Question on Wire Transferring profits.

[Piratetrader]

Thanks Saif,

I will check that thread and check with you if I have any questions. Good to know that you are just 17. You have a very long way to go.

One thing i have learned is with time you understand forex better. I am fine tuning my manual strategies and now when I look back, I had made some stupid mistakes which had cost me a lot. But I guess, that was my learning phase and I have learnt from them. Looks like you are in some trade now thats why you are awake so late

regards,
Mehool.

oh no Bro I have been in this field since 1.2 years counting this month, I have blown 2 accounts as well but it was long time ago when there was no mental part involved ! my most important pairs are eur/dollar , aud/dollar, gbp/jpy and usd/chf and along with that I also T.A on nifty ,DJIA, S&p 500 , and gold !I am 99% technical and I have an excellent T.A grasp! just need to get a hold on money management ! after all trading is about winning consistently ! and without money management we are doomed to bankruptcy no matter how good we are I often stay awake this late as I could catch some small scalping trades as the market is less volatile ! I sit and admire the beauty of the chart(T.A) 14 hours everyday !

What I have learnt is that learning phase is never over, there Is no degree, age etc etc in the field of investment and trading, We all keep learning from each other and work on it to make it better !

 

[mehoolsheth]

Thats nice to hear Saif. I think, I will learn from you on your TA. In the mean while, I have one more question if you have the answer.

My initial deposits with my broker was made from my credit card and once you withdraw your profits, amounts deposited through CC will get refunded on CC and the rest through Wire Transfer.

So when they refund it on my CC, will the bank still ask question on where this USD's are coming from or they check only on Wire Transfers?

Thanks in Advance.

Regards,
Mehool.

 

[Piratetrader]

Thats nice to hear Saif. I think, I will learn from you on your TA. In the mean while, I have one more question if you have the answer.

My initial deposits with my broker was made from my credit card and once you withdraw your profits, amounts deposited through CC will get refunded on CC and the rest through Wire Transfer.

So when they refund it on my CC, will the bank still ask question on where this USD's are coming from or they check only on Wire Transfers?

Thanks in Advance.

Regards,
Mehool.

bro I don't want to disappoint you that is a blunder that you did if you funded directly from credit card to the broker it is strictly prohibited by rbi to use cc for funding , I thought bro you were gonna local deposit, Now they will send you a monthly statement of your credit card with written there that you funded for retailfx and if by chance ( I hope never) if you get caught the statement is the proof that you have broken the law ! I hope it was a small amount that you funded so that bank doesn't bother , Yes bro if you withdraw to the cc bank will question you, don't you a cc directly you could have done through moneybookers, alertpay, netellers

 

[mehoolsheth]

Thanks Saif,

I want to discuss more on this with you. Would it be possible for you to drop me a test mail on mehoolsheth at gmail dot com

I know its not allowed on this forum but I need help.

regards,
Mehool.

 

[mehoolsheth]

Hi Saif,

I went to Insta Forex site yesterday and found there are various deposits and withdrawal options. There is an option called Local transfer in India. Does this mean, it doesnt involve any international bank wire transfer? Also what withdrawal option you use. It will be great help.

Regards,
Mehool.

 

[Piratetrader]

Hi Saif,

I went to Insta Forex site yesterday and found there are various deposits and withdrawal options. There is an option called Local transfer in India. Does this mean, it doesnt involve any international bank wire transfer? Also what withdrawal option you use. It will be great help.

Regards,
Mehool.

I emailed you and yes that is correct there will be no international remittance involved

 

[mehoolsheth]

Thanks Saif,

Have replied back to you. I also had a online chat with Insta forex agent and he said that local transfer in India is not for trading clients but for partners and referrers. Not sure what he meant by that.

I also have opened a Moneybookers account. My current broker accepts deposits and withdrawals through them. I can see my account balance with moneybookers in INR. So when I get my funds transferred from my broker to my moneybookers account. I will see the balance in INR.

Now when I get this money wired to my account in India, will it still be a International transfer as there is no exchange involved?

Regards,
Mehool.