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

[ag_fx]

Hi Ankit,

any idea what happened SHOBHASREE of EUR\USD AT 11am IST thread??

also how is your forex trading going on?

I am keen to to take up forex seriously, request your help please.

Thanks
Prasanna

I dont know what happened to it..It was anyways very strange for me to do what he/she was trying to do there. And the very fact that the thread is no more alive firms my belief that the idea wasnt workable.


If you are keen on following the forex, I would advise you to hunt around the forum to get accustomed to technical analysis and other educational material. Try understanding how things work and start on Demo. Untill you are able to do some profitable trades/months on demo, dont move to Live.

First step is..to start learning.

 

[pmg123]

thanks for the response.

your point is absolutely correct there is no point in under prepare enter the market and lose money, i have been reading Forex material for few months now and have a fair idea about the same.

Now, I want to be begin by tradeing in a practice account before going live, but have noticed most of the sites asking credit card information for opening demo account also, are you aware of any site providing demo / practice account without asking credit card details, please do let me know.

Thanks

 

[ag_fx]

thanks for the response.

your point is absolutely correct there is no point in under prepare enter the market and lose money, i have been reading Forex material for few months now and have a fair idea about the same.

Now, I want to be begin by tradeing in a practice account before going live, but have noticed most of the sites asking credit card information for opening demo account also, are you aware of any site providing demo / practice account without asking credit card details, please do let me know.

Thanks

CC info????Not at all..try OANDA....FXPRO...FOREX.COM....ALPARI...I hope u know about Mt4

 

[jayakumargss]

Hi,
can u pls tell how can v link our bank account for forex trading?
does indian banks provide flexibility for forex trading.

 

[ag_fx]

Hi,
can u pls tell how can v link our bank account for forex trading?
does indian banks provide flexibility for forex trading.

You cant link ur bank accounts to ur forex trading accounts. It is not like Indian brokerages. The system abroad is much different.

 

[pmg123]

Ankit,

if you can't link your bank account to forex account, then how do you transfer money in to and out of forex account??

I can fund my forex a/c through my credit card but then when I want to receive money back from forex a/c what do I do??

Thanks
Prasanna

 

[ag_fx]

Ankit,

if you can't link your bank account to forex account, then how do you transfer money in to and out of forex account??

I can fund my forex a/c through my credit card but then when I want to receive money back from forex a/c what do I do??

Thanks
Prasanna

Bank Wire transfer. Thats how the money is transferred to and from your Fx account. Though there are other ways, this is the safest and most widely used option.

And I dont think you can fund your Fx account with a CC. At least with good large brokers, you cant.

 

[pmg123]

Ankit,

but many members have mentioned in this and other forums that Indian Banks (I suppose you are in India) does not allow http://www.traderji.com/images/smilies/confused.gifwire transfer for the simple reason Indian Banks does not support Forex trading since it is not allowed.

what's your take please?

 

[ag_fx]

Ankit,

but many members have mentioned in this and other forums that Indian Banks (I suppose you are in India) does not allow http://www.traderji.com/images/smilies/confused.gifwire transfer for the simple reason Indian Banks does not support Forex trading since it is not allowed.

what's your take please?

your link doesnt work.

For your answers, check out the thread titled : bank Wire Transfer in the Forex section.

Also, check out www.alpari.co.in

They are a famous FX broker from UK and now operating in India. They have even a tie up with HDFC bank to facilitate wire transfers. You dont have to trust me...Call them yourself and find out.

 

[Mangafreakz]

The Tieup with HDFC bank would be nice.
Hey Ankit , was browsing through the HDFC site today after you told about the A2 form the other day , http://www.hdfcbank.com/personal/forex/forex_apply.htm , One needs to fill all the documents or only the A2 and Liberalised Declaration for sending the funds to the broker.
Also saw this under the SWIFT codes section
Currency Correspondent Bank Correspondent Bank's Swift Code Correspondent Account Number Additional Account Details
USD JPMorgan Chase Bank, NEW YORK CHASUS33 001-1-406717 CHIPS ABA:0002
FEDWIRE ABA:021000021
CHIPS UID#354459
Does this have anything to do with the Beneficiarie's bank details ?