How an Indian can Participate in Forex market?

Absolutely legal option is to ask a friend of yours who is either a NRI or a foreigner to transfer money for you, because they dont have these limitations. New to Forex Trading? Read and go ahead. 1. Make up your mind to have a reasonable profit target of 30% 40% in a year. Fast paced vehicle may crash sooner. 2. Stay in the market longer than trying to make quick profit and getting wiped out earlier. Longer you stay more the profit. As years goes up profit follows you. 3. Do not risk more than 5% of your capital per position with a leverage of 1:100. 4. Lessened exposure limits risk - A brief exposure to the market diminishes the probability of running into an adverse event. 5. Smaller moves are easier to obtain A bigger imbalance of supply and demand is needed to warrant bigger price changes. It is easier for a currency to make a 10 cent move than it is to make a $1 move. 6. Smaller moves are more frequent than larger ones Even during relatively quiet markets there are many small movements that a trader can exploit. 7. There is stop hunting! Better avoid putting narrow stop loss. There is more probability of your stop being hit than being hit your limit (take profit) order. Rather do it manually or let the EAs do the work anonymously. 8. Meta Trader is the next generation trading platform. 9. Learn to programme Expert Advisors. 10. Customizing your platform and using EAs help you avoid psychological barriers and human errors. 11. Demo trading is entirely different than a real trading. 12. All the broking firms have their demo. You become easily addicted to demo and desperately want to open a real account. It is their marketing trick. 13. Forex is the best trending market. 14. Market falls much faster than a rise. Short positions make profit quicker than a long. 15. Just trade for 5-10 pips based on 14 and 21 day moving averages in a 30/60 minute chart. 80% of the time you will end up making profit. 16. If you trade 30 minutes chart, your profit target should be of 5-10 pips. Fr 1 hr 1020 pips. For 4 hr 100 day moving average 20-50 pips. For daily 100 day Moving Average 50-100 pips. 17. Longer the chart period more the accuracy. 18. Trade one position at a time. Put a take profit (limit) order and just leave.

19. Do not take fresh position, until and unless you exit your holding position with a profit even if it takes a year! 20. Currencies trade in a price band. 21. Compound your position. Only the profit to be used for compounding the position. 22. Wait for the profit to grow that is sufficient enough to meet additional position margin. 23. Do not add to your losing position. Means DO NOT AVERAGE. 24. Whenever you feel averaging just exit or do the reverse trade. 25. Dont be a skeptic. There is much debate versus fundamental and technical analysis. Turn a deaf year at the skeptics. We accept all with an open heart. Adopt all legal ways to reach your goal money. Apply fundamental, technical and news analysis abundantly. 26. Fibonacci retracement, moving averages, MACD divergence and trend lines are very effective in trading. Learn and apply. 27. Triangles, pennants, flags are good but difficult to identify. 28. Technical analysis discounts everything. More and more people use technical analysis and trade than previously. Normally market moves with the people intentions. Go with them. 29. Positive economic data for a particular currency doesnt always guarantee a positive move. 30. EUR and GBP are strongly correlated. EUR move is a leading indicator to GBP when you trade for 5-10 pips. 31. Avoid market makers. Rather choose ECN or STP. 32. Easiest way to identify a market maker is that they offer fixed spread and no commission. 33. Broking arm of Banks doesnt mean a genuine broker. 34. Learn more about regulatory authorities such as CFTC, FSA, NFA, etc.. 35. If you have been manipulated do not hesitate to register complaint. 36. Participate in Forex Forums. 37. There are Forums anonymously promoted by brokers. Identifying them is little difficult. 38. Currencies are traded Over-the-counter (OTC) or off-exchange 39. Trading is done directly between two parties, without any supervision of an exchange. 40. It is contrasted with exchange trading, which occurs via these facilities. 41. An exchange has the benefit of facilitating liquidity, mitigates all credit risk concerning the default of one party in the transaction. 42. An exchange provides transparency, and maintains the current market price. 43. In an OTC trade, the price is not necessarily made a public information.

44. Dubai Gold and Commodity Exchange (DGCX) offers currency futures in EUR/USD, GBP/USD, USD/INR etc.. 45. Open a trading account with DGCX and start trade. 46. Thus you can eliminate most of the risks associated with broker trading.