LMFX broker discussion

moka2

Active member
Aug 9, 2012
529
13
28
#61
Its not a gov link but i have gone through this discussion and i think it might be helpful in knowing Indian traders insight.. https://www.quora.com/Why-is-forex-trading-illegal-in-India
First of all this is not official govt link
and secondly it also indicates that
This link clearly shows that it is illegal
Conclusion:
"However if you send money to out of india, to FOREX brokers inorder to trade in any derivatives, Its illegal and liable for imprisonment, fine etc.

Indian residents can trade currency futures on India based exchanges only
I don;t know why you think somehow it is legal for Indian residents!
 

ph_trader

Active member
Oct 20, 2011
393
6
28
#62
yes if we take it literal, does it happen? hmm the chances are small.. thats the beauty of it.. i dont wana sound like im into illegal stuff, but sometimes some rules are flexible and to be honest lots of rules are unfair, like if i had the money and the means to trade a world market, why would the gov try and stop me. yeah they might come up with something like taxes blah blah blah but only show how they are trying to contain people and their life styles how they live etc, where is the freedom in that. but im not boycotting any government here, im flexible and still make it work for me :)
 

moka2

Active member
Aug 9, 2012
529
13
28
#63
yes if we take it literal, does it happen? hmm the chances are small.. thats the beauty of it.. i dont wana sound like im into illegal stuff, but sometimes some rules are flexible and to be honest lots of rules are unfair, like if i had the money and the means to trade a world market, why would the gov try and stop me. yeah they might come up with something like taxes blah blah blah but only show how they are trying to contain people and their life styles how they live etc, where is the freedom in that. but im not boycotting any government here, im flexible and still make it work for me :)
Sorry I dont understand what exactly are you saying / supporting you seems to go in circles!
It is in black and white currently Indian govt does not allow it
Those who do it can face serious charges.., what is there not to understand for you?
 

progix

Active member
Feb 25, 2016
206
2
28
#64
First of all this is not official govt link
and secondly it also indicates that
This link clearly shows that it is illegal
Conclusion:
"However if you send money to out of india, to FOREX brokers inorder to trade in any derivatives, Its illegal and liable for imprisonment, fine etc.

Indian residents can trade currency futures on India based exchanges only
I don;t know why you think somehow it is legal for Indian residents!
I already mentioned that this is not a gov link however i just shared my opinion and have an understanding that they can trade only the pairs which are associated with their local currencies like USDINR, GBPINR etc..
 

moka2

Active member
Aug 9, 2012
529
13
28
#65
I already mentioned that this is not a gov link however i just shared my opinion and have an understanding that they can trade only the pairs which are associated with their local currencies like USDINR, GBPINR etc..
Yes but only on India based exchange like MCX Not overseas FX OTC products or FX futures! so I don;t know what you mean by your "opinion"
What is your opinion? that Indian residents should still trade overseas?
 
Sep 5, 2016
4
0
11
#66
has anyone a broker who allows you to label trades such as "abc123 " etc. i run 5 strategies depending on timescale, levels etc and using different brokers is consuming margin

cheers
 

ph_trader

Active member
Oct 20, 2011
393
6
28
#67
has anyone a broker who allows you to label trades such as "abc123 " etc. i run 5 strategies depending on timescale, levels etc and using different brokers is consuming margin

cheers
thats a bit advance but very intriguing, i guess the best option is to actually ask the broker that u plan on trading, some brokers do allow the use of other platform (kinda advance) so depending maybe on the platform u are using if its not possible on the current mt4 mt5.
 

trade2bpro

Active member
Nov 5, 2013
147
1
28
#68
has anyone a broker who allows you to label trades such as "abc123 " etc. i run 5 strategies depending on timescale, levels etc and using different brokers is consuming margin

cheers
Good idea but I thought you should ask this question in Platform or Software involved sections. Regarding broker, most of them using MT4 and it's not available. How's about other platforms, have you tried?
 

ph_trader

Active member
Oct 20, 2011
393
6
28
#70
i guess its basic naming option, like edition of label for the sake of a certain strategy, not sure though how it works.
 

trade2bpro

Active member
Nov 5, 2013
147
1
28
#71
Yes,, I see his idea is really useful, normally we have a goal with each trader and they also requires triggers as pending orders, trail SL,... If we can name our trades, our performance should be boosted a lot.
 

ph_trader

Active member
Oct 20, 2011
393
6
28
#72
yup thats a good approach and hey best of luck, things will get a little bit crazy till nov 8 there will be plenty of ppotuninties.. best of luck to all of us.
 

progix

Active member
Feb 25, 2016
206
2
28
#73
Guys, I see almost one and a half month passed from 2017..! How is trading going on !! Hope everything going fine and great too, i had planned to be more profitable at the end of this year.. let see how it goes!