How many Indians really trade forex on live accounts?Share your experiences..

[pmg123]

Hi Surenther,

I am Prasanna based out of Blr, I too have been trading in the indian market and quite seriously considering Fx trading and have already interacting with iforex, Alpari and fxcm and others.

Can you please elaborate on the bonus points eToro is providing?

I have few related clarifications, please drop me a email we can discuss in detail.

Best Regards
PRASANNA

 

[raju-gowda]

Mr. Prasanna


You are very excited to carry out forex margin trading using international brokers. How about the later stage. I am sure you will start gaining from it, but where do you put the income source for the Tax purpose?

regards

R Gowda

 

[rkkarnani]

Let me get straight to the point
I would like to know how many indians trade forex on there real money accounts ? or plan to start soon?

Why dont we form a group altogether to help each other stay in profit

I would like to start by being the first person to share with you this

I am trading forex for more than 3 years but i would consider 3 years as i am being profitable and stable trading forex.
I used broker :Oanda
Have experience with other brokers like fxopen , liteforex but dont trust them .
Place: Maharashtra

About experience i would say trading forex involves risk and it really takes a understanding of price action to stay on profitable side of forex.

I have never joined any coaching nor bought any strategy books
I am self taught trader thats why it took me more than 3 years just to understand the pitfalls of forex. Lost mostly as newbie to learn the lesson of life trading forex. But its rule of forex that one who is consistent and improves himself/herself and tries to understand price action can make it to the success..the 5% list..
Thats all from my side ..

Now i would like to hear from you about your experiences..

Regards
Pipshower

Have been seeing your Posts about Forex for some time now!!! The only Legal option we have is to trade it on MCX or NSE etc. and they have limited choice of pairs to offer. Till recently only INR and USD was allowed. Do you still feel it has enough volumes to trade it here profitably!!!
The other route is trade it in exchanges abroad, and that at present is still illegal.
All the best!

 

[rkkarnani]

Well, Actually its not my profession...As in we trade for corporates..So, we dont interact with individual traders..

Now, coming to the point whether Currency Trading is Illegal in India or not....The answer is ; Nothing is clear on that.

On one hand you can trade USD/INR pair(only) on MCX and NSE through the futures contracts(not Spot).

Also, RBI has no where commented on forex trading being illegal. They havent allowed it specifically and neither have they made it illegal. Its very ambiguous stand of RBI and as a result different people take it differently. Risk takers go ahead and trade it and Risk aversors just leave it.

I personally dont know anyone who trades forex from India. But, I am more than 100% sure that many traders do that.

Luck

Ankit

Its very clear as far as my understanding goes, as per RBI Circular : AN Indian Resident CANNOT trade in Forex!!! Speculation and Margine trading is not allowed, We would then actually buy Dollars and Euros to trade, not practical.
Most of the methods employed to trade Forex here are by cutting corners and are not legal. One can wire transfer dollars(probably upto USD 200000) from his account but cannot use them for margin trading.

 

[ag_fx]

Indians trading in Forex pairs through Foreign Brokerages is not allowed. Hence I trade in USD_INR pair on NSE and MCX-SX through Anagram Capital (www.anagram.co.in)

Have been seeing your Posts about Forex for some time now!!! The only Legal option we have is to trade it on MCX or NSE etc. and they have limited choice of pairs to offer. Till recently only INR and USD was allowed. Do you still feel it has enough volumes to trade it here profitably!!!
The other route is trade it in exchanges abroad, and that at present is still illegal.
All the best!

Its very clear as far as my understanding goes, as per RBI Circular : AN Indian Resident CANNOT trade in Forex!!! Speculation and Margine trading is not allowed, We would then actually buy Dollars and Euros to trade, not practical.
Most of the methods employed to trade Forex here are by cutting corners and are not legal. One can wire transfer dollars(probably upto USD 200000) from his account but cannot use them for margin trading.

I beg to differ. Just to say the least, I am an Indian resident and I trade Forex via all the legal ways.

And for all those who still think it is illegal, go and check out www.alpari.co.in

Food for thought: Indian govt wouldnt allow an international FX broker to set up its shop in India if it is Illegal. Would it??

 

[pipshower]

Hi Pipshower, thanks for the starting this discussion, I am based in India, can you please advice how I can start off in Forex tradeing, thanks Prasanna

Hello Prasanna,
starting on forex is discussed a lot may times in my other thread

http://www.traderji.com/forex/27058-forex-scratch-helping-hand-pipshower.html

But to summarize for you here i will put it in short..
1.Download demo trading platform from any forex broker which is absolutely free.
2.Go to babypips.com , Clear your basics in forex , understand what and how and when and why of it ..and in meantime practice on demo.
3.Develop your own trading method
4.Test your trading method on demo and get successful for atleast 3 months before you go to live trading with real cash..
Thats it ..repeat untill you are successful..
:thumb:

 

[m_lal2007]

Pl continue to exhibit your experiences to indians,

 

[pipshower]

Pl continue to exhibit your experiences to indians,

sorry couldnt get you..
What do you want to know?

 

[m_lal2007]

Dont doubt. My thought is how to make profit could be shared to all.

 

[pipshower]

Dont doubt. My thought is how to make profit could be shared to all.

Sir , with due respect i would like to say that how to make profit in trading is always open to everyone..Its mentioned everywhere but only few could understand and utilise it to make profits.
Its like education , available to all those who go to school but few score good marks and grades while other fail at it.Its same everywhere in life.
The nature always stays simple we complicate things..
Regards
Pip