Make Money from Forex Trading
If you want to make money online forex trading is one of the best methods. I had no knowledge of forex trading few month back. I practiced forex trading with a demo forex account. Once I started making profits with the demo account, I funded my account and start trading with a real account. The forex trading is very simple once you start trading for a few days using your demo account.
What is Forex?
The Foreign Exchange market, also referred to as the “Forex” or “FX” is the largest financial market in the world, with a volume of over $3 trillion a day. It is actually more than three times the total amount of the stocks and futures markets combined. Forex trading is the simultaneous buying of one currency and the selling of another. Currencies are traded through a broker or dealer, and are traded in pairs; for example the Euro and the US dollar (EUR/USD) or the British pound and the Japanese Yen (GBP/JPY).
Why use forex trading?
- Forex market is open 24 hours a day. You can trade forex at any time.
- You can trade forex from anywhere in the world.
- The transaction costs are very low.
- High liquidity.
How to start?
To start forex trading click here to download the forex trading platform and start practice with the demo account. Please read the help section which is very important for you to learn the forex terms. Once you started making profits open a real account by funding the account. In my previous posts I have given a number of opportunities to make money online. This is the only program that needs a small investment. You can start trading forex for just $50 which is very low compared to any other business. I made $34 profit in the first day itself so you can get your investment back in few days.
Funding Your Account
After login to the demo account click the trade for real money button, then you will see a login page. Please click the open new account at the right side of the login window to create a real trading account. Please use this login information to login to your real trading account. Then use the click to deposit at the bottom of the window to deposit money. You can fund your account by credit card, paypal, and moneybookers. If you don’t have credit card you can use netsafe card for funding your account. You can also fund your account using EntroPay card.
Forex trading tips
Trade for small profits first. While trading forex look for what the top 100 traders are doing and take a decision. You can make your forex trading automated by setting a take profit value. Your trading will be closed when it reaches the take profit value. You can shutdown your computer once you set this value if you want.
Click here to download the forex trading platform
Dear Shanavas, I am happy to see your blog. I have registered in forex trading and went to demo account and unable to proceed further since I am new to trading please help me out
Dear Albert, I will have given enough information about forex trading. Just go through everything first. Click on forex charts and you can see a graph. Buy when the price is low and sell the price is high.
Dear surindar, If you don’t have a credit card you can fund your account by paypal or EntroPay card. You can create a paypal account for free from paypal.com. Please read my post http://www.shanavas.com/paypal-expained/
See details about EntroPay on my post
http://www.shanavas.com/entropay-card-free-virtual-credit-card/
Hi I Like to contact you Regards Atul
Dear Atual, You can contact me using the contact option at the top of the blog. http://www.shanavas.com/contact .
I dont have a paypal account is there any other way that I can start forex trading
Dear Shanavas
Please let me know the minimum amount to be invested in the forex trading and how the amount is to be deposited. Also, plase tell me whether the trading gives automatic appreciation /return or I have to control the entire matter sitting in front of the internet.
With thanks Manisha Dutta, Guwahati,Assam
Dear Manisha, The minimum investment is $50 and you can deposit by credit card or paypal. The forex trading gives automatic appreciation /return.
I would like to know how start forex trading…. could u plz help me with details
Dear Gouri, Please download and use the demo forex account. You can contact etoro for any doubts and also chat with them.
Dear shanavas, My question is there is so many products availabe in the market for forex trading such as automated or robot trading system is it correct or not, is it right the forex trading automatially without doing anything.
There are automated forex trading robots but no one can give a 100% accurate result. I don’t use any such software.
I want to invest $100 in forex trading by credit card, please guide me accordingly. Manisha Dutta
Dear Manisha, After login to the demo account click the trade for real money button. Please click the open new account link to create a real trading account. Please use this login information to login to your real trading account. Then use the click to deposit at the bottom of the window to deposit money.
