The best Leverage....nice!

Since there are holidays for 4 days starting Thursday 5th April....

While relaxing I decided to check out the Forex scene people keep talking about! I thought it was similar to the Currency Futures with INR as base currency, but this is something much more spicy

And guess what, I got a Forex broker offering me leverage of 1:2000 :thumb: I really love leverage though its damn RISKY but this very leverage offering got me interested to check out the Forex scene!
Wish I could get that much leverage in our Futures & Options in India!

So I'm kinda fiddling around with this Forex account, just checking out the scene Looks interesting though I'm not sure how legal is this !

But it sure looks good to play Something different!

This looks like the beginning of a new game-series for me.

Happy Trading all the time!

Fiddling around with the Forex account, I realized this is pretty cool.

I think legally this is pretty difficult to do in India.

Though no one has been caught as yet.....we shouldn't end up being the first

The best possible way is to probably have an unnamed account in an offshore bank....only this may qualify as outside Indian laws! Remittances to-and-from this account would be the safest option based on my logic. Coz any other mode of payment to-and-fro will always require details of why money is being received as income in large chunks from abroad

Dealing with laws is a big HEADACHE !!

I think CitiBank offers off-shore accounts based in Singapore.

I hope CitiBank does not go down like the other banks

The safest option I believe is to have such an account and do the debits/credit off that account ONLY...so that one does not have to fiddle around with third-party transfers like Liberty, WM etc and what not The issue here is....how to get the profits legally without any HEADACHE

Btw the rules in India are meant to protect the people here. Thats fine coz if Forex trading were to be open to all in India, these forex brokers in dozens would have made a killing by cheating gullible people of their money....coz placing money for margin is a double-edged sword and not too many people in India are familiar with this kind of stuff! Hence RBI is not wrong in having such a rule for India :thumb:

Based on what I see in the Forex scene.....

Getting an odd $1000 or even $2000.....on a DAILY basis is no big deal coz doing two of the (Volume=8 or whatever the term for that!) is pretty easy....with a 115 point trailing SL!

Myself not well-versed with Forex terminology, but I know how to play and it looks good to play

Happy Trading all the time!

The two of the (Volume=8) worked well with a 115 point trailing SL! :thumb:

So now.....I think three or four of (Volume=8 or whatever that's termed in Forex lingo! ) is going to rock.

Right now profits piling up, yet don't know how to get them here to me.....have to think of something that works instantly. I checked out the CitiBank SGP private account, but they are asking for a very high minimum balance to be maintained in account!! :annoyed:

Happy Trading all the time!

sharing an recent article on this issue

Yes thats true....damn tough to beat that!

Later as our traders mature, maybe we could then open up India to the Forex monsters(read Forex-brokers!) :thumb:

As for myself, I figured out a way to do it I'm going to ask a friend living in the USA or UK to receive the profits on my behalf...and then send it to me as a personal transfer

Happy Trading all the time! :thumb:

Indian laws state that...you cannot trade Forex with INR.

That's fine! :thumb: Some friend will chip in USD or GBP and all's well

RBI and Indian authorities do not like the INR to be used for trades that can take away our foreign exchange reserves. I support that! Just coz I support that does not mean I do not trade. After all, what are BRAINS given for ?

It aint so difficult that people start fighting over it.

remitting money abroad for trade is no big deal, but stating the profits from Forex in your tax statements in India is where the problem lies :thumb:

This is no argument nor is anyone expected to win from that...people in Reserve Bank of India (Our regulatory body for foreign exchange!) are NOT fools ....and no one is a criminal unless caught But think what happens when you are caught under strict FEMA laws! No one in RBI cares a _____ about "someone" venting their frustration against Indian laws on TJ :rofl:

If you do not like Indian laws...relocate to UK or USA....simple