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Sri Lanka Equity Forum » Stock Market Talk » Forex Trading

Forex Trading

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1 Forex Trading on Fri Sep 21, 2012 9:59 pm

freebird


Manager - Equity Analytics
Manager - Equity Analytics
can someone say something abt forex trading. is it just like trading stock.i have decided to do that also.somewhat complicative.

2 Re: Forex Trading on Sat Sep 22, 2012 7:28 am

traderathome

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@freebird wrote:can someone say something abt forex trading. is it just like trading stock.i have decided to do that also.somewhat complicative.
well1stly its illegal in SL..... If you are residing outside it can be done, but remember the trading you do on internet is speculative nature and its called OTC (over the counter). so basically its like gambling. Also there is commodity trading ex gold,silver,natural gas,oil,sugar etc.....all these are speculative as you would be buying and selling OTC. since you will not get GOLD or any other commodity physically they are called OTC.

There are brokers who facilitate you to trade using their platforms......most favourite is metatrader4 now metatrader 5 is also available.Tradestation/webtrader to name few. there are different types of brokers...

Market Makers/- They trade against you......
ECN - Good reliable they will not take the opposite trade of yours.

Some brokers allow trading stocks as well...but as i said all in the form of OTC.

Usually you will have to deposit in dollars...... and the trading will be immediate ..also some brokers give 100% bonus on teh 1st deposit....

Also PIP rebates (diff between the spread known as PIP eg if EUR/USD BUY 1.3010 SELL 1.3012 = 2pips) are immediately credited back to your account upon trade closing.....

Forex trading brokers gives you 100%,200% 300%.....500% margin trading.....this will kill you .....and you will loose quickly if you are on the wrong side of the bet.


But my advise is dont trade Forex Trading.....invest that money in CSE.FT needs lots of skill...FT is mostly news driven which means you need to be aware of economic factors and their impact on the currencies.

Knowledge is important....there is more to forex trading such as automated trading using algorithmic patterns, but its too much to explain all this here.

As final thought please i would advise you dont trade you will loose eventually as it is known 95% are looses and only the 5% make the CUT.

Please note we are not encouraging this form of trading for srilankan citizens,as per CBSL its illegal...i mean ILLEGAL.
And I think this is the view of SLEF as well.So we do not want the forum to get into problems with the authorities....So Please refrain from this type of trading since its not for srilankans.

As per CBSL only few banks are authorized to carry forex trading for its clients...ithink HSBC is one i presume.

some one could confirm to it.but you will require a large amount of $ in your account.And the risk is huge.if you are willing take.

So stay away..... rabbit
TAH

3 Re: Forex Trading on Sat Sep 22, 2012 12:13 pm

freebird


Manager - Equity Analytics
Manager - Equity Analytics
thanks a lot may be you have saved me and my money . thanks again . May your all the dreams come true..

4 Re: Forex Trading on Fri Oct 05, 2012 5:39 pm

Ashphoenix7


Stock Trader
I know many who do FT here but they say: always trade 2 or 3% max any one time of your total equity(eg $100 =2% = $ 2.00-Rs.260.00.Keep your profit target double =$ 4.00.)This way its like lose trade one step backward , make profit two steps forward. All web tutorials advice this 2:1 ratio for FT).The reason CB is not allowing is to protect the public.Thay say people lose due to ignorance and not practicing on a demo account till you are skilled & confidant.The web is full of free schooling & YouTube has great FT videos.
I hope i haven't offended this forum by Fx Trading info but interestingly a friend,in the CSE for 20 years advising & consulting)) says similarly the SL stock exchange is actually understood by only 3% of Sri Lankans.Thats why people are still scarred still sins they here lot of bad stock mkt losses.

Finally I think what the general public get for fxd deposits is a rip off since with inflation theres no real gain.-Ash

5 Re: Forex Trading on Fri Oct 05, 2012 5:48 pm

traderathome

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Ashphoenix7 wrote:I know many who do FT here but they say: always trade 2 or 3% max any one time of your total equity(eg $100 =2% = $ 2.00-Rs.260.00.Keep your profit target double =$ 4.00.)This way its like lose trade one step backward , make profit two steps forward. All web tutorials advice this 2:1 ratio for FT).The reason CB is not allowing is to protect the public.Thay say people lose due to ignorance and not practicing on a demo account till you are skilled & confidant.The web is full of free schooling & YouTube has great FT videos.
I hope i haven't offended this forum by Fx Trading info but interestingly a friend,in the CSE for 20 years advising & consulting)) says similarly the SL stock exchange is actually understood by only 3% of Sri Lankans.Thats why people are still scarred still sins they here lot of bad stock mkt losses.

Finally I think what the general public get for fxd deposits is a rip off since with inflation theres no real gain.-Ash
But with fixed deposits you are stll getting something.....with FX trading 95% you will loose all your money.....as simple as that......

Thanks Very Happy

6 Re: Forex Trading on Sat Oct 06, 2012 7:41 am

Ashphoenix7


Stock Trader
Well its a choice and depends on each persons interest i guess.But there is also a lot of scamers out there who spoil the show.cheers

7 Re: Forex Trading on Fri Oct 25, 2013 10:01 am

lakshanraj

avatar
Stock Analytic
Stock Analytic
Hi everyone,

I was involved with Stock Trading from 2008 & went out of the market in 2011 due to the downturn. Meantime I found the beauty of forex trading thanks to internet.

