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  • #1
  • First Post: Dec 26, 2007 6:56am Dec 26, 2007 6:56am
This thread is specific to anyone trading forex from India.

It does not matter which platform you are using as long as you are making money consistently and enjoying it.

If you are facing any problem then we are always there to help.
  • #2
  • Dec 26, 2007 9:25am Dec 26, 2007 9:25am
First thing first,

Please do not post any contact information in this thread, I will avoid the person who does that,

ask anything you wish to on this thread and I will do my best to answer it
  • #3
  • Dec 26, 2007 9:37am Dec 26, 2007 9:37am
Hello There,

gud to see an indian doing good at forex.
Seems like this is the future for india.

Hope to get some insights from ya.

Thanks & Regards,
  • #4
  • Dec 26, 2007 5:31pm Dec 26, 2007 5:31pm
Hi There,

Is retail forex trading legal in India?
  • #5
  • Dec 26, 2007 5:32pm Dec 26, 2007 5:32pm
Quoting Eklavya
Hi There,

Is retail forex trading legal in India?
Yes!
  • #6
  • Dec 26, 2007 5:35pm Dec 26, 2007 5:35pm
Quoting deepleo
Yes!
Oh..That is good to hear. Do know the tax implications of doing forex trading in India with a US based broker? Will the profits be taxed in US or India?
  • #7
  • Dec 26, 2007 8:30pm Dec 26, 2007 8:30pm
Quoting Eklavya
Oh..That is good to hear. Do know the tax implications of doing forex trading in India with a US based broker? Will the profits be taxed in US or India?
India does not have any tax treaty w/ US----but, if you live in US less than 181 days in current tax yr---your forex income will not be taxed in US (as per latest IRS guidelines)----

GL/GT
  • #8
  • Dec 26, 2007 9:42pm Dec 26, 2007 9:42pm
Quoting mysticgenie
India does not have any tax treaty w/ US----but, if you live in US less than 181 days in current tax yr---your forex income will not be taxed in US (as per latest IRS guidelines)----

GL/GT
Thanks for this information. I was curious about such things. What if you live in the US mostly, but your trading account is elsewhere in another country?

By the way, I am in India (Pune and Goa) for a couple months on vacation, and this is a test, to see if I can trade... make a living, and live elsewhere. If I can, then anywhere in the world with internet connection, may be my next work office
  • #9
  • Dec 26, 2007 10:02pm Dec 26, 2007 10:02pm
Quoting dbeach777
Thanks for this information. I was curious about such things. What if you live in the US mostly, but your trading account is elsewhere in another country?

By the way, I am in India (Pune and Goa) for a couple months on vacation, and this is a test, to see if I can trade... make a living, and live elsewhere. If I can, then anywhere in the world with internet connection, may be my next work office
I know if you live in the US for more than 181 days in a calendar year, that you are considered a US resident and you would be charged tax in the US on your worldwide income. Now if you are a US resident in any year and have income in some other country, then you will have to pay income tax in the foreign country on your that country's local income. However, you can claim credit for that tax in the US while filing your returns in the US. The credit you can claim is the lesser of taxes paid in foreign country and the tax liability in the US on that foreign country's income.

Hope this helps!!
  • #10
  • Dec 27, 2007 3:38am Dec 27, 2007 3:38am
Quoting forexlion
First thing first,

Please do not post any contact information in this thread, I will avoid the person who does that,

ask anything you wish to on this thread and I will do my best to answer it
hey i am sorry.i didnt want to offend you.I have deleted the post.
  • #11
  • Dec 28, 2007 1:08am Dec 28, 2007 1:08am
nothing to offend, but the post got moved to member's lounge because we deviated from basic forex discussions to personal discussions
  • #12
  • Edited 6:38am Jan 2, 2008 6:33am | Edited 6:38am
i m from mumbai can i join u guys/girls, any coders who can put a sound alert/email on the attached indicator
Attached File(s)
File Type: mq4 #MTF_Super-signals_v1.mq4   3 KB | 210 downloads
  • #13
  • Edited 7:53am Jan 2, 2008 6:52am | Edited 7:53am
Hi, I'm not sure if I can code an alert into it or not, maybe, however, the indicator doesnt load. I am wondering if you have an EX4 file that goes with this indicator?

I found this indicator with alarm on another thread. Is this what you're looking for? 4th post, then there are updates. http://www.forexfactory.com/showthread.php?t=21244


Quoting availdollars
i m from mumbai can i join u guys/girls, any coders who can put a sound alert/email on the attached indicator
  • #14
  • Jan 3, 2008 5:33am Jan 3, 2008 5:33am
i am sorry, you are very wrong about this. RETAIL forex trading in india for individuals is not allowed. you have to trade THROUGH someone who is an RBI registered broker. i am not sure if such brokers exist for the ordinary individual. they do exist for institutions.



all those individuals who trade forex (retail) in india are those who may be physically located in india, but have a $ account with some broker outside india and trade off the charts.

if you said you traded forex (retail) to the income tax authorities on your own, believe me, you will be in deep trouble.


