Trade well enough, live wherever in the heck you like.... that's what I say.
Don
Don
I'm thinking of getting out of pakistan.
- Thread starter dakoo
- Start date
Quote from dakoo:
No. You could say my learning phase was nearly 4 to 5 years before i went down with a serious committment.
How did IB allow you to open a trading account from your country? Where do they report your income? Since I doubt you are paying taxes to your country, changing residency means you will have to take a tax drawdown. For a profitable retail guy, trading with other traders in a office is waste of time.
Do you scalp or trade only large news based moves? If news based, get a tourist visa and trade from the beach in any number of countries since few seconds latency is irrelevant.
if u make 100k a year in pakistan, cant u live like a king already
IB opened an account with no problem. Problem is only for north koreans and mass murderers. heh. IB as a US company is not responsible for reporting taxes on non US residents. You're right about taxes. Paying taxes here puts you in the crosshairs of politicians, mobsters and corrupt bureaucrats. Sometimes all at the same time. I prefer anonymous charity rather than paying those scoundrels.
I do agree with you on your opinion of a prop firm. I had mistakenly thought the only way to get a dubai visa was through that prop firm.
My trading style is definitely not scalping, just those intraday moves that may last anywhere from 30min to 6 hrs for the most part. My latency to broker is 350ms and i don't think its an issue, although i like to think that that if it was 200ms i would somehow lose some of that slippage
Life is pretty good here on an individual basis. But on a macroeconomic basis, the pakistani economy has all the ingredients resembling the argentine corralito, that could probably worsen the electricity shortages here and make the internet here inactive due to worker strikes and crap like that. That affects me directly and my ability to trade. Hence looking for a pad(so to speak) where I may run to if things get any worse here
Quote from dakoo:
Life is pretty good here on an individual basis. But on a macroeconomic basis, the pakistani economy has all the ingredients resembling the argentine corralito, that could probably worsen the electricity shortages here and make the internet here inactive due to worker strikes and crap like that. That affects me directly and my ability to trade. Hence looking for a pad(so to speak) where I may run to if things get any worse here
Move to Canada.
Canada will take anyone. Just be prepared for some harsh winters.
But man, I'm still surprised you're able to make that much per year just trading FOREX.
Tell me your secrets and I might sponsor you LOL...
EDIT:
A few points that stand out here.
1. I apologize for stereotyping but your written English is quite different than what Indians/ Pakistanis and other South Asians in general exhibit in online discussions. You're quite fluent- almost 100% western. So you either went to a wealthy upper-class British standard school or there's something fishy.
Again, apologies if you've mentioned your education somewhere here (specifically with regards to your English)
2. As for Canada, come in as a student and as a refugee. Tell the Canadian government the Al-Qaeda will not spare you if you stay there because you're a businessman there.
Fake some "business registration" papers, show that you own a textile shop, etc etc, and boom. You're here.
You've asked for 2 things in this thread:
You mainly talk about wanting a foreign bolt-hole to serve as a backup facility if it no longer becomes possible to trade out of your location. But then in other posts you look at the lifestyle considerations, as if you were looking at general long term emigration in any case. The second case is a matter of taste, but on the first, i don't think a $100k account justifies a foreign bolt-hole, you're not exactly a hedge fund. Better spend some money on technology which will help you trade in an emergency (i'm not good at this but would guess petrol generator+APC+Sat phone?, but that will barely keep you in touch intermittently).
Just my 2c but i think this "and then i found something called the forex market" sounds like an incredible story. Incredible as in i think you are full of shit. But i am wrong about most things.
You mainly talk about wanting a foreign bolt-hole to serve as a backup facility if it no longer becomes possible to trade out of your location. But then in other posts you look at the lifestyle considerations, as if you were looking at general long term emigration in any case. The second case is a matter of taste, but on the first, i don't think a $100k account justifies a foreign bolt-hole, you're not exactly a hedge fund. Better spend some money on technology which will help you trade in an emergency (i'm not good at this but would guess petrol generator+APC+Sat phone?, but that will barely keep you in touch intermittently).
Just my 2c but i think this "and then i found something called the forex market" sounds like an incredible story. Incredible as in i think you are full of shit. But i am wrong about most things.
Same thought crossed my mind.
I am also wrong about most things, however :eek:
I would choose either Turkey or Thailand, ever never move to a country in the Euro-zone, maybe Lithuania.
I live in Denmark and that truly sucks
ohh... except if you want to receive money from without doing anything , If you want to earn your own money, it is more or less impossible to do so here in Denmark.
And yes... Denmark are neighbour to Sweden, which also sucks big time
Danish: Og ja... vi taler et sjovt sprog, men vi stammer fra vikingerne (and yes we speak a funny language, but our heritage is from the vikings)
I live in Denmark and that truly sucks
ohh... except if you want to receive money from without doing anything , If you want to earn your own money, it is more or less impossible to do so here in Denmark.And yes... Denmark are neighbour to Sweden, which also sucks big time
Danish: Og ja... vi taler et sjovt sprog, men vi stammer fra vikingerne (and yes we speak a funny language, but our heritage is from the vikings)