur foreign exchange trader was convicted Friday of evading taxes from the profits, according to media reports.

Yukiko Ikebe, 60, was given a suspended prison term and a fine of $293,000 in Tokyo District Court, the Nikkei business newspaper reported.

She invested the inheritance from her mother into foreign exchange trade and made $3.4 million between 2003 and 2005, hiding about a third of the earnings in accounts under her relatives' names, the Nikkei said.

Ikebe mostly spent the hidden income on expensive kimonos, jewelry and vacations, the Mainichi newspaper said.

"She hardly understood her duty as a taxpayer," the paper quoted Judge Takuo Sato as saying. Along with stock trading, foreign exchange trade has become popular among Japanese retail investors in recent years, as the country's low interest rates have prompted them to seek more profitable investment tools.

http://apnews1.iwon.com//article/200...D8R7ENJ80.html

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Another interesting read:

Stock Market Gyrations and the “Yen Carry” Trade:

http://www.marketoracle.co.uk/Article1907.html

Nanog · 25th August 2007, 00:21

Very well esoteric....goon on her....she made a profit which isn't easy to do in Forex.....but it doesn't say how much her capital was to begin with......it would be interesting to know.....

esoteric1 · 25th August 2007, 00:29

Quote:

Originally Posted by Nanog

but it doesn't say how much her capital was to begin with......it would be interesting to know.....

if she "made" $3.4 million, does it matter what the initial stake was? I take "made" to mean that was her profit from whatever amount she started with, no?

Having said all that, I certainly wouldn't go to her for tax advice though.

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Here's more on Japanese 'amateur' currency traders:

http://pipswealth.com/2007/06/19/hou...-carry-trades/

and here:

http://tribune.televisual.co.uk/arti...TNAME=Business

Nanog · 25th August 2007, 01:57

Quote:

Originally Posted by esoteric1

if she "made" $3.4 million, does it matter what the initial stake was? I take "made" to mean that was her profit from whatever amount she started with, no?

It really does matter because her accomplishment can only really be measured in terms of her percentage gain on her initial capital. If she strated off with $3.4 million and then made a further $3.4 million then she has made a 100% profit. If she started off with $100 million then her profit doesn't seem quite as good. O believe she made this money over 2 years which still doesn't say that she is a good trader. She may have got lucky. I heard of a Scottish woman who made over £38 million on the Euro lottery from an initial stake of £1? but that is gambling. Maybe this Japanese woman gamble and got lucky somehow. I have managed to double my account in a month but what I was really doing was gambling in Forex. If I would have continued.....maybe I would have double my account again the next month....who knows? However, if I would continue using the 'method' I was using then I would in time certainly have lost all in the end. A good trader manages to stay in the business year in year out. I heard today of a trader who used to work for one of the banks who said that if a trader can make 14% annual gains trading.....then he or she is up there amongst the elite - in trading terms.

It doesn't sound like much does it. However, before you get too disillusioned with this Forex business the the 'paltry' percentages made by the best in the business.....if you can reach such dizzy heights and show a record of your trading success over a longer period of time......then you would be taken on by an institution and manage other people's money yourself. That's where the money is really made in the business.

LDMA · 25th August 2007, 03:06

This threads like Bloomberg TV, but with swearing...

esoteric1 · 25th August 2007, 04:32

Quote:

Originally Posted by Nanog

It really does matter because her accomplishment can only really be measured in terms of her percentage gain on her initial capital.

All I can find is that she started with her "family inheritance." If this is important in the FOREX world, it's funny it's not mentioned anywhere what was the amount of that inheritance.

Think it's a ploy to bring in more rubes to FOREX trading, thinking they can get rich quick too?

Quote:

Originally Posted by LDMA

This threads like Bloomberg TV, but with swearing...

Hush...there's multi-gazillion deal$ going on here Louis! That's gonna lead to a little swearing.

Om Bak · 25th August 2007, 11:52

Quote:

Originally Posted by esoteric1

All I can find is that she started with her "family inheritance." If this is important in the FOREX world, it's funny it's not mentioned anywhere what was the amount of that inheritance.

It's important not only in FX but just about every type of investment, be it stocks, bonds, cash, real estate.The only true measurement of performance is consistant percentage gain year after year and after that you still want to average the years out for a true figure.
I'd take a guess and say the initial amount of the inheritance was left out for the sake of sensationalist reporting. 'Oh look she made 3.4mil'

Nanog hit the nail on the head. What if the inheritance was 100mil. She only made 3.5% for 2 years. She would have got a better result leaving the cash in the bank, maybe not in a Jap bank, but in Oz or NZ it would have earned 5-7% for each year.
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On the issue of tax, I believe Larry Williams wrote a book ' How to become invisible ' or something to that effect. I havn't read it but my friend who is a huge fan of Larry told me about it. He also told me Larry may have got nabbed in Sydney on his way to a meeting, the work of a stake out the Feds pounched on him, not sure if its true but I thought that was funny from an author of a book named 'How to become invisible'.

esoteric1 · 25th August 2007, 17:22

Quote:

Originally Posted by Om Bak

On the issue of tax, I believe Larry Williams wrote a book ' How to become invisible ' or something to that effect. I havn't read it but my friend who is a huge fan of Larry told me about it. He also told me Larry may have got nabbed in Sydney on his way to a meeting, the work of a stake out the Feds pounched on him, not sure if its true but I thought that was funny from an author of a book named 'How to become invisible'.

It's hard to fight(or fool) the Beast these days.

I'm wondering if someone who wasn't so happy with Larry's advice(or something), snitched on him??

anon · 26th October 2007, 19:16

so how are you guy doing these days with your currency trading?

i have to admit i'm starting to feel very uneasy about the dollar and how i'm so heavily invested in it. i really wish i made a move a few months back.

i'm seriously considering swiss francs via the ETF FXF.

my thinking is that the pound and euro gains are all but played out, and they will have to come back to down.

Om Bak · 27th October 2007, 02:57

Been holidaying the last couple of months so not much FX trading for me. The few trades I have placed didn't do so well some winners but just as many hits taking the trading account back to +10%.

On the flip side I've had a good run on the share market. Most of the companies I've bought during and after the August corrections have done +20% a few +30%. These are long term holds though so won't be sold.

tafy68 · 27th October 2007, 15:45

Hmm i been doing ok, lost my demo account when my pc crashed so I have a new one from 2 weeks ago.

the account is +29% after those 2 weeks, hope i can keep it going

likewise · 27th October 2007, 18:20

Took in some nice profits shorting the USD/EUR

anon · 22nd November 2007, 16:57

in a little under a month, i'm up nearly 5.5 % on the swiss franc ETF FXF.

jesus, how much further can the dollar fall?

likewise · 22nd November 2007, 17:02

GReat, been pulling it in eur/usd, and still got one long position open. money in the bank man

anon · 22nd November 2007, 17:12

like many (i suppose), i wish i'd bought the euro a few months back...but my thinking at the time was, "how much higher could it possibly go".

let me ask you likewise.....would you still buy the euro today, or IYO is the run over?