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Sri Lanka Equity Forum » Stock Market Talk » Online Forex Trading in Sri Lanka

Online Forex Trading in Sri Lanka

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21Online Forex Trading in Sri Lanka - Page 2 Empty Online Forex Trading in Sri Lanka on Sun Jul 24, 2011 4:34 pm

samueldaniel7


Manager - Equity Analytics
Manager - Equity Analytics
Hello guys,
Just a thought, is anyone doing forex trading, using the online brokers and is it legal here
as the market is going down forever and i find it technical analysis might work better in forex,
give me your thoughts, if its legal why dont we try with 100 USD, which is the minimum to start with

or is there anyone tried,

views please

http://samueldaniel7.blogspot.com

22Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Sun Jul 24, 2011 8:07 pm

smallville


Associate Director - Equity Analytics
Associate Director - Equity Analytics
have u tried etoro?

U can visit http://www.etoro.com/ and register with a training account and do some trades ( training mode) to see your progress Wink. initially u'll be given $100 to start with.

23Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Sun Jul 24, 2011 11:15 pm

samueldaniel7


Manager - Equity Analytics
Manager - Equity Analytics
Thanks, i wish to know whether its legal and did anyone tried it and got money (without any issues with depositing / widrawing)
Thanks for the reply

http://samueldaniel7.blogspot.com

24Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Mon Jul 25, 2011 6:38 am

sajeethk


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Is it legalized in SL how we can sure will get our money when it required

25Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Mon Jul 25, 2011 6:55 am

MarketSIRA


Senior Equity Analytic
Senior Equity Analytic
@samueldaniel7 wrote:Hello guys,
Just a thought, is anyone doing forex trading, using the online brokers and is it legal here
as the market is going down forever and i find it technical analysis might work better in forex,
give me your thoughts, if its legal why dont we try with 100 USD, which is the minimum to start with

or is there anyone tried,

views please

Check out some forex trading scandals in Sri Lanka and some legal factors related to forex trading in Sri Lanka

Link: http://www.asiantribune.com/news/2010/11/12/sri-lanka-forex-scam%E2%80%99s-depositors-still-left-unpaid

Sri Lanka forex scam’s depositors still left unpaid

November 12, 2010
By J.A. Fernando in Colombo
Colombo, 12 November, (Asiantribune.com):
Nearly after 4 months of a reported bogus forex brokering firm’s closure of operation approximately 20 depositors are still being unpaid their deposits in Sri Lanka. “Still the money is there in the bank and it has to liquidated to be paid for our investors” said company’s former accountant who is now unemployed in the grounds of anonymity to Asian Tribune.

Two Hong Kong based Chinese individuals named Sam Shing T.P. (General Manager) and Mr. Lee (Finance Director) had said to be operating a Retail Forex Trading Broker firm in the name of Jackel Burnham Pacific (Pvt) Ltd. incorporated since 9th October 2009 in the heart of Sri Lanka’s Financial Capital Colombo at Level 12, Unit 01-03, West Tower, World Trade Centre, Echelon Square, Colombo 01, Sri Lanka.

Sri Lanka is a country which has put limits to forex trading and operations of retail forex trading brokers due to foreign exchange losses that could arise as a consequence of being exposed to higher risk involved in retail forex trading. Although, some licensed commercial banks are allowed by the regulators to provide retail forex trading for some high net worth individuals.

Forex Trading is the world’s biggest financial and capital market with an average daily turnover recorded to be US $ 3.2 trillion.

However according to sources the 12th floor of West Tower of the Colombo’s World Trade Centre is still inaccessible to visitors as the Jackel Burnham Office is sealed by the local police. The Chinese individuals said to have paid one year rental advance amounting to Rs.6 million to the office premises of Colombo’s West Twin Tower’s management at the inception of Jackel Burnham.

Later on 18th June 2010 both Hong Kong based individuals has disappeared from office taking Rs.30 million along with initial investment of the company out of the country. According to sources still a part of money is available in the company’s bank accounts which were maintained in two premier commercial banks in Colombo.

“They successfully ran the business accepting deposits amounting to US $ 3,000, US $ 6,000 and US $ 10,000 based on money market exchange rate with a counterfeited forex trading platform” said a former employee adding that the company was guaranteeing 60% return on investment (interest for deposits) for six months initially which later came down to 40% on May 2010.