Dear Shanavas,
I am very happy working in forex trading…
1)I need internet connection for forex trading…Actually now i am using airtel mobile internet connection but it is very slow.. so that i am going to buy the wireless internet connection that is data card…which is gives speed connection from these “Reliance data card,Airtel data card,Tata indicom data card,BSNl data card”…
2)While withdrawing my funds in etoro they are asking my credit card photo copy of both sides…If I am giving to them means they can access my credit card account na…For what they are asking..
Reply me…
Thank you.
Dear Thangarasu, You don’t need a very high speed internet for forex trading. You can do it with any internet connection.
Etoro will ask copy of credit card if you fund your account by credit card. This is to prevent fraud and they don’t misuse it.
Dear Shanavas, I am staying in India. Can I do Forex trading as many of the websites states it is illegal. Are there people doing Forex trading. I too want to know is there any problem in Forex trading in India.
Dear Shanavas, Have you ever get back the money from paypal to your credit card or you got back money from etoro Forex trading. Because I want to know there is any problem in withdraw money from paypal or etoro.
Dear paramesh, Forex trading is 100% legal and you can do it in India. I am an Indian and doing forex trading.
Dear paramesh, If you are from India you can withdraw money from paypal to your bank account and I have done it.
hello, you do have a very informative website both in terms of knowledge and your experience. I request u to furnish me the details of the following
I am afraid of private banks… they just need a excuse to punish u with lousy rules and deduct your money from your account. So my quest is to find something like the netsafe card of HDFC … only thing it should be backed by a public sector bank ….
Once again I like to thank u for your time n energy on this site….
Dear Jimmy, There is no private sector bank providing a service similar to HDFC netsafe. You have to read and understand the charges a bank is charging from their manual. Please read my post on credit card tips http://www.shanavas.com/5-credit-card-tips-for-everyone/.
Dear Shanavas, I can’t use paypal for funding etoro because I got a message that you have reached the sending limit. Also I don’t know the limit of sending and receiving fund of my Paypal account. I want to know safest way to fund and withdraw amount in etoro.
Dear paramesh, The safest way to fund is by using paypal and I have fund my account using paypal. You can also deposit by credit card. You have to verify your account to lift the limits. See the link for paypal verification.
http://www.websoft.co.in/verify-paypal/
Dear Shanavas, However I clearly checked that I am not able to fund from my paypal account to etoro. Can I directy fund through my credit card to etoro. Is there any problem in that. Please suggest is there any payment method for etoro.
Dear paramesh, You can use your credit card for funding etoro. You can also withdraw money to your credit card.
Hi, I practiced on demo.But till I am not familier with etoro.what is mean by ‘top traders doing’? how can we decide, buy USD against JPY, or any other currency? Are you close the trade order in same day or after 2-3 days? I am ready to fund $50 atleast thru my credit card.
Dear Parimal, After you login to etoro you can see top traders insight. I normally use USD EURO pair. Look what top 100 traders are doing and act accordingly. I close the trade with in the same day.
Dear shanavas sir, I am happyly working in etoro…I earned up to 300$ within 1hr on my first time of starting real account…but I lost some amount up to 100$..Actually my question is if i want to trade without loss means what to do…what pairs are best and which time is correct to trade…
Once again i would like to thank you so much for your helping tendency…god bless you…
Dear Thangarasu, I normally use euro dollar pair. The best time to trade are when at least two major forex markets are open where most of the market activity occurs. At 1.30 PM London forex market will open and at 6.30 PM Newyork forex market opens. The London market closes at 9.30 PM. Between 6.30 PM and 9.30 PM there will be high activity since both markets are open.
Dear Shanavas, Yes sir I got profit only at the time of trading which you given times..ya surly when big markets are open then we will get good profits…Only thing is we should monitor the currency pairs whether to BUY or SELL thats all…Now i am happy…Thank you for your guidence…
Sir, First of all my sincere thanks for your valuable information and guidance.
