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

[kesk]

I am attaching a RBI guideline on FX. Read 3.1.a and Schedule 1 k) and one tends to think that FX trading by resident Indians is allowed by RBI but in a Capital Transaction Account. I understand from CTA means, an account like Current account, where the money doesnt get any interest from bank.

Combined with the Liberalised Scheeme of USD 200000 /year with this document, one can safely assume fx trade to be legal. Other opinions are welcome.

 

[findvikas]

I think this thread has become more of a questionnaire, while I really appreciate asking and clarifying questions but lets use other thread for that work.

Pipshower.. first of all thanks for your information that inspired me to Forex which I wanted to do since long back due to many reasons.

I started Forex 2 days back after evaluating Oanda/MT4 on demo account for almost a month and I think Ichimoku can be a very good system to keep you safe in your position.

I am a scalper, 30 min charts are very long for me whether it comes to equity or forex. Equities it was a problem due to less volatility in 30mins and very less margin.

I am trading with Oanda with a leverage of 50:1 and I keep my trade open for max 5mins and like to book profit in 10-15pips (at times even 5)

I started with $91.94 ( actually $95) but they eat my money as charges lol...

I got 1% loss & 5-6% profit target for the day while monthly targets are 40-50% profit.
So far I had two consecutive days with 10% profit each day. Here is how account looks like after 2 days.

 

[ag_fx]

I am a scalper, 30 min charts are very long for me whether it comes to equity or forex. Equities it was a problem due to less volatility in 30mins and very less margin.

I am trading with Oanda with a leverage of 50:1 and I keep my trade open for max 5mins and like to book profit in 10-15pips (at times even 5)

I started with $91.94 ( actually $95) but they eat my money as charges lol...

I got 1% loss & 5-6% profit target for the day while monthly targets are 40-50% profit.
So far I had two consecutive days with 10% profit each day. Here is how account looks like after 2 days.

1) The money that was charged to you was probably the paypal fee.
2) You said you keep a 1% SL and 5-6% profit target for the day. So, what is the kind of SL that you keep on one trade?What kind of R:R do you use for scalping?
With a 10-15 pip target,what kind of SL do you keep? I hope you do account your spread into consideration of the SL.

 

[pipshower]

I think this thread has become more of a questionnaire, while I really appreciate asking and clarifying questions but lets use other thread for that work.

Pipshower.. first of all thanks for your information that inspired me to Forex which I wanted to do since long back due to many reasons.

I started Forex 2 days back after evaluating Oanda/MT4 on demo account for almost a month and I think Ichimoku can be a very good system to keep you safe in your position.

I am a scalper, 30 min charts are very long for me whether it comes to equity or forex. Equities it was a problem due to less volatility in 30mins and very less margin.

I am trading with Oanda with a leverage of 50:1 and I keep my trade open for max 5mins and like to book profit in 10-15pips (at times even 5)

I started with $91.94 ( actually $95) but they eat my money as charges lol...

I got 1% loss & 5-6% profit target for the day while monthly targets are 40-50% profit.
So far I had two consecutive days with 10% profit each day. Here is how account looks like after 2 days.

very well done Buddy!

Just Remember to stay cool and reduce your losses and increase profits so you can stay ahead of the game..
Whether u scalp or position trade doesnt matter , what matters is making money!:thumb:
and Ankit has already answered the question asked by you..Its paypal charges ...

 

[vinodkiyer]

Hi all,

I have account with Oanda and FXCM last two years. I used to trade until about january last year, I lost about 1600 usd + profits of about 800 usd totally from both my accounts together as I didnt have power backup, didnt put stops and power failed for 10 days due to natural calamity where i reside. Totally my mistake for the loss.

Now i have 20 usd in oanda and 49.65 Euros in FXCM. I still keep both my accounts open and just because i do not feel to go to the bank for replenishing my account. so i started again with stocks.

last one month I started trading again whenever i am at my terminal ( and close positions when I am not) with oanda as I feel i am more wiser than earlier and in oanda u can trade even with 20 usd.

I use 70 mins and 1030 mins crosses of ema with additional CCI(14) and 50 indicators on 5 minutes chart and have been successful until now.

this is just for info for newbies

 

[bandlab2]

Hi all,

I have account with Oanda and FXCM last two years. I used to trade until about january last year, I lost about 1600 usd + profits of about 800 usd totally from both my accounts together as I didnt have power backup, didnt put stops and power failed for 10 days due to natural calamity where i reside. Totally my mistake for the loss.

Now i have 20 usd in oanda and 49.65 Euros in FXCM. I still keep both my accounts open and just because i do not feel to go to the bank for replenishing my account. so i started again with stocks.

last one month I started trading again whenever i am at my terminal ( and close positions when I am not) with oanda as I feel i am more wiser than earlier and in oanda u can trade even with 20 usd.

I use 70 mins and 1030 mins crosses of ema with additional CCI(14) and 50 indicators on 5 minutes chart and have been successful until now.

this is just for info for newbies

hi vinod,

CCI14 is on 5min? you mentioned 50 indicators, can you elaborate ? ho can get 50 guys to agree an still get a trade. may be i am missing something

sorry about yr power failure issue

 

[vinayji]

hi, I have practiced Elliot Wave analysis for the last 20 years but never traded in forex. Recently I opend practice accounts and and doubled it in a very short time. What I found is that the currency market adheres to the charts more accurately coz it is a huge market and it is not possible for any individual to manipulate it. Which to a certain extent is possible in the stock market.
Naturally, I got interested i opening a real account. But there is a stumbling block. The R.B.I. guidelines clearly forbids foreign exchange remittance for margin calls. In Other words fprex trading becomes illeagal in india. coz when u get ur profit remitted and u fill in ur tax papers what will u show as ur source of income?
So can u plz guide me how to proceed and then how to make and receive remittances. u may use my mail [email protected]

 

[.Pride.]

hi vinod,

CCI14 is on 5min? you mentioned 50 indicators, can you elaborate ? ho can get 50 guys to agree an still get a trade. may be i am missing something

sorry about yr power failure issue

maybe he meant ema crossover + CCI(14) and CCI(50)

anyway, with ema trend following systems, entries are easy...its the exits that determine ur profitability...

 

[rserene84]

hi, I have practiced Elliot Wave analysis for the last 20 years but never traded in forex. Recently I opend practice accounts and and doubled it in a very short time. What I found is that the currency market adheres to the charts more accurately coz it is a huge market and it is not possible for any individual to manipulate it. Which to a certain extent is possible in the stock market.
Naturally, I got interested i opening a real account. But there is a stumbling block. The R.B.I. guidelines clearly forbids foreign exchange remittance for margin calls. In Other words fprex trading becomes illeagal in india. coz when u get ur profit remitted and u fill in ur tax papers what will u show as ur source of income?
So can u plz guide me how to proceed and then how to make and receive remittances. u may use my mail [email protected]

Show them as Short Term Capital Gains.

To remit money, use Debit Card for withdrawal (FXCM UK) or Paypal (Oanda)

 

[coral]

ok very good