I was at the event. There were 400 people and there was no mention of almost everyone having an account there. Probably a small number of people. I saw the video, Tom says everybody there was a tastytrader. Tastytrade is different, it’s just financial content, and tastytraders are people who watch the show. Their brokerage firm is called tastyworks, there was no mention of that in the video.
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. @namitjain2890 What about other part? I will probably not teansfer more than $10k. Whats the penalty?? I think its not criminal offence, as you mentioned of jail earlier. Penalty is upto 3 times the violation.
I have webull, I have not applied for options because its considered as derivatives/margin which is not allowed, also LRS mentions short term/long term investments are allowed then again they did not mention day-trading which is considered speculation.
But stupidity is even investment is speculation lol, because we expect something from the company in 5 years or so, nothing is a guarantee, stock market is a probability game.
I stopped doing intraday (US stocks) on webull because day trading is a grey area considering rbi rules although they haven’t mentioned about it on the circular about day-trading US stocks.
So i started doing swing trading that’s that. the sad truth is I can be profitable with day trading but not on the swing because I have to learn how to do swings:(
It just seems stupid to not allow us to day trade because in case of cash account there is no margin involved we pay full cash for whatever we buy when it comes to cash account.
I would love to see if opinions have changed or do they have any new info from @siva-reddy
Did you transfer all your money to Indian bank accounts ?
If you still have some money left in your bank accounts abroad, use that money for trading . there is no restriction on the money you earned while you were not Indian resident.
it does apply even if you are not a citizen but a resident indian.
I have money sitting abroad. For now i can even use the money from my NRE account as that can be repatriated. the moment i change my account to local savings account, i wont be able to repatriate that easily.
For now i have opened a CASH account with tastyworks and using that.
yup. LRS is for indian residents which i am under an exception for this year.
Oh…did not know that. Will have to read about it.
Yes you could do this. I just gave that option as its easier and probably much safer, you dont have to think about the all the things we are discussing now , LRS etc
Webull is only for the people residing in USA or China?
When I tried to sign up on Webull, I can see that its only for the people residing in USA or China.
Now, I signed up with vested.co.in
@nithin how about becoming an NRI for the sole purpose of trading us derivatives? Is that okay? Is that within the spirit of the law?
Which bank are you tieing up with
Please tell so that we can ppen account with them
it is not that easy to become an NRI. You need to be out of this country for 180 days.
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In the US settlement takes two days, so if you buy shares within two days from the funds you have sold, it is considered as margin funding. But yeah, I guess you can. But if you do a lot of such trades (more than 5 per week), you are considered as a pattern day trader in the US and you need to have a minimum account size of $25,000.
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We will once we have approvals in place.
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So if we limit the number of trades of 4 per week then this $25000 wount be applicable
Am i correct
What will be munimum amount then
Minimum amount depends on the brokerage you trade with.
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