“It is hard to believe how they were able to run the operations amidst being unnoticed by financial market regulators where the office of Securities and Exchange Commission of Sri Lanka is also located and even close to Criminal Investigations Department. Apart this company’s local team was headed by a 20 years old individual whose mother is working as the Human Resources Director of a reputed state owned subsidiary bank” said one victimized depositor of the forex scandal adding that the local police or neither criminal investigators has not been successful to trace the two Chinese men before who were resided at Capital Residencies at Dharmapala Mawatha in Colombo 07.

According to information available of the company profile Jackel Burnham Pacific (Pvt.) Limited was called to be a subsidiary of Jackel Brnham Northern Europe Groups Limited (founded in 1955 by Russel Davis, as Jackel Burnham (Copenhagen) Enterprise Ltd.) in Denmark that was authorised and regulated by the International Securities and Exchange Commission of the World.

The company was said to have 30 branches in United States, Peru, Brazil, Denmark, Switzerland, France, Greece, Germany apart from Sri Lanka which were later found out to be nonexistent. The company had been running a website titled http://www.jackelburnham.com, which is now stalled while the head office is said to be at Esthersroj 22C, 2.m.f., 2900 Hellerup, Denmark, 40464532, quoting a telephone number 004569960381 which later found out to be a bogus address although the telephone number had been working till 18th June.

Meanwhile in internet reports it says the on 12th September registration of the company’s official website www.jackelburnham .com registration service was provided by a company called SCICUBE LIMITED (Contact Number 00852.81143699,http://www.scicube.com)whilst the web administrator’s address of Jackel Burnham is said to be located at P.O. Box 97,Moergestel, null,5066 ZH, NL having the contact number 004536946676.

“Well, local authorities need to find out these kind of international fraudsters by at least digging them to their past records from cyberspace as these scammers are mostly involved in internet based enterprises” said another depositor adding that similar kind of financial scams that has happened in the country’s recent past has created a name to Sri Lanka as a land that any fraudster can runaway after committing any financial scam due to its local population’s enthusiasm on investing in higher interest earning financial products.

- Asian Tribune -


http://www.thebottomline.lk/2010/07/04/biz_feature.html

Sunday, July 4, 2010
Legitimacy of Forex trading in Sri Lanka

By Jithendra Antonio

For many and the common laymen the published foreign currency exchange rates in most of the national news broadcasts, national newspapers, commercial banks, authorised money changers are only important at the event they are travelling abroad to exchange local rupees to a desired foreign currency. Else an expatriate or a Sri Lankans working abroad at their return might be interested on foreign exchange rates to convert his earnings to local Rupees at the best rate offered in order get the best value for his money. There are also exporters and importers who are interested to get the best foreign exchange rate for a particular currency to maximise their revenues. However not even the poorest man in the world or even perhaps the richest entrepreneur in Sri Lanka or perhaps even the most professional banker or bank manager in a financial hub like in Colombo or the people categorised under the emerging middle class don’t know that foreign exchange rates are the most crucial information to create capital in an economic system. Only a small group of people among the world’s population know that there is a market called ‘FOREX’ and it is a key market place where you could create money to your portfolio in order to increase your earning potential and diversify your investments.

Have you ever thought of how commercial banks and largest financial corporations in our country and in the world offer us an interest rate to make us grow little by little in terms of financial strength? Can banks make such huge profits and investments from our public deposits and recoveries from borrowings? Well there is another unknown market place which is beyond our common laymen’s understanding where these banks and financial houses around the globe are making money while we are sleeping and while we are working hard to survive in an uncertain future.

That is the Market which is the ‘Biggest’ among all capital and financial markets and it is open usually 24 hours everyday except worldwide weekends operating round the clock in the globe. It is none other than the ‘Forex market’ where you get the news as it happen even before first and the fastest news service provider in our country-wide media broadcast news for us. ‘Forex Market’ completely operates based on financial, business, economic and disastrous news around the world and is very sensitive to know what is happening in this whole universe. Traders in Forex Market are news savvy and if they miss a news item it could make them lose thousands of money in small scale and millions and billions of money at large.

24/6 days open Forex market

The foreign exchange market — most often called the Forex market, or simply the FX market — is the most traded financial market in the world. Forex Market is a worldwide decentralised over-the-counter financial market for the trading of currencies. The primary purpose of the foreign exchange market is to assist international trade and investment, by allowing businesses to convert one currency to another currency. The Forex market is the crossroads for international capital, the intersection through which global commercial and investment flows have to move. International trade flows, such as when a Swiss electronics company purchases Japanese-made components, were the original basis for the development of the Forex markets.
Thanks to the Internet, tens of thousands of individual traders and investors all over the world are discovering the excitement and challenges of online trading in the Forex market. Yet in contrast to the stock market, the Forex market somehow remains more elusive and seemingly complicated to newcomers. Trading foreign currencies is a challenging and potentially profitable opportunity for educated and experienced investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most important, don’t invest money you can’t afford to lose.

