PDA

View Full Version : Forex start-up



Pikiaoboy
24-11-2009, 03:23 PM
Hi all,
Brand new to all this but I am very keen to learn!

I am looking at starting into the Forex trade and I have a few questions I'd like some help on (typically some extra info on what has already been asked here).

1. What platforms do you recommend? I see some are partial to LatitudeFX, Oanda, GoMarket, CMC etc. I am having fun using Oanda right now (losing a lot of pretend money!) but am concerned about setting up an account with them (is the Singapore Oanda just a seperate branch?).

2. What tax implications should I be concerned about? I currently have an LAQC set up as I have been contracting for the past few years, however I am moving back into permanent work and so will not have much income passing through the company. If I use the company for my trading is that worse than trading personally? My gross income from work (this permanent job as well as moonlighting) will be close to the $70k mark, but not sure when I need to worry about any cash that I will withdraw from my Forex accounts. Do I only worry about the tax implications when I make withdrawals into my personal NZ account? Is this a question I need to ask my accountant first?

3. Can anyone recommend some good online doco? I have found a whole bunch online (I like babypips.com at the mo) but if anyone can speak from experience for good doco on the basics that would be appreciated.

Oh, and in case you ask, why do I want to start with Forex? Mainly because I can put as much time into it as I want. And so if I don't have time for it I can have my money sitting there until I'm ready to trade again :) Plus, I'm having fun on the demo account, even though I know I am making the wrong analysis, its comforting to know that it is fake money I am losing, and so I can keep learning and analysing...until I can work out WHY I am losing money :)

Anyway, great to finally post on here, now I can go back to reading all the jokes in the Clean Jokes thread!

P

peat
24-11-2009, 04:04 PM
there was a very similar thread just recently

http://www.sharetrader.co.nz/showthread.php?t=7311

and of course theres all the stuff in the forex forum itself that goes back over quite a few years...

so once you've read all that, you can start to ask specific questions.

and if you dont want to think about it too much and just follow the master then you can buy arco's blog....

Pikiaoboy
24-11-2009, 04:49 PM
Yup, I went through that thread but wasn't sure if I should add my spiel to it or start my own help me topic heh.

My eyes tend to go cross-eyed when I see comments about sharetrading in general and so I tend to focus only on forex related topics (very biased I know!).

But I will carry on looking through past threads to see what nuggets of wisdom I can find there (as well as check out arco's blog!)

peat
24-11-2009, 05:12 PM
well yes share trading is a bit different and not as dynamic but if you aspire to be a technical trader (and most forex people are) then all market graphs and all people who analyse those graphs can be of potential interest.

Pikiaoboy
24-11-2009, 05:53 PM
Point taken :)
I guess I havent quite grasped what skills are able to be used between the shares and forex (which shows my inexperience). I know theres a lot to read, its just a little bit daunting (although this site seems like a great place to start).

miner
25-11-2009, 07:59 PM
Piki Arco's site is still only a whopping $10 to join for a month,just do it as even if you only read and watch how the master does it you will learn heaps and get more than your $10 worth,and you could trade a micro acc if your new to the game and maybe make a few bucks,$10 is only 2 beers.

Cheers
Miner

Steve
29-11-2009, 09:53 AM
Piki Arco's site is still only a whopping $10 to join for a month,just do it as even if you only read and watch how the master does it you will learn heaps and get more than your $10 worth,and you could trade a micro acc if your new to the game and maybe make a few bucks,$10 is only 2 beers.

Good reference, but no disclosure of a finders commission... ;):p:D

deanbo
06-12-2009, 04:12 PM
there was a very similar thread just recently

http://www.sharetrader.co.nz/showthread.php?t=7311

and of course theres all the stuff in the forex forum itself that goes back over quite a few years...

so once you've read all that, you can start to ask specific questions.

and if you dont want to think about it too much and just follow the master then you can buy arco's blog....

No mention of applicable taxes on that thread that I could see. I think it may be capital gains that you pay but the advice I was given was speak to your accountant. Next challenge is finding an accountant who knows about spot Forex. In this instance you may want to try Shasta as I think he is an accountant who trades shares?

Doggy888
06-12-2009, 05:10 PM
I asked a similar question recently, check out this thread.

http://www.sharetrader.co.nz/showthread.php?t=7209

I checked with my accountant again and he mentioned something like if the capital is less than 50K, I should be under the radar of IRD. But then he knows nothing about spot forex, he is talking in the context of shares. After pressing for more information, he said that his research on this is that it is still a very "grey" area, and will looking into it. I'm currently trading under my personal name, but looking into ways of "doing it right"...

Pikiaoboy
24-12-2009, 01:53 PM
I asked a similar question recently, check out this thread.

http://www.sharetrader.co.nz/showthread.php?t=7209

I checked with my accountant again and he mentioned something like if the capital is less than 50K, I should be under the radar of IRD. But then he knows nothing about spot forex, he is talking in the context of shares. After pressing for more information, he said that his research on this is that it is still a very "grey" area, and will looking into it. I'm currently trading under my personal name, but looking into ways of "doing it right"...

Yes I know what you mean. I asked my accountant about it and she said she would look into it and I haven't heard from her since lol.

I've signed up to Arco's blog and I must admit it is amazing! I'm definitely signing on the long term as I learn something new every week heh

arco
31-12-2009, 03:48 PM
I've signed up to Arco's blog and I must admit it is amazing! I'm definitely signing on the long term as I learn something new every week heh

According to Statbrain we have

Estimated number of visits for www.lincolnfx.com (http://www.lincolnfx.com/)
3,998 visits per day

....................Now even I find that amazing

http://www.statbrain.com/www.lincolnfx.com/