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What is Forex, exactly?
It might be banned. How can something be traded? You haven’t begun because I have no idea and for precisely this reason. I will thus walk you through the process of starting Forex today. Specify whether it’s prohibited or not? Why are we doing it, how can we do it, What are the advantages, how should your psychology be, and what are the risk management strategies?
I’ll be really honest with you. A businessman ponders something. if I have an office, that If I manage a computer institute from an office and work there for about 8 hours, Is it possible for me to conduct a second business in the same location for the remaining four hours? All businessmen desire this. Consequently, if you understand price action, If you have a plan, then why don’t we use it. boost the profits from the stock market, add a second minor source of income like Forex?
Now, the first thing you must ask is, “What exactly is Forex?” It might be illegal. How can something be traded? You haven’t begun because I have no idea and for precisely this reason. I therefore need your undivided attention. An executive muses over something. If I have a desk, then that If I work at an office managing a computer institute for roughly 8 hours, Is it conceivable for me to run a second business for the remaining four hours in the same place? This is what all businessmen want. Therefore, if you comprehend price action, Why not use your plan if you have one? Boost stock market gains by adding a second little source of income, like Forex? You must first question, “What exactly is Forex?” at this point.
It might be forbidden. What is the mechanism of trade? You haven’t started, both because I don’t know and because of this. I consequently require your whole attention. Please don’t skip and watch it quickly if you’re in a hurry. Take a seat with a copy, Let’s start now. So let’s begin by defining what forex trading is. What does dealing in foreign exchange entail now? Trading in forex is to exchange currencies; foreign exchange. In the same way that we trade Reliance, Bajaj Finance, and Nifty, Here, we trade such pairs as USD-INR and EUR-USD.
We exchange these pair for what reasons? These pairings move in incredibly minute steps. You won’t consider the USD increasing from 72 to 89, or between 89 and 120. This never occurs. There is a variation in the amount of money, but the leverage is pretty large. Let’s get started by talking about whether it is legal or not first. and only then will we move forward. Following that, we’ll discuss which broker we ought to employ here what mobile application should we use, in mobile apps, what are pips and lot size, After that, we’ll discuss risk management before moving on to psychology. In psychology, we’ll also talk about this and its benefits and drawbacks.
Forex trading therefore refers to the trading of currency pairings such the USD-CAD, GBP-USD, and EUR-USD. In Forex, we trade currency. How does currency trading work? However, the question is now: First off, let me just say that forex trading is against the law. So if I bring you over and note that trading in forex is prohibited so you’re correct. In India, trading foreign exchange is forbidden, ok? Yeah. How can we trade then? I’ll explain. Let me first tell you one thing, though. The businesses operating in India at the moment are OctaFX, which you must be familiar with, Their commercials are all over the television. They also serve as Delhi Daredevils’ official partners and sponsors, and their t-shirts have the OctaFX logo. In the government’s view, everything is going well. How does that feel? If it’s illegal, how is it still operating in India?
I’ll explain. Look, there are forex companies, okay? Let’s imagine, for example, that Dubai-based CMS Prime is a corporation. If you reside outside of India, you must also use this, and if you do, I advise you to do so. Utilising Exness. I’ll clarify why. A Forex business goes by the name of CMS prime. It is an actual forex business. Now, if you interact with this business in any way, if you’re Indian if you’re a citizen of India also, if you trade and if you have any transactions with this business; Let’s imagine that you have made a deposit to this business’s account. or requested payment then you have actually struck an agreement with a forex firm; and should you do so, your account may be locked in accordance with the FEMA act. additionally, you risk going to jail. Thus, you must never commit this error. involving a Forex firm.
But those businesses; ok, I’ll pause here and share a tale with you. I once visited a restaurant in the United Arab Emirates to eat. It wasn’t a particularly large or noteworthy Indian restaurant. I enjoyed my meal and paid the money. I got a mail from the XYZ fish company after making the payment. Given that it was an Indian vegetarian restaurant but the message said “XYZ Fish Company,” I was perplexed. What did this indicate? It looked like an Indian restaurant from the outside. however internally, as per the owning company’s records, It was called XYZ, and it was presumably managing many enterprises. As a result, XYZ Fish Company received the funds. Perhaps there will be a mother company or offer some advantages.
But do you get it? What happens in the front may not correspond with the internal operations that you are unaware of until the bank notifies you. In India, doing business with a legitimate forex corporation is prohibited. But those who have already done business will have no trouble understanding what I am about to say. Can foreign corporations be formed if trading in forex is prohibited in India? Of course not. Consequently, the accounts of the firms OctaFX and Exness, which we will be using. Thus, if we cooperate with Exness, So what do you think? that money from forex accounts will be deposited by Exness? No.
These individuals established their bank accounts through consulting, correct? job consulting or under certain other companies. They then put the money into your bank account from that location. In other words, you didn’t truly work with any Forex firms. Or they carry out P2P transactions, between the savings accounts of two people. In conclusion, this is the system in place in India. So yes, it is illegal, but when you transmit money, you are not dealing with a Forex firm. or cash payments. So, the key concept you must comprehend is this. Then this TV shows are airing commercials, YouTube is streaming commercials, Everything is happening in the open. but nobody is in trouble. This is due to the fact that they work honestly by paying out.
So, as you can see, I’ve already clarified one thing for you: what exactly is Forex. and the reasons why it’s forbidden. When working with CMS Prime even accidentally dealt with the IC market and put money into their account or into your account. It is allowed to receive money from an Indian bank account after making a deposit there. as that isn’t forex. I’m hoping you can grasp how a lot of people trade foreign exchange.
They were Forex traders as well, doing well financially. As a result, forex is a terrific thing. It can help you do amazing things if you so want. I will now take one action, I’ll go on to the next topic right now. I made it clear whether or not it is unlawful. You don’t need to worry about it because they are depositing to your account through their Indian firms or P2P transactions. It is assigned to other revenue and won’t be listed as your foreign exchange income. If you consider it from a tax perspective, other income means making more income by coaching and teaching or developing a website for another person, digital marketing, etc.
What kind of brokers have you encountered thus far in your life, then? You’ve watched Zerodha, Upstox, and more films. Look, four trading pairings are offered by Zerodha, Upstox, and Angel Broking: USD/INR, Euro/INR, JPY/INR, and GBP/INR. Although you can trade these 4 pairs, this is not true forex, why? Understand why? since it is open from 9 am to 5 pm. The other Forex pairs don’t close at 5 o’clock, brother. The primary Forex account is now trading USD INR. A genuine Forex account is required. In this world, there are many different accounts. Those who reside in India there is an account called Exness after that. So you may utilise it. That is what you need to realise.