Is country relevant to earning from Forex?

Discussion in 'Newbie Questions' started by dojo, Sep 24, 2011.

  1. dojo

    dojo Trader

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    I am from Romania and we have VERY few people who are traders and even fewer who have achieved some sort of a success. Do you think country is relevant for this? Do I stand worse chances than, say, an American?
     
  2. Enivid

    Enivid Administrator Staff Member

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    I'd say that residents of many countries stand better chances in Forex than Americans, because in those countries, Forex trading isn't such an overregulated industry as in USA. Otherwise country has little to do with success in trading. Of course, if you are living in a country without the Internet or with a very poor connection speed, you'll be less successful.
     
  3. danwello

    danwello Trader

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    The location is not important! You are online, you are everywhere through internet. I am working for US comapany for a long time and never was in US. Romania has a good connection to internet, it is #4 on top 10 countries for internet speed, you can check it on netindex . com
     
  4. WalkieTalkie

    WalkieTalkie Master Trader

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    you just need to check forex regulations in your country, but basically everyone has access to forex
     
  5. Fxpipper

    Fxpipper Master Trader

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    No!

    I do not think a country has anything to do with forex trading. Most of the info is already online, you need to review it and decide how to go about it.
     
  6. Haley12

    Haley12 Trader

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    Country relevancy does not matter. If you have experience and sufficient knowledge about forex trading then you can earn profit in trading.
     
  7. mingbao

    mingbao Trader

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    Some countries control the forex by limiting the amount of forex. however this only brought tiny troubles in your forex trading and will not be the reason if you are not successful.

    Forex trading is an international investment without borders. you can be anywhere to be successful. what you need is professional techniques of forex trading and a little bit of good luck.
     
  8. Fxpipper

    Fxpipper Master Trader

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    On regulations, most countries will have some regulation in place, to prevent a sorros rerun. And yes, you may have an upper ceiling depending on the country in question. But this should not apply to "you" and you should be able to open or transfer funds with ease [depending on the regulation, of course].
     
  9. Fxpipper

    Fxpipper Master Trader

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    You can easily check out if a country has specific regulations limiting Fx trading. Just google it and you should be able to access the info, along with recent updates.
     
  10. hag.fx

    hag.fx Trader

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    I believe no, since Forex is totally operated through internet within second frames.
     
  11. Fxpipper

    Fxpipper Master Trader

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    That's not the case, some countries do place restrictions and may prevent their citizens from trading with live accounts. In certain cases, they do set upper limits as to how much you can trade with, in the end it comes down to the regulation in force.
    You can trade forex from anywhere, that's kind of a given but would you be barred from trading with a live account or without restrictions - depends on the country in question, including United States.
     
  12. mingbao

    mingbao Trader

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    Location is not important in this industry, the market doesn't care where you are from.

    forex trading knowledge, trading experience and a mature psychological quality are the most important.
     
  13. Fxpipper

    Fxpipper Master Trader

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    Sorry, but would have to disagree with you. Do review my reply, you will see that while forex trading by definition, works anywhere in the world - the reality is that some countries will enact legislation to protect it's currency.

    Almost all the countries have some regulation or the other that either seeks to limit their currencies exposure. The question you need to ask is " which countries are enforcing this regulation today?" And the answer "google it"
     
  14. nikil

    nikil Trader

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    yes the location is not important
     
  15. Fxpipper

    Fxpipper Master Trader

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    Hah..

    By definition, Forex trading is supposed to transcend borders or we traders would like for it to be the case. But as reality bites, Uncle Sam and others do have a say on how their citizens trade on the spot forex, from leverages to account sizes..regulations are in place.
    And this is why some forex brokers make a point of not catering to certain nationalities [re: Frank Dodd]
     
  16. inggo

    inggo Active Trader

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    in general as a nationality it does not have an effect expect if there are different forex laws and taxes like in the US, man its not easy to earn from forex there, but the bottom line is, its about how much knowledge you acquired through studying, and time spent to earn exp, Im from south east asia, trading with a broker based i think in europ (hotforex) and im happy earning, i do lose some and earn some, and i still try to study more :D
     
  17. Fxpipper

    Fxpipper Master Trader

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    Good for you and yes, while there are supposed to be no barriers when it comes to online trading [from options to forex], nearly every nation has its own set of rules in order to regulate the same. Sure, they tend to sugarcoat these rules as a way of protecting their citizens but we all know the truth for what it really is..politicians, yuck!
     
  18. mingbao

    mingbao Trader

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    yes, exactly. some restrictions will make some troubles.
    but you should consider them only when you have very big account. and you will have ways to solve that then.
     
  19. inggo

    inggo Active Trader

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    I trade from the philippines, I know so little when it come to laws and taxation.

    but i believe there are not forex laws or taxes here? is that like an advantage on my end? I know in the US there are a lot of laws regarding forex trading, and I think they restrict their citizens to trade with local brokers. thats unfair if you ask me :(
     
  20. Fxpipper

    Fxpipper Master Trader

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    Hmmm!

    Every country has some form of rules and regulations in place to prevent any sudden devaluation of their currency. You can check online, google and a few other search engines for relevant information as it applies to your nation. Here's a link,
    http://www.cftclaw.com/2011/09/forex-rules-philippines/

    And as you can see, while the rules are relaxed [for the moment], there are still restrictions in place to protect the currency.
     

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