Mr.Murali : Foreign Exchange In India

Taking into consideration the increasing popularity of Indian Fx market, the other day I decided to interview one of the most successful traders in this sphere, Mr. Murali, intending to illustrate the way he passed before becoming such a successful trader.

-       Hello, Mr. Murali, how are you?

-        Fine, thanks, preparing to satisfy your curiosity regarding my success.

-        I know that you have a great success in currency exchange market. From what source did you get aware of the existence of the current means of earning money?

-         To tell the truth, I have always come across that term “Forex” everywhere in Internet, in the street on the signboards, etc.. Maybe I would never have a notion about how to earn money through currency exchange, until once one of my colleagues told me how much profit he had made, possessing only $100. First I thought that it was something like a roulette game, and then my colleague noted that the only thing that unites Forex trading and roulette game is that in the core of both of them lies a risk. In other aspects they are different, particularly Forex trading requires a close study.

-         So, when did you decide that earning money this way is the best choice for you?

-       I was working in a financial company with quite low salary. Once thinking over how to increase my welfare, I remembered my colleague. Ringing him up, I told him that I was interested in currency exchange market and asked him to give me some instructions how to start that peculiar kind of business. He lent me a Forex manual, recommending to go deep into that world before becoming a trader.

-         How much time did it take you to gain deep knowledge about Forex trading?

-        It took me six months. My initial step was to grasp the theoretical part of Forex trading. However I had a feeling that basing only on the theory will not be a reasonable decision, some practice is just obligatory. So I opened a demo account and started to trade with virtual money.

-       I see we are gradually approaching the main point. When did you make the first notable profit?

-        After a year of making some slight profits and suffering many losses I finally recorded a really great profit. My initial deposit being $200, I made a profit of $2000. This was followed by greater and greater profits, until I realized that my financial means are enough to absolutely satisfy my needs.

-       So, what would you advise to those who are still hesitating about becoming a participant of Indian Fx market?   

-        I would advise them not to be afraid of failures, they are inevitable, I assure you. Take a risk, be confident and never give up. Success is ahead.

FOREIGN EXCHANGE IN INDIA: AN EXAMPLE OF SUCCESS

FOREIGN EXCHANGE IN INDIA: AN EXAMPLE OF SUCCESS 

Once traveling by taxi from Delhi to Mumbai on a business trip regarding currency exchange, I got acquainted with the taxi driver. For time being too much before reaching Mumbai, an intimate and pleasant conversation was struck up between us. The taxi driver was complaining of not having enough financial means for living a well-to-do life. Then a question conceived my mind:

-          Look here, Dippek, what would you do in case you had $100 000?

-          I would invest it in the bank, enlarging the amount of my money due to percents.

His reply made me realize that he was not aware of bank percents not being a source for increasing the income. This is one of the most widely spread misconceptions about making big money. So I wondered if he had any notion about currency exchange. I had a long educational conversation with him, introducing all the details of foreign exchange market, particularly about Indian Fx market. I told him how rapidly it is spreading through the country and how many real successes have been recorded by Indian traders. At the end of our conversation I gave him a Forex manual and left my visit card.

 A few days later, overloaded with work, I had almost forgotten about the taxi driver, when the latter rang me up. Honestly speaking, I was agreeably surprised to know that he had been so much interested in Indian Fx market that had already opened a real account. But what made me more surprised was that without having any previous experience he had made a profit of $1500, the initial deposit being $200. By all means it was the result of luck. In order to insure him from further notable losses, I advised him to go deep into all nuances of Forex trading, studying all analysis methods and indicators. Seven months have passed since that day. Today Dippek is one of the most famous and successful traders in Indian fx market.

PRACTICAL STEPS: CURRENCY EXCHANGE MARKET

WHAT DO YOU NEED TO DO BEFORE  PASSING TO FACTUAL TRADING?

Since Foreign Exchange in India is newly developing, Indian traders often face real problems on their way to open an account and to start trading. The main reason lies in the lack of information. So I would like to describe the pre-trading activities in a sequence so that traders know exactly the steps following each other. Gaining my experience in trading with IFC markets the information I am going to convey will mainly refer to IFC markets conditions.