Quoting deepleo
Yes!
  • #15
  • Jan 6, 2008 2:07am Jan 6, 2008 2:07am
Good to see an Indian being successful at this wonderful game. Even better to see that you have managed to attain the 1kt status.

I am Indian, but lived outside India for most of my life. But been there very 2-3 yrs, and still love it, esp since all my extended family is still there.

I thought abt moving back to India and trying to trade forex for a living. You need a fraction of the $ returns to live like a king in India, versus living in the west. Unfortunately, once you get used to the systems, and ease of convinence afforded in everyday living in the west, very hard to adjust to India.

Now, maybe you could sponsor the Indian cricket team, and get them to perform, rather than them rushing to get back into the rooms to drink tea. They are so consistent at letting me down.

namaste, sat sri a kal.

K.
  • #16
  • Jan 6, 2008 4:37am Jan 6, 2008 4:37am
kermut,

i havent bothered to see who has got 1kt status you were referring to. but 1kt status means nothing. i think even the 1kt holder will agree with me on that.

the only criteria of success in forex is when your live trading account starts paying your bills and allows you to sustain and improve your lifestyle.

everything else is an ego massage.


Quoting kermut
Good to see an Indian being successful at this wonderful game. Even better to see that you have managed to attain the 1kt status.

I am Indian, but lived outside India for most of my life. But been there very 2-3 yrs, and still love it, esp since all my extended family is still there.

I thought abt moving back to India and trying to trade forex for a living. You need a fraction of the $ returns to live like a king in India, versus living in the west. Unfortunately, once you get used to the systems, and ease of convinence afforded in everyday living in the west, very hard to adjust to India.

Now, maybe you could sponsor the Indian cricket team, and get them to perform, rather than them rushing to get back into the rooms to drink tea. They are so consistent at letting me down.

namaste, sat sri a kal.

K.
  • #17
  • Jan 6, 2008 11:03am Jan 6, 2008 11:03am
Quoting coolshades
i am sorry, you are very wrong about this. RETAIL forex trading in india for individuals is not allowed. you have to trade THROUGH someone who is an RBI registered broker. i am not sure if such brokers exist for the ordinary individual. they do exist for institutions.



all those individuals who trade forex (retail) in india are those who may be physically located in india, but have a $ account with some broker outside india and trade off the charts.

if you said you traded forex (retail) to the income tax authorities on your own, believe me, you will be in deep trouble.
I didn't mean there's a broker existing in India and providing the forex trading for individuals. What I meant was you can trade forex being in India thru an offshore broker.
  • #18
  • Jan 6, 2008 3:20pm Jan 6, 2008 3:20pm
ok, but again you are wrong. i wouldnt have normally bothered to reply to this thread but you are giving wrong information. the question the poster asked was whether it is LEGAL to trade retail forex and i am saying its NOT.

if you are an indian resident, physically living in india, it is NOT legal to trade forex. the rbi has allowed overseas investments to whatever tune, but that is not for speculative trading and the rbi will regard retail forex trading as speculative.

a question to ask yourself, is if retail forex trading was legal in india, dont you think all brokers would be bending over backwards to provide such services with a rupee account?



Quoting deepleo
I didn't mean there's a broker existing in India and providing the forex trading for individuals. What I meant was you can trade forex being in India thru an offshore broker.
  • #19
  • Jan 6, 2008 4:26pm Jan 6, 2008 4:26pm
Quoting coolshades
kermut,

i havent bothered to see who has got 1kt status you were referring to. but 1kt status means nothing. i think even the 1kt holder will agree with me on that.

the only criteria of success in forex is when your live trading account starts paying your bills and allows you to sustain and improve your lifestyle.

everything else is an ego massage.
Hi coolshades,

I agree with most of your post above. But as I know some of the 1kt members, and I know how good these traders are, I do hold some value to the 1kt status. Not to say that every person who has a 1kt status is held in high regard by me.

But apart from your last line, I do agree with your main point abt what constitutes as success in forex. (Oh no, that would mean I am extremely unsuccessful at forex, better go and do something abt it.http://www.forexfactory.com/images/icons/icon12.gif)

Regards,
K.
  • #20
  • Jan 12, 2008 3:10pm Jan 12, 2008 3:10pm
Quoting coolshades
i am sorry, you are very wrong about this. RETAIL forex trading in india for individuals is not allowed. you have to trade THROUGH someone who is an RBI registered broker. i am not sure if such brokers exist for the ordinary individual. they do exist for institutions.



all those individuals who trade forex (retail) in india are those who may be physically located in india, but have a $ account with some broker outside india and trade off the charts.

if you said you traded forex (retail) to the income tax authorities on your own, believe me, you will be in deep trouble.
I agree with Coolshades. Retail trading with margin is illegal in India. You need to have an a/c outside of India with a broker outside of India. You can be physically in India and trade online.
Haste not to Enter AND Haste not to Exit !-TradeStar
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