A plunge in Indian Stock market
- Thread starter sspms2002
- Start date
Hi there...
Yes i am from India.
I basically chose IB because of its platform and the option it provides for day trading.
Like Chart Trading , Depth Trading etc.
Though I am new , but i think these features are good to day trade/scalp.
May be experienced folks would differ or i may change my mind as i use the platform.
sspms2002
Yes i am from India.
I basically chose IB because of its platform and the option it provides for day trading.
Like Chart Trading , Depth Trading etc.
Though I am new , but i think these features are good to day trade/scalp.
May be experienced folks would differ or i may change my mind as i use the platform.
sspms2002
Yes , they are breaking the law by allowing indians to open a margin a/c to trade overseas. This is clearly illegal as per RBI. Same rules as FOREX.
So i called their office and asked them about how can a indian open a margin a/c with you. They said its your responsibility to check the laws and trade. I told them are you aware of the FEMA act. They kept repeating the same thing. Very shady practice. They are not honest and transparent.
They cannot allow a indian to open a margin a/c to trade overseas.They know this and yet they continue to ignore the law of the land because that's how things are in India. This "Chalta hai" attitude. Very irresponsible broker.
RBI has recently asked banks to close all cards/accounts which have violated the FEMA rules. Even if you do a wire transfer to them and banks come to know they are broker. your a/c will be closed and there will be no way to get your money back and on top of that you have to pay fines.
Its only a matter of time before they get shut down.
So i called their office and asked them about how can a indian open a margin a/c with you. They said its your responsibility to check the laws and trade. I told them are you aware of the FEMA act. They kept repeating the same thing. Very shady practice. They are not honest and transparent.
They cannot allow a indian to open a margin a/c to trade overseas.They know this and yet they continue to ignore the law of the land because that's how things are in India. This "Chalta hai" attitude. Very irresponsible broker.
RBI has recently asked banks to close all cards/accounts which have violated the FEMA rules. Even if you do a wire transfer to them and banks come to know they are broker. your a/c will be closed and there will be no way to get your money back and on top of that you have to pay fines.
Its only a matter of time before they get shut down.
Thanks for the update. I also googled it a bit and found out all abt FEMA rules..
Really Margin account overseas is not allowed and account could be seized if Broker gets closed.
I am just cautious now.
Anyways i did my trades today.
ICICIBANK & INFY.
Small Positions: Rs 505 after commission.
I experienced vast range of emotions..as these are volatile stocks and moved my P&L from green to red in a moment...and vice versa..
I think unless we have a good entry Price , its very difficult to day trade...we may get eaten by whipsaws... I cannot wait for good prices and i need to get into action..i guess that will hurt me bad...
I will keep posting my results.
Really Margin account overseas is not allowed and account could be seized if Broker gets closed.
I am just cautious now.
Anyways i did my trades today.
ICICIBANK & INFY.
Small Positions: Rs 505 after commission.
I experienced vast range of emotions..as these are volatile stocks and moved my P&L from green to red in a moment...and vice versa..
I think unless we have a good entry Price , its very difficult to day trade...we may get eaten by whipsaws... I cannot wait for good prices and i need to get into action..i guess that will hurt me bad...
I will keep posting my results.
Another little plunge in the stock market today..
I traded for very small durations..kind of scalping..I am trying to define/refine a strategy for myself..
I Traded ICICIBANK , BHEL , LUPIN
Total P&L : Green 533 after commission.
I think i should have hold on to BHEL , which did break away and could have given me handsome profit. But i am learning , so as soon as i saw profit i booked it.
The good thing about BHEL though was that i had a good price so i panicked a little less when it was whipsawing before breakout.
I traded for very small durations..kind of scalping..I am trying to define/refine a strategy for myself..
I Traded ICICIBANK , BHEL , LUPIN
Total P&L : Green 533 after commission.
I think i should have hold on to BHEL , which did break away and could have given me handsome profit. But i am learning , so as soon as i saw profit i booked it.
The good thing about BHEL though was that i had a good price so i panicked a little less when it was whipsawing before breakout.
Hi..i spent very less time today on Trading.
Stocks Traded: HDFC
P&L : Green 237 after commission.
I also looked at HCLTECH , it was giving good moves, 5-6 points moves both ways, I usually watch Prints...and deepbook , and was theoretically getting good entry points..but had not had courage to step in the trades...
really it needs experience and skills to trade in fast moving stocks..
sspms2002
Stocks Traded: HDFC
P&L : Green 237 after commission.
I also looked at HCLTECH , it was giving good moves, 5-6 points moves both ways, I usually watch Prints...and deepbook , and was theoretically getting good entry points..but had not had courage to step in the trades...
really it needs experience and skills to trade in fast moving stocks..
sspms2002