Online Forex Trading in Sri Lanka

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

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

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/

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

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?

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

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

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...

Its illegal to trade forex from srilanka....

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

Anyone here still trades with Zulutrade or any other forex autotrading platform?

kordel wrote:Anyone here still trades with Zulutrade or any other forex autotrading platform?

hey my friend i am a big zulutrade follower - 18 mounths of followng and counting.
ive tried here andthere other platforms but profit was either too minimal or my accounts bursted into flames in no time.

I've been searching for auto-trading tools like you but found nothing perfect. Without a proper knowledge, it's dangerous to play it(I meant forex trading). However, you can practice through an virtual platform. If you can earn some, you can begin with an small amount but don't be too greedy.

Roboticfx wrote:I've been searching for auto-trading tools like you but found nothing perfect. Without a proper knowledge, it's dangerous to play it(I meant forex trading). However, you can practice through an virtual platform. If you can earn some, you can begin with an small amount but don't be too greedy.

you have a point, however it will be better to let the others trade for you, if you either do not have the time or the knowledge to perform manual trading. what we ment by saying automatic we ment actually platforms that let you copy the trades of others, not EAs or indicator plugs. thus i get the best of both worlds so to say

Do you think it's better to allow someone to control our own funds? So, how do you avoid cheats or similar things coz no knowledge?

Roboticfx wrote:Do you think it's better to allow someone to control our own funds? So, how do you avoid cheats or similar things coz no knowledge?

Roboticfx after long time.Where were you?

Hello Sahan, Nice to meet u again even a long time has spent. I'm stuck with work although I visited back. It took a long time than I expected to get my pc repaired as it had down with an electricity leakage.

Roboticfx wrote:Do you think it's better to allow someone to control our own funds? So, how do you avoid cheats or similar things coz no knowledge?

thats the beauty in zulutrade so to say, you are the manager of your own funds - you decide with what equity and risk you decide to follow each signal's trade and then it is you to decide upon an exit point where it is needed or possible. The system offers account protective tools that you can avoid loosing trades - not all of them of course, but can work for quite a bunch.

Roboticfx wrote:Do you think it's better to allow someone to control our own funds? So, how do you avoid cheats or similar things coz no knowledge?

thats the beauty in zulutrade so to say, you are the manager of your own funds - you decide with what equity and risk you decide to follow each signal's trade and then it is you to decide upon an exit point where it is needed or possible. The system offers account protective tools that you can avoid loosing trades - not all of them of course, but can work for quite a bunch.

You can do anything at your own risk. I put my statement to the welfare of all members coz I have some experience in Forex trading. I entered that, before stock trading.

kordel wrote:Anybody use autotrading platforms when trading with forex ? Or do you any of you provide signals on such platforms , i'm talking about web based online applications like zulutrade , where you the user can follow for free signal providers and copy their signals live to your account. Any info would be great.

Hello there,
I guess i did not read the beginning of the thread. so, are you asking about recommending singal providers?

if you want advise about this pls send a mail to hanoof444@gmail.com

well, why don't you just reply to me here - wold be great to actually have a discussion with the other members here ...

there are attachments nd indicator

im sorry all i need are the names of the signal providers and I can search them on zulutrade.

Hi everyone,

I was involved with Stock Trading from 2008 & went out of the market in 2011 due to the downturn. Meantime I found the beauty of forex trading thanks to internet.

After few years of learning & making losses, now I'm making a consistent income from Forex.
I'll be more than happy to answer your questions.

Happy Trading to you

lakshanraj wrote:Hi everyone,

I was involved with Stock Trading from 2008 & went out of the market in 2011 due to the downturn. Meantime I found the beauty of forex trading thanks to internet.

After few years of learning & making losses, now I'm making a consistent income from Forex.
I'll be more than happy to answer your questions.

Happy Trading to you

so how can we do i deart. i did it with practice accounts . finally i loss. firstly i won .

thnx traderathome
chat with me hanoof444@gmail.com.

i have to discuss with my strategy...
i found some sri lankans are losing money on forex.

dont use etoro.. etoro is a big cheating site

It's very easy to lose money on trading than earning unless u're smarter than the average participants.

You should control your risk with effective money management principles while protecting your capital.

yes0 has been promoting some illegal forex stuff on another post as promotional activity so had to ban him for couple of days.
Anyone using this site for cheap promotion will also be banned without warning. Pls do use the site for knowledge acquiring and sharing..

TAH u can continue to educate the members on forex since ur style doesn't harm the forum ethics. Dont cross the line though.