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Sri Lanka Equity Forum » Stock Market Talk » I just started forex trading. Need help.

I just started forex trading. Need help.

Go down  Message [Page 1 of 1]

1I just started forex trading. Need help. Empty I just started forex trading. Need help. on Tue Oct 18, 2011 9:53 pm

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I registered with etoro and opened a forex trading account today but I have no idea how do I credit my account. Still I don't have a credit card. I also want to know what's the difference between buy orders and sell orders here. They are totally different from stock market orders as via sell orders, a quantity is added to my account as well as buy orders.
What's the meaning of X25, X50 in the frame of putting orders? And I also get to know
what is the duration of the market which is kept open?
Why all amount in my account is cancelled in the weekend?
At what time does weekend starts?(sri lankan time)
How can I withdraw my money?(I meant ways)
I tried to connect my paypal account with my bank account and also tried to send funds through my bank account to paypal, but I didn't see even one option. If anyone knows how to do this please explain me soon.

2I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Tue Oct 18, 2011 10:16 pm

Paypal


Manager - Equity Analytics
Manager - Equity Analytics
According to my knowledge etoro doesn't supply a good platform to start trading for a beginner use some MetaTrader4 broker because if you have even a little technical knowledge you will find it easy to apply your technical skills here. I think you can apply for a credit card if you can deposit a certain amount of money through some major banks as well as their is an option called 'Sampath Web Card' for online/international transactions. Don't use Paypal to deposit/withdraw your money because currently Paypal doesn't allow to withdraw fund to Sri Lanka, what you can do is only spend through Paypal, Use Moneybooker instead.

3I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Tue Oct 18, 2011 10:28 pm

day_lk


Equity Analytic
Equity Analytic
best card is HND international debit card.open account in moneybookers.com and link debit card to that.try AVAFX as your broker.(www.avafx.com)

open demo acct and practice.
visit learning centre in avafx.com and find answers for your basic queries or you can get online chat 24 hrs.
forex market open mon-fri (dont know times exactly)

4I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Tue Oct 18, 2011 11:57 pm

samueldaniel7


Manager - Equity Analytics
Manager - Equity Analytics
but i think forex trading is illegal, i also wanted to start it,
not sure...
let us know if its legal

http://samueldaniel7.blogspot.com

5I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 12:52 am

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Roboticfx wrote:I registered with etoro and opened a forex trading account today but I have no idea how do I credit my account. Still I don't have a credit card. I also want to know what's the difference between buy orders and sell orders here. They are totally different from stock market orders as via sell orders, a quantity is added to my account as well as buy orders.
What's the meaning of X25, X50 in the frame of putting orders? And I also get to know
what is the duration of the market which is kept open?
Why all amount in my account is cancelled in the weekend?
At what time does weekend starts?(sri lankan time)
How can I withdraw my money?(I meant ways)
I tried to connect my paypal account with my bank account and also tried to send funds through my bank account to paypal, but I didn't see even one option. If anyone knows how to do this please explain me soon.
If u do not know anything about forex trading better to get some experience with free practice account.Here is a link to get free practice account.(Click the option named 'Get a free forex trading demo'
http://www.fxcm.com/
(There are other sites also.)

6I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 9:09 am

maalinda


Manager - Equity Analytics
Manager - Equity Analytics
DUDE... you sounds like you know Nothing about forex. get a free practice account... almost every forex trader provide practice accounts.

Learn it.. Learn and learn... please before you put your hard earned money.

It is not like CSE... in CSE atleast you keep your shares... in FOREX You can loose all your money in no time.

PAYPAL is a good way. dont know it is availiable in SL. But i know almost all the lankans with e toro.

DUDE Please dont loose... Learn it.

7I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 9:31 am

yosh123


Stock Trader
I have used eToro with a demo account.. I m no expert but I think I can answer some of ur queries.

FOREX is done with currency pairs (e.g EUR/USD). The price is quoted as EUR/USD = 1.378 (for a example). When u place a buy order u are buying EUR against USD @ 1.378. When u place a sell order u are selling EUR against USD @ 1.378 (this is kinda like a short selling in stocks). If u opened a "buy order" and the price starts to rise (lets say to 1.380) u will be gaining. If u open a "sell order" and the prices start falling (lets say to 1.37) u will be gaining. In short if u expect the EUR to rise against the USD open a buy order and if u expect EUR to fall against the USD open a sell order. Also note that the price for the buy order and the sell order wont be the same. There will be a small difference (this is called the spread)

The X20 X50 are leverage ratios. More the ratio the more u can invest with a given capital. Using high leverage gives u high risk and return.

