Dream Journey from $ 200 to $ 20000

[dilsefx]

Re: Thinking of signing up with Man financial

With regard to Newbie 7's query, Man Financial seemed professional on the phone. Everybody from Kotak to a few brokers I know in Bombay have been saying that trading forex as an Indian citizen is a gray area, but Darshan Shah of Man Financial sounded convincing to me in that an Indian can have exposure to a foreign market to the tune of 50000 USD, even if it's a forex market. It seems our government doesn't specify exactly which all markets we can have exposure to, so till they do that, I guess we can trade forex from India.

Man financial requires 5000 USD as account opening minimum.

They provide a lousy leverage of 1:30 or 1:40.

Spreads are higher than normal, 5 - 6 pips for GBP/USD, 4 - 5 pips for EUR/USD for example.

On the other hand, they are a face and body you can catch hold of, because they have 4 offices in India.

If the Income Tax department has any problem with my foreign transaction, Man Financial's Indian presence gives legitimacy to my trqansaction. Let's say I make 10000 USD in one financial year. When I have my funds remitted by wire back to my Indian bank, I'll need to explain the wire. That's when I'll need somebody in flesh and blood here in India to fall back on, in case the Income Tax blokes need convincing. Not easy, if the forex broker is a website with no Indian presence. Sheer statements won't serve the purpose with a problematic IT official, they might need to speak to or meet the broker. That's in the case my Income Tax case for the year comes under scrutiny.

So, with the given negatives, as an Indian not wanting any tax problems and wanting to go by the book, Man Fianacial is not a bad idea.

Well, what if they go broke, like Refco did?

a). The money one puts up should not pinch. b). Keep the account size at a 4 figure level, asking for wire remittances at regular intervals if one is making profits. I know this costs, but reduces risk.

Anyway, I'm thinking of signing up with them to trade the GBP-USD and the EUR-USD next week.

Best Regards,

Uday.

Hi Uday,
Thanks for your feedback. Hope this will be helpful for all thoise who are having doubts about trading forex from India.

 

[dilsefx]

hi, can any one tell me if there is an upper limit for opening a forex trading account in india like 25000 usd or something or can i open an account with any higher ammount? secondly how is man financial ? any other suggestion ?

Uday has already answered your question. If you have more to ask , pl post.
I am tradi8ng with CMS, and they give 1/400 leaverage.!!!!

 

[dilsefx]

nice one.
nice thread. Keep going.

Sankalp

Thnaks buddy.

 

[dilsefx]

Introduction to Forex

Hi all
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I had applied for a course when I started to learn forex long back.
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Enter priceless as password for downloading the file.
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Happy Trading

Happy Trading.

 

[shamim]

Hi Folks,
If you are working with 4-6 pip spread, the minute you enter a trade you are in the hole by 8-12 pips. It will be hard to make any money daytrading forex with that kind of spread. You may have to use daily or 240 minute chart with wider stop to compensate for the spread.
Interactive brokers have very tight forex spread ( 1-2 pip in EUR/USD) but they require a minimum of $25000 to open a forex account.
I don't know if they accept accounts from India. You can check them out at:
interactivebrokers.com
Shamim

 

[bhatiaashish007]

Hi friends
Can anyone dream to built am a/c of just 200 $ to 25000 $ ?

I Can.


If one knows forex trading , one can drean for this and have passion and discipline ,This is Quite Achivable Dream. In india this particular field of trading is still hardly knowc to few people .
I am going to trade forex with this Dream.
I have ben in forex trading since about three years and i have in fact known all the ins and outs of this market.
In fact i can say i am doing it nicely.
So coming to original context of this thread,
I shall be trading with fresh account of $ 200 from next monday and will be trading on this a/c with a specific goal to convert the a/c in to a $ 20K. The idea is to multiply the a/c by 100 times in the spam of 8 to 12 months.
Previously i have posted some trade results of my system here in this forums.
When i start i will be posting my weekly results here in this forum.
I want to use this thread my trading journal, and will be updating this journey from time to time.
Any suggestions are welcome.

hi,
it is very nice to hear from you that you are treading forex in mumbai.would u like to help newbies in forex like me and who are interested in trading?is there any way to contact you .i would like to contact you anjd discuss.

 

[kkeskar92]

Hi dilsefx,
Can you tell us about taxation structure for a forex traders in our country? I am of course the beginner and I have yet to open a real account but I would like to know about the taxes.--KK

 

[alnasiradhikari]

www.crownforex.com are offerring 1 pips on 7 currency, but I dont know how reliable they are, if someone have any experiance please forward, currency trading is very profitable game If we played like cat and mouse

Thanks

Nasir

 

[dilsefx]

Hi dilsefx,
Can you tell us about taxation structure for a forex traders in our country? I am of course the beginner and I have yet to open a real account but I would like to know about the taxes.--KK

Hi,
Please consult your ca for this. All the funds in and out is done thro banks wire , so everything will be in legal format. Your ca will be able to assist you in this.

 

[dilsefx]

hi,
it is very nice to hear from you that you are treading forex in mumbai.would u like to help newbies in forex like me and who are interested in trading?is there any way to contact you .i would like to contact you anjd discuss.

Add me as pricelessfx in yahoo

www.crownforex.com are offerring 1 pips on 7 currency, but I dont know how reliable they are, if someone have any experiance please forward, currency trading is very profitable game If we played like cat and mouse

They are based in swiss, and they do not seem to be regd with any controlling body like sebi we have in india.

"currency trading is very profitable game If we played like cat and mouse"

Correction

"currency trading is very profitable BUSINESS If ONE CAN TRADE WITH DISCIPLINE AND PLANNING"

" TRADERS WIN, PLAYERS LOSE"