Forex Challenge - $2000 every month!!!

[vicky_ag]

Vikas,

Take it from someone who has traded for over 2 yrs now. What you seek is impossible. But, if you do pull it off consistently then you will be greatest trader even lived .


Also, if you have read and done your home work you wouldnt have been in the soup. Check this post I made on the "Trading the Bars" in the Equity section:

http://www.traderji.com/equities/28201-trading-bars.html#post301455

Note 2: This is something which you wont find on the learning links. It is not advisable to trade forex after 14.00 and max to max 18.00 hours (all times on GMT) on fridays. If, you enter a position and let it hang, rest assured there will be a gap and believe me when I say this, it wont be like something you saw on NSE/BSE and many a times it even wont be pretty

 

[findvikas]

Thanks Vicky.. my target is to close the month in green anything above that is a challenge to myself and I know I am competing against the best - "me"

 

[findvikas]

Indeed that trading 3 bars formula works so great on any trending market and FX is the best trending market you can find.

See this thread where I had back tested your strategy as suggested to me by another friend of mine. The results are great on any time frame
http://www.traderji.com/futures/35679-nifty-technicals.html

 

[vicky_ag]

Indeed that trading 3 bars formula works so great on any trending market and FX is the best trending market you can find.

See this thread where I had back tested your strategy as suggested to me by another friend of mine. The results are great on any time frame
http://www.traderji.com/futures/35679-nifty-technicals.html

Vikas,

I am not sure which strategy you referring to but yes, fx is the most trending markets where trends lasts for months and years (if you are the real definition of long term trader). Take USDCHF, it has been in a downtrend from 2001.

But quadrupling accounts on a consistent basis (an emphasis on consistent) is not probable. Take an example:

There is a guy I know who made tons of money trading EU last month and that too 100% win ratio. His secret ? He was shorting the EU. The brilliancy of the plan lies in the fact that EU had a huge downfall starting mid Jan (down trend since mid-Dec). Kudos to his grey matter, he thought he had hit upon the next big thing. What happens when the markets changes ? His photo would be hung on the wall.

My point here is not to question you but get you thinking. While trading oscillators in ranging market and momentums work in trending markets, they dont fulfill the "always working" part. So, in a nutshell 400% maybe but not always.

Consider this your "Holy Grail" journey and hopefully you will come out a better trader.

 

[SwingKing]

Hi Vikas,
I also want to join the world of Forex trading but don have enough info. like -
where and how to open forex account?
how to fund account and what if you want to withdraw?
Is it legal to trade forex in India?
I googled a lot about forex but didn't get satisfactory answer. You are the first person I came thru who has a real world experience in forex trading.
If you can extend some helping hand would appreciate.
I am from New Delhi and small stock trader.
Rgds

Forex trading is absolutely legal. Here's how it is legal.

1. Open an account with Alpari India. Alpari India will redirect your account to Alpari UK which is FSA regulated.
2. Alpari India has corporate tie up with HDFC bank and hence those who have HDFC bank account can transfer funds upto $200,000 in one calendar year under the LRS scheme by the RBI
3. For withdrawing funds, Alpari UK will transfer funds back to your HDFC bank account.

RBI does not permit OTC transaction currently in India. But through Alpari India (which operates in Mumbai, India) one can do it. Do not sign up with brokerages outside India.

 

[findvikas]

Thanks for your concern Vicky... I truly appreciate that. My core strategy is to ride only waves as and when they emerge which happened in case of EURUSD once again today and I shorted for a nice 67pips and first trade was a good one which gave me $95 - I am contended for the day and will see if there is any other wave anywhere in the FX world tomorrow

 

[ag_fx]

RBI does not permit OTC transaction currently in India. But through Alpari India (which operates in Mumbai, India) one can do it. Do not sign up with brokerages outside India.

You are mistaken my friend. When you open account with Alpari, your account us opened with Alpari UK and not Alpari India. Opening an account with Alpari is same as opening an account with any other broker. The only thing is that Alpari has a local tie up with HDFC and thus it helps in your wire transfer.

 

[SwingKing]

You are mistaken my friend. When you open account with Alpari, your account us opened with Alpari UK and not Alpari India. Opening an account with Alpari is same as opening an account with any other broker. The only thing is that Alpari has a local tie up with HDFC and thus it helps in your wire transfer.

This is what I said dear,

" Open an account with Alpari India. Alpari India will redirect your account to Alpari UK which is FSA regulated. "

Your account is redirected. Reason I mentioned Alpari was coz it has an office in India. It has been given permission and license to operate in India. Rest may or may not be illegal.

 

[ag_fx]

RBI does not permit OTC transaction currently in India. But through Alpari India (which operates in Mumbai, India) one can do it. Do not sign up with brokerages outside India.

This is what I said dear,

" Open an account with Alpari India. Alpari India will redirect your account to Alpari UK which is FSA regulated. "

Your account is redirected. Reason I mentioned Alpari was coz it has an office in India. It has been given permission and license to operate in India. Rest may or may not be illegal.

I was trying to contest the statement that is underlined above.

In the second case, just because a broker doesnt have an office in India, doesnt make them illegal.

It is like this...if it is not ALLOWED...then u cant do it with any broker...If it is ALLOWED, you can operate with any broker.

Thats my whole point.

Nonetheless...Leaving this discussion here...lets not hijack vikas's thread for this discussion. :thumb:

 

[findvikas]

Here we are back to the same topic... lol... Guys I am using an account of my friend and everything is legal as the account is in US, even paypal is in US and all money drawn is coming from his US account to his India account and from his India account to my India account... lots of hops but yeah we workaround it.