Foreign Exchange Tutoring
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Posted on: 13-01-06 09:44:35
Chandresh..........I have sent you a PM can you respond back when you have time please.
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"Progress comes from deviation".
On a side note if anybody finds my comments or posts offensive or irritating please ignore it and if that still bothers you; please write to me and I will demonstrate.
Hi Chandresh,
New posts on this topic has excited me. I am interested in learning forex trading, please count me, my contact no is 416-498-7346
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mor
Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.
Quote:
Orginally posted by Azazf
Chandresh..........I have sent you a PM can you respond back when you have time please.
Got your PM - the link was not working but I cut it to half, reached the home page and then went in where you wanted me to go.
Education is good - and you should attend as many seminars as you can - though you need not attend a few which seem repetative.
I personally have never attended a seminar in my life for forex - learned it from experience, brokers and bank dealers who had become good friends as I used to represent a very big client of theirs. Yes the cost was there - lunches, dinners etc. but what I learned from them is very difficult to learn from seminars.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
what is the best broker that i can use?
do you have to pay taxes for the gain?even if you use offshore broker?
if yes, how much percent?
Quote:
Orginally posted by Forcanada
what is the best broker that i can use?
do you have to pay taxes for the gain?even if you use offshore broker?
if yes, how much percent?
I do not recommand any broker since that will mean I am soliciting clients for him.
Yes you have to pay taxes for the gains. Just to let you know, tax laws require that even if you steal/rob, you have to pay taxes on your 'INCOME'
Percentage of tax will depend on the basic structure you have adopted - individual, partnership, incorporated company.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Something that I wanted to share with you all guys in the morning with a very sad mood - but just to tell you what to beware of, I am now sharing with you with a happy face at 6 pm!
Here is the history:
Nov 17 -
Sold USD/CAD 50k at 1.1600
Sold Euro/USD 50K at 1.2096
(Effectively sold Euro/CAD but for a different amount. However, Idid this to sort of take profit whichever way the US$ might move)
In the evening when two of our CD members came to my house for some forex tuition, I showed them I had a floating loss of about $140 something.
In the morning I had some profit on my USD/CAD contract but did not take it. During the day felt that Euro was going up, so decided to come out of the contract at a small profit. Meanwhile CAD had started depreciating - putting me into losses. Did the following trades on Nov 18-
Sold USD/CAD 50K at 1.1665
Sold USD/CAD 50K at 1.1713
Bot Euro/USD 50K at 1.2095 (profit of $5)
By evening the last contract of USD/CAD was in profit for $85 but did not take it since overall it was a loss (average was about 1.1660 and it had reached only 1.1687). Also felt that Euro might go up slightly so left an order to Buy 50k Euro at 1.2078.
This morning when I woke up, to my horror, I found the rates at under:
USD/CAD 1.1793/98 (had gone upto 1.1796/01) and Euro/USD at 1.2062
This meant a loss of about 1,700!!!!!!!!!!! and with the comments from Refco that the dealer had gone long on USD/CAD at 1.1772 expecting to go upto 1.19. I had a margin only to cover me upto 1.1865 or so..............Tried to Call Refco in the morning to transfer some funds from my other account to this one, but since I had leave for office early, I could not do it! However, my last order of 1.1713 had a limit (profit) of 1.1685 with no stop loss!!! Also, the Euro contract had a limit (NOT stop loss) of 1.2099.
By 6.05pm I had done these trades in the day (two auto, and one only when I came back from office):
Bot USD/CAD 50K at 1.1685 (auto profit)
Bot USD/CAD 50k at 1.1626 (manual in the evening)
Sold Euro/USD 50K at 1.2099 (auto)
The result is a net profit booked of USD 400 and a present floating loss of USD 122.
So from a loss of about 1750 to a net profit of about 280.............not bad for day's ride on roller coaster!!!!
Hope you guys are having similar fun. Share it here.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Know what guys? After teaching you about discipline........I have regained the same - something that I had lost. And with that, I have now made USD4920.50 from Oct1 till date (Jan 30) NET after paying about $400 or so in carry forward interest charges.
My equity now stands at 9,655.89!
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
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