The Forex market is open and active 24 hours a day from the start of business hours on Monday morning in the Asia-Pacific time zone straight through to the Friday close of business hours in New York. At any given moment, depending on the time zone, dozens of global financial centres — such as Sydney, Tokyo, or London — are open, and currency trading desks in those financial centres are active in the market. Currency trading doesn’t even stop for holidays when other financial markets, like stocks or futures exchanges, may be closed. Even though it’s a holiday in Japan, for example, Sydney, Singapore, and Hong Kong may still be open. It might be the Fourth of July in the United States, but if it’s a business day, Tokyo, London, Toronto, and other financial centres will still be trading currencies. About the only holiday in common around the world is New Year’s Day, and even that depends on what day of the week it falls on.
As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding market manipulation by central banks. According to the Bank for International Settlements average daily turnover in global foreign exchange markets is estimated at USD3.98 trillion, as of April 2007. USD3.21 trillion is accounted for in the world’s main financial markets.


Grounds of Forex trading in Sri Lanka

In Sri Lanka, apart from a few of the Licensed Commercial Banks and Multinational Banks there are only 10-15 large scale Individual Forex traders who are trading currency on 24/6 days in millions as per our sources. Then there are individual Forex traders who have opened currency trading accounts with Licensed Commercial Banks which is an exclusive product for exclusive clients, and such banks do the trading behalf of those individuals.
However, with their little knowledge on Forex market there is also a relatively small community of people who have lost thousands of money in rupees while they have also made profits amounting to perhaps millions through trading online from Licensed Retail Forex brokers abroad via internet.
“I entered to this Forex market when I was 16 years old from the money I earned developing software and web sites for international companies. All I knew was internet and Information Technology. But when I came to know about Forex trading on internet it inspired me to make money by investing all the moneys I earned” said one of the smallest and youngest Forex traders in Sri Lanka, Vinesh Gurusinghe.
He went on to say that he started with Rs.200,000 and almost lost about Rs.600,000 in the beginning with little knowledge on world economics. “Somehow I made money from Forex and then I found out the best way to minimise my risk after trading in world’s highest riskier market. It was none other than Colombo Stock Exchange. Now I am twenty years and I am living happily and surviving after diversifying from Forex trading to Sri Lanka’s equity investments at the beginning of this year. Finally I invested all my profit from Forex in Colombo Stock Exchange at a time when Colombo bourse was booming. I am living on Colombo Stock Exchange and diversifying my capital gains in other businesses such as exports and distribution of fast moving consumer goods.” Added Gurusinghe highlighting that he has brought in international capital worth of Rs.3 million indirectly (via Forex trading) to Colombo bourse and is happy to say that he is an investor of Sri Lanka’s Capital Markets. ‘Now I am no more into Forex’ he concluded.

Not favourable for everyone

Forex market is not favourable for everyone; if one wins there is also a trader who loses. “I was a banker and I invested my savings after leaving my position in a multinational bank and I was extremely happy since I doubled my money within one day when I entered to Forex trading.” said Johan Fernando. “As humans we are sometimes greedy to earn money fast. So after two days I lost all my money when Euro fell due to Greek debt crisis in early March 2010. I had three positions with Euro in currency pairs and I lost as I missed the chance to log in to my trading platform when one of my relations were hospitalised as I was staying at hospital where there was no access to internet. I still remember one thing; Funny thing was that while I was walking down the street I found a 10 Rupee note lying on the ground while I was losing 443 Pips overnight in my Forex trading platform’s account. It was like a shock to me but I didn’t get a heart attack like some people who invested in unregistered financial institutes did face when they lost money due to mismanagement of such companies. Because I lost money with doing trade on my own risk.” said Johan sharing his sentiments on trading at Forex market adding that a person cannot sleep during first five days of the week if he is Forex trading on his own.
However, The Bottom Line was unable to get the views of a Sri Lankan large scale Forex traders as such people in this country are cautious on popularising their trade secrets and tax policies in this country.

