The following queries were send to me from different visitors.
Forex Treading possible in india? Because I found in your portal about FOREX. and visited your forex tab I got a rates and charts related to currency.
please guide about to FOREX.
Answer: Yes, you can do forex trading in India also. Many forex brokers allow membership to Indian citizens provided you give them valid ID proof, address proof like PAN card etc. After opening a live account you can start trading in currency pairs like EURUSD, GBPUSD etc.
But before opening a live account, I suggest you to open demo account and see how forex market works. You can make millions in a day and you can become bankrupt in just few minutes. Our another website http://www.DodaCharts.com will provide you enough tutorials, technical indicators and guide to forex trading.
Hope it will help you.
Another Query from Lucky:
Monthly Income : 34,000/
11000/- Traditional Chits in our Colony which will be completed in next 12-18 months
3500/- Companies Stock (ESPP) which is doing well
1000/- SBI Gold Fund Started from last month SIP route
Mandatory Expenses :
5000/- Online Shopping, petrol
remaining amount other day-to-day life expenses (fees, pocket money etc)
By the end of the month I will not have more than 500/- in my savings account, SO what ever money I get in my salary account will be completed totally by month-end.
The amount which I will be getting from Traditional Chits (3 lakhs) will be used for my marraige may be after 18 months.
I can Invest 6000/- more from next month onwards.
1. Insurance policy: do I need insurance policy as I dont have any dependents as of now.
2. Emergency fund : Is there a need for emergency fund for me.
3. I have not planned for tax at all, how can I acheive this
4. As I am young, I want to invest in mutual funds/Stocks and can take risk,I have long term horizon
Goal 2 :
After the completion of traditional chits I will be left with 11,000/- each month so how should I invest it then
In My portfolio I want to have 4 mutual funds in next 18 months (1 gold, 2 equity, 1 tax savings) and I will be investing in this funds for min of 5 years, as my salary increases I will also increase the SIP amount also in this funds.
The mutual funds which I have in minds are as follows :
1. HDFC top 200
2. HDFC Tax Saver
3. HDFC Prudence Fund
4. Reliance Growth Fund
5. SBI Magnum balance FUnd
6. DSP Small & Midcap FUnd
7. Any other funds
I am newbie in the investment field, dont have much Idea, this are my understanding, suggest me what is best for me
One more thing I am investing in SBI Gold Fund as Dividend reinvestment is that fine or shall I go for growth option if yes are we allowd to change once commited.
I have gained some knowledge regarding investment by going through some sites like investmentkit.com(articles are really very nice), watching program 'Your Money' which I like very much.
Answer: Lucky, you've asked lots of queries. Let me take one by one in brief to help you.
1. Exit from chit fund immediately. Do not play gamble with your money. Chit Funds are not at all safe. There are no rules and regulations of RBI, SEBI etc. on them. You won't be able to chase them if they just run away with your money. Do not be greedy with dreams of high profit.
2. Then, invest some amount in bank FD and reserve this money for your emergency fund. This is MUST. You never know the timings of hard times.
3. Take online term insurance from life insurance companies like Bharti-AXA life insurance, HDFC Life etc. LIC is also coming up with online term insurance plan soon.
4. Do not invest in stock market directly if you do not know how to. Rather take the route of equity mutual funds. Invest via SIP and do not try to time the market.
5. Your HDFC Tax saver will take care of your tax benefits. Invest some amount in PPF also.
6. Exit from Reliance Growth Fund and SBI Balanced Fund and invest in IDFC Premier Equity Fund.
7. Change to Growth option in your funds. You can do it anytime in any fund. There is no point in paying dividend distribution tax. Just contact your mutual fund company and they will charge one-time STT on that (which is a very small amount).
8. Keep on reading different articles on this website and post your queries in comments section below.
Thanks for your positive feedback.