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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Online Forex Trading in Sri Lanka

Online Forex Trading in Sri Lanka

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81Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sun May 20, 2012 12:11 am

traderathome


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@malanp wrote:
Tradeathome

How do we get into forex and gold trade? i just want to try with a small amount.

Pls let me know.

thanks
Use fxopen open up a cents account you try with 100$, lite forex is another good broker but both are market makers. Means they will trade against you. The best are ecn brokers their spreads are very competitive and will not trade against you meaning will not take opposite side of your trade

82Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Mon May 21, 2012 3:52 pm

fxmpower


Stock Analytic
Stock Analytic
@malanp wrote:
Tradeathome

How do we get into forex and gold trade? i just want to try with a small amount.

Pls let me know.

thanks

why doncha try aaafx - also a good broker Smile

83Online Forex Trading in Sri Lanka - Page 4 Empty CB warns on illegal forex trading Wed May 30, 2012 5:01 pm

Redbulls


Director - Equity Analytics
Director - Equity Analytics
The Central Bank warned today against advertisements being made in the print and electronic media and Internet and, unsolicited e-mails being circulated, by some companies proprietary concerns and individuals exhorting the public to engage in foreign exchange trading with assurances of guaranteed high returns.

"Some companies and proprietary concerns have even engaged their employees or agents who would personally contact the members of the public to entice them to undertake forex trading with promises of exorbitant returns. These agents and the advertisements on the Internet and in the print and electronic media often exhort, people to trade in foreign exchange, depositing an initial investment in Sri Lanka rupees with a company, proprietorship concern or individual in Sri Lanka to be transferred later into an online account or, payment through credit, debit or any other electronic funds transfer card direct to an online account opened in the name of the investor," a statement from CBSL Exchange Control Department said.

It further noted the Central Bank in the recent past has come across instances where several persons have lost large sums of monies due to the above activities carried on by some unscrupulous individuals and companies.

"The Central Bank wishes to inform the general public that undertaking foreign exchange trading transactions and remitting payments outside Sri Lanka for such transactions by any person without the approval of the Central Bank is illegal and violation of the provisions of section 5(1) and 7(a) of the Exchange Control Act. This is considered as a punishable offence under the Exchange Control Act and we request general public not to fall prey to such transactions."
http://www.nation.lk/edition/breaking-news/item/6600-cb-warns-on-illegal-forex-trading.html

84Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Tue Jun 05, 2012 11:57 am

Flashmark


Equity Analytic
Equity Analytic
This one of the worst descion CB made. CB should take legal actions against those fraudulent brokers and agents. Forex is not a gambling people can not earn money without proper knowledge.Even with proper knowledge some people get lost.CB should warn people about that.If forex is illegal, stock market trading is also illegal. People will lost because of stock trading too.Same theory apply to forex as well. compare to our stock market, forex market is much better.No manipulators there.

So anyone know what CB going to do for our forex accounts? How we get permission from them to continue forex trading?

85Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Jun 08, 2012 11:58 am

Flashmark


Equity Analytic
Equity Analytic
any update?

86Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Jun 08, 2012 12:21 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Flashmark wrote:This one of the worst descion CB made. CB should take legal actions against those fraudulent brokers and agents. Forex is not a gambling people can not earn money without proper knowledge.Even with proper knowledge some people get lost.CB should warn people about that.If forex is illegal, stock market trading is also illegal. People will lost because of stock trading too.Same theory apply to forex as well. compare to our stock market, forex market is much better.No manipulators there.

So anyone know what CB going to do for our forex accounts? How we get permission from them to continue forex trading?
cb is scared of funds going out of our country. i think in india it is allowed. in srilanka only pyramid schemes are allowed and when got caught to the authorities they are scot free..... Crying or Very sad this is the srilanka way of doing things.... forex market of so huge so only big playas like central banks can and major banks with huge funds can manipulate to an extent.......if combined together.... Cool Rolling Eyes

87Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Jun 08, 2012 2:32 pm

Flashmark


Equity Analytic
Equity Analytic

I called and asked from central bank foreign exchange division about this. Person who answered my call, said that forex trading is illegal and if you have money in account withdraw it immediately.Also they have no plan about giving permission to individuals and he said it is legal only for commercial banks. As per my knowledge none of the country totally ban forex trading for individuals other than Sri Lanka.

88Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Jun 08, 2012 2:36 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Flashmark wrote:
I called and asked from central bank foreign exchange division about this. Person who answered my call, said that forex trading is illegal and if you have money in account withdraw it immediately.Also they have no plan about giving permission to individuals and he said it is legal only for commercial banks. As per my knowledge none of the country totally ban forex trading for individuals other than Sri Lanka.
buggers are living stone age...... CB/SEC keeps quiet on insider dealing manipulators while the perpetrators are doing with impunity....and became billionares by speculating where tech/fund do not confluence..... and can not justify such huge moves to the upside in such short time Very Happy

89Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Jun 08, 2012 10:43 pm

reez


Manager - Equity Analytics
Manager - Equity Analytics
can u remember, i published this issue. bt no one believe it

90Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Jun 09, 2012 6:05 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
ape kale pinata upan cabba Mad

91Online Forex Trading in Sri Lanka - Page 4 Empty Forex Trading Fri Sep 21, 2012 9:59 pm

freebird


Manager - Equity Analytics
Manager - Equity Analytics
can someone say something abt forex trading. is it just like trading stock.i have decided to do that also.somewhat complicative.

92Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Sep 22, 2012 7:28 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@freebird wrote:can someone say something abt forex trading. is it just like trading stock.i have decided to do that also.somewhat complicative.
well1stly its illegal in SL..... If you are residing outside it can be done, but remember the trading you do on internet is speculative nature and its called OTC (over the counter). so basically its like gambling. Also there is commodity trading ex gold,silver,natural gas,oil,sugar etc.....all these are speculative as you would be buying and selling OTC. since you will not get GOLD or any other commodity physically they are called OTC.

There are brokers who facilitate you to trade using their platforms......most favourite is metatrader4 now metatrader 5 is also available.Tradestation/webtrader to name few. there are different types of brokers...

Market Makers/- They trade against you......
ECN - Good reliable they will not take the opposite trade of yours.

Some brokers allow trading stocks as well...but as i said all in the form of OTC.

Usually you will have to deposit in dollars...... and the trading will be immediate ..also some brokers give 100% bonus on teh 1st deposit....

Also PIP rebates (diff between the spread known as PIP eg if EUR/USD BUY 1.3010 SELL 1.3012 = 2pips) are immediately credited back to your account upon trade closing.....

Forex trading brokers gives you 100%,200% 300%.....500% margin trading.....this will kill you .....and you will loose quickly if you are on the wrong side of the bet.


But my advise is dont trade Forex Trading.....invest that money in CSE.FT needs lots of skill...FT is mostly news driven which means you need to be aware of economic factors and their impact on the currencies.

Knowledge is important....there is more to forex trading such as automated trading using algorithmic patterns, but its too much to explain all this here.

As final thought please i would advise you dont trade you will loose eventually as it is known 95% are looses and only the 5% make the CUT.

Please note we are not encouraging this form of trading for srilankan citizens,as per CBSL its illegal...i mean ILLEGAL.
And I think this is the view of SLEF as well.So we do not want the forum to get into problems with the authorities....So Please refrain from this type of trading since its not for srilankans.

As per CBSL only few banks are authorized to carry forex trading for its clients...ithink HSBC is one i presume.

some one could confirm to it.but you will require a large amount of $ in your account.And the risk is huge.if you are willing take.

So stay away..... rabbit
TAH

93Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Sep 22, 2012 12:13 pm

freebird


Manager - Equity Analytics
Manager - Equity Analytics
thanks a lot may be you have saved me and my money . thanks again . May your all the dreams come true..

94Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Oct 05, 2012 5:39 pm

Ashphoenix7


Stock Trader
I know many who do FT here but they say: always trade 2 or 3% max any one time of your total equity(eg $100 =2% = $ 2.00-Rs.260.00.Keep your profit target double =$ 4.00.)This way its like lose trade one step backward , make profit two steps forward. All web tutorials advice this 2:1 ratio for FT).The reason CB is not allowing is to protect the public.Thay say people lose due to ignorance and not practicing on a demo account till you are skilled & confidant.The web is full of free schooling & YouTube has great FT videos.
I hope i haven't offended this forum by Fx Trading info but interestingly a friend,in the CSE for 20 years advising & consulting)) says similarly the SL stock exchange is actually understood by only 3% of Sri Lankans.Thats why people are still scarred still sins they here lot of bad stock mkt losses.

Finally I think what the general public get for fxd deposits is a rip off since with inflation theres no real gain.-Ash

95Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Oct 05, 2012 5:48 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Ashphoenix7 wrote:I know many who do FT here but they say: always trade 2 or 3% max any one time of your total equity(eg $100 =2% = $ 2.00-Rs.260.00.Keep your profit target double =$ 4.00.)This way its like lose trade one step backward , make profit two steps forward. All web tutorials advice this 2:1 ratio for FT).The reason CB is not allowing is to protect the public.Thay say people lose due to ignorance and not practicing on a demo account till you are skilled & confidant.The web is full of free schooling & YouTube has great FT videos.
I hope i haven't offended this forum by Fx Trading info but interestingly a friend,in the CSE for 20 years advising & consulting)) says similarly the SL stock exchange is actually understood by only 3% of Sri Lankans.Thats why people are still scarred still sins they here lot of bad stock mkt losses.

Finally I think what the general public get for fxd deposits is a rip off since with inflation theres no real gain.-Ash
But with fixed deposits you are stll getting something.....with FX trading 95% you will loose all your money.....as simple as that......

Thanks Very Happy

96Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Fri Oct 05, 2012 6:08 pm

Ashphoenix7


Stock Trader
I was also told by the BOC Treasury guys,when went(BOC Tower Echelon squre.) 3 days ago Forex is illegal since "foreign currency payments online is only for purchases NOT speculative trading"
The long and short of this is that average Sri Lankan still gets peanuts as FD interests from Banks & finance companies and actually are losing since inflation is higher !(...and did you notice the great new buildings of these finance co.s & banks cropping up in Col petty.Nawam Mv & other areas).
Ideally Fx schooling should be available in Sinhala & Tamil for people to have options !
My comments are made in the best interests and not for controversy in this great forum.
There IS RISK like in any investment in FX but needs very high discipline experience & "time invested"
.The courses now emphasize equally to preserve you deposit in Fx trading as much as how to profit.Its know as Money Management.The issue in Fx trading is you are directly trading money, accumulating or losing unlike for eg. investing in a Hardware Shop ,where your money will survive even in small quantities over a period, to cash in later after a bankruptcy.Money is more tangible.Cuts both ways-Cheers

97Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Oct 06, 2012 7:41 am

Ashphoenix7


Stock Trader
Well its a choice and depends on each persons interest i guess.But there is also a lot of scamers out there who spoil the show.cheers

98Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Oct 13, 2012 12:35 pm

snandasiri

snandasiri
Manager - Equity Analytics
Manager - Equity Analytics
@yasiru wrote:
@samueldaniel7 wrote:but i think technical analysis will work in forex,
anyone really got money out of forex (not practice accounts)
and how did you withdraw the money?
machan oya tecnical analysis good kiyanne real eke trade karala thiyenawada???mama kiyana widiyata karanawa nam ona ekath good,poddak practise ekawath hariyata study karanna,k,mama kiyana point eka oya ganna,k,ethakota oyata ok,k,mage gawa me dawas wala salli nathi nisai mama forex walin ain une,ai salli labunawa mama karanawa,k,bt margin maintain karanna one nathi brocker kenek meet unama,

mona analysis eka baluwath wadak na oya margin eka maintain kale naththan,k,komath oyata los,k,oyala hithanawa wage widrow eka lesi na,k,widrow ammount eken 15usd charge karanawa widrow ekata,k,20usd oya widrow karanna haduwoth oyata ganna puluwan 5usd witharai,k,oka dana gaththama mata thawath yaka nagga,ona magulak kiyala epra ai trade ekak gahuwa,aud/usd,etha kota .98xxokkoma up ekata damme,bt magule margin eka nisa temporaly bassamath trade clos wenawa,k,ithin loss,

hodata hithala balala forex trading karanna,k,mata mulinma forex tradin gana kiyapu kenath dan egana no talk,

forex trading ohoma online nathuwa manualy karanna puluwan nam goda,k,loss unath profit unath thiyaganna puluwan nam,k,

What is your forex broker?

99Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Oct 13, 2012 3:58 pm

yasiru


Senior Equity Analytic
Senior Equity Analytic
fxcm,

100Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Oct 13, 2012 6:22 pm

zenobia


Manager - Equity Analytics
Manager - Equity Analytics
can someone answer the most important question whether it is legal in sri lanka to do forex trading?

101Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Oct 13, 2012 9:39 pm

yasiru


Senior Equity Analytic
Senior Equity Analytic
In Sri Lanka don't have a Forex trading system, that's why we need to use overseas broker, so don't worry

102Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Oct 13, 2012 11:07 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@zenobia wrote:can someone answer the most important question whether it is legal in sri lanka to do forex trading?
not legal .....at all

There are other issues as well....

If you want to burn your hard earned money ...go ahead and try it....after one month you will try depositing to win back the lost money.....and it goes on.

only 5% make the cut .

CSE is much easy than forex....being their done it. so take it from a sincere friend as a britherly advise...dont try etoro/avafx. allthese guys are market makers they trade against you.

for example if you buy eur/usd there should be a seller and in case your broker being a market maker he will be the seller.he can see all your orders.

There are other brokers known to be ecn brokers they do not take the opposit of your trade although this may be the case they are better than MM.

Like i said do not trade forex you will make money on demo ....but when it come to real trading you will loose as demo and real is totally different because there is emotional factor in trading.

TAH

103Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Mon Nov 12, 2012 12:02 pm

manjula28


Stock Trader
Forex trading is a serious business.At least you have to practice for like 2-3 years to become a successful trader.If you have genuine requirement for trading, i can recommend you a mentor who is genuinely help people to success.Refer below site

http://www.learntotradethemarket.com/

104Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Mon Nov 12, 2012 1:46 pm

arrowms


Manager - Equity Analytics
Manager - 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.
Register at paypal or money broker.then connect Ur credit card to paypal. when your credit Ur etoro account, Paypal and credit card debit and updated in the etoro

@Roboticfx wrote: 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.
Buy - Long position - U ar buying other currency - Buy at higher - when trend goes up
Sell - short position - U ar selling Ur currency - Sell at higher - when trends goes down
{CSE u can earn only at uptrend}

@Roboticfx wrote: What's the meaning of X25, X50 in the frame of putting orders?
Simply the risk u ar taking. take X25, u get low risk and low return ( I prefer X5). When u ar doing small amount u can not get prifit by low risk. if u ar going above 5000USD put X5 and earn profit with few days. 'cos u ar fluctuation among 1000units(approx. Pipes) between your price.when its higher like X400 you ar between 50 units. samll change vanish u from martket.

@Roboticfx wrote: And I also get to know what is the duration of the market which is kept open?

http://www.forexfactory.com/
Go to bottom of this page . live sessions and times updates. do not foget to set your local time setting

@Roboticfx wrote: Why all amount in my account is cancelled in the weekend?
Ask from e toro. U ar dong practice account. they have competions every week. at new competions they reset all.

@Roboticfx wrote: At what time does weekend starts?(sri lankan time)
Recommend to read everything in http://www.babypips.com/school/


@Roboticfx wrote: How can I withdraw my money?(I meant ways)
Simply click redeem on e toro . but u can not withdraw .5USD or so. read their agreement


@Roboticfx wrote: 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.
U can give credit card or debit card numbers.

** Some one ask whether the forex is legal in Sri lanka. It is prohibited. banks only can do FOREX trade.

I am working with Ducascopy bank which provide MT4 flatform. I do not send money.My i won 500USD from etoro competition at the begining and continue it and shift to Ducascopy.

