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Forex trading is illegal in India? 29 replies

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Trading in India

  • #1
  • First Post: Edited Aug 2, 2015 8:31pm Feb 12, 2008 11:50pm | Edited Aug 2, 2015 8:31pm
Request to Moderators

Kindly leave this thread in the current folder, I intend to discuss forex trading issues related to India and also teach / train the Indians to trade better.

For Indians

1. There is no law that says forex trading is illegal. At the same time there is nothing that says that it is legal. Yes, there is a law that on an annual basis an individual can repatriate upto $25k from India. This to my mind can be used for forex trading. Also, as the rupee is appreciating, RBI might make it easier to invest in foreign currencies.

2. Forex trading income should be treated as a regular short term trading income and be treated accordingly. There should be no issue with your being in govt service.

3. Any broker having registered office and headquartered in the US should be safe. However one need to also be careful about the capital adequacy of the broker. Also, personally I need the Metatrader platform for trading as it really give me a lot of options to customize, set alerts, do some small programming etc.

4. As far as possible avoid brokers which have electronic currency as means of deposit / withdrawal, this is for your own safety.


Let me know if there are any more questions and I will be happy to help.

Since I have been designated as a commercial member by the site admin for no obvious reason, i may not be able to reply to this thread unless the admin moves it to an appropriate folder or removes the ban on me.

skype:forexlionfx
.
  • #2
  • Feb 15, 2008 1:08am Feb 15, 2008 1:08am
Hi forexlion,

I'm also from India. Can I have u r Yahoo messanger id so that can have chat
  • #3
  • Feb 15, 2008 11:35pm Feb 15, 2008 11:35pm
Quoting forexlion
Request to Moderators

Kindly leave this thread in the current folder, I intend to discuss forex trading issues related to India and also teach / train the Indians to trade better.

For Indians

1. There is no law that says forex trading is illegal. At the same time there is nothing that says that it is legal. Yes, there is a law that on an annual basis an individual can repatriate upto $25k from India. This to my mind can be used for forex trading. Also, as the rupee is appreciating, RBI might make it easier to invest in foreign currencies.

2. Forex trading income should be treated as a regular short term trading income and be treated accordingly. There should be no issue with your being in govt service.

3. Any broker having registered office and headquartered in the US should be safe. However one need to also be careful about the capital adequacy of the broker. Also, personally I need the Metatrader platform for trading as it really give me a lot of options to customize, set alerts, do some small programming etc.

4. As far as possible avoid brokers which have electronic currency as means of deposit / withdrawal, this is for your own safety.


Let me know if there are any more questions and I will be happy to help.

But I heard that trading with a margin is illegal in India. Is this accurate?
Thanks
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #4
  • Feb 26, 2008 5:01am Feb 26, 2008 5:01am
For Indians

1. There is no law that says forex trading is illegal. At the same time there is nothing that says that it is legal. Yes, there is a law that on an annual basis an individual can repatriate upto $25k from India. This to my mind can be used for forex trading. Also, as the rupee is appreciating, RBI might make it easier to invest in foreign currencies.

2. Forex trading income should be treated as a regular short term trading income and be treated accordingly. There should be no issue with your being in govt service.

3. SEBI (Securities and Exchange Board of India) is in the process of introducing rupee futures.
  • #5
  • Feb 29, 2008 1:04am Feb 29, 2008 1:04am
Quoting TradeStar
But I heard that trading with a margin is illegal in India. Is this accurate?
Thanks
Can you kindly prove your statement with an authority statement issued by either Reserve Bank of India or the Indian Government.

Views posted on forums do not count.
  • #6
  • Feb 29, 2008 8:13am Feb 29, 2008 8:13am
Quoting forexlion
Can you kindly prove your statement with an authority statement issued by either Reserve Bank of India or the Indian Government.

