Ask Your Forex Question Here

[sangfroid22]

Hi Fellow Traders,

I'm very keen to trade in FOREX. But, before taking the plunge, Kindly clarify the following queries.

1). I stay @ Hyderabad. What are the various Indian Firms to open the FOREX trading A/c? What are the Annual maintenace charges and Brokerage Fee for the same?

2) How can I remit the Funds to the trading A/c i.e., online NetBanking or through Credit card?

3) Can I take both Long & Short positions in FOREX trading?

4) Before trading live, is there any Practice or Virtual Platform for FOREX trading?

Meanwhile, kindly clarify the above queries. If I've any further queries, I'll definitely post it.

Thanks & Regards,

Sangfroid22

 

[maheshfx]

legality in india

Hi
I am new to this forum.i saw that you have mentioned forex trading on-line is not legal in India.
Can you advise me more regarding this and how to transfer money from india to a fores broker in US or Europe.I am not very clear with RBI guidelines since they have mentioned in liberalised forign remittance scheme investment abroad for margin/margin calls is not allowed.
regards

 

[HEM]

can i do forex trading in india ? if yes tell me brokers name.

 

[yasirdxb]

Hi Fellow Traders,

I'm very keen to trade in FOREX. But, before taking the plunge, Kindly clarify the following queries.

1). I stay @ Hyderabad. What are the various Indian Firms to open the FOREX trading A/c? What are the Annual maintenace charges and Brokerage Fee for the same?

2) How can I remit the Funds to the trading A/c i.e., online NetBanking or through Credit card?

3) Can I take both Long & Short positions in FOREX trading?

4) Before trading live, is there any Practice or Virtual Platform for FOREX trading?

Meanwhile, kindly clarify the above queries. If I've any further queries, I'll definitely post it.

Thanks & Regards,

Sangfroid22

Hi,

To my knowledge, there is no indian firms providing retail forex trading.

You can remit the funds through wire transfer or you may credit the trading account using your credit card.

You can take both long and short positions in forex. actually currencies are tarded in pairs. so that whenever you take a long position in one currency,you are also shorting another one.

There are many virtual platforms for practicing forex trading. most have a time limit of 1 month. try fxtrade.oanda.com. they offer unllimited demo trading.I am trading live with them. they are the best in my knowledge. you can also trade gold,silver and INR in their platform.

Yasir.

 

[rajamanik]

hi i am trading forex for a while and doing alright in it. if anyone has any question regarding forex please post here and i will try to help as much as i can.
If you want you can see my trading journal as well under my trading journal title.
cheers

Pls suggest EUR/USD and GBP/USD technical view... Buy, wait or sell??

Pls attach chart also if possible...

 

[rajamanik]

Dollar wind is very strong

All the resistance levels are broken by dollar against EUR and GBP. Strong Euro is finally denting Euro zone economy as they fight the credit crisis and inflation.

US markets and Major world markets are diverging DOW is up 7% from bottom and other markets are down between 5-10% (HongKong, Shanghai, Brazil Russia).

US rates are going to go up in next few months wihile Euro, UK and Australia are willing to lower rates by year end or early next year to boost economy.
The new interest rate diffrenntial will boost the Capital flow towards US and hence Dollar rally has a long way to go.

Pls give your view on dollar rally and EUR, GBP support levels.

 

[forexraja]

is there any trader getting more than 80% profit monthly, consistently for large amount of investments..???

Is it possible to get much returns through forex trading?

 

[yasirdxb]

is there any trader getting more than 80% profit monthly, consistently for large amount of investments..???

Is it possible to get much returns through forex trading?

Of course! it is possible to get fantastic returns through fx trading. much more than from the share market.becoz the margin levels available in fx market is much higher than the stock market. but its a double edged sword. if you don't know what you are doing,you'll be broke in no time. BTW forget about 80% profit monthly.be realistic. think about what you should risk to get that kind of returns month after month.

Yasir

 

[rajamanik]

is there any trader getting more than 80% profit monthly, consistently for large amount of investments..???

Is it possible to get much returns through forex trading?

Pls confim do you trade in LIVE forex/CFD/OTC account??? If yes, than how much money you have deposited in ur trading account and how much extra reserve you have (in case u need emergengy funding) for sustaining 80% growth?? =

What is ur experience with Forex trading.

I'll discuss with you u in details.

 

[yasirdxb]

Re: Dollar wind is very strong

All the resistance levels are broken by dollar against EUR and GBP. Strong Euro is finally denting Euro zone economy as they fight the credit crisis and inflation.

US markets and Major world markets are diverging DOW is up 7% from bottom and other markets are down between 5-10% (HongKong, Shanghai, Brazil Russia).

US rates are going to go up in next few months wihile Euro, UK and Australia are willing to lower rates by year end or early next year to boost economy.
The new interest rate diffrenntial will boost the Capital flow towards US and hence Dollar rally has a long way to go.

Pls give your view on dollar rally and EUR, GBP support levels.

There is no talks of US rates going up right now. As everybody knows US is in a recession. it will take a long time (atleast six months) before they start raising rates. but the thing is that all those news are already priced by the market. see what happened today when the worse than expected retail sales data relesed.

On the other hand, Bank of England said that inflation will jump to 5 percent before retreating. Cutting interest rates may send inflation higher, but tightening rates to fight it could slow economic growth. And there is the rising unemployment. its a difficult situation.

Euro zone is also contracting.Trichet says the economy will be particulary weak through the third quarter. he is also concerned about the high inflation. There is a much higher chance for the rates going up in next meeting.

What is happening is that the rest of the world is following the US.its not that the traders are more optimistic about the US economy.

I think the Euro is going to halt here. look at the daily chart. its a good support level.wait for it to cross back above 1.5000 and we will see the 1.6000 level once again.

For the pound, its very weak right now. both fundamentally and techinically. I am waiting for a correction to establish shorts.

Yasir.