• So the very first action you need to take is to choose between two trading platforms that IFC markets offers to its costumers – NetTradeX or Metatrader 4. Though Metatrader 4 is one of the most popular platforms in Fx market, I would suggest you to use NetTradeX because of being a new generation trading platform, designed and developed by IFC Markets. From my personal experience I have come to the conclusion that this platform is operating excellently, offering a broad range of trading and account management solutions for various financial instruments.

• This is followed by choosing between Beginner or Standard, Micro or Standard account types respectively for the above mentioned platforms. 

• Now you should download the platform and for opening an account you need to follow the instructions

• Opening an account does not yet mean that now you are free to trade. It should be activated. The activation process is simple. You just need to send the copy of your ID document by filling in this webform Email to IFC Markets. As for ID document it can be a passport or a driving license. Such documents as Pan card or voter ID card, widely spread among traders of Forex in India, also completely suit for opening a real account.

• After your real account is activated, it is right time for you to choose among four deposit methods  offered by IFC markets. IFC Markets offers the following four deposit methods in order to trade in Foreign Exchange in India: Bank Transfer, Card Payment, WebMoney and Liberty Reserve. Regarding the withdrawal methods, you can withdraw your money the same way as you deposited it.

It’s done. 

Now your way is open to become a participant of Fx market. Wish you a lucky and fruitful   trading.

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IFC Markets does not have any branch office in India right now. However this fact cannot serve as an obstacle for traders of Forex in India to trade with this brokerage company. Regardless of the distance any Indian is free to contact IFC Markets through a range of contact methods. The managers will surely provide you with any kind of valuable information.

FOREIGN EXCHANGE IN INDIA

THE POPULARITY OF FOREIGN EXCHANGE IN INDIA

The Foreign Exchange in India is growing very rapidly. This tendency is mainly connected with the fact that the annual turnover of the market in India is $400 billion. According to recent data the average monthly turnover in the sector of Forex India is $174.4 billion.

The main participants in the Forex India are buyers, sellers, market mediators and the Monetary Authority in India. The major centre of Foreign Exchange in India is Mumbai, the commercial capital of the state. Among other forex centers are such major cities as Kolkata, New Delhi, Bangalore, etc.. Foreign Exchange Dealers Association together with Reserve Bank of India and Brokerage companies are designated to regulate Foreign Exchange in India. The most popular currency pair Indians are used to trade with is USDINR. Unfortunately, IFC markets does not provide its traders with this currency pair, instead you will be given an opportunity to trade with the most widely known EURUSD/USDCHF/SURGBP and much more.

Nowadays, more and more Indians are trying their luck in this fluctuating sphere and for thousands of them Fx market has served as a very effective instrument to become a successful trader.

FOREX ANALYSIS METHODS

FOREIGN EXCHANGE IN INDIA: ANALYSIS METHODS

As Forex trading is a business based not only on your professional knowledge and experience but also on luck, no one can guarantee that the position you opened would always work in your favor. Taking into consideration the fact that Foreign exchange in India is gradually becoming more and more popular, I would provide you with some very important Forex analysis methods. Three types of Forex market analysis

 - fundamental, technical and sentiment are distinguished to foresee in what direction the financial market would move. To decide which of them is the best one will be a wrong approach. If you want to become a consistent trader of Forex in India, you will need to use the unity of all three analysis methods.

Fundamental analysis

Fundamental analysis is based on economic, financial and political issues. The capacity to do a fundamental analysis requires regular following of the news. In theory it is enough to use only this analysis type, still in practice fundamental analysis is usually combined with the technical one.

Technical analysis    

Technical analysis is the examination of the previous price movements, the objective of which is to forecast the future price movements. Like weather forecast, technical analysis is somewhat indefinite, based on predictions. It uses a variety of charts that show the price over time.

Sentiment analysis

The word “sentiment” itself refers to that this analysis type is based on trading psychology. Its theory is the following: if the crowd is leaning in one direction, the sentiment analyst does not join the masses and acts contrary to the trends.