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

[ag_fx]

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 ?

Didnt understand you here.What is it that you are trying to ask?

 

[pmg123]

Ankit,

Thanks for the info on Alpari.

So as per you I can transfer money from my ICICI bank a/c to Alpari, India and then similarly I can transfer money from my Alpari a/c to my ICICI bank a/c: is my understanding right??

any clue how new/old is Alpari in India and can you safely trust that they will not runaway with your hard earned money??

I am sure you appreciate my concern considering what all of us have read about so many financial scams.

do you have any suggestions where one can get good material on Forex trading in terms of functional and technical analysis.

are you aware of any web sites which provide live updates on the forex market and more importantly expert comments on how the each currency would behave on a particular day.

how long have you been forex trading and can you please share your email address?

Thanks

 

[Mangafreakz]

@Ankit , sent my query to your mail.

 

[pmg123]

manga, i did not quite understand this email id?????

 

[Mangafreakz]

@pmg123
Alpari is registered with a regulatory body FSA , you can feel safe while keeping your money with them. I think in some post earlier here Ankit posted some FX cos. all of which them are reputed , you can google and check them out - Alpari , Saxo Bank , Forex4you
For learning Forex from Basics , try this http://www.babypips.com/school/

 

[ag_fx]

Mangafreakz has already replied to your post in parts. here is my take on it.

Ankit,

Thanks for the info on Alpari.

So as per you I can transfer money from my ICICI bank a/c to Alpari, India and then similarly I can transfer money from my Alpari a/c to my ICICI bank a/c: is my understanding right??

I dont think you quite got it right. Here is how the process goes:

1) You request a wire transfer from your account in India.Say ICICI/HDFC Bank.Your account will be debited equivalent INR depending upon amount sent and exchange rate.

2)The money will be wired and credited to the account of your broker,Say Alpari. According to major FSA,CFTC,NFA regulations, these brokers are suppose to keep your money into segregated accounts and they cant use it for their own purposes.
Also, no one else can fund your account. The source of money should be from a bank account in your name.

3) When you send a withdraw request, the money will be withdrawn in form of Wire Transfer only and the credit can be done ONLY in the account which is in the name of the customer. Thus, money cant be withdrawn to any other bank account than the one which is in your name.

Please remember, this is the way Wire transfer works. There are other ways to transfer money too, but this is safest and most legitimate.

any clue how new/old is Alpari in India and can you safely trust that they will not runaway with your hard earned money??

Alpari is new in India(about 8-9 months old) but have been working for fairly longer period of time in UK. They are regulated by FSA,UK and thus are pretty safe in terms of stealing of your money. The reason I name Alpari a lot is that they are the ONLY FX broker who have set themselves up in India. Though there are plenty of other brokers in the world.

I am sure you appreciate my concern considering what all of us have read about so many financial scams.

do you have any suggestions where one can get good material on Forex trading in terms of functional and technical analysis.

I can understand your concern and all your questions are welcomed here. I will try my best to answer them.

You can learn basics of forex from many forums and websites.
www.babypips.com is one of the best site to start learning
also, google for daily-fx in terms of learning forum sites.

are you aware of any web sites which provide live updates on the forex market and more importantly expert comments on how the each currency would behave on a particular day.

I would not recommend you to go for any websites which post predictions. I would rather encourage you to learn trading on your own. Its like similar to Indian markets, you can get 1000s of tipsters and analysts, but how many of them do make money?

how long have you been forex trading and can you please share your email address?

Thanks

My stint with forex has been close to 2.5 years now.



please note it down and post so that I can remove the email from public post.

Regards
Ankit

 

[pmg123]

Ankit:

Thanks a ton, your explanation is quite elaborate and very useful.

Appreciate your help.:clapping::clapping:

Best Regards
Prasanna

P.S: Have made a note of your email address please remove the same from public post.

 

[Ronnie J]

hey guys,

i am based over in london, have you heard of a company called City Credit Capital - they do Forex and CFD trading also.

 

[topaz790]

Hi Pipshower,

I too trade forex using EA. Now I want to switchover to manual. Please add me as well to your group.

Regards

 

[surenther.ss]

Hai Pipshower

I have started Forex trading after losing most of my investment in intraday in our Sharemarket.For the previous 6 months i am trading forex with etoro.Etoro terminal was not good but they will give some bonus amounts for that only i am using that.

Then in my experience Forex is 1000 times better than our market because it is 24hrs market so the price movement is like a circle u can see the same price at least 4 times in a single day all u want is good investment ie minimum 200$ and also some strong heart to wait for your turn

Try to learn basics there is lot of website available for that and find some good strategy for trading and also open some practice account and check your startegy for atleast 2 months

If any body having any doubts about this i am willing to help them

Pipshower add my name also in your group