The market is opened 24hours during the weekdays and closes for the weekend. All the trades which are open when the market closes will be automatically canceled.

I have not done money transactions since I have only used a dummy account. But from what I have read the easiest way to do it is via a credit card. U can use PayPal but as fall as I know there are some restrictions for money withdrawal from paypal in sri lanka.

Get some practice using the demo account be4 investing real money. There are many sites to help but I found that www.babypips.com/ to be a really good starting point.

All the best Wink

8I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 9:36 am

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thanks guys. I try this with a practice account.

9I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 10:16 am

yasiru


Senior Equity Analytic
Senior Equity Analytic
MACHAN UBATH KARAPANKO BALANNA,BALALA MATATH KIYAPAN,K,MAMA NAM LOSS UNA,MAGETH FXCMLAMA THAMAI,K,MAMA 500USD DALA KALE,THANIKARAMA LOSS,K,OYA 1000USD FUND KALOTH OYATA BAYA NATHUWA 250USD WALA TRADE EKAK KARANNA PULUWAN,K,MAMA NAM ADVICE KARANNE FOREX KARANNA EPA MACHAN,K,

10I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 11:20 am

laureina


Stock Analytic
Stock Analytic
hi yasiru.
did u know about any tecnical indicators such as RSI/MACD/Bollinger band.Did u placed buy/sell as per tec. signals.

11I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 11:26 am

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@yasiru wrote:MACHAN UBATH KARAPANKO BALANNA,BALALA MATATH KIYAPAN,K,MAMA NAM LOSS UNA,MAGETH FXCMLAMA THAMAI,K,MAMA 500USD DALA KALE,THANIKARAMA LOSS,K,OYA 1000USD FUND KALOTH OYATA BAYA NATHUWA 250USD WALA TRADE EKAK KARANNA PULUWAN,K,MAMA NAM ADVICE KARANNE FOREX KARANNA EPA MACHAN,K,

I have planned to enter with only 50 USD. Not more than that. My first few trades done in practice account were successful. I got a profit of Rs.256,000 within 2 days.(not real money) I invested only 2000usd of the total balance of 10000usd. I think this is not bad. Anyway, Thanks for your valuable advice.

12I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Oct 19, 2011 10:04 pm

yasiru


Senior Equity Analytic
Senior Equity Analytic
machan uba real money walata karana kota ubata margin eka maintain karanna wenawa,k,demo eke api 50000usd walin 2000usd use kale,ethana margin eka godak free,so oyata wadiya aulak na,bt machan oya 50 dollers dala,eken 30 doller wage kaloth oayage margin eka godak adui,k,ethakota thamai kela wenne,k,mage real experiance eka machan kiyanne,k,mama real money walin karapu 1st deal eka 300 dollers,k,muladi nagga,k,1mint walata 100usd profit,k,news walath anuwa aud eka naginna one,k,mama karana kota aud/usd 0.97xx,meka eka paratama dot wenna bassa elaga time bar ekedi,menna margin eka free na kiyala trade eka auto clos kara,2min walin 300usd los machan,epara mama ai podiyata kala,50usd tarade ekakin,ai mama 450usd wenakan capital eka haduwa,e para mama 250 usd wala trade ekak kala,hodata nagagena giya,bt ai eka paratama bassa,ekath los una ,bahina kota bahinne puduma widiyata,k,so point is maintain karanna one margin eka,k,uba 50usd dammoth 5doller deal ekak karanna,k,eka wadath safe,k,bt widrow karana kota eyala 15usd kapa gannawa,k,machan therunada,mara risk ekak thiyenne,shares wage newei,k,demmo eke mama 1:1k,50000 walata 50000 ern karalai real money walata basse,ethanin kawa,so balagena,k,me margin eka maintain karanna,k,mata denna puluwan advice dekai,
1.dont do forex trading
2.karannama one nam 50doller fund karala 5doller wage,aniwa margin eken 20% wage,ekiyanne 80% free thiyala trade karanna,k,

naththan oya 50usd long term invest karapan ban,namal acvity value fund eke wage,
or eagle glit egde wage,

13I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Thu Oct 20, 2011 8:37 am

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thanks Yasiru. Very very useful. Very Happy

14I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Thu Oct 20, 2011 8:55 am

lokuayya


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I tried this few years ago on a practice account.In forex market ,they offer huge leverage.
So you can loss money in no time .(there may people who take extraordinary profit)

extremely dangerous game.

