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

thanks for reply dude,
ya now i got swift code with my another bank account but i'm facing hte same problem coz i don't hav a credit card and my city is black listed for appling for CC, so is there any other way to fund on my oanda account??
plz reply...


regards

Hi,

I am also interested in forex trading. But would like to evaluate pros and cons. I would love to read your thread on basics and then study some more myself before entering into this venture.

Rahul

SBI gave you swift code ? How you got it?
I dont have CC either

ya i got swift code from sbi main branch of my city coz a had another account there, but still having problem coz i don't have CC and someone told me he has CC but any indian CC isn't helful 4 him to add funds in his broker's account

There is no problem with funding an account with an indian credit card. if you dont have a cc, then open an account with fxcmmicro. they accepts debit cards.

swift codes are needed only for wire transfers. if you are sending less than $1000, then cards are better, coz the charges are lesser.

hi
i'm joe, new to traderji, got an experience of 1 year trading in forex(demo accounts only).
with my experience and knowledge i understand that it "can be legal" to trade in india and lets suppose we transfer money to our broker.... trade in forex....and lets suppose crossing all the barriers we make profits in forex.......then ofcourse we get back the money into our account and party hard.
THE QUESTION IS TAX
HOW MUCH TAX IS TO BE PAID?WHAT PERCENT?
WHAT DO WE SHOW AS THE SOURCE OF INCOME? FOREX OR FOREIGN EQUITIES

Happy Deepawali to All!

My Trading Experience

Broker: Oanda
Other Brokers: I'm trying to go for IbFx, however I like Oanda's Interface and lower Spreads

Experience: My experience in FX with Oanda is okay till date. First of all it took two months for me to search for a trustable Broker, and Oanda is one which any novice can trust, professionals generally do not use Oanda due to lack of Charting facilities or Paid Automated Trading.

I found FX Trading to be less risky than Nifty Options Trading, because of some past experiences. Markets are manipulated everywhere, however Fx is available whenever I want, I don't want to trade 9:55 - 3:30, it sucks to trade during office hours. Reason: I'm not a regular trader, its my part time work. However we can trade FX F&O too, which Oanda does not provides.

My advice to Indians Fellows: Do not follow anybody, just keep your eyes open, read forums but test yourself the relevance of content available on Internet.

Make a good strategy that works best for your profit targets and risk appetite. Money Management plays 50 % of role
in profit generation, 2 Factors: Risk-Reward and Probability of Success plays 30 % and Technical Analysis plays ONLY 20 % Role in your success.

Those who rely upon technical indicators only, lose 2/3 times on long term.

Get to know the basics first of all, because if you invested knowing Forex Market well, maybe you get the Golden Bird glory of India back from Firangi Goraas :annoyed: :clapping:

Some websites to devote dedicated time and efforts before starting using DEMO Fx Trade: BabyPips and FxStreet. Lick every page of these

Rest my experience says that I'm still a novice and most of you (the readers of this post) would be better traders than me. I still need to read about EQ Levels, because if someone has good EQ and bad IQ, he can still trade with profits, NOT Vice-Verca.

One final tip: Start trading with accounts <= USD 1000. Anything more would be a trade at your own risk. Trading is for you, you are not made for trading.

I recommend Oanda for newones and something better like CitiFxPro for professionals.

I strongly dis-recommend those who have HIGH SPREADS. It kills you badly.

For example, one of my friend did trading on some Easy Forex which had EUR-USD @ 7 Pips. Even Oanda says they are 0.9 pips BUT only during London and NY Session, not Asian one. So go with lowest pip broker which is trustable. If you can trade with higher spread, go for CitiFx, or some ECN Broker. Market Maker like Oanda generally do not like Profitable Traders, because it causes them loss. Google it to know more about MM and ECN.

I hope my experience helps readers, Have a safe Diwali and safe Trading.

Jai Hind.

@rserene84
Thanks for your detailed experience. what was your mode of payment to Oanda , by Paypal? And did you withdraw funds from your account , if so , what was the procedure?
Btw you from India ? Am asking cos i thought you might be in US as in one of your posts saw you talking about Zecco and the US markets.
Regards.

Thanks for your feedback!

I'm using Oanda since 2007. Withhdrawal is permitted only via the way you sent the money, e.g. If you WIRE the funds, which is the recommended way as you will get withdrawals via WIRE Only within 3 days, so you will not get back money via other methods like Paypal or Check. If you paid by Check, you will get by Check Only, not Wire. This is Oanda's bad policy

Zecco was used in 2008 for trading shares in US Markets, however I believe best way to invest money for speculation is either F&O or FX, which also have risk too.

I like Check because sending money is free via Check. Paypal takes 3 %, WIRE Charges are also there above Exchange Rate of Bank which are high too.

Hope this helps a lot, and if yes, just start once and you will find your way.

They accept Indian cheques ? Most brokers i saw they take cheques only drawn on US banks.