If we transfer funds using NETSAFE CARD, since we dont have a real card we cannot send copy of card when withdrawing money as asked by ETORO. Can you suggest how to overcome this problem.
Second can we transfer money using international debitcard which HDFC bank provides with account.
Thirdly I approached AXISBANK to wire transfer money to ETORO for forex trading, they denied my request saying they don’t do it for forex trading overseas.
Can you suggest me a bank who wires money for forex trading overseas.
I dont have a creditcard to directly deposit money.
Dear Venkath, You need to produce the screen shot of the netsafe card instead of the real credit card copy. You can’t use debit cards for transferring money. Banks doesn’t allow international wire transfers due to money laundering. Use netsafe card for funding.
Hi Shanavas,
Are u sure that by producing the screenshot of netsafe card instead of the real credit card copy, we can withdraw money from etoro? Do you have any experiance? Because I don’t have any other documents to produce.
Hi
I wish to know the maximum amount limit in doing forex online trading in India. And can we do forex trading with indianulls or with reliancemoney? How many accounts we need to open for forex trading as we need to open 3 accounts for doing stock trading. For doing forex trading what kind of account is required to open with? In rupees or in dollars? Regards
Dear Mahesh, Once of my friend contacted etoro and they told to produce screen shot of netsafe card.
Dear Padam, There are no limits for forex trading. You need to open a single account and it is in dollars. You can’t do with indiabulls or reliance money. You can trade forex through etoro.
Hi Shanavas, when i checked the etoro website, i saw these documents are needed for cash out of funds.
* A copy of Passport / Photo ID
* A copy of both sides of the Credit Card that has been used to fund the trading account
* A copy of a recent utility bill
My doubt is that, is all these 3 documents needed or any one of them is required?
Dear Mahesh, They need an id proof and address proof. Copy of credit card is needed if you use credit card only.
hi shanavas,
I dint get any download prompt. Instead, the Web trader is geting opened. Even there, I am not able to connect. Connection Failed. What to do?
Hi Shanavas,
Your portal is very informative, I have 2 questions, can we withdraw to our bank account directly from Etoro, if yes what is the Max withdrawal Limit.
And If forex is legal in india, under what category we need to disclose forex Income in Income tax return.
Dear Kumar, We can withdraw to our bank account directly from Etoro, and there is no limit. If You can disclose the forex trading income in other category.
Hi. Shanavas good evening, I was verymuch excited by reading your advices to all the people who contacted. I am also very interested in doing forex trading. what is ETORO. How can I deposit the initial amount of $50 without having any account you have mentioned above. Please reply soon.
Dear chandrasekhara rao, Etoro is a forex trading software. You can start forex trading for just $50.
hello sir , when i searched upon etoro’s history,, i found more complened about them that after switching account from demo to real one u will face game of etoro,as they will close u r trade only when u r losing,,,is this true,, did u face any kind of such thing with etoro,,,plz share real experiance with us
Dear pralhad, I hadn’t faced any problems with etoro.
Dear Shanavas,
i would like to know that where to start my forex trading for generating a consistent income? i am a complete novice about forex, and is completely unaware of forex terms and software usage. can i make a living from it. please guide me.
regards
Dear subhas, Please download and use the etoro software. You can make a living from it.
Dear sir,
i would like to know that is there any site that allows USD/INR Or Euro/INR in online forex. please reply.
hi shanavas.
please check this link. point number 53.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=53
which states one must declare for remitting money. have you done such declaration as you are investing in forex through credit card?(which is buying of foreign exchange?)
Dear Aravind, You can trade forex without any such declarations.
I’m an MBA student having some money in my PayPal account [Around $150]. I’m planning to start forex trading with etero but I have the following doubts.
1. I don’t have credit card to show them my Identity
2. Can I withdraw money directly to my PayPal account.
Hope you will help…..
Dear Nisha, Copy of Credit Card is needed if you use it only. You can withdraw money directly to your PayPal account.
