Withdrawal advice | Forex Factory

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Withdrawal advice

  • #1
  • First Post: Nov 26, 2005 1:31am Nov 26, 2005 1:31am
hi guys,

Like to ask the traders who make this their living, do you think monthly withdrawal is too much due to transaction costs?
  • #2
  • Nov 26, 2005 3:01am Nov 26, 2005 3:01am
Quoting Blackship
hi guys,

Like to ask the traders who make this their living, do you think monthly withdrawal is too much due to transaction costs?
With Credit card it is Free and with checkues. Wiretransfer as I know costs 40$ per transfer.
kiss the trend
  • #3
  • Nov 26, 2005 3:58am Nov 26, 2005 3:58am
hi fx,

I don't know you can withdraw to credit card??
  • #4
  • Nov 26, 2005 4:07am Nov 26, 2005 4:07am
Quoting Blackship
hi fx,

I don't know you can withdraw to credit card??
I was told yes I can. I made transaction with credit card and they said I can withdraw with it for free.
kiss the trend
  • #5
  • Nov 26, 2005 4:16am Nov 26, 2005 4:16am
Withdrawal look like this
Attached Image
kiss the trend
  • #6
  • Nov 26, 2005 4:41am Nov 26, 2005 4:41am
Many brokers are offering deposit/withdrawal via credit card. Check whether your's does.

As for withdrawing monthly ... that depends on your financal situation. If you depend on this income, then you're forced to.

Take care
Habeeb
Keeping it Simple
  • #7
  • Nov 26, 2005 8:05am Nov 26, 2005 8:05am
I would suggest that you shouldn't have all of your trading capital in your trading account anyway. Just make sure that you have enough in there such that you don't get margin calls.

Lets say you have 100k risk capital that you are using for your float. You risk 2% per trade and your stop loss is typically 50 pips. This would mean that your position size is typically $400k. Depending on which broker you are using you would need between 2 and 20K in margin to have that position open so you would only need around $30-50k of you funds in your account. The other $50-70k can be sitting offsetting your mortgage or earning you interest in the bank. You can then withdraw your funds out of you non-broker account and when that runs out, just top it up with a large transfer out of your broker account.

This is the way that I work it because I previously had USD accounts with brokers and I pay out in AUD so used to get screwed by my bank all the time.

Simon
  • #8
  • Nov 26, 2005 9:20am Nov 26, 2005 9:20am
Hi guys, what do you think about Paypal withdrawal, proposed by Oanda?

You lose 3% when u deposit, but I guess you can get funds back for free, not sure about taxing thing.
  • #9
  • Nov 26, 2005 3:53pm Nov 26, 2005 3:53pm
Quoting ElectricSavant
nope wrong...you pay 3% on the way back in too. by the way if your money comes in through Pay Pal...it must go out that way at Oanda...gawd forbid you closed your Pay Pal account in the interim!
Generally, if you have a private Paypal account, you can receive transfers from existing paypal funds AND from direct bank account for free. You have to "upgrade" your account if you want to accept payments from debit/.credit cards. So, if you get 3% less from Oanda it means they pocket these 3%, or you have " upgraded" account.
By the way, do you know if Paypal activities are under IRS eye?
  • #10
  • Nov 26, 2005 4:21pm Nov 26, 2005 4:21pm
ES,
https://www.paypal.com/us/cgi-bin/we...y-fees-outside

When I was selling stuff on ebay, I was paying 0 % Paypal fees, untill I had to accept debit/credit card payment. As soon as I accepted that payment, I started to pay 30 cents +2,9% for all paypal payments (I had to upgrade to business account)
I am not sure , but probably there are limits of how much money u can receive per month ($3000 I guess)
  • #11
  • Nov 26, 2005 4:29pm Nov 26, 2005 4:29pm
Quoting Vlad
ES,
https://www.paypal.com/us/cgi-bin/we...y-fees-outside

When I was selling stuff on ebay, I was paying 0 % Paypal fees, untill I had to accept debit/credit card payment. As soon as I accepted that payment, I started to pay 30 cents +2,9% for all paypal payments (I had to upgrade to business account)
I am not sure , but probably there are limits of how much money u can receive per month ($3000 I guess)
Don't forget that ebay & paypal are affiliates. So it might be different.
  • #12
  • Nov 26, 2005 4:40pm Nov 26, 2005 4:40pm
Quoting ElectricSavant
The answer for me, it to get my original money deposited back ASAP. I know, I know, this screws up the power of compounding....but I like to do this with every system I start!. Diversify out to other Brokerages, Markets and instruments.

