Request to all senior forex traders.

#1
I humbly Request Senior Forex traders of this fourm who have been trading successfully in India for more than 1 year kindly provide their phone num or email so that newbies like me can contact and clarify their:( doubts about few things.
I would be very grateful.:(
 
#2
I humbly Request Senior Forex traders of this fourm who have been trading successfully in India for more than 1 year kindly provide their phone num or email so that newbies like me can contact and clarify their:( doubts about few things.
I would be very grateful.:(
Dear Newbie,

I m not a senior member in this forum. But FOREX trading is illegal in india.

Anyone who is successfully trading in India and says so is a lair and not be trusted.

If you do want to trade in currencies. We have our own currency futures - USDINR,EURINR,GBPINR.JPYINR traded on NSE and MCX-SX. you can combine them to form EUR/USD. GBPUSD and so on...and they can be traded with very litle margin and it is exchange regulated. These pairs can be traded from 9-5 intraday. But since you have just started, I suggest you start with daily charts.
 
#3
Dear ztrader1234 ,
if u r not a senior member then u should not have replied to the post.:annoyed:
I know that its illegal . i just wanted to talk to some senior member about this.
 
#4
Dear ztrader1234 ,
if u r not a senior member then u should not have replied to the post.:annoyed:
I know that its illegal . i just wanted to talk to some senior member about this.
Really, you are angry about it. you think the senior members will tell you otherwise , that he will tell you some loopholes exists so you can trade legally. Not possible.

your only chance to trade FOREX is leave india and go settle somewhere outside of india.

Also, what makes you think some senior member here who btw is successful in forex trading will give you his number to talk to.

you are lucky someone at least bothered to give you a reply. Also note just because i joined recently does not make me a newbie..I could be a senior in certain things related to forex...but now your are out of luck..:p
 
#5
ztrade if u cannot help then keep your mouth shut.:annoyed: U are here only to advertise ur servcie which i have read in some of the old posts also.U worry about ur luck not mine.I posted a thread if anybody doesn't reply then its ok with me, don't want ur suggestions .Please mind ur own business and don't waste ur PRECIOUS AND LUCKY time to reply to anything in this post.
:lol:
 

jahan

Well-Known Member
#6
ztrade if u cannot help then keep your mouth shut.:annoyed: U are here only to advertise ur servcie which i have read in some of the old posts also.U worry about ur luck not mine.I posted a thread if anybody doesn't reply then its ok with me, don't want ur suggestions .Please mind ur own business and don't waste ur PRECIOUS AND LUCKY time to reply to anything in this post.
:lol:
hello,

excellent........ i agree with u,he is a advertiser.

don't think about any rules......just open a Account with HDFC or ICICI or Bank of America or HSBC having with (Shopping) international Debit card, don't go for Credit card.

and Simply fund ur Account with VISA/MAstercard debit card.

The RBI rules are for heavy investors above 2lac dollars.

one more thing when ur going to withdraw ur profits see that ur amount should be below $1000

and when ur going to deposit the amount do it partially two or three times not exceeding $1000 each time .

hope this will help you.....

regards,
 
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#7
thanks a lot jahan , i really apprecitate that, well if u don't mind can u pls give ur skype or gtalk id so that i can chat more with u and have proper guidance,anything u want to give so that i can contact u,
 

jahan

Well-Known Member
#8
thanks a lot jahan , i really apprecitate that, well if u don't mind can u pls give ur skype or gtalk id so that i can chat more with u and have proper guidance,anything u want to give so that i can contact u,
Hello profound,

you don't need my Id's for suggestions/help ....see... by trading forex means we are not criminals, here at traderji only lot of members do trade forex,but they are not exposing themselves, see its their personnel issue and we don't need to force them to expose.what ever information u want iam ready to give u openly,
....There is no dangerous thing than Trading....iam doing it ....thats why i have no fear...u can ask anything related to trading.

Regards,
 
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#9
hello jahan,

Ok i got ur point but u also didn't give me any id;) .I was asking that only so that those things which i want to ask can be discussed on voice chat in 10-15 mins and here i have to write and u have to reply.But if u think this method is easy for u , its ok.
I have read all the things about these things and my main issue was deposit and withdrawl method and u explained me that only in the first reply.That itself clarifies that u r enough experienced to guide me;).

The broker i chose provides , debit /credit card,moneybookers and wire transfer . I decided to go for moneybookers.

My questions-
1-Since u mentioned don't use credit card ,does that apply for moneybookers also.I mean what i send to money bookers and what i withdraw from there can anybody(like bank,govt rbi :lol:)know to where that moneybooker money is going or coming from.Some may think it as as stupid question but still i wanted to ask.I guess u got my point.:)

2- i have registered my normal debit card on moneybookers.Does bank will ask any questions if i transfer for eg. 900$(below 1000 as suggested by u)that where are u sending this much amount of money?whats is moneybookers , y r u sending to it etc.

If yes and bank may ask this what reply should i give them?

3- During withdrawl of any amount between 1$ to 999$ from moneybookers to my bank account , does bank again ask u to fill any form so to receive the amount ??
OR
ask any types of questions regarding this that from where r u getting this much money.Do they ask to produce any kind of document for that or something coz i have heard that if someone from abroad wires money to india we have to provide some kind of document as proof from the sender of the money.(pls correct me if i am wrong).