Views posted on forums do not count.
I have heard that Government is officially planning to launch currency trading and heard that court case is going on between MCX AND NSE as to who will launch currency trading in India.
  • #7
  • Mar 2, 2008 4:27am Mar 2, 2008 4:27am
Quoting bhatiaashish007
I have heard that Government is officially planning to launch currency trading and heard that court case is going on between MCX AND NSE as to who will launch currency trading in India.
heard is vague, its like shooting in the dark.

post valid links, issued by government agencies.

we need to get the hood off the rumours going around that fx is illegal in india.
  • #8
  • Mar 3, 2008 5:40am Mar 3, 2008 5:40am
Anyways forget about the legal or illegal issues,

lets concentrate on teaching the newbies from India on how to trade better.

lets concentrate on sharing trading ideas.
  • #9
  • Mar 4, 2008 1:37am Mar 4, 2008 1:37am
Here is the Pivots indicator which i designed and works best on almost all currencies.
Attached Images
Attached File(s)
File Type: mq4 anchorfx.mq4   6 KB | 1,864 downloads
  • #10
  • Mar 4, 2008 11:31pm Mar 4, 2008 11:31pm
Here is the new modified version of my indicator, for trading GJ

Gives a better idea on trading direction.
Attached File(s)
File Type: mq4 anchorfx.mq4   6 KB | 2,325 downloads
  • #11
  • Mar 5, 2008 1:46am Mar 5, 2008 1:46am
good to see you post your indicator here.

so we have
1 anchorfx for all currency
1 fine tuned for GJ

am i correct. ?
  • #12
  • Mar 5, 2008 4:22am Mar 5, 2008 4:22am
yes
  • #13
  • Mar 5, 2008 6:48am Mar 5, 2008 6:48am
forexlion i hv downloaded this one as well as the one you posted on aus's thread however i cant see any difference as i am getting same levels with both of them and i am not getting support levels below 206.xx where as daily close is below this support level. could you pls adv what am i doing wrong? thanks in advance yr fibseries indi works great for me on gj thats why i wanted to try this one as well.
regards
Quoting forexlion
Here is the new modified version of my indicator, for trading GJ

Gives a better idea on trading direction.
  • #14
  • Mar 5, 2008 12:43pm Mar 5, 2008 12:43pm
what is the two ma lines u are using in the chart and s/r seems to be powerful . hats off. are u doing gold analysis too , if so can it be discussed here ?
  • #15
  • Mar 5, 2008 1:02pm Mar 5, 2008 1:02pm
I have downloaded the indicators you have posted.
Have you posted instructions on how to use them? If so, where can I read more about it?
Thanks
  • #16
  • Mar 6, 2008 4:44am Mar 6, 2008 4:44am
Quoting kenneith
forexlion i hv downloaded this one as well as the one you posted on aus's thread however i cant see any difference as i am getting same levels with both of them and i am not getting support levels below 206.xx where as daily close is below this support level. could you pls adv what am i doing wrong? thanks in advance yr fibseries indi works great for me on gj thats why i wanted to try this one as well.
regards
the changes are that

  1. sunday trade is taken as current week trade instead of previous week
  2. the buyer seller info is now based on the monthly candle
  3. possible direction is given long/short based on position of bid from previous close.

  • #17
  • Mar 6, 2008 4:45am Mar 6, 2008 4:45am
Quoting bhkkrishna
what is the two ma lines u are using in the chart and s/r seems to be powerful . hats off. are u doing gold analysis too , if so can it be discussed here ?
we can do gold analysis too with this, but since ibfx does not provide gold trading, i have not tried it.
  • #18
  • Mar 6, 2008 4:46am Mar 6, 2008 4:46am
Quoting DaveXXXX
I have downloaded the indicators you have posted.
Have you posted instructions on how to use them? If so, where can I read more about it?
Thanks
these are basically trendlines or support / resistance lines, and you use them the same was as you would with s/R lines.
  • #19
  • Mar 13, 2008 11:07am Mar 13, 2008 11:07am
Quoting Syafi
good to see you post your indicator here.

so we have
1 anchorfx for all currency
1 fine tuned for GJ

am i correct. ?
send me the rainbow template.
  • #20
  • Mar 14, 2008 12:27am Mar 14, 2008 12:27am
Hi,

Iam from india, i download the indicaotor, but i donot know hw to use it?

shiva
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