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These companies differ from Money Transfer/Remittance Companies in that they generally offer higher value services. The volume of transactions done through Foreign Exchange Companies in India amounts toabout USD 2 billion per day This does not compete favorably with any well developed foreign exchange market of international repute, but with the entry of online Foreign Exchange Companies the market is steadily growing . Around 25% of currency transfers/payments in India are made via non bank Foreign Exchange Companies. Most of these companies use the USP of better exchange rates than the banks. They are regulated by FEDAI and any transaction in foreign Exchange is governed by the Foreign Exchange Management Act, 1999 FEMA. Money transfer companies/remittance companies perform high volume low value transfers generally by economic migrants back to their home country. In 2007, the Aite Group estimated that there were $369 billion of remittances an increase of 8% on the previous year. The four largest foreign markets India, China, Mexico and the Philippines receive $95 billion. The largest and best known provider is Western Union with 345,000 agents globally, followed by UAE Exchange. Bureaux de change or currency transfer companies provide low value foreign exchange services for travelers. These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another.
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A good self control is the basis to be a successful trader.
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In other words, if on average a trader makes 20 trades per day, yet only six trades are winning ones, a trader should not trade more than seven trades per day.
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best forex platforms