Forex Trading for 4 Years, Fx-Tiger (Ask Anything about Forex)

[Ali_001]

hi
as your a experienced trader thought you can help me with me with some doubts and confusions about the forex trading.

1) are we Indians allowed to trade in forex by law?

2) how they charge brokerage in forex what is this spread system ?

3) do you know few best sites for forex simulation trading where wee can try our hands before going in the real world ?


warm regards
Ali

 

[Fx-Tiger]

hi
as your a experienced trader thought you can help me with me with some doubts and confusions about the forex trading.

1) are we Indians allowed to trade in forex by law?

2) how they charge brokerage in forex what is this spread system ?

3) do you know few best sites for forex simulation trading where wee can try our hands before going in the real world ?


warm regards
Ali

Hello Ali,

Thanks for Asking....

1) Yes, Indians are allowed to Trade Forex. But We dont use India Based Accounts, Because In India Only Some pairs are allowed to trade now which will become fully tradable soon.

The Accounts are opened in Overseas , But there are brokers who have Direct Offices in India...But Dont ask anything about forex with Indian Offices. I tried with brokers who have direct Offices in India.

They have no Idea of advanced Trading in Forex. They talk like Machines with same answers which they are given by Head Office.

Some Guys(I dont want to reveal there name) Offered me a Course about Forx trading and They told They will teach 1 week of Full Forex and Strategies...They didnt know I m Trading Forex for more than 4 Years..I sent my friend for the Cource.

In 7 Days he learnt Bollinger Bands and Moving Averages and They Charged Rs.20,000 for this 2 Hour Class per session for 7 Days.

We can Study this and 100 times more education about forex in Internet....

The Sad part is there are atleast 10-20 Indians studying by giving Rs.20,000 and They see the Mentors as GOD OF FOREX (Actually they didnt know anything )...

So, Dont give a Penny for Indian Forex Cources...Find It Online.

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2) There are Two Types of Brokerage System in Forex. The Most Famous type is Spread Brokerage.

Spread Brokerage : If you Buy GBP/USD at 1.5100 , Then You Close the Trade at 1.5110 , So you Get 10 pips profit. If GBP/USD has spread of 3 pips, Then Totally You have 7 pips profit (10 -3 = 7)

It should be difficult to understand what are pips. I will tell you that later.

The Spread is the Difference between BID and ASK Price.


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3) Yes , Almost 99% of the Brokers offer Demo Accounts. Some Offer Unlimited Demo Accounts and They Never Expire. They are same as Real Accounts with all Indicators, Charts, etc.

http://fxopen.com--> Fast and Never Expire Demo Accounts.

http://alpari.co.uk
http://fxpro.com

Gp to These Brokers and Download the Meta Trader 4 Platform and Follow the Steps to open Demo Account

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For Further Assistance , Contact me on [email protected]

 

[Fx-Tiger]

Thank for alerting. I didnt knew that

Yes You can also see other Ratings and Stuff at that Website...Very Great Website for Forex Traders.

 

[arathi17]

Hi Fx- Tiger,

It was very nice to c someone trading in fx.......

Jst to brief i m trading fx for almost 9 yrs...lets catchup on pm @ [email protected]

r u there on yahoo messenger...so tht v can discuss our srategies...

wht i believe is ...its alwasy better to share the knowldege..

Regards

Amit

 

[Fx-Tiger]

Sure...I will contact you Soon....

Thank You

 

[Fx-Tiger]

Try ODL Securities or Fxpro

Mbtrading is also good....Take a look at these three brokers

 

[ag_fx]

Hi

I 've been trading forex for the last 2 years with afb would like to like who is the best ECN Platform broker in terms of spreads, with no commission,swap etc...i guess fxopen offers this but too much of commission and swap i scalp and do swing trading also suggest me good broker for NSE,BSE stocks who has feed for MT4 platform apart from FXCentral trader

thanks in advance,
srin

The type of ECN broker you are looking for can not exist on the face of this earth. If you want an ECN broker, you will have to pay commissions. The rates may vary, but no ECN broker has zero commissions. If any broker tells you otherwise, just dont open an account with them, they are more or less likely to scam you. Secondly, an ECN broker, will also have swaps. Again, the rates may vary, but it cant be abolished.
Many market maker brokers offer ISLAMIC accounts, wherein there are no SWAPS charged, but they might not be true ECNs, but rather a disguised one.
FXOPEN is not really an ECN. They take the feed from Dukascopy and provide their platform for execution. Even they have 2 different types of accounts. The ones with no commission, which are pretty much market making sorts and another ones called ECN, which charge commissions anyways.

As of now, only FXCENTRAL provides data feed for MT4 for NSE/BSE etc.

Try ODL Securities or Fxpro

Mbtrading is also good....Take a look at these three brokers

Neither ODL nor FXPRO is an ECN.

FXPRO has a dealing desk and they are far far away from being ECN.

ODL has recently been taken over by FXCM and thus they are now a STP, as compared to a dealing desk broker earlier.

MBTrader is definitely in the league of an ECN broker. Other ones to consider are Dukascopy, PFGBest. Depending on your account size, there might be more opportunities, but they will be in higher institutional league.