Offshore Forex

But on the other hand, we came across a stock brokering professional, Eranda Ranasinghe who is running a website to promote an offshore Forex trading platform titled ‘eToro’ in Sri Lanka and he has advertised from Forex profits that he is opening a new fixed deposit in Sri Lankan banks on every month in his web site before; titled www.antharjalaya.com which is now parked free for domain sale at www.godaddy.com. “I have been trading Forex for over a year now. I have written few articles about this in my blog and many Sri Lankans were able to make use of those information. Sri Lankans easily fall in to scams like Sakvithi, Gold Quest, Seagull because they are not aware of legitimate money making opportunities. This is an attempt to introduce you to the real international money making world. You can verify the legitimacy of Forex trading with any authority before start trading.” Says Eranda in the website www.startforextrading.org where he is earning commissions from ‘eToro’ when others come and click those advertisements in his website.
Currently there is a Sri Lanka Forex Association where there are four types of memberships offered only to the people who are currently engaged in foreign exchange and money market activities in banks. The association is run by dealers and chief dealers of treasury departments of Sri Lanka’s licensed commercial banks and is also a member Association Cambiste Internationale (ACI) which is now The Financial Markets Association, the worldwide association of wholesale financial market professionals, contributing to market development and market practice.
The main motivation why people go for Forex market is that because it could bring you higher capital gains by a single large trade volume. Although there are lots of registered Retail Forex Brokers around the world due to the strict financial and monetary policies in Sri Lanka there is no single regulated Retail Forex Broker in the country.
By law, according to the Controller of Exchange in Sri Lanka, the country has only allowed to a limited number of parties to enroll with foreign exchange activities.

Exchange Control Act

The Exchange Control Act regulates dealings in gold, foreign currency and securities in Sri Lanka. The Central Bank of Sri Lanka (CBSL), as the agent of the Government, is responsible for carrying out the provisions of the Act. The powers, duties or functions conferred on the Central Bank are exercised or performed by the Controller of Exchange, subject to the direction and control of the Governor of the Central Bank. Thus, according to the Exchange Control Act there are authorised dealers, money changers and other persons to accept foreign currency in the country.
They are the licensed commercial banks authorised by the Minister of Finance in terms of section 4 of the Exchange Control Act shall act as an authorised dealer in relation to gold or any foreign currency, authorised dealers to approve certain transactions on behalf of the Controller under the Exchange Control Act subject to conditions imposed by him. However, before approving any transactions, authorised dealers are required to satisfy themselves about the bona fides of the applicant and the genuineness of the transaction by verifying the necessary documents.
The Central Bank has also appointed money changers who are authorised to purchase foreign currency notes and exchange them for any other currency.But they are not authorised to sell foreign exchange for Sri Lankan Rupees. Further the Central Bank has permitted: hoteliers, travel agents, duty free shops, hospitals, agency post offices which are approved by the Post Master General, harbour traders approved by the Sri Lanka Ports Authority, persons engaged in the gem and jewellery trade which are approved by the National Gem and Jewellery Authority, other persons engaged in or connected with the tourist industry, to accept foreign currency for services rendered and goods supplied to tourists subject to the conditions in the permit.
By rules an authorised dealer in Sri Lanka could open and maintain in its domestic banking unit the following accounts in foreign currency as a service for people and corporate entities: Non Resident Foreign Currency accounts (NRFC), Resident Foreign Currency accounts (RFC), Resident Non Nationals’ Foreign Currency accounts (RNNFC), Exporters Foreign Currency Accounts (EFCA), Foreign Currency Accounts for hoteliers (HFCA) and Resident Guest Foreign Currency Accounts (RGFC).

Risky business

Apart from a few individuals who trade via online through Retail Forex Brokers around the world mostly paying by credit cards; In general, Sri Lanka operates more an offline Forex Market giving access to many who once in a while drop in at an authorised money changing jewellery shop or an authorise money changer to change their foreign currency notes to a higher rate of exchange or to exchange their Rupees at a lesser rate of exchange to another foreign currency or vice versa. Such people make profits on a relatively small or large amounts based on the volume of currencies they are exchanging.
Speaking on the grounds of allowing Retail Forex Brokers in Sri Lanka, Controller of Exchange, P.H.O. Chandrawansa said that so far the Central Bank of Sri Lanka and its Exchange Control Department has not allowed any Retail Forex Trading Broker to operate and carry out business in the country. “Foreign Exchange is a resource for the country, we cannot allow Retail Forex Trading Brokers to operate, because it is like gambling and it is the most risky business.” said Chandrawansa. When questioned about whether there is any possibility to a Retail Forex Broker to start operations with the approval of the Central Bank he said that it is unlikely to happen as there is a long procedure to start up such an operation according to the financial regulation practices in the country. “They could write to us about a proposal, but it has to be passed by the Board of Directors in order to consider” added Chandrawansa.
However, as a developing country which needs international capital and foreign funds, some say that Sri Lanka needs to form rules and regulations to bring up Retail Forex Brokers to enable Retail Forex Trading which in turn could indirectly create entrepreneurship opportunities and capital to develop the economy of the country and there could be also a higher risk factor as Forex and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking multiple independent advice if necessary.

26Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Jul 26, 2011 12:17 am

samueldaniel7


Manager - Equity Analytics
Manager - Equity Analytics
Thank you so much, very valuable information

http://samueldaniel7.blogspot.com

27Online Forex Trading in Sri Lanka - Page 2 Empty FOREX TRADING on Tue Sep 20, 2011 5:01 pm

vithanage71


Equity Analytic
Equity Analytic
THESE DAYS LOT OF CLASSIFIED ADDS IN WEEKEND NEWS PAPERS REGARDING FOREX TRADING. ARE THERE ANY SUCCESSFUL FOREX TRADERS IN SRI LANKA ? OR IS IT A ANOTHER SCAM ? PLS EXPLAIN ABOUT FOREX TRADING .

28Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Sep 20, 2011 5:20 pm

RealViewer


Senior Equity Analytic
Senior Equity Analytic
@vithanage71 wrote:THESE DAYS LOT OF CLASSIFIED ADDS IN WEEKEND NEWS PAPERS REGARDING FOREX TRADING. ARE THERE ANY SUCCESSFUL FOREX TRADERS IN SRI LANKA ? OR IS IT A ANOTHER SCAM ? PLS EXPLAIN ABOUT FOREX TRADING .

I haven't go through those paper but I can give you some idea about global forex market.
There are well reputed companies who do forex trading via internet. (please google and find one that suits you). You can invest money in a forex account through a credit card. Then you can start trading with the account they provide. When it come to withdraw capital or profit there are several methods. you have check inwards remittance methods available with each broker. Account creation trading is very much simple. but not the profit taking part.

don't try to start forex without proper knowledge. You will loose all your money with in hours. Still you want to try out select a online broker and make DIMO account with them. Then you will realize the real picture.

29Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Sep 20, 2011 5:31 pm

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Do not try this out in as yet since this is not regulated in SL. There was an Indian affiliated company that did forex trading in Sri Lanka and office was at the East Tower WTC. This company vanished with the money. Only option you have is if you open an account with a foreign bank or finance house who does this. Googling and selecting a company should be done after checking their reviews, how long they have been in business etc. Most importantly you have to check how you can pay and get your money back as some companies do not accept SL credit cards and withdrawing to SL bank accounts/cards is sometimes difficult.

30Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Sep 20, 2011 7:49 pm

nkalansu


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Forex trading is a high risk game. Not recommended for average investors. This is good for highly experience traders. Greater chance for huge losses for average investor. Please educate yourself on fundamental aspects of Forex Trading if you really want to enter this game.

31Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Sep 20, 2011 10:51 pm

hunter

hunter
Moderator
Moderator
@nkalansu wrote:Forex trading is a high risk game. Not recommended for average investors. This is good for highly experience traders. Greater chance for huge losses for average investor. Please educate yourself on fundamental aspects of Forex Trading if you really want to enter this game.


Well said.
My advice is the same.
I've been trying for two years but still couldn't find a guaranteed way of earning short term profits in Forex trading.
If someone has done it, please tell me how.

32Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Sep 20, 2011 11:07 pm

thushanthalk


Senior Equity Analytic
Senior Equity Analytic
@nkalansu wrote:Forex trading is a high risk game. Not recommended for average investors. This is good for highly experience traders. Greater chance for huge losses for average investor. Please educate yourself on fundamental aspects of Forex Trading if you really want to enter this game.

I also agree with you. If you need to find forex trading articles and links click on this link http://accountancy-forum.blogspot.com/ (you can find so may education and knowledge building links from this blog.)

I think e-toro provide you practice account for a specific period. Try it also.

33Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Wed Sep 21, 2011 1:45 am

sriranga

sriranga
Co-Admin
@hunter wrote:
@nkalansu wrote:Forex trading is a high risk game. Not recommended for average investors. This is good for highly experience traders. Greater chance for huge losses for average investor. Please educate yourself on fundamental aspects of Forex Trading if you really want to enter this game.


Well said.
My advice is the same.
I've been trying for two years but still couldn't find a guaranteed way of earning short term profits in Forex trading.
If someone has done it, please tell me how.

