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Full time Indian Resident FOREX trader??
- Thread starter AdaG
- Start date
Then i m sorry to tell you that it is illegal for Indians to trade FOREX.
They will soon shut down their retail business as RBI and Banks are coming down hard on illegal retail FOREX traders.
It is also clear that they don't respect the law of the land and are only their to cheat their clients, knowing very well that FOREX trading is illegal in India for aam aadmi.
They will soon shut down their retail business as RBI and Banks are coming down hard on illegal retail FOREX traders.
It is also clear that they don't respect the law of the land and are only their to cheat their clients, knowing very well that FOREX trading is illegal in India for aam aadmi.
There is no debate on whether FOREX trading is legal or not.
It is very clear under FEMA act that a Indian resident cannot trade FOREX.
I m not here to argue , but just stating facts.
About you trading FOREX, you are bypassing laws. Simple as that. What you are doing is still illegal.
It's not RBI that will enforce the rules here , but your banks and they have already started sending out notices to people who are involved in FOREX trading. I know this , because i was one of them. Luckily i had closed my FOREX a/c just before the notice, but that didn't stop the banks.
To everyone here who thinks they can trade FOREX, don't take the risk. you could end up in prison or pay a hefty fine.
Best options is to trade USD/INR on NSE/MCX.
It is very clear under FEMA act that a Indian resident cannot trade FOREX.
I m not here to argue , but just stating facts.
About you trading FOREX, you are bypassing laws. Simple as that. What you are doing is still illegal.
It's not RBI that will enforce the rules here , but your banks and they have already started sending out notices to people who are involved in FOREX trading. I know this , because i was one of them. Luckily i had closed my FOREX a/c just before the notice, but that didn't stop the banks.
To everyone here who thinks they can trade FOREX, don't take the risk. you could end up in prison or pay a hefty fine.
Best options is to trade USD/INR on NSE/MCX.
I agree what you say. I used to do the same.
But what if tomorrow you land up in jail or asked to pay a hefty fine. if you are ready for it , then sure go ahead and take the risk of trading FOREX.
I guess it's up to the individual and about the laws, they are only as good people enforce them. so if you decide not to follow the laws of the land, that's fine too. No one is holding a gun to your head
I guess this attitude in general in India, that we have such a bad justice system.
I don't understand why even have laws in this country, when most people don't want to follow it or do their best to bypass it.
But what if tomorrow you land up in jail or asked to pay a hefty fine. if you are ready for it , then sure go ahead and take the risk of trading FOREX.
I guess it's up to the individual and about the laws, they are only as good people enforce them. so if you decide not to follow the laws of the land, that's fine too. No one is holding a gun to your head
I guess this attitude in general in India, that we have such a bad justice system.
I don't understand why even have laws in this country, when most people don't want to follow it or do their best to bypass it.
Very Well said friend...
And yes...the smallest unit is called a Pip
You are very right about making 5% a day in Forex...but I guess leverage plays an important role in it...Without leverage...I am not too sure how can dat be done untill and unless you have a system netting 500 pips a day...
Like u said,for your example trade, you dint take any leverage...so a 20 pip movement earned you close to $3....If u were trading with a $1000 account(dats what I inferred from your post), this trade fetched u 0.3% return....so in order to make 5%, a 500 pip movement is required in ur favour...
Let us know your thots over the same.
Happy Trading
And yes...the smallest unit is called a Pip
You are very right about making 5% a day in Forex...but I guess leverage plays an important role in it...Without leverage...I am not too sure how can dat be done untill and unless you have a system netting 500 pips a day...
Like u said,for your example trade, you dint take any leverage...so a 20 pip movement earned you close to $3....If u were trading with a $1000 account(dats what I inferred from your post), this trade fetched u 0.3% return....so in order to make 5%, a 500 pip movement is required in ur favour...
Let us know your thots over the same.
Happy Trading
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