Dear Nisha, Copy of Credit Card is needed if you use it only. You can withdraw money directly toyour PayPal account.
hi shanavas, i have paypal account too. Can i withdraw my money without submitting any documents or do i need some documents like voter ID, utility bill.
Dear taruna, You need a copy of the id proof like voter id.
shanavas, i heard that etoro has very high spreads, so can use write another article on another good broker or can you personally let me know any better broker for indian users
Dear taruna, I only recommend etoro as I have personally used it.
dear shanavas,
recently Neteller have included a deposit option for india, where you can deposit cash,cheque or through RGTS/NEFT to their Abn Amro Bank in mumbai. its very fast and etoro supports neteller. i jus want to know that as neteller also supports casino and poker merchants, is it recommended to use it for etoro? will government/income tax guys will think that i am using it for gambling and harass me?
neteller is also giving a atm card linked to the account . you can withdraw cash whenever you want.please advise. thanks in advance.
Dear Joseph, You can use neteller for funding etoro.
sir,your blog says forex trading is SIMULTANEOUS buying of one currency and selling of another currency. Does it mean if we want to buy euro we have to click buy icon first and then sell icon of another currency before we click open trade icon. Please clarify.
Dear r.narasimharao, If you want to buy Euro against Dollar you only Buy Euro/USD button.
dear sir,
can we do forex trading in CYBER CAFES? is it safe?
Dear EMANVEL, You can trade forex from anywhere.
Dear shanavas,
plz let me know how far is safe to invest in a company which says that pay 10%/20% above for 10/24/60 months what should i look if it is really giving that much?.
next how should i go for forex and all about how to invest in !
plz reply.
Dear simha, Never deal with such companies.
Hi,
I am practicing forex trading in demo a/c , i want to know the maximum limit one can invest in a financial year in forex trading. while going through rbi website i came to know that the max limit is $200000 , is it true.
Dear abhi, It is true and it is equivalent to one crore Indian rupees.
Hi,
I want to know the list of countries where there is no maximum limit for investing in forex trading. And also the money earned through forex trading , is it taxable in India.
Dear abhi, The money earned through forex trading is it taxable in India.
Dear Shanavas
I am from Surat, and I have visited Bank Of India, Surat and inquired for Bank wire transfer to Foreign Account, but they told me that you are not permitted to make such transaction for Currency Trading, as it is not permitted by RBI as per their Notification. is their any proof with you that any Bank has made such transaction. please guide me.
Thankx
Manish
Dear Manish, You can’t use wire transfer for forex trading. This is to prevent money laundering. You can use other methods like paypal, credit card etc
Dear Shanavas
I do not understand, what do you want to say about , and why it is to ‘prevent money laundering’? means?. ICICI and AXIS bank is allowing me to do wire transfer for forex trading. Please clarify it.
Thanks
Manish
can i withdraw money from etoro in first day itself to my paypal account
Dear Shanavas
I really appreciate for your work!I trust in you also as I am using other services from you!What I can say is you are faithful and trustable! I also sign up with etoro through your website and now I want to start with real account please help me in knowing best timing to start trading in Indian Standard Time!!
Dear arun, You can withdraw at any time.
Dear Sangma, Read the comments. It is already discussed.
Sir,for 50$ minimum deposit they say they will give a bonus of 1000$ is this bonus a real money or whether it is virtual money.
Dear Shanavas, Trading between 9:30 PM and 6:30 PM means is it Indian Standard Timing?
Dear Sangma, It is Indian Time.
Dear arun, For $50 you will not get any bonus. For 100$ you will get 25$ bonus and it is real money. I have deposited $100.
dear shanavas,
i have some questions for you. i am now very much confident and convinced that we can make a living from forex. however i made over $80 in last week and lost all in some stop loss trades.
i would like you to give some tips so that i can make consistent income from forex say $200 per month would be enough for now.