Because your funds are not safe with ANY Retail Spot Forex Dealer/Marketmaker, you should be motivated to get your original stake back and trade with house money.

Just because your funds are segregated into an FDIC insured account, does not mean that you are protected against your Dealer/Marketmaker going BK. You are just protected if the Bank becomes insolvent through BK or other means.

The recent Refco BK has spurred many discussions across the Internet about these matters.

Being a PICS (positive interest carry system) trader I have understood this implied risk from the beginning and it has been a concern to me from the get-go. Remember when you make a deposit to your Forex account, you make the check out to WHO?...now is it clear to you who holds the purse-strings to your money?

There really is no confusion...This is the Wild West of Forex!

Michael B.

P.S. Bigger players use a "letter of credit"
Thanks for that Electric.

I never really thought about it that way, but I think you are right. When I go live I will probably start with a mini acount starting with $1500 to $2000. If I can successfully turn that into a $4000 account, it would seem only prudent to withdraw $2000 and "diversify". Perhaps into a "cash and carry" format.

I agree about the loss of compounding, but if I am able to trade consistantly enough to double my account, I should be able to do it again

This will take longer for me to be where I want to be, but I am starting to understand that trading is a marathon, and the ones that pace themselves through sound money management will be among the front runners.

Thanks,
Jimmy
  • #13
  • Nov 26, 2005 6:51pm Nov 26, 2005 6:51pm
ES, who are those boys from Chicago? Wheat traders?
  • #14
  • Nov 27, 2005 12:46am Nov 27, 2005 12:46am
Quoting dangerman
Thanks for that Electric.

I never really thought about it that way, but I think you are right. When I go live I will probably start with a mini acount starting with $1500 to $2000. If I can successfully turn that into a $4000 account, it would seem only prudent to withdraw $2000 and "diversify". Perhaps into a "cash and carry" format.

I agree about the loss of compounding, but if I am able to trade consistantly enough to double my account, I should be able to do it again

This will take longer for me to be where I want to be, but I am starting to understand that trading is a marathon, and the ones that pace themselves through sound money management will be among the front runners.

Thanks,
Jimmy
Personally, I wouldn't diversify my systems until I had at least $20-40k. Personally, I don't really think that $1500 is enough to start trading unless you are using a broker like Oanda who let you trade whatever size you want (up to $10million).

Simon
  • #15
  • Nov 27, 2005 4:34am Nov 27, 2005 4:34am
Quoting ElectricSavant
and who can live on 500 bucks a month? .
ES, I lived on $150 a month in Argentina in 2002. It included women, restourants and movies I had a good time.

In Ukraine in 1993 , our family income was $4 a month( Mom's salary- librarian with 2 degrees), plus $1 a month my farther's alimony and 50 cents of government help. In order to survive we had buying-reselling business, which was bringing $20 monthly. We were fine with it ( no restourants or women, though).
  • #16
  • Jun 29, 2007 3:55pm Jun 29, 2007 3:55pm
Quoting Vlad
Hi guys, what do you think about Paypal withdrawal, proposed by Oanda?

You lose 3% when u deposit, but I guess you can get funds back for free, not sure about taxing thing.
From Europe you lose 3,9% when you withdraw from US account via PayPal.
Sobetter not PayPal
  • #17
  • Apr 1, 2009 9:32pm Apr 1, 2009 9:32pm
Quoting Vlad
Hi guys, what do you think about Paypal withdrawal, proposed by Oanda?

You lose 3% when u deposit, but I guess you can get funds back for free, not sure about taxing thing.
are you sure it's free? there should be some charges involved...
  • #18
  • Oct 8, 2020 12:04pm Oct 8, 2020 12:04pm
Most of the brokers give very lucrative facilities to their clients. But their withdrawal system is not smooth. Be careful from those kinds of brokers. They are not reliable at all.
  • #19
  • Oct 14, 2020 11:52am Oct 14, 2020 11:52am
Any broker who is posing trouble in the withdrawal of your amount, no matter how little it maybe, should be completely avoided.
  • #20
  • Last Post: Oct 14, 2020 8:18pm Oct 14, 2020 8:18pm
I use Neteller and Skrill as withdrawal processes. Many times I also withdraw through credit card.
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