Full time Indian Resident FOREX trader??

[kannamthanam]

Although you are right about the decentralized nature of the fx market, there is some bodies to oversee the actions of the participants and brokers, like NFA and CFTC in US. fx market is highly volatile and can easily move hundreds of points in either way in any day. there is seldom any gap openings and the market is very liquid. the main advantage of the fx market is the leverage available. needless to say its harm for beginners and a gift for the experts.

by the way, are you from kerala? the name strikes familiar......... kannamthanam? are you the film producer or something?

Dear sir, Thanks for the response.CFTC website is quite informative

http://www.cftc.gov/customerprotection/fraudawarenessandprevention/forex/index.htm


As for leverage, a point to note is that institutions avail no more than 10 to 1 while retailers go in for anything like 50 to 1 or 200 to 1 etc. If trading in nifty with a nearly 10 to 1 leverage is a tight rope walk, trading with 200 to 1 would be performing that atop a skyscraper !!

Thank you once again and best regards

k kannamthanam

( yes I am from Kerala....there are many kannamthanams and I am not one of the famous ones...perhaps we can trace the roots to the same village ! )

 

[topaz790]

i m a full time forex trader in banglore since 8months any one can ask me about technicals from banglore or from other

Hi! Dev,

My name is Satya from Bangalore as well. I just started schooling in forex through babypips and started demo accounts. Likely to start live account shortly

For the last two months I am trading intraday using signals bought and trade it according to their instructions. I have also bought an EA and put it on demo.

Can I keep in touch with you if I need any help from you ?.

Regards,

Satya.

 

[aroonraj]

Hi All,

Although I am currently residing in Germany and am an active trader from 2 years. I have made some research for my long term plans to trade when I am back in India. I found this guide from reliance money informative and would like to share all who are new to trading from India.

http://www.reliancemoney.com/upload/Offshore Investment Guide.pdf

Please do not buy any EA`s on the internet. 80% are crap and dont work as they show on live accounts. If ask google a bit in detail it might actualy give you a shared of the same EA you would like to buy. Try the shared one for a while and if you really like then Buy one for yourself.

Best Regards,
Arun

 

[ag_fx]

Hi All,

Although I am currently residing in Germany and am an active trader from 2 years. I have made some research for my long term plans to trade when I am back in India. I found this guide from reliance money informative and would like to share all who are new to trading from India.

http://www.reliancemoney.com/upload/Offshore Investment Guide.pdf

Please do not buy any EA`s on the internet. 80% are crap and dont work as they show on live accounts. If ask google a bit in detail it might actualy give you a shared of the same EA you would like to buy. Try the shared one for a while and if you really like then Buy one for yourself.

Best Regards,
Arun

Nice link that your provided.But does anyone know that whether Reliance offers trading in such instruments? Also, can you provide the linkon the site where from you got this book? as in a parent link?

 

[AdaG]

Attn : AdaG

sir, please, can you tell me the reason to go in for forex trading in preference to trading say nifty or other index futures. I have gone through the material provided on the free forex trading platforms and my understanding is that you get to trade a very slow moving instrument ( compared to stock indices) with a very high leverage and perhaps you get to trade in the american / european/ japanese hours (or is it possible all through ?). As someone who has been trading the nifty index for a quite a while my feeling was, successful forex trading may tax your patience but it is something definitely do-able ! But then , instead of scaling up my trading levels in nifty what advantages are there in going in for forex with all the inherent uncertainties in dealing with some offshore firms without any statutory body assuring the counterparty guarantees etc. I know that forex is the biggest game in the town and all that and my understanding if it is just basic, I would be most obliged if you would be kind enough to clarify the above.

Thank you and best regards

k kannamthanam

Hi kannamthanam I did trade in the NSE and BSE for some time during last year. But as I had written earlier I am a part time trader and have a full time job from 9-7. So Indian stock market opens and closes while I am in office and I cannot trade from my desk I needed to find something that suits my lifestyle. The NYSE opens at around 7:30 pm IST but the forex market is open 24X5 as you may know. Somewhere someone always wants the USD and Yen etc. So it kinda resonated with my needs and after a bit of research I jumped in.
Now to operate in any stock exchange abroad you need quite a big initial amount. Very few brokers would open an account with less than 10000USD. But as market makers operate in the forex market we can get high leverage hence low initial amount. For me forex just fulfilled all my needs to trade.

