For forex newbie, it’s definitely a wise decision to go for a managed forex account. Although I personally still prefer to manage my own account.
To search for a managed forex account is not easy. It depends on your location. The best start is talk to your local banks, especially private banks. Most often, they do offer managed forex account services.
Good luck.
powered by Yahoo Answers
I am thinking of trading forex in a couple a months from now , i been practicing a lot and been saving money to open a live account, and i looking for some real help on the do’s and dnt in forex, i dnt want to get get in trouble in no way, i was thinking of setting up a forex trading robot/system to help with trades, is that legal, and if so what is illegal to do in the forex market, and im also looking for a US based forex broker, any suggestions on who to go with, plz only professional forex traders only, it would be great help
I am not a forex pro, and I doubt anyone else answering this question is either. However, let me give you some advice:
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap . com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
powered by Yahoo Answers
Pls gimme the detail information about Contract Size, n what is that for?Thank you
In forex, it’s called lots. You have 3 different lot (contract) sizes — Standard, Mini and Micro. A standard lot is for $100,000, so if you traded 1 standard lot, you’re trading $100,000 of currency. A mini lot is $10,000 and a micro lot is $1,000.
In a nutshell the lot (contract size) is telling you how much currency you’re trading in that lot. Hope this helps.
powered by Yahoo Answers
Hello,
1. I am NOT US citizen or Green card Holder
2.I HAVE NOT Lived in United States for 182 or more days in a particular year.
3.I am Indian citizen and Resident
But, I am trading Options, Futures , forex in US markets using US brokerages.Also, I signed the W-8BEN form with the Brokerage.
Do I need to pay taxes for my capital gains from trading futures ,options ( NOT INTEREST EARNING SECURITIES like bonds or dividends ) to the IRS , united states???
I am NOT talking about paying tax in my Home country.I know, I need to pay tax in India. But, Do I need to pay taxes in United states???
Thank you.
The tax implications for a foreign investor will depend on whether that person is classified as a resident alien or a non-resident alien. To be considered a non-resident alien, a person must meet several guidelines. First of all, the person cannot have had a green card at any time during the relevant tax reporting period and cannot have resided in the U.S. for more than 183 days in the past three years, including the current reporting period.
However, non-U.S. citizens who hold green cards and have been in the U.S. for more than 183 days are classified as resident aliens for tax purposes and are subject to different guidelines than non-resident aliens.
If you fall under the non-resident alien category and the only business you have in the U.S. is in investments (stocks, mutual funds, commodities) within a U.S. dollar-denominated brokerage firm or other agent, you are subject to the following tax guidelines. In terms of capital gains, non-resident aliens are subject to no U.S. capital gains tax, and no money will be withheld by the brokerage firm. This does not mean, however, that you can trade tax free – you will likely need to pay capital gains tax in your country of origin. In terms of dividends, non-resident aliens face a dividend tax rate of 30% on dividends paid out by U.S. companies. However, they are excluded from this tax if the dividends are paid by foreign companies or are interest-related dividends or short-term capital gain dividends. This 30% rate can also be lower depending on the treaty between your home country and the U.S., so it is important that you contact your brokerage firm to verify the rate. If you are a resident alien and hold a green card or satisfy the resident rules (183 days), you are subject to the same tax rules as any U.S. citizen.
powered by Yahoo Answers
Please no scams for fake programs, just real legit information that can be accessed through the internet.
For about a year I have been searching for a Forex Trading program that actually worked and just recently I have finally found what I have been looking for. It’s a great program that offers the whole package, great customer support, and only a one time fee that is completely supported under a money back guarantee contract. The program averages doubling your investment every month, and in my specific case it even tripled. And just for icing on the cake, this particular site and program was rated as the number one forex trader in 2008. Therefore I strongly suggest that anyone serious about making money should check it out at http://www.fapturbo.com/?hop=yb1013
powered by Yahoo Answers
Im looking for people who have expericence in Forex, and the best way to get started. Do you start at the bank? A brokerage? Please no advertisements or scams, only ppl who are good at investing and managing their own finances. Oh, and I don’t really need any special software, i’m pretty good with web services, and I can grab my own charts and other info
First of all the Forex market is very complex and you could spend years trying to study the market, and even at that most people end up loosing all their money within the first couple months of investing. With that being said after trying just about every Forex program, signal service, indicator, etc, and trying to read charts and study graphs and loosing a lot of capital I almost gave up on the market entirely until I accidently came across the FreedomRocks system. It’s a very safe hedging strategy, does 95% of the work, and takes about 15-30 minutes to manager per week. Do some research online and you’ll find a lot of great feedback about it.
Best Regards,
Brandon Wells
877-773-5345
powered by Yahoo Answers
Hi all, I just wondering that if i can to build Forex trading system or website up, what is the best Guide and expert to support it as well as working successfully sites. And in other way, you have any experience with this issue please share it with me honestly
thank you
You need both forex trading expertise plus computing expertise.
powered by Yahoo Answers
I do not want to throw good money after bad nor do I want to be preciptous, but certain behaviours by the forex investment club have caused me grave concerns
Hi
There are a lot of online agencies committed to provide justice to people who have deceived through a forex broker/program.
Forex Peace army(Fpa) is one of the foremost i know.You can join the forum to know more.There are many others you can search.
Hope this helps you.
powered by Yahoo Answers
Has any one heard of or dealt with this financial-forex.net if any one know any thing about them and where to get more information about this. There is a web site but when you call either number all you get is a voice service which I don’t think a company would have on all the time instead of a real preson to talk to.
thank you
Believe me if you have to ask about FOREX trading you DO NOT need to be there. Do your research for a LONG time, because currency trading is among the most risky businesses in the world financially speaking.
I am a stock trader and I would not be involved in currency trading, because I really don’t know that much about it.
powered by Yahoo Answers
1) This site will answer your first question
http://www.babypips.com/forex-school/market-hours.html
2) There are only six major currency pairs against the dollar
GBP
EUR
JPY
CAD
CHF
AUD
These are the pairs with the highest volume and the lowest spreads. There are six or eight other "cross pairs" that also have good volume, but the spreads widen to 9 or 10 pips.
powered by Yahoo Answers