Request to all senior forex traders.

[profound]

Thanks a lot jahan, now i will analyze ans one by one and ask about them in detail. I hope u don't get irritated with me asking so many questions :lol:

 

[vssoma]

dear,
can you suggest a good forex broker to trade from here.( consider service, brokerage, pay-in and pay-out charges)

 

[VJAY]

Hello profound,

1)pls don't use any external online money transfer facility(money bookers ..etc),without ur notice they will block ur account and u never notice a reason,why they did it.see they don't have 24/7 online chat support so that they can help when ur account is blocked,only means of communication is through mail and its frustrating.
.....just fund ur account with ur online international debit card directly to ur trading Account.Nobody will ask u neither banks nor Rbi people,just to be safe side do incremental funding of upto $1000.(above $2lacs get noticed).its a shopping card we can do anything we want with our money upto the limit of amount given by bank( there is upto 50000 Rs limit per day depending on bank to bank).

2) the answer for this in 1).

3).why they ask u, if ur getting money from outside they should appreciate u.
so nobody is going to ask u anything.no form filling u will receive the amount directly to ur Bank account.

always choose forex brokers who charge less $ amount/no charges for withdrawl,banks will not going to charge any thing except conversion charges
because we are getting money in.

when we are depositing they charge $20-0(again depends upon broker who bares our transaction charges).

see international forex brokers use same mode of withdrawals as deposits done so there is no question of submitting reasons to any bank.(mine is HDFC and they didn't ask me anything infact i tried with Bank of india also)

whenever someone sends u money from abroad,......to crosscheck that ur the right guy for recieving that cash r not they ask u proof beacuse there is no outgoing only incoming.(if sender mistyped the account no these kind of crosschecks will confirm the receiving candidate).
so incase of forex depositing and withdraw is done by only by same channel, upto now they didn't ask me any questions.

4).Actually the Limit is more,but to be at safe side ,it is the Amount i always used to withdraw every time.i don't know about Axis bank,but if they ask u for Above $500 Transaction u tell them that ur a freelancer and do online projects for international clients(and ur client is ur broker).Normally forex brokers never reveal thier identity or firm name in transaction name(for ex:my broker Transaction name Appear As... HFmarkets..)they never use the term Forex in Transaction.

5).See According to Indian income Tax rules...yes ur liable to pay tax if ur total Amount exceeds above 2lacs(this is going to change may be upto 4lacs in coming months or before elections),because u r a individual and ur recieving foriegn currency u need to pay 18.5% tax when its above 2lacs per Annum as of now.

i think i cleared all ur doubts, the reason why i didn't give my id is....if anybody who wants to trade forex can read all these points...and go ahead...so that each and every time i don't have to give my id(skype/gtalk).
..make sense...

if u still have any doubts ..u can ask me. iam at Traderji now.

Regards,

Dear Jahan,
Thanks for ur detailed post on forex....:clapping:
Appreciate your open effort...IMO no one answered openely about forex here before in TJ

 

[Raghuveer]

Jahan sir, thanks for your detailed help :clap:.

 

[profound]

hello jahan,

1- i wrote u that i have a normal debit card.Just now checked that it has written easy shop international debit card (mastercard) for hdfc and international also written onaxis bank card(visa),with a daily ATM limit of Rs. 25,000 for withdrawals,and Rs. 40,000 at merchant establishments.I guess Merchant establishments inclued online transactions also both in india
and abroad .I guess u meant any debit card with the words "international debit card"
so if this the same u r talking about then i have it.:rofl: Please Correct me if i m wrong in judging this.

2-I asked my broker about that what the name appears in all trasactions and they told meabout some capital markets ,no word such as "forex" or "fx" in it. U were damn right there.:clapping:
Now my question is u told that we can buy anything online with our money.So can't anybody ask if he wants to (bank or anybody) that what the hell are we "SHOPPING FROM A COMPANY NAMED CAPITAL MARKETS"???And since u told to deposit in installments so if 200$ transactions 5 times (total 1000$)to the same "capital markets" doesn't it sound fishy that we are not shopping and doing something else??