15I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Thu Oct 20, 2011 9:42 am

samueldaniel7


Manager - Equity Analytics
Manager - Equity Analytics
but i think technical analysis will work in forex,
anyone really got money out of forex (not practice accounts)
and how did you withdraw the money?

http://samueldaniel7.blogspot.com

16I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Thu Oct 20, 2011 11:09 am

yasiru


Senior Equity Analytic
Senior Equity Analytic
@samueldaniel7 wrote:but i think technical analysis will work in forex,
anyone really got money out of forex (not practice accounts)
and how did you withdraw the money?
machan oya tecnical analysis good kiyanne real eke trade karala thiyenawada???mama kiyana widiyata karanawa nam ona ekath good,poddak practise ekawath hariyata study karanna,k,mama kiyana point eka oya ganna,k,ethakota oyata ok,k,mage gawa me dawas wala salli nathi nisai mama forex walin ain une,ai salli labunawa mama karanawa,k,bt margin maintain karanna one nathi brocker kenek meet unama,

mona analysis eka baluwath wadak na oya margin eka maintain kale naththan,k,komath oyata los,k,oyala hithanawa wage widrow eka lesi na,k,widrow ammount eken 15usd charge karanawa widrow ekata,k,20usd oya widrow karanna haduwoth oyata ganna puluwan 5usd witharai,k,oka dana gaththama mata thawath yaka nagga,ona magulak kiyala epra ai trade ekak gahuwa,aud/usd,etha kota .98xxokkoma up ekata damme,bt magule margin eka nisa temporaly bassamath trade clos wenawa,k,ithin loss,

hodata hithala balala forex trading karanna,k,mata mulinma forex tradin gana kiyapu kenath dan egana no talk,

forex trading ohoma online nathuwa manualy karanna puluwan nam goda,k,loss unath profit unath thiyaganna puluwan nam,k,

17I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sat Oct 13, 2012 12:35 pm

snandasiri

snandasiri
Manager - Equity Analytics
Manager - Equity Analytics
@yasiru wrote:
@samueldaniel7 wrote:but i think technical analysis will work in forex,
anyone really got money out of forex (not practice accounts)
and how did you withdraw the money?
machan oya tecnical analysis good kiyanne real eke trade karala thiyenawada???mama kiyana widiyata karanawa nam ona ekath good,poddak practise ekawath hariyata study karanna,k,mama kiyana point eka oya ganna,k,ethakota oyata ok,k,mage gawa me dawas wala salli nathi nisai mama forex walin ain une,ai salli labunawa mama karanawa,k,bt margin maintain karanna one nathi brocker kenek meet unama,

mona analysis eka baluwath wadak na oya margin eka maintain kale naththan,k,komath oyata los,k,oyala hithanawa wage widrow eka lesi na,k,widrow ammount eken 15usd charge karanawa widrow ekata,k,20usd oya widrow karanna haduwoth oyata ganna puluwan 5usd witharai,k,oka dana gaththama mata thawath yaka nagga,ona magulak kiyala epra ai trade ekak gahuwa,aud/usd,etha kota .98xxokkoma up ekata damme,bt magule margin eka nisa temporaly bassamath trade clos wenawa,k,ithin loss,

hodata hithala balala forex trading karanna,k,mata mulinma forex tradin gana kiyapu kenath dan egana no talk,

forex trading ohoma online nathuwa manualy karanna puluwan nam goda,k,loss unath profit unath thiyaganna puluwan nam,k,

What is your forex broker?

18I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sat Oct 13, 2012 3:58 pm

yasiru


Senior Equity Analytic
Senior Equity Analytic
fxcm,

19I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sat Oct 13, 2012 6:22 pm

zenobia


Manager - Equity Analytics
Manager - Equity Analytics
can someone answer the most important question whether it is legal in sri lanka to do forex trading?

20I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sat Oct 13, 2012 9:39 pm

yasiru


Senior Equity Analytic
Senior Equity Analytic
In Sri Lanka don't have a Forex trading system, that's why we need to use overseas broker, so don't worry

21I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sat Oct 13, 2012 11:07 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@zenobia wrote:can someone answer the most important question whether it is legal in sri lanka to do forex trading?
not legal .....at all

There are other issues as well....