What is the best timings to trade, i learnt that when two markets are open then we should trade for profits.
also i have seen in etoro platform we cannot set custom stop loss or take profit levels ( etoro defines maximum or minimum etc). they are very predefined and restricted.however we can close the trade if we wish.
i ahve traded using the top traders insight took the sell trade while it was around 70% but lost all my money. can you please give some tips. it would be very kind of you.
thankss
Sir,I need to fund paypal for starting real account in etoro.can i fund paypal using hdfc netsafe card.You said to verify paypal using 100Rs netsafe card.With this verification can i pay etoro by paypal.
Dear arun, you can not fund paypal with netsafe. You can use netsafe card directly on etoro.
Please give some details regarding entropay.Also making virtual credit card using it.
Dear arun, Read my post for entropay details.
http://www.shanavas.com/entropay-card-free-virtual-credit-card/
Sir,If I use netsafe(HDFC) card directly on etoro to fund the account,whether HDFC bank will report against me on forex trading.Is forex trading illegal for an indian.
Dear arun, HDFC doesn’t care about what you do with netsafe. Forex trading is 100% legal in India.
Hi dude, what is take profit and stop loss in forex. can u explain what is leverage and margin b’coz i couldn’t get it from their website.. Thanks..Keep the good work..
Dear elango, Take profit is the amount you wish to get from a trade and stop loss is the value at which the trade closes in a loss. Stop loss is by default your investment amount. A leverage of 100 means you can trade 100 times of your investment amount. Margin is the minimal cash deposit that you have to put up for the transaction. it is already shown on the website.
Thanks dude, if i invest 100$ and stop loss is set at 100$, wont i lose any money?, or will i lose some part of the money, pls tell me,
at what u will start and stop trade, pls guide me..
Dear Elango, It depends on the trade whether u loose or gain. Please read the comments and I don’t want to repeat.
Hi Shanavas…..can you please explain how should we put up stop loss….basis wht strategy we should be putting up a stop loss.
Dear Rekha, You need not set any value for stop loss.
namastey sir I am in 12th standard can I start forex as a part time job
Dear Nithin, You can start forex trading as a part time job.
hey u made profit of $34 for in first day?…how much did u invest first?
Dear Rizwan, I invested $100. But $50 is the minimum amount.
hey i am using linux ubuntu operating system and i cant install the forex trading platform….what should i do?
Dear Rizwan, Use windows and that is the only way to install the software.
Dear sir, Plz let me that who regulates the forex platform in india, alike any list of platform to know that is safe. Secondly who regulate etoro.
Dear simha, RBI regulates the forex trading in India. Etoro is a forex trading platform from RetailFX, Cyprus.
Hi shanavas , Do u recommend any STP forex brokers..
Is Etoro a genuine broker..what about withdrawals…
Thanks for ur valuable information here..
Antony, Etoro is a genuine broker. I recommend Etoro because I have used it and I have received several payments. They have a great customer care.
hi Shanavas sir
While withdrawing my funds in etoro they are asking my credit card photo copy of both sides.but i have entropay card so how can i provide photo copy of my entropay card? and no found cardholder name in entropay card. it’s shown “EntroPay User” on each entropay card instead cardholder name.
so my query is if etoro ask me where is your name in credit card? so how can i do?
Dear Jayesh, Just give them a copy of your entropay card and you don’t need to worry about the name.
hi shanavas, If I have used netsafe card to fund etoro and I want to withdrw the amount to paypal …will they ask me the photo of credit card….(but netsafe expires in 24 hrs)…pls help me
Dear kiran, They will ask for a copy of card if you have used netsafe card.
shanavas,i cant find cvv2(on the back side) number on my andhra band debit card(visa electron)…i even checked my fathers hdfc debit card but i didnt find any number on the back side…pls help me out in this…
Dear Sir,
With the help of your guidance & details (thru your website) , I would to hava try on forex. I am totally new to this.
I having a sbi & icici bank account. with atm debit cards. No credit cards. So how can i creat a paypal account using these atm debit cards.