3-Regarding withdrawing the money through debit card ,again the question arises if one wants to ask that "what kind of projects are u doing with a capital market company"?Can u give a better explanation for the project client which is the broker in my case?


4-i will keep ur advice in mind about moneybookers and it seems to be right but still if u can ans
my original question that "I mean what i send to money bookers and what
i withdraw from there can anybody(like bank,govt rbi )know to where that moneybooker
money is going or coming from".?

Regards

 

[jahan]

hello jahan,

1- i wrote u that i have a normal debit card.Just now checked that it has written easy shop international debit card (mastercard) for hdfc and international also written onaxis bank card(visa),with a daily ATM limit of Rs. 25,000 for withdrawals,and Rs. 40,000 at merchant establishments.I guess Merchant establishments inclued online transactions also both in india
and abroad .I guess u meant any debit card with the words "international debit card"
so if this the same u r talking about then i have it.:rofl: Please Correct me if i m wrong in judging this.

2-I asked my broker about that what the name appears in all trasactions and they told meabout some capital markets ,no word such as "forex" or "fx" in it. U were damn right there.:clapping:
Now my question is u told that we can buy anything online with our money.So can't anybody ask if he wants to (bank or anybody) that what the hell are we "SHOPPING FROM A COMPANY NAMED CAPITAL MARKETS"???And since u told to deposit in installments so if 200$ transactions 5 times (total 1000$)to the same "capital markets" doesn't it sound fishy that we are not shopping and doing something else??


3-Regarding withdrawing the money through debit card ,again the question arises if one wants to ask that "what kind of projects are u doing with a capital market company"?Can u give a better explanation for the project client which is the broker in my case?


4-i will keep ur advice in mind about moneybookers and it seems to be right but still if u can ans
my original question that "I mean what i send to money bookers and what
i withdraw from there can anybody(like bank,govt rbi )know to where that moneybooker
money is going or coming from".?

Regards

Hello,

1) u can use ur debit cards for funding/deposits if ur card capable of online payments...in ur case yes i think.


2) see first of all, buying means not only physical goods..u can buy a Advice..u can buy a software..u can buy a pdf file/book....etc.etc
iam not told u to deposit multiple of $200,i told u to deposit below or equal to $1000 ...and whats wrong with $200 depositing 5 times u can do it...
don't think too much just do it...in process u will know everything.

3)again same thing...there r people who sell thier advices...softwares...etc just search google for freelancers.
while ur withdrawing money they will charge back amount to ur card/bank account.there is no problem until ur total Amount in Bank exceeds Above 2lacs rupees/annum then u will liable to pay IT returns according to ur IT slabs.

4).no nobody will ask u anything about Moneybookers because its online payment gateway everybody knows it and they are regulated by FSA(financial service Authority,uk).and ur just transferring money in and out
...no problem.
the problem with moneybookers is... while when we withdraw our money...its take time,..and if something goes wrong our bank will not help in that issue

see deposits are easy in moneybookers but when comes to withdraw they won't charge back the amount to our card(debit),they transfer it by wire/cheque.(due to our own RBI rules),but they charge back to Credit Card which i think useless(we need to pay more service charges).

see once u reached ur Limit of 2lacs rupees/annum u ask ur bank people to open a individual Professional current A/c in ur name(just like ManishRT data feeder having the ICICI/HDFC account), so that from there onwards everything will go smoothly.if u maintain ur Current Account efficiently/bringing more money they will also give u overdraft facility.

regards,

 

[profound]

Hello jahan,

Thanks a lot.:rofl:I really appreciate ur courage to come forward and guide me fearlessly on this problem.I wanted ur id or phone num to contact u just in case if i face any emergency problem (god forbid) during implementation of all the things u told me do in process of opening and funding my account.But since u visit here daily(i hope that) so i would be calling u by posts and not by phone. I hope u will help me again.

Hoping to become a successful trader someday

Regards

 

[jahan]

Hello jahan,



Hoping to become a successful trader someday

Regards

Hello,

I will help.....its my payback time to ....Traderji.com

and one more thing There is no word "Hope" in Trading dictionary.

see if we Hope for something it will won't come to us,this word is suitable for gamblers(luck wanting peoples).

instead of Hoping to be successful,u need to do Something and that something will only come out of u when u analyze urself/study urself.