If the ans is yes again what should i do??

4- Does the limit of 1000$ as told by is same for all banks or it can vary or is less for some of them.My bank(Axis) i guess told me once that they ask questions for any incoming remittance of 500$ or more.( i m not sure about this )

5- If all of the above is sorted out then comes the task of declaring that money made as profit to Income Tax dept.What is the best reason u can give for that?


These questions can be asked only when i make profit ;)but i wanted to clear my doubts before i begin anything.I guess this will not only clear my doubts but lots of other people who r at the same stage as i m in forex trading.

If u can clear these things that would be of great help.

Regards
 

jahan

Well-Known Member
#10
hello jahan,

Ok i got ur point but u also didn't give me any id;) .I was asking that only so that those things which i want to ask can be discussed on voice chat in 10-15 mins and here i have to write and u have to reply.But if u think this method is easy for u , its ok.
I have read all the things about these things and my main issue was deposit and withdrawl method and u explained me that only in the first reply.That itself clarifies that u r enough experienced to guide me;).

The broker i chose provides , debit /credit card,moneybookers and wire transfer . I decided to go for moneybookers.

My questions-
1-Since u mentioned don't use credit card ,does that apply for moneybookers also.I mean what i send to money bookers and what i withdraw from there can anybody(like bank,govt rbi :lol:)know to where that moneybooker money is going or coming from.Some may think it as as stupid question but still i wanted to ask.I guess u got my point.:)

2- i have registered my normal debit card on moneybookers.Does bank will ask any questions if i transfer for eg. 900$(below 1000 as suggested by u)that where are u sending this much amount of money?whats is moneybookers , y r u sending to it etc.

If yes and bank may ask this what reply should i give them?

3- During withdrawl of any amount between 1$ to 999$ from moneybookers to my bank account , does bank again ask u to fill any form so to receive the amount ??
OR
ask any types of questions regarding this that from where r u getting this much money.Do they ask to produce any kind of document for that or something coz i have heard that if someone from abroad wires money to india we have to provide some kind of document as proof from the sender of the money.(pls correct me if i am wrong).

If the ans is yes again what should i do??

4- Does the limit of 1000$ as told by is same for all banks or it can vary or is less for some of them.My bank(Axis) i guess told me once that they ask questions for any incoming remittance of 500$ or more.( i m not sure about this )

5- If all of the above is sorted out then comes the task of declaring that money made as profit to Income Tax dept.What is the best reason u can give for that?


These questions can be asked only when i make profit ;)but i wanted to clear my doubts before i begin anything.I guess this will not only clear my doubts but lots of other people who r at the same stage as i m in forex trading.

If u can clear these things that would be of great help.

Regards
Hello profound,

1)pls don't use any external online money transfer facility(money bookers ..etc),without ur notice they will block ur account and u never notice a reason,why they did it.see they don't have 24/7 online chat support so that they can help when ur account is blocked,only means of communication is through mail and its frustrating.
.....just fund ur account with ur online international debit card directly to ur trading Account.Nobody will ask u neither banks nor Rbi people,just to be safe side do incremental funding of upto $1000.(above $2lacs get noticed).its a shopping card we can do anything we want with our money upto the limit of amount given by bank( there is upto 50000 Rs limit per day depending on bank to bank).

2) the answer for this in 1).

3).why they ask u, if ur getting money from outside they should appreciate u.
so nobody is going to ask u anything.no form filling u will receive the amount directly to ur Bank account.

always choose forex brokers who charge less $ amount/no charges for withdrawl,banks will not going to charge any thing except conversion charges
because we are getting money in.

when we are depositing they charge $20-0(again depends upon broker who bares our transaction charges).

see international forex brokers use same mode of withdrawals as deposits done so there is no question of submitting reasons to any bank.(mine is HDFC and they didn't ask me anything infact i tried with Bank of india also)

whenever someone sends u money from abroad,......to crosscheck that ur the right guy for recieving that cash r not they ask u proof beacuse there is no outgoing only incoming.(if sender mistyped the account no these kind of crosschecks will confirm the receiving candidate).
so incase of forex depositing and withdraw is done by only by same channel, upto now they didn't ask me any questions.

4).Actually the Limit is more,but to be at safe side ,it is the Amount i always used to withdraw every time.i don't know about Axis bank,but if they ask u for Above $500 Transaction u tell them that ur a freelancer and do online projects for international clients(and ur client is ur broker).Normally forex brokers never reveal thier identity or firm name in transaction name(for ex:my broker Transaction name Appear As... HFmarkets..)they never use the term Forex in Transaction.

5).See According to Indian income Tax rules...yes ur liable to pay tax if ur total Amount exceeds above 2lacs(this is going to change may be upto 4lacs in coming months or before elections),because u r a individual and ur recieving foriegn currency u need to pay 18.5% tax when its above 2lacs per Annum as of now.

i think i cleared all ur doubts, the reason why i didn't give my id is....if anybody who wants to trade forex can read all these points...and go ahead...so that each and every time i don't have to give my id(skype/gtalk).
..make sense...:)

if u still have any doubts ..u can ask me. iam at Traderji now.

Regards,
 
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