Dream Journey from $ 200 to $ 20000

[stumper]

Nikhil ,

I did transfer 2K USD to a UK account , to fund my CFD account with Reliance MOney. I was told that RBI regulation permits us max of 25K USD offshore transfer per year.

Stumper

 

[nikhilpoddar]

Stumper,
have a look at it...
Frequently Asked Questions under the Liberalized Remittance Scheme Reserve Banks Response

The Reserve Bank of India had announced a Liberalized Remittance Scheme (the Scheme) in February 2004 as a step towards further simplification and liberalization of the foreign exchange facilities available to resident individuals. As per the Scheme, resident individuals may remit up to USD 100,000 per financial year for any permitted capital and current account transactions. The Scheme was operationalised vide A.P. (DIR Series) Circular No. 64 dated February 4, 2004. The Reserve Bank of India has received feedback on the Scheme from Authorised Dealer banks and the Foreign Exchange Dealers Association of India and based on the discussions, clarifications on various operational issues of the Scheme are being given below :

Q1. Provide an illustrative list of capital account transactions permitted under the scheme?

The remittance under the Scheme is available to the resident individuals for any permitted current or capital account transactions or a combination of both. Under the Scheme, resident individuals can acquire and hold immovable property or shares or debt instruments or any other assets outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain and hold foreign currency accounts with banks outside India. However, it was clarified that remittance from India for margins or margin calls to overseas exchanges / overseas counterparty are not allowed under the Scheme.

and we r supposed to use the funds as a margin amount. i think it's illegal then. i think reliance money has no information in this regard.

 

[stumper]

Stumper,
have a look at it...
Frequently Asked Questions under the Liberalized Remittance Scheme – Reserve Bank’s Response

The Reserve Bank of India had announced a Liberalized Remittance Scheme (the Scheme) in February 2004 as a step towards further simplification and liberalization of the foreign exchange facilities available to resident individuals. As per the Scheme, resident individuals may remit up to USD 100,000 per financial year for any permitted capital and current account transactions. The Scheme was operationalised vide A.P. (DIR Series) Circular No. 64 dated February 4, 2004. The Reserve Bank of India has received feedback on the Scheme from Authorised Dealer banks and the Foreign Exchange Dealers Association of India and based on the discussions, clarifications on various operational issues of the Scheme are being given below :

Q1. Provide an illustrative list of capital account transactions permitted under the scheme?

The remittance under the Scheme is available to the resident individuals for any permitted current or capital account transactions or a combination of both. Under the Scheme, resident individuals can acquire and hold immovable property or shares or debt instruments or any other assets outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain and hold foreign currency accounts with banks outside India. However, it was clarified that remittance from India for margins or margin calls to overseas exchanges / overseas counterparty are not allowed under the Scheme.

and we r supposed to use the funds as a margin amount. i think it's illegal then. i think reliance money has no information in this regard.

Nikhil ,

Thanks for your information. Let me follow it up with Reliance. Looks like some disconnect some place.

Regards ,
Stumper

 

[nikhilpoddar]

Nikhil ,

Thanks for your information. Let me follow it up with Reliance. Looks like some disconnect some place.

Regards ,
Stumper

thats why i think we should use one of our friends in US as a medium to transfer the amount.
transfer the money to ur friend as a gift. ask him to transfer the funds to ur paypal...from their to ur broker...this way nothing will be illegal...

any thoughts ??????

 

[sundaram]

Hi friends
Can anyone dream to built am a/c of just 200 $ to 25000 $ ?

I Can.


If one knows forex trading , one can drean for this and have passion and discipline ,This is Quite Achivable Dream. In india this particular field of trading is still hardly knowc to few people .
I am going to trade forex with this Dream.
I have ben in forex trading since about three years and i have in fact known all the ins and outs of this market.
In fact i can say i am doing it nicely.
So coming to original context of this thread,
I shall be trading with fresh account of $ 200 from next monday and will be trading on this a/c with a specific goal to convert the a/c in to a $ 20K. The idea is to multiply the a/c by 100 times in the spam of 8 to 12 months.
Previously i have posted some trade results of my system here in this forums.
When i start i will be posting my weekly results here in this forum.
I want to use this thread my trading journal, and will be updating this journey from time to time.
Any suggestions are welcome.

Hi dilsefx,

Really thrilled to learn abt your concentration on forex trading.

Kindly tell me which platform your are trading MT4 ?
Which company ? Interbank/Fxdd/Fxcm/alpari/altrade

Please reply

Have a successful trading

 

[stumper]

thats why i think we should use one of our friends in US as a medium to transfer the amount.
transfer the money to ur friend as a gift. ask him to transfer the funds to ur paypal...from their to ur broker...this way nothing will be illegal...

any thoughts ??????

Hi Nikhil ,

Sorry for the late revert (was tied up in some personal work).
Maybe the method you mention can work but none the less its not my way of working so i will have to pass it up .. ha ha ha.

As of date i havent got any revert from reliance, more like i havent followd up as was busy with the Indian markets.

Will update you on this.

Stumper.

 

[eastado]

guys where is dilsefx gone ? what happened to $200 to $25000 dream ? where has he reached ? This thread was getting very interesting in the start I hope dilsefx comes back and starts his quest again.

 

[ashi_jam]

gr8 bro,
show me some tricks so i can do same as u do..

 

[forex expert]

Dear dilse .......... please pass on your contact info

Do not be qurious, i am 100% sure he is telling lie.I have also been in this intraday trading since last 4 years. yes potential is there in the market, i have also gone through all technicals and fundamental tecchniques, but all in vain. If one do this trading as a long term trader then only he or she can be successful.

 

[TheHallmark]

Do not be qurious, i am 100% sure he is telling lie.I have also been in this intraday trading since last 4 years. yes potential is there in the market, i have also gone through all technicals and fundamental tecchniques, but all in vain. If one do this trading as a long term trader then only he or she can be successful.

Anything is possible in this forex market. All that is rewd is you should be in right direction of the market, and that is the toughest thing in the financial markets.

For example check this where 1K a/c has been grown to 100K + in just a weeks trading.

Unbelievable it seems , but it ism true and can be verified here .

http://www.forexfactory.com/showthread.php?t=56670