Full time Indian Resident FOREX trader??

vicky_ag

Well-Known Member
#71
well...anoder confusion...in above trade...$2.93 profit was when u entered with a $1000....if u enter with 1/2 a mini lot(meaning $500), ur profit wud have been 2.93/2= $1.465

Thus, on one mini lot, a 20 pip movement(approx) would fetch you $1.465 for EURGBP.
In order to make 5% of ur account..that is 5 % of $500,which is $25, u wud need to make approx 20 such trades....which means 400-500 pips a day!!!!

I am not saying its not possible and all...so many currency pairs etc....it is very well possible....

All I am saying is, its much much more difficult without leverage...I think leverge is a double edged sword in Forex....If you can use it well, u can trade in huge profits...if not, it can kill u in very short span of time....


Happy Trading
Well ankit, dont confuse the trade size with the account size. I think I created more confusion my quoting another account size of $500 in my example.
But then, I said 1/2 mini not micro so it is basically $5000 trade. :p
For easier understanding lets start over. This would follow an example of a scalp trade.
My account size = $1000
My risk appetite = 2% = $1000 * 2 /100 = $20
My preferred lot size = 0.1 (This is a $10000 trade and -20 pips move would be well enough for my risk appetite)
Leverage used = 10:1 (As, I am opening a $10000 trade on $1000 a/c)
Daily target: 5% of $1000 = $50
My trade: Sell EUR/USD @ 1.3394
SL: 1.3414
TP: 1.3474
TP achieved. 1.3394 -1.3374 = 20 pips = $20

So, I can achieve my 5% a day target by 2-3 trades.
Please ignore the ever changing account sizes. I am not very good at examples. :(
and Yes, it would be difficult to achieve those targets without leverage but that is the reason you need solid MM rules in addition to high probability setups to win you 70% of trades.
I use leverages only in a very high probability conditions like RSI crossovers when I am damn sure about the move.
 

vicky_ag

Well-Known Member
#72
I know about Oanda as that is my primary broker for last few years.
I also know about easy forex , fxopen with personal account experience .
I have accounts with fxcm ,fxdd but never used them for my personal deposit and withdrawals since the withdrawls with them are with only bank accounts which creates hell lot of problem in India.
I have not used IBFX though have account with them since we need to use credit card for deposit and withdrawals.
I dont see anywhere an option on IBFX about payapl.
Am i missing something? Where is option to fund through paypal on IBFX?
And if you can share if you use depositing with credit card then which bank credit card you use for that purpose and which credit card platinim, gold or any other is required for credit card deposits?

Thank you for your reply..

Regards
Pipshower
Pipshower, I am premium customer @ HSBC which gives me a one way opening to high limit CC. As for paypal option, once you register you need to talk to their representatives about that.
I think even OandA has the option of paypal.
If paypal dont cut it out for you, you could talk to local forex companies like centrum..
 
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#73
Pipshower, I am premium customer @ HSBC which gives me a one way opening to high limit CC. As for paypal option, once you register you need to talk to their representatives about that.
I think even OandA has the option of paypal.
If paypal dont cut it out for you, you could talk to local forex companies like centrum..
Thanks for the info.
But i am using paypal with oanda and no problem at all .My transactions are well over $5k everytime and never had problem with them.
My question is about IBFX or any other broker except fxpro ,fxdd,fxcm ,easyforex that whether they accept paypal as i dont see that option on there website.I have talked with IBFX representive as well as live chat and they say they accept bank wire or Credit card but not paypal as deposit option.

Regards
Pipshower
 

vicky_ag

Well-Known Member
#74
Thanks for the info.
But i am using paypal with oanda and no problem at all .My transactions are well over $5k everytime and never had problem with them.
My question is about IBFX or any other broker except fxpro ,fxdd,fxcm ,easyforex that whether they accept paypal as i dont see that option on there website.I have talked with IBFX representive as well as live chat and they say they accept bank wire or Credit card but not paypal as deposit option.

Regards
Pipshower
Thats odd, I have been dealing with them using paypal without any hasseles. The prinicipal reason I chose them cause of the MT4 platform.
Why are you looking for alternate option, anyway? OandA experince not gud?
 
#75
Thats odd, I have been dealing with them using paypal without any hasseles. The prinicipal reason I chose them cause of the MT4 platform.
Why are you looking for alternate option, anyway? OandA experince not gud?
Oanda is great .
Dont have any problems with them except they dont have trailing option .

I am looking to diversify some of my money to MT4 and other brokers where i can test some of my modifications of strategies.
Basically dont want to put my eggs in one basket.
Looking to diversify it!
 

vicky_ag

Well-Known Member
#76
Oanda is great .
Dont have any problems with them except they dont have trailing option .

I am looking to diversify some of my money to MT4 and other brokers where i can test some of my modifications of strategies.
Basically dont want to put my eggs in one basket.
Looking to diversify it!
No trail stop in OandA, dint know that. Thanks for the info.

Speaking of startegies, I am using this one called Cowabunga System by Pipsurfer on Babypips and it works wonders if you follow it to the 'T'.
 
#77
Oanda is very good it has the facility of Fx manager where if you have any queries will get solved easily.
 
#78
hello want to know if you trade in fx and withdrw funds to india how do you show it and how do you pay your taxes on it ? do you show a statement of the fx buy and sells or how is it to be shown to pay income tax.
 

vicky_ag

Well-Known Member
#79
well...anoder confusion...in above trade...$2.93 profit was when u entered with a $1000....if u enter with 1/2 a mini lot(meaning $500), ur profit wud have been 2.93/2= $1.465

Thus, on one mini lot, a 20 pip movement(approx) would fetch you $1.465 for EURGBP.
In order to make 5% of ur account..that is 5 % of $500,which is $25, u wud need to make approx 20 such trades....which means 400-500 pips a day!!!!

I am not saying its not possible and all...so many currency pairs etc....it is very well possible....

All I am saying is, its much much more difficult without leverage...I think leverge is a double edged sword in Forex....If you can use it well, u can trade in huge profits...if not, it can kill u in very short span of time....


Happy Trading
Hey ankit, I forgot to add something on the last post around and as it has been a sometime with that post, so I thought to make a new one.
This one is regarding the leverage part.
When I started in the Indian markets, the first question was is there any leverage present? Ppl acted disgusted and shocked by the question. Why do u need leverage? Getting leverage to play is like digging a hole for you they said.
What I cant understand is ppl's negations on leverage. I know, leverage could kill you very quickly. But, then if you know your limits, it wont.
What I mean is you need a strong Money management to save yourself. Put up something like 2% rule. It means "Never open a trade with more than 2% risk to your account even if you are using leverage".

For example, I trade nifty futures with 10000 rs with me. My broker allows me 10 times leverage. So, I can buy 10000 * 10 = 100000 worth of Nifty futures. But, I will trade with a 2% risk to my account i.e. the stop loss should be such that the trade stops when I make a loss of 200. A very fine and hard to line to tread. That is why it is utmost important to use it on setups which have 75-80% hit rate. While trading forex I have a setup with 80% hit ratio,so when things line up I go for the leverage and make my 5%.
 
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