If you want to burn your hard earned money ...go ahead and try it....after one month you will try depositing to win back the lost money.....and it goes on.

only 5% make the cut .

CSE is much easy than forex....being their done it. so take it from a sincere friend as a britherly advise...dont try etoro/avafx. allthese guys are market makers they trade against you.

for example if you buy eur/usd there should be a seller and in case your broker being a market maker he will be the seller.he can see all your orders.

There are other brokers known to be ecn brokers they do not take the opposit of your trade although this may be the case they are better than MM.

Like i said do not trade forex you will make money on demo ....but when it come to real trading you will loose as demo and real is totally different because there is emotional factor in trading.

TAH

22I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Mon Nov 12, 2012 12:02 pm

manjula28


Stock Trader
Forex trading is a serious business.At least you have to practice for like 2-3 years to become a successful trader.If you have genuine requirement for trading, i can recommend you a mentor who is genuinely help people to success.Refer below site

http://www.learntotradethemarket.com/

23I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Mon Nov 12, 2012 1:46 pm

arrowms


Manager - Equity Analytics
Manager - Equity Analytics
@Roboticfx wrote: I registered with etoro and opened a forex trading account today but I have no idea how do I credit my account. Still I don't have a credit card.
Register at paypal or money broker.then connect Ur credit card to paypal. when your credit Ur etoro account, Paypal and credit card debit and updated in the etoro

@Roboticfx wrote: I also want to know what's the difference between buy orders and sell orders here. They are totally different from stock market orders as via sell orders, a quantity is added to my account as well as buy orders.
Buy - Long position - U ar buying other currency - Buy at higher - when trend goes up
Sell - short position - U ar selling Ur currency - Sell at higher - when trends goes down
{CSE u can earn only at uptrend}

@Roboticfx wrote: What's the meaning of X25, X50 in the frame of putting orders?
Simply the risk u ar taking. take X25, u get low risk and low return ( I prefer X5). When u ar doing small amount u can not get prifit by low risk. if u ar going above 5000USD put X5 and earn profit with few days. 'cos u ar fluctuation among 1000units(approx. Pipes) between your price.when its higher like X400 you ar between 50 units. samll change vanish u from martket.

@Roboticfx wrote: And I also get to know what is the duration of the market which is kept open?

http://www.forexfactory.com/
Go to bottom of this page . live sessions and times updates. do not foget to set your local time setting

@Roboticfx wrote: Why all amount in my account is cancelled in the weekend?
Ask from e toro. U ar dong practice account. they have competions every week. at new competions they reset all.

@Roboticfx wrote: At what time does weekend starts?(sri lankan time)
Recommend to read everything in http://www.babypips.com/school/


@Roboticfx wrote: How can I withdraw my money?(I meant ways)
Simply click redeem on e toro . but u can not withdraw .5USD or so. read their agreement


@Roboticfx wrote: I tried to connect my paypal account with my bank account and also tried to send funds through my bank account to paypal, but I didn't see even one option.If anyone knows how to do this please explain me soon.
U can give credit card or debit card numbers.

** Some one ask whether the forex is legal in Sri lanka. It is prohibited. banks only can do FOREX trade.

I am working with Ducascopy bank which provide MT4 flatform. I do not send money.My i won 500USD from etoro competition at the begining and continue it and shift to Ducascopy.

Warning - Practice at least 10months before start live trading

24I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sat Nov 17, 2012 10:21 pm

memllok

memllok
Stock Trader
homesteader wrote:

There are other brokers known to be ecn brokers they do not take the opposit of your trade although this may be the case they are better than MM.

Like i said do not trade forex you will make money on demo ....but when it come to real trading you will loose as demo and real is totally different because there is emotional factor in trading.

TAH

Are you a follower of traderathome from SonicR system from forexfactory?

25I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sat Nov 17, 2012 10:59 pm

snandasiri

snandasiri
Manager - Equity Analytics
Manager - Equity Analytics
@arrowms wrote:
@Roboticfx wrote: I registered with etoro and opened a forex trading account today but I have no idea how do I credit my account. Still I don't have a credit card.
Register at paypal or money broker.then connect Ur credit card to paypal. when your credit Ur etoro account, Paypal and credit card debit and updated in the etoro

@Roboticfx wrote: I also want to know what's the difference between buy orders and sell orders here. They are totally different from stock market orders as via sell orders, a quantity is added to my account as well as buy orders.
Buy - Long position - U ar buying other currency - Buy at higher - when trend goes up
Sell - short position - U ar selling Ur currency - Sell at higher - when trends goes down
{CSE u can earn only at uptrend}

@Roboticfx wrote: What's the meaning of X25, X50 in the frame of putting orders?
Simply the risk u ar taking. take X25, u get low risk and low return ( I prefer X5). When u ar doing small amount u can not get prifit by low risk. if u ar going above 5000USD put X5 and earn profit with few days. 'cos u ar fluctuation among 1000units(approx. Pipes) between your price.when its higher like X400 you ar between 50 units. samll change vanish u from martket.

