First time posting so be gentle. I'm in my late 30s, is it too late to learn trading/forex? Is it a young person's games ie eyeballs glued to monitors 24/7?
Is it necessary to follow a particular strategy(or make one) in forex trading? Cant we just make some good gains with support resistances, Chart patterns, Candlestick patterns and fundamentals?
ٱلسَّلَٰمُ عَلَيْكُمْ وَرَحْمَتُ ٱللَّٰهِ وَبَرَكَٰتُهُ Before I get into the main question, I just want to clarify the reason I'm asking for individual views, is because this is supposedly a "grey area", and that means there will be a lot of difference of opinion, and of course, with these things everyone will have their own opinion on it based on their research. Now I've done a fair amount of research, asked those who do it for a living, Muslim and Non Muslims, some of those Muslims are not practicing, some of them are, some of them are even Hafiz, so I would say I've asked a rather broad spectrum. The reply I get from almost everyone is along the lines of "if you know what you're doing, it's like any other business, similarly if you jump in blind without any knowledge or experience, then it becomes no different to gambling". Another point people raise is, "if it was Haram then why do brokers offer Islamic/Shari'a compliant accounts?", and "it's not classed as gambling by law in any country, that's spread betting (which is untaxed, where in the UK it is taxable income as it's not seen as gambling)" The reason why I'm asking now personally is because I've spent a lot of time and money working on/with algorithms, tested and trialed a lot of different methods to remove this "gambling" connotation as much as possible, and feel like I've achieved a satisfactory result. However, I've recently seen videos where it mentions that since there are no tangible assets behind this, and it is just purchasing contracts for whether this currency/stock will rise or fall, it becomes Haram. So where does that leave me and the other Muslims who have been depending on this for a living for many years? Have we been earning Haram all this time? I have constantly prayed for Allah to grant me success and wealth (since we're not a well off family by any means at all) mainly so I can help my parents. Now that I'm starting to see success and progress I don't know how to handle it Islamically. is this progress and income a blessing from Allah? Or am I just thinking that it is when I have been wasting my time. For further clarification I have not been earning any interest, and have been giving regular donations to charity and the local Masjids. Jazakallah Khayr.
Hello, I have been trading since the start of the pandemic, and I'm now at the point where I get payouts ranging from 400k - 950k php. I've always been told that forex trading is not yet taxable here; but now that I'm earning a hefty sum every month, I wanted to be sure. Do note, these profits are not gains from my own money, but rather a prop firm's. Prop firms are trading companies offering equity to traders who have passed their challenges/tests. Once passed they are given an account (usually demo accounts) and whatever profit the trader makes on that account, they are given a percentage. In my case, I have a 100k usd funded account with a prop firm in which I get paid out biweekly. Should I be doing something about taxes, may kailangan ba gawin para maiwasan ang kung ano mang complications in the future? I have no knowledge whatsoever about taxes and whatnot, all I know is how to trade. Thank you. edit: Took out the prop firm’s name as someone got triggered and called this post a scam advert. It’s not, I really am just looking for tax advice.
I’m trying to invest into forex as an 18 year old to fund for university. I’ve been meaning to move to Canada in fall 2023 from the uk for universities for personal reasons. I have around 330 pounds to begin with. Any tips?
Can I make 100$ / day with 1000$ account? (With Forex trading)
Hello guys, I want to make 100$/day or even 50$/day consistently (average 350 - 500$ per week) with 1000$ account. Is that realistic for a complete beginner? If so, where can I start?
I wonder if anyone here has any prior experience with trading in general because i feel so LONELY and kinda lost (not so lost as i’ve been doing this for almost two years). as you now it’s a long long way, so I thought it might be nice to find people with common interests.
I am just being introduced to the whole “wifi money” side hustle thing and I heard that forex trading is a pretty good side hustle to get rich. So if there are any people can explain forex trading in a simple way that would be appreciated. I am also seeing if dropshipping would be the better way to get rich but if anyone can tell me if dropshipping or forex trading is a better side hustle please let me know 🙏 (Tried to post on explainlikeim5 but it got taken down)
Is Forex trading a scam or do people make money from it?
The reason I'm asking is because I see these posts online daily and I'm curious about it.. obviously don't want to start if it's not a definite means of income. Is it legit? Are people genuinely making the kind of money they claim to in these videos?
I have been paper trading EURUSD pair with incredible success. But neither Zerodha or Upstox has EURUSD pair, they only have INR based pairs. I have checked that 3 foreign currency pairs are legal and EURUSD is one of them, so I wanted to trade it. Do you guys know any reliable Indian broker which has this pair for trading? PS: I prefer EURUSD over USDINR as there is more liquidity and movement.
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