Hi everyone,
I have a little knowledge of Forex Trading. I know it is related to the exchange of currency, commodities or any other product. I want to enhance my knowledge regarding Forex Trading.
I just want to know more about Forex Trading. How can I start trading and from where and how can earn profit from it?
STart with the babypips school here. Great place to learn the basics.
However it is not an easy thing to regularly make profit from, it will take months and maybe years of studying.
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Is there any update on this?
If you are India, feel free to get in touch with any one of the usual desi brokers and ask them about currency futures trading. As far as I know, you are permitted to trade specific pairs like USDINR, EURINR, GBPINR and JPYINR legally in the country.
How to make profit from here, forget it first of all. Try to learn from here particularly from preschool level. You can trade in a demo account for live trading experience.
Hi yamarkets,
Retail forex trading, as it’s done in most of the western world, is not legal in India.
What is legal in India is a special, restricted form of forex trading, in certain currency pairs only, handled only by licensed Indian brokers who transact foreign exchange derivative trades on behalf of their Indian retail customers only on registered Indian exchanges.
As far as I know, the 1999 Foreign Exchange Management Act (FEMA) is still the law of the land in India, and the following RBI Notification (based on FEMA), dated 2013, is still current.
THIS NOTIFICATION basically addresses the illegal (offshore) forms of forex trading in India, and the measures to be taken by the government to deal with Indian retail clients who engage in illegal offshore forex trading, and with the banks that facilitate offshore money transfers for those clients.
The Babypips School of Pipsology has been recommended to you. However, be aware that the School teaches retail forex trading as done in the western world, not as done in India. Consequently, much of the mechanics of trading, as described in the School lessons, will not relate to forex trading as it can be legally done in India.
Here are some additional resources –
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hope , you got the exact message. good luck
Are there any big brokers from Europe that have managed to get a license in India?
i think there is no real chance to get license in India from Europe. never seen that before.
Thanks Hadden,
I will try.
welcome Mate , you can take experience from others communities besides this , it will increase your trading performance very rapidly.
Forex is short for Foreign Exchange. You get profit or loss depending upon the performance of the currency of your choice. I don’t think that it is illegal in India. I am not sure that it will become illegal in India because the forex trading is one of the transparent markets in the world.
You can start trading from anywhere around the world as forex is a decentralized market place. And you must try to work with a regulated broker if you want to secure your journey. But at first try to acquire trading knowledge on the basic things that will help you to take decisions here.