If you are skeptical that forex is an OTC market hence it is unregulated you can trade the Globex futures which have the same spot currency pair value as underlying asset. For more see http://www.cme.com/
but as it is futures exchange the account opening rules are different. And they also apply commission fee per transaction but the bid/ask spread that you can get there will be one of the lowest in the market. There are also ECNs which operate as clearing houses for big banks like JPmorgan, BOA, Deutsche and AIG etc. I have posted about them in another thread. They simply pass your order into the market and charge you a fee. In this case you will get the exact environment as banks are getting.

Aah and don't worry about the slowness of forex market. There was a day Nifty lost ~250 pts and it was havoc. Check the movement of GBP/USD for january and Feb till date. 300-400 point movement is just normal. And it is not one of the fastest moving pair

Regards,
AdaG.

 

[duster]

Some more advantages of Forex trading over stock/other trading:

* Traders can make profits both on declining and developing economies;
* Traders can make very short-term orders - with some other markets there are certain regulations;
* Thanks to retail brokers - it's much easier to join Forex market - virtually no minimum capital, quick registration, etc;
* Market is not regulated, it's driven by supply-demand - so more space for analysis;
* There are no broker commissions or they are very low;
* Much higher leverages are provided;
* Market works non-stop 24 hours.

That's quite many

 

[beethoven]

As a resident Indian, can I trade in forex as a retail trader? I mean USD/INR. Is any broker giving such service? First, is it legal yet for retail (small) trader to trade in forex? I think only banks and institutional entities can trade? Please guide me.
Bee

 

[duster]

As a resident Indian, can I trade in forex as a retail trader? I mean USD/INR. Is any broker giving such service? First, is it legal yet for retail (small) trader to trade in forex? I think only banks and institutional entities can trade? Please guide me.
Bee

You can go through recent topics to find answers to your questions.

In brief, there are several companies providing USD/INR pair. However, don't forget that Indian rupee is not a freely convertable currency, it's strictly regulated by RBI and hence doesn't give much opportunities to traders - there is no space for analysis.

Yes, it's legal and big companies such as ICICI, Reliance, etc provide this service for individuals.

 

[AdaG]

As a resident Indian, can I trade in forex as a retail trader? I mean USD/INR. Is any broker giving such service? First, is it legal yet for retail (small) trader to trade in forex? I think only banks and institutional entities can trade? Please guide me.
Bee

Last time I checked, the spread of USD/INR was 90 pips which increased to about 100 in US afternoon and it is the most liquid pair as far as INR goes. As usual I thought I can trade INR easily because I can understand the conditions well, but it is not the case. Indian currency market is heavily regulated which leads to huge volatility. If you want to trade in forex I would sincerely suggest you to forget INR and trade any major pair.

 

[beethoven]

Last time I checked, the spread of USD/INR was 90 pips which increased to about 100 in US afternoon and it is the most liquid pair as far as INR goes. As usual I thought I can trade INR easily because I can understand the conditions well, but it is not the case. Indian currency market is heavily regulated which leads to huge volatility. If you want to trade in forex I would sincerely suggest you to forget INR and trade any major pair.

Thanks. I have gone thru this thread and understand that I will have to open an account with an overseas broker and transfer funds to his account. Which means I have to go outside the ambit of India and its jurisdiction. All protection (law) will be at the mercy of broker's home country (maybe USA or UK) about which I (or Indian traders) will not be having much knowledge, easy access to legal recourse or even small grievance addressals will be difficult, which makes it a very uneasy sort of a situation - unlike our shares, futures and commodity trading in India where a trader can trade with a very high degree of confidence that his interests are always protected. Moreover transferring funds from India to outside and bring them in, each time, the charges are horrendous.
Bee