My advice also same as above.
This field is highly risk.
Most of my friends burn their fingers here(UK).
Any way short description about FOREX follows

A Simple Introduction to Forex Trading

Short for Foreign (currency) Exchange, Forex is the world's biggest market for trading in currencies. As much as 2 trillion US dollars worth of currency are traded on the Forex on a daily basis. Compare this with the approximately 25 million US dollars traded on the NYSE and you'll get the picture - Forex is huge.

So what is Forex all about? Simply put, Forex entails buying one currency, let's say Turkish Lira, and selling another, say US Dollars. In Forex, currencies are always traded and quoted in pairs. The exchange is made through a broker.

Just like the stock market where you are investing in a company, with Forex you are in a way investing in a country. If your company is a success, the value of your stock goes up. Much the same principle is at work in Forex. If the economy of the country whose currency you are trading is robust, the value of that currency will also go up - and you can then sell it for a profit.

Unlike stock markets, there is no "trading pit" in the world of Forex. Forex operates through the internet and other electronic communications and runs 24 hours a day, 5 days a week.

It has only been in the last several years that the Forex has been open to the average person to invest in. The Forex market itself has been around since 1971, but for most of its history only large companies and a few very wealthy individuals possessed the resources to be able to trade in foreign currency. Today however, anyone with a high speed internet connection and a small initial investment (as low as 50 US dollars) can get in on the Forex market.

The seven most commonly traded currencies on the Forex market are U.S. Dollars (USD), Euros (EUR), Japanese Yen (JPY), UK Pounds (GBP), Swiss Francs (CHF), Canadian Dollars (CAD) and Australian Dollars (AUD). Foreign currencies are identified by means of a three letter code. The first two letters stand for the country, while the last letter identifies the nation in question's currency.

For example:-
USD: U.S. = United States, D = Dollars.
GBP: GB = United Kingdom (Great Britain), P = Pounds.

At any given time, business is going on somewhere in the world. Global business never sleeps, and neither does Forex. This can be beneficial to you - you can trade on the Forex market any time that is convenient to you.

There are seven currencies on the Forex which are called Major Currencies, due to their being the most heavily traded currencies on the market. The biggest four are, in order: U.S. Dollars (USD), Euros (EUR), Japanese Yen (JPY), and UK Pounds (GBP). The remaining three are Swiss Francs (CHF), Canadian Dollars (CAD) and Australian Dollars (AUD).

Advantages Of Forex Trading

There are a few advantages which the Forex trader enjoys which those who trade in the stock market do not.

1.Unlike with stock brokers, the investor does not pay commissions, per se, to the broker. Instead, the dealers in Forex trading receive part of the "spread" (that is to say, the difference) between the buying and selling price of currency. This is generally a very small amount per trade; a fraction of a percent.

2.You can trade on the Forex market any time which is convenient for you, unlike the stock market - it is closed only on weekends, from 5pm Eastern time on Fridays to 12AM on Mondays.

3.As opposed to the stock market, it is nearly impossible for companies or individual investors to manipulate the Forex market. The volume of Forex trading each and every day prevents any one actor from having undue influence. We all know of instances of the stock market being artificially influenced by unscrupulous persons and companies however.

4.Forex trading can be done with borrowed capital, meaning that you need not have hundreds of thousands in liquid assets to trade currency in large numbers. This concept is called Margin Trading. A small amount of your own capital (less than 5 percent) can be used to leverage a large chunk of borrowed assets, which may then be invested. Forex is traded in what is called lots, the normal size of a lot being 100,000 US dollars. Depending on the dealer with whom you deal you may be able to trade is smaller amounts, these are known as mini-lots or micro-lots.
Source: Forex trading secrets

http://sharemarket-srilanka.blogspot.co.uk/

34Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Wed Sep 21, 2011 6:26 am

bePositive

bePositive
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
But I know of some Sri Lankan's who have made it big in Forex trading.

http://www.viabletraffic.com

35Online Forex Trading in Sri Lanka - Page 2 Empty Ferraris are not for everybody so is Forex on Sun Oct 09, 2011 8:20 pm

Micropipz


Stock Trader
@bePositive wrote:But I know of some Sri Lankan's who have made it big in Forex trading.