I just wanted to open a etora real account with minimum balance after practising demo account
kindly guide me
Regards
Chandran
Dear Kiran, Not all debit card has a CVV on the backside.
Dear Chandran, You can create an entropay card with your ICICI debit card and can be used to fund etoro. You can’t use debit cards with paypal.
I am bit confused about funding to etoro for a minimum deposit. As I stated my previous mail, I am having debit cards from SBI AND ICICI. I DONT HAVA ANY OTHER ACCOUNTS OR CARDS. what do first.. is 1)register
for entropay get a virtual entropay cards(this can be done onlne for free).2) Go to bank branch with this print screen shot and load the card with enough money. 3)Register on etoro and tfr the money from entropay to etoro(This can be done onlne). Am I right?. How i can I withdraw fund from etoro? Should I open a Paypal account apart from entropay?
regards
Chandran
Dear Chandran, Your entropay account is loaded with your debit card and not from bank. Load $55 and you can use this on entropay.
dear shanavas,
if I deposit to etoro using netsafe card (Also I show proof of the screenshot of netsafe card). Can I withdraw using my paypal account?. They are saying we can withdraw using the way which we deposit only. But the netsafe card expires within 24 hour. And it cannot accept withdrawal funds also. What is the solution for this?
Dear Saleej, We can withdraw the profits using any method. The deposited amount can be withdrawn using the way which we deposit only. You can use paypal, that is the only option.
hiii shanavas…
1)can i withdraw funds to my entropay card from etoro…i used entropay to credit my etoro account…(entropay says that it recieves funds from other merchants(1.95%)) or should i withdraw to my paypal account..
2)will I get 50$ if I get refereed by others(I am about to deposit 100$) or should I join etoro directly.
As I am novice in forex trading. I am practicing etoro demo. My doubt is that , be it sell or buy, if i close a trade, whenever net profit/loss reaches above 0 level will be a ultimate profit?
regards
chandran
Dear Ajay, You can withdraw to your paypal account. You can join etoro directly.
Dear Ramachandran, If the net profit reaches above the spread then it is a profit.
Hi Shanavas, Will paypal restores local bank support, how to withdraw from paypal in case they stop this service.
Dear Antony, We don’t know when paypal restore Paypal will restore local bank support. You will not be able to withdraw from paypal at present.
Hi Mr. Shanavas, 1st of all thanks a lot.Through your site, I joined recently eToro for FOREX TRaDING. I am totally new and where to start from? Can u pls help me out for practice?
Dear
Shahnavas you have given very useful information on funding through CC @ netsafe debit card.when i visited through F&Q it clear my doubts regarding forex trading. Thank you.
Regards
Ramakrishnan
Dear uttanemusa, Please read this post and also comments in the post. I have explained everything related to forex trading.
hi, can i send driving licence photocopy to verify as ID proof and residence proof? I mean scan the driving licence and upload the file? is it accepted by etoro?
Dear Sneha, You can use driving licence as Id proof.
Dear Shanavas, I had tried etoro demo practice for week what I found discripancies in it, is that when I got lost in a trade and suddenly it disappears and it also reduced my dummy amount and it repeated three four times. During practice I lost my amount(dummy) if it happens in real money then how can I trust on etoro? or how can I revive my lost amount? or there any other more trustworthy Forex package than etoro? or any better opinion from your end ??
Dear Uttanemusa, In forex trading there is profit and loss. It is not the problem with etoro.
Hi Shanavas,
The Liberalized Remittance Scheme of USD 200,000 for Resident Individual by RBI effective from July 1, 2009 states the following:
“Remittances under the Scheme are allowed only in respect of permissible current or capital account transactions or a combination of both. All other transactions which are otherwise not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges / overseas counterparty are not allowed under the Scheme.”
Doesn’t this mean that forex trading is illegal since money deposited comes under remittance for margins or margin calls? Looking forward to your response.
Thanks & Regards
Dear Sibi, You don’t deal with large amount in forex and so don’t bother about it.