Warning - Practice at least 10months before start live trading

105Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Nov 17, 2012 10:21 pm

memllok

memllok
Stock Trader
homesteader wrote:

There are other brokers known to be ecn brokers they do not take the opposit of your trade although this may be the case they are better than MM.

Like i said do not trade forex you will make money on demo ....but when it come to real trading you will loose as demo and real is totally different because there is emotional factor in trading.

TAH

Are you a follower of traderathome from SonicR system from forexfactory?

106Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sat Nov 17, 2012 10:59 pm

snandasiri

snandasiri
Manager - Equity Analytics
Manager - Equity Analytics
@arrowms wrote:
@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.
Register at paypal or money broker.then connect Ur credit card to paypal. when your credit Ur etoro account, Paypal and credit card debit and updated in the etoro

@Roboticfx wrote: 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.
Buy - Long position - U ar buying other currency - Buy at higher - when trend goes up
Sell - short position - U ar selling Ur currency - Sell at higher - when trends goes down
{CSE u can earn only at uptrend}

@Roboticfx wrote: What's the meaning of X25, X50 in the frame of putting orders?
Simply the risk u ar taking. take X25, u get low risk and low return ( I prefer X5). When u ar doing small amount u can not get prifit by low risk. if u ar going above 5000USD put X5 and earn profit with few days. 'cos u ar fluctuation among 1000units(approx. Pipes) between your price.when its higher like X400 you ar between 50 units. samll change vanish u from martket.

@Roboticfx wrote: And I also get to know what is the duration of the market which is kept open?

http://www.forexfactory.com/
Go to bottom of this page . live sessions and times updates. do not foget to set your local time setting

@Roboticfx wrote: Why all amount in my account is cancelled in the weekend?
Ask from e toro. U ar dong practice account. they have competions every week. at new competions they reset all.

@Roboticfx wrote: At what time does weekend starts?(sri lankan time)
Recommend to read everything in http://www.babypips.com/school/


@Roboticfx wrote: How can I withdraw my money?(I meant ways)
Simply click redeem on e toro . but u can not withdraw .5USD or so. read their agreement


@Roboticfx wrote: 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.
U can give credit card or debit card numbers.

** Some one ask whether the forex is legal in Sri lanka. It is prohibited. banks only can do FOREX trade.

I am working with Ducascopy bank which provide MT4 flatform. I do not send money.My i won 500USD from etoro competition at the begining and continue it and shift to Ducascopy.

Warning - Practice at least 10months before start live trading

Thanks

107Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Sun Nov 18, 2012 12:10 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@memllok wrote:
homesteader wrote:

There are other brokers known to be ecn brokers they do not take the opposit of your trade although this may be the case they are better than MM.

Like i said do not trade forex you will make money on demo ....but when it come to real trading you will loose as demo and real is totally different because there is emotional factor in trading.

TAH

Are you a follower of traderathome from SonicR system from forexfactory?
no not at all....i am who i am Very Happy

108Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Mon Dec 24, 2012 2:51 pm

JustMy2Pips


Stock Trader
Hi,

Don't think that all Forex traders are loosing. There are people in Sri Lanka who wins, among those 5%.

But the problem is 95% are loosing big time.

A word about FXCM, it's a very good broker. People who doesn't understand how forex market works complains based on misunderstandings.

Don't go with Etoro, I also tried it few years back. It's just a toy.

Some good brokers are,
Oanda
FXCM
Alpari
IBFX

Just my 2 cents...



Last edited by JustMy2Pips on Mon Dec 24, 2012 2:56 pm; edited 1 time in total (Reason for editing : Added more info)

109Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Mon Dec 24, 2012 3:11 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Its illegal to trade forex from srilanka.... Surprised

110Online Forex Trading in Sri Lanka - Page 4 Empty Re: Online Forex Trading in Sri Lanka Mon Dec 24, 2012 3:17 pm

JustMy2Pips


Stock Trader
Shocked
Yeah, Sri Lanka didn't want my dollars, that's why I migrated. Too bad.
Mad

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