After few years of learning & making losses, now I'm making a consistent income from Forex. Smile
I'll be more than happy to answer your questions.

Happy Trading to you Very Happy

8 Re: Forex Trading on Fri Oct 25, 2013 8:39 pm

freebird


Manager - Equity Analytics
Manager - Equity Analytics
@lakshanraj wrote:Hi everyone,

I was involved with Stock Trading from 2008 & went out of the market in 2011 due to the downturn. Meantime I found the beauty of forex trading thanks to internet.

After few years of learning & making losses, now I'm making a consistent income from Forex. Smile
I'll be more than happy to answer your questions.

Happy Trading to you Very Happy
so how can we do i deart. i did it with practice accounts . finally i loss. firstly i won .

9 Re: Forex Trading on Sun Oct 27, 2013 8:41 am

yes0


Senior Equity Analytic
Senior Equity Analytic
thnx traderathome
chat with me hanoof444@gmail.com.

i have to discuss with my strategy...
i found some sri lankans are losing money on forex.

dont use etoro.. etoro is a big cheating site

10 Re: Forex Trading on Sun Oct 27, 2013 1:29 pm

lakshanraj

avatar
Stock Analytic
Stock Analytic
It's very easy to lose money on trading than earning unless u're smarter than the average participants.

You should control your risk with effective money management principles while protecting your capital.

11 Re: Forex Trading on Mon Oct 28, 2013 6:51 pm

smallville

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
yes0 has been promoting some illegal forex stuff on another post as promotional activity so had to ban him for couple of days.
Anyone using this site for cheap promotion will also be banned without warning. Pls do use the site for knowledge acquiring and sharing..

TAH u can continue to educate the members on forex since ur style doesn't harm the forum ethics. Dont cross the line though.

12 Re: Forex Trading on Tue Oct 29, 2013 12:04 am

traderathome

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I do not want to talk about Forex Trading...because its not good for the forum. The last thing we need is some legal complication for the EF.

13 Re: Forex Trading on Tue Oct 29, 2013 3:26 pm

knockknobbler


Manager - Equity Analytics
Manager - Equity Analytics
There is a misconception.............., that trading in  foreign currency  is illegal.

If you have earned foreign currency(FC) , through employment, export of goods /services you are permitted to maintain  a FC account  ( by way of NRFC, RFC ,FCBU  account with a commercial bank) and  there is no domestic law to prevent you  using  that money for  FC trading or any other FC transaction.  

What is illegal is the use of Sri Lankan Rupees for FC trading.  Not only for FC trading, use of SL rupees for any type of FC transactions, other than the transactions  allowed by Exchange Control Act , is illegal in Sri Lanka.

14 Re: Forex Trading on Tue Oct 29, 2013 3:55 pm

K.Haputantri

avatar
Co-Admin
@knockknobbler wrote:There is a misconception.............., that trading in  foreign currency  is illegal.

If you have earned foreign currency(FC) , through employment, export of goods /services you are permitted to maintain  a FC account  ( by way of NRFC, RFC ,FCBU  account with a commercial bank) and  there is no domestic law to prevent you  using  that money for  FC trading or any other FC transaction.  

What is illegal is the use of Sri Lankan Rupees for FC trading.  Not only for FC trading, use of SL rupees for any type of FC transactions, other than the transactions  allowed by Exchange Control Act , is illegal in Sri Lanka.
No one said its illegal but the fact is that there is no legal basis in Sri Lanka for forex trade. Its a high risk trade even for experienced people. Sure way to loose hard earned foreign exchange.

15 Re: Forex Trading on Wed Feb 08, 2017 8:25 pm

forex4srilanka

avatar
Equity Analytic
Equity Analytic
අප හිතවත් පාරිභෝගිකයනි,Forex trading සඳහා ඔබ අප තෝරාගත යුත්තේ ඇයි?

එනම්,අප ආයතනය විසින්  ඔබගේ භාෂා පහසුව සඳහා සිංහළ භාෂා මාධ්යයෙන් පාරිභෝගික සේවා සහය අංශයක් පත්කර ඇත.ඔබ ගේ Forex ඟිණුම් ක්ෂණිකව Verify කර ගැනීමට,Fund Deposit හා Withdrawal සම්බන්ඳ තොරතුරැ ක්ෂණිකව ලබා ගැනීමට, අප ආයතනය විසින්  ඔබට ලබාදෙන Bonus ආදී ඔබගේ Forex ඟිණුම් හා සම්බන්ඳ ඕනෑම ගැටලුවකට හා උවමනාවකට අවශ්යය සියලූම පාරිභෝගික සේවා සහය ලබා ගතහැක.ඔවුන් අවුරැදු හතකට එහා සේවා පළපුරැදකින් හෙබි පිරිසකි,එම නිසා ඔවුන් ඔබට අවශ්යය මාර්ගෝපදේශක්වය ලබා දේ.

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