Nobody will change u....until u change urself.

point out that something in u which stopping u to make regular Profits.

Regards,

 

[profound]

Great advice jahan, thanks a lot

 

[profound]

Hello profound,

1)pls don't use any external online money transfer facility(money bookers ..etc),without ur notice they will block ur account and u never notice a reason,why they did it.see they don't have 24/7 online chat support so that they can help when ur account is blocked,only means of communication is through mail and its frustrating.
.....just fund ur account with ur online international debit card directly to ur trading Account.Nobody will ask u neither banks nor Rbi people,just to be safe side do incremental funding of upto $1000.(above $2lacs get noticed).its a shopping card we can do anything we want with our money upto the limit of amount given by bank( there is upto 50000 Rs limit per day depending on bank to bank).

2) the answer for this in 1).

3).why they ask u, if ur getting money from outside they should appreciate u.
so nobody is going to ask u anything.no form filling u will receive the amount directly to ur Bank account.

always choose forex brokers who charge less $ amount/no charges for withdrawl,banks will not going to charge any thing except conversion charges
because we are getting money in.

when we are depositing they charge $20-0(again depends upon broker who bares our transaction charges).

see international forex brokers use same mode of withdrawals as deposits done so there is no question of submitting reasons to any bank.(mine is HDFC and they didn't ask me anything infact i tried with Bank of india also)

whenever someone sends u money from abroad,......to crosscheck that ur the right guy for recieving that cash r not they ask u proof beacuse there is no outgoing only incoming.(if sender mistyped the account no these kind of crosschecks will confirm the receiving candidate).
so incase of forex depositing and withdraw is done by only by same channel, upto now they didn't ask me any questions.

4).Actually the Limit is more,but to be at safe side ,it is the Amount i always used to withdraw every time.i don't know about Axis bank,but if they ask u for Above $500 Transaction u tell them that ur a freelancer and do online projects for international clients(and ur client is ur broker).Normally forex brokers never reveal thier identity or firm name in transaction name(for ex:my broker Transaction name Appear As... HFmarkets..)they never use the term Forex in Transaction.

5).See According to Indian income Tax rules...yes ur liable to pay tax if ur total Amount exceeds above 2lacs(this is going to change may be upto 4lacs in coming months or before elections),because u r a individual and ur recieving foriegn currency u need to pay 18.5% tax when its above 2lacs per Annum as of now.

i think i cleared all ur doubts, the reason why i didn't give my id is....if anybody who wants to trade forex can read all these points...and go ahead...so that each and every time i don't have to give my id(skype/gtalk).
..make sense...

if u still have any doubts ..u can ask me. iam at Traderji now.

Regards,

Hello jahan,
I guess the problems are not over yet.I talked to 3-4 brokers of my choice including ur one also (Hotforex-HF Markets).
What i understood from ur explanation is that if i can fund account from my debit card but below 1000$ and withdraw it from same mode again and again and again but below 1000$ .(correct me if i m wrong here)

What the brokers are saying that if i fund suppose 1000$ and then i make profit and balance goes to 1500$ and then i want to withdraw 1100$ out of if then I CAN ONLY WITHDRAW MY ORIGINAL FUNDING AMOUNT BY CARD AND THAT IS 1000.For rest of the profits that is 100$ in this eg i have to use another channel like moneybookers or bank wire.

Now here also 2 things arise-
What I understood that maximum limit for the card will be 1000 for each withdrawl transaction coz that is the original deposit and next time suppose the balance goes above 1000 again (after i have got the original fund of 1000 from card back) i can withdraw 1000 again from card but thats not the case.

They are saying that "once u have withdrawn the deposit amount by card then u have to withdraw ur profits from another channel.U can only use ur card and only debit card to withdraw ur profits till the amount u deposited is not met.When that deposit amount of urs is reached u cannot withdraw more than that by the card.For rest of the money u have to use other options.Now kindly explain clearly what the whole process coz u r doing it. Either i haven't understood u or i haven't understood them ?If possible pls do that with an example.

Regards