I too agree, but average person who enters in to Forex without proper experience & knowledge always get wiped off eventually sometimes within few hours. Probably u who is seeking wat this is about, I can tell u simply how I make like $500 a week from my micro account..The key is to have proper risk management, discipline & patience which is much more difficult to achieve than actually learning the subject.. If U really want to get in to this or is passionate about it there's one place to go in the internet jungle...type babypips on your browser,,,believe me their free course is worth a billion...Then while learning the subject, u have to find a demo account to practice ur trading with,,there are so many brokers who offer demo accounts..find a broker that suits u..check the trading platform the user friendliness & features..if u dnt have much idea about it let me save some time for u..go to fxcm..thats my broker & the preferred broker of many of us in the world. No broker can offer such reliability, features, user friendliness, customer support, free live webinars/signals education all in one. Do not get caught to 'dealing-desk' brokers like Etoro...choose a no dealing desk broker--u ll know why.....last piece of advise- forex is high risk & not suitable for everybody,,if u think u got the juice for it, fine do it! but u must have A-Z knowledge, which u can get from babypips.com, enough time to dedicate on it (I used to analyze charts & trade in the demo account for 10-12 hours a day at a stretch for like 6 months ), & last but not the least,, Patience & DISCIPLINE..(I got to tell u that i didnot hav it until i learned to trade successfully Smile ) Dont get the wrong idea of being an overnight millionaire, it takes time to get there n the long run..few good trades in the demo account doesnt mean u can jump start..simply saying, playing Ultimate fighter on Xbox doesn't make u a champion under real scenarios!

36Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Sun Oct 09, 2011 10:05 pm

jonny

jonny
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@vithanage71 wrote:THESE DAYS LOT OF CLASSIFIED ADDS IN WEEKEND NEWS PAPERS REGARDING FOREX TRADING. ARE THERE ANY SUCCESSFUL FOREX TRADERS IN SRI LANKA ? OR IS IT A ANOTHER SCAM ? PLS EXPLAIN ABOUT FOREX TRADING .

Dear Friend...No company facilitate this bussiness in sri lanka to my knowlesgde.The people who advertise in weekend papers about INTERNET MONEY AND FOREX EARNINGS are all rouges.You cannot earn money as they demonstrate as in their lectures.They charge Rs 5000 per person for the lecture but you cannot earn a single cents.All these are scams.Also they talk about internet earning by PAID TO CLIKCs and HOME BASED INTERNET JOBS but you have to pay huge amount get the jobs by bidding via internet.Even if you earn you canot get down the earnings directly to your account.You have to open an account with PAYMENT PROCESSING CO..like ALERT PAY OR PAYPAL.Via these companies only you can get down money.But it's not permitted in srilanka due to monetary regulations.Even if you cash out you will get your money the after 60 days.I'm writing this by my own experience and please pass this message to who ever No going behind internet money....Thanks..

37Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Sun Oct 09, 2011 10:35 pm

yasiru


Senior Equity Analytic
Senior Equity Analytic
forex trading is not gud for bigginers,k,bcz i lost 50000lkr in 2days,i worry about it,i note sum thing,i use fxcm forex tradin,
it up 2 or 5 mintst and down 10 or 7 minits,and also oppersit way,but in 2 tymes i cover my lost.but again i lost,huge lost,lost 20000lkr in 2minit,and i recover it withing 6hr,and again i lost 250 usd,withing 5 minitz,and i recover 300usd in few hrs,i can give you some advice,
plz use gud brocker for forex,study about the it system,
and study very well about forex trading,becaz forex is like casino,
and if you want to do forex,better thing is give that money to real poor once,or elce buy some food and eat,
best thing is buy shares for long tym,dont do forex trading vith out knowledge, Crying or Very sad Crying or Very sad Crying or Very sad

38Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Sun Oct 09, 2011 10:40 pm

yasiru


Senior Equity Analytic
Senior Equity Analytic
in demo account u can make money esyly,mamath guliya kapu nisai real money dala kale,bt poriyal eka kawa,salli iwara una,unge margine ekak thiyenawa fxcmlage,eka ful una gaman trade eka close karanawa,loss or profit,sum tyms 100usd up wenawa,eka paratama 500usd down wenawa,arun auto trade eka wahuwama,api los,hariyata force selling wage,so be care full

39Online Forex Trading in Sri Lanka - Page 2 Empty I just started forex trading. Need help. on Tue Oct 18, 2011 9:53 pm

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I registered with etoro and opened a forex trading account today but I have no idea how do I credit my account. Still I don't have a credit card. I also want to know what's the difference between buy orders and sell orders here. They are totally different from stock market orders as via sell orders, a quantity is added to my account as well as buy orders.
What's the meaning of X25, X50 in the frame of putting orders? And I also get to know
what is the duration of the market which is kept open?
Why all amount in my account is cancelled in the weekend?
At what time does weekend starts?(sri lankan time)
How can I withdraw my money?(I meant ways)
I tried to connect my paypal account with my bank account and also tried to send funds through my bank account to paypal, but I didn't see even one option. If anyone knows how to do this please explain me soon.

40Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Oct 18, 2011 10:16 pm

Paypal


Manager - Equity Analytics
Manager - Equity Analytics
According to my knowledge etoro doesn't supply a good platform to start trading for a beginner use some MetaTrader4 broker because if you have even a little technical knowledge you will find it easy to apply your technical skills here. I think you can apply for a credit card if you can deposit a certain amount of money through some major banks as well as their is an option called 'Sampath Web Card' for online/international transactions. Don't use Paypal to deposit/withdraw your money because currently Paypal doesn't allow to withdraw fund to Sri Lanka, what you can do is only spend through Paypal, Use Moneybooker instead.

41Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Oct 18, 2011 10:28 pm

day_lk


Equity Analytic
Equity Analytic
best card is HND international debit card.open account in moneybookers.com and link debit card to that.try AVAFX as your broker.(www.avafx.com)

open demo acct and practice.
visit learning centre in avafx.com and find answers for your basic queries or you can get online chat 24 hrs.
forex market open mon-fri (dont know times exactly)

42Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Tue Oct 18, 2011 11:57 pm

samueldaniel7


Manager - Equity Analytics
Manager - Equity Analytics
but i think forex trading is illegal, i also wanted to start it,
not sure...
let us know if its legal

http://samueldaniel7.blogspot.com

43Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Wed Oct 19, 2011 12:52 am

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Roboticfx wrote:I registered with etoro and opened a forex trading account today but I have no idea how do I credit my account. Still I don't have a credit card. I also want to know what's the difference between buy orders and sell orders here. They are totally different from stock market orders as via sell orders, a quantity is added to my account as well as buy orders.
What's the meaning of X25, X50 in the frame of putting orders? And I also get to know
what is the duration of the market which is kept open?
Why all amount in my account is cancelled in the weekend?
At what time does weekend starts?(sri lankan time)
How can I withdraw my money?(I meant ways)
I tried to connect my paypal account with my bank account and also tried to send funds through my bank account to paypal, but I didn't see even one option. If anyone knows how to do this please explain me soon.
If u do not know anything about forex trading better to get some experience with free practice account.Here is a link to get free practice account.(Click the option named 'Get a free forex trading demo'
http://www.fxcm.com/
(There are other sites also.)

44Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Wed Oct 19, 2011 9:09 am

maalinda


Manager - Equity Analytics
Manager - Equity Analytics
DUDE... you sounds like you know Nothing about forex. get a free practice account... almost every forex trader provide practice accounts.

Learn it.. Learn and learn... please before you put your hard earned money.

It is not like CSE... in CSE atleast you keep your shares... in FOREX You can loose all your money in no time.

PAYPAL is a good way. dont know it is availiable in SL. But i know almost all the lankans with e toro.

DUDE Please dont loose... Learn it.

45Online Forex Trading in Sri Lanka - Page 2 Empty Re: Online Forex Trading in Sri Lanka on Wed Oct 19, 2011 9:31 am

yosh123


Stock Trader
I have used eToro with a demo account.. I m no expert but I think I can answer some of ur queries.

FOREX is done with currency pairs (e.g EUR/USD). The price is quoted as EUR/USD = 1.378 (for a example). When u place a buy order u are buying EUR against USD @ 1.378. When u place a sell order u are selling EUR against USD @ 1.378 (this is kinda like a short selling in stocks). If u opened a "buy order" and the price starts to rise (lets say to 1.380) u will be gaining. If u open a "sell order" and the prices start falling (lets say to 1.37) u will be gaining. In short if u expect the EUR to rise against the USD open a buy order and if u expect EUR to fall against the USD open a sell order. Also note that the price for the buy order and the sell order wont be the same. There will be a small difference (this is called the spread)

The X20 X50 are leverage ratios. More the ratio the more u can invest with a given capital. Using high leverage gives u high risk and return.

The market is opened 24hours during the weekdays and closes for the weekend. All the trades which are open when the market closes will be automatically canceled.

I have not done money transactions since I have only used a dummy account. But from what I have read the easiest way to do it is via a credit card. U can use PayPal but as fall as I know there are some restrictions for money withdrawal from paypal in sri lanka.

Get some practice using the demo account be4 investing real money. There are many sites to help but I found that www.babypips.com/ to be a really good starting point.

All the best Wink

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