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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.

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

Roboticfx

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
First topic message reminder :

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.


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

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

27 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/

28 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

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

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?

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

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

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

traderathome

avatar
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

32 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)

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

traderathome

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

34 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

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

forex4srilanka

avatar
Equity Analytic
Equity Analytic

http://www.forex4srilanka.com

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

deli

avatar
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.

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