@Roboticfx wrote: And I also get to know what is the duration of the market which is kept open?

http://www.forexfactory.com/
Go to bottom of this page . live sessions and times updates. do not foget to set your local time setting

@Roboticfx wrote: Why all amount in my account is cancelled in the weekend?
Ask from e toro. U ar dong practice account. they have competions every week. at new competions they reset all.

@Roboticfx wrote: At what time does weekend starts?(sri lankan time)
Recommend to read everything in http://www.babypips.com/school/


@Roboticfx wrote: How can I withdraw my money?(I meant ways)
Simply click redeem on e toro . but u can not withdraw .5USD or so. read their agreement


@Roboticfx wrote: I tried to connect my paypal account with my bank account and also tried to send funds through my bank account to paypal, but I didn't see even one option.If anyone knows how to do this please explain me soon.
U can give credit card or debit card numbers.

** Some one ask whether the forex is legal in Sri lanka. It is prohibited. banks only can do FOREX trade.

I am working with Ducascopy bank which provide MT4 flatform. I do not send money.My i won 500USD from etoro competition at the begining and continue it and shift to Ducascopy.

Warning - Practice at least 10months before start live trading

Thanks

26I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Sun Nov 18, 2012 12:10 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@memllok wrote:
homesteader wrote:

There are other brokers known to be ecn brokers they do not take the opposit of your trade although this may be the case they are better than MM.

Like i said do not trade forex you will make money on demo ....but when it come to real trading you will loose as demo and real is totally different because there is emotional factor in trading.

TAH

Are you a follower of traderathome from SonicR system from forexfactory?
no not at all....i am who i am Very Happy

27I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Mon Dec 24, 2012 2:51 pm

JustMy2Pips


Stock Trader
Hi,

Don't think that all Forex traders are loosing. There are people in Sri Lanka who wins, among those 5%.

But the problem is 95% are loosing big time.

A word about FXCM, it's a very good broker. People who doesn't understand how forex market works complains based on misunderstandings.

Don't go with Etoro, I also tried it few years back. It's just a toy.

Some good brokers are,
Oanda
FXCM
Alpari
IBFX

Just my 2 cents...



Last edited by JustMy2Pips on Mon Dec 24, 2012 2:56 pm; edited 1 time in total (Reason for editing : Added more info)

28I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Mon Dec 24, 2012 3:11 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Its illegal to trade forex from srilanka.... Surprised

29I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Mon Dec 24, 2012 3:17 pm

JustMy2Pips


Stock Trader
Shocked
Yeah, Sri Lanka didn't want my dollars, that's why I migrated. Too bad.
Mad

30I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Wed Feb 08, 2017 8:27 pm

forex4srilanka

forex4srilanka
Equity Analytic
Equity Analytic

http://www.forex4srilanka.com

31I just started forex trading. Need help. Empty Re: I just started forex trading. Need help. on Tue Feb 14, 2017 10:21 am

deli

deli
Senior Equity Analytic
Senior Equity Analytic
I dont know of the software you are trading but if you dont have an advisor please dont proceed to invest in that platform and more importantly you must be sure where you are depositing funds ( it may be a scam). It is not illegal to do forex trading in Sri Lanka, you need to declare your business and transaction intention with details of fund values to the central bank monetary board via a commercial bank.

32I just started forex trading. Need help. Empty Forex Trading on Thu Aug 16, 2018 5:35 pm

yogi11137


Stock Analytic
Stock Analytic
Bankers and big financial institutions are always making huge amounts of money from Forex trading. This style of forex trading will educates members to think like Institutional Traders and not like Retail Traders. Retail Traders tend to use multiple indicators and signal systems to help predict UK forex trading market movements, which is all well and good in theory but forex trading markets do not move based on indicators, forex trading markets move each day based on the Institutional Order Flow.

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