Currency Trading

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  • Currency Trading
  • peterfile
    Member

    Are you talking about retail forex, or walking into M&S and buying currency?

    If the former, i’d suggest that it’s a fun hobby. If the latter then i reckon you may need to rethink your strategy or stop drinking..or both 🙂

    In all honesty, if you know what way any instrument is going to go…dump every single last penny you have into it.

    (worth noting that even the best traders on earth acknowledge that there is absolutely no possible way to predict what way a market will move with any certainty)

    I’ve traded forex for about a decade. Part of it is linked to my day job and i find it interesting/entertaining. But you won’t get rich. Quite easy to get poor very quickly though 🙂 Retail forex is filled with people who think they will make loads of money, but it’s nonsense. You have no training, no education, restricted/slower access to info, slower access to price feeds, the price feeds that you do get are manipulated by brokers….any yet people still think they can make a living out of it just like the guys on Wall St!

    ninfan
    Member

    Surely they’ll come down to $1.40 at some point in the next 24 months? If so, you could make a 20% profit, far higher than any savings account.

    I wonder if anyone has any experience of this. I’ve looked in to it in the past and people say stay away, but surely it’s a safe bet with USD.

    What could possibly go wrong? 😈

    meehaja
    Member

    Forex is the way forward for currency trading, but you might as well put all the money into the casino, you may get similar returns!

    I watch the markets and buy currencies for countries I will be visiting, trying to buy £100 here and there at good rates, on the grounds that I don’t lose out massively as I would have bought currency at the days rate before holiday anyway!

    Ro5ey
    Member

    Peterfile has hit the nail on the head.

    But I’ll happily sell you dollars over sterling if you want

    What on earth makes you think we be seeing 1.40s in the next 2 years ?

    peterfile
    Member

    I watch the markets and buy currencies for countries I will be visiting, trying to buy £100 here and there at good rates, on the grounds that I don’t lose out massively as I would have bought currency at the days rate before holiday anyway!

    Seriously????

    I never bother my backside with holiday currency, I just stick my card in an ATM when I need it.

    For info, in the whole of 2014 GBPUSD hasn’t moved outside of 1.63 – 1.7.

    That means if you’d bought £100 worth of USD at the worst possible moment in 2014, you’d only be $13 worse off than buying at the best possible moment.

    A more usual range this year has been 1.65-1.68, giving only $3 difference for your £100.

    This of course, depends on you having access to someone who will exchange your money for market rates….which they won’t 🙂

    Save your energy and take your bank card with you. It’s safer, more convenient and just as likely to be cheaper as it is more expensive.

    Incidentally, if you’d planned a trip this year and bought your money any sooner than now, you’d be guaranteed to be worse off 🙂

    number18
    Member

    Does anybody on here do it?

    I’ve noticed that USD are currently $1.70 to the pound, I’ve seen them for sale at $1.675.

    Surely they’ll come down to $1.40 at some point in the next 24 months? If so, you could make a 20% profit, far higher than any savings account.

    I wonder if anyone has any experience of this. I’ve looked in to it in the past and people say stay away, but surely it’s a safe bet with USD.

    Are there any other currencies worth investing in right now?

    If I did enter this world, where’s the best place to sell currency?

    elliot100
    Member

    Forex is the way forward for currency trading

    lost me there

    Premier Icon mikewsmith
    Subscriber

    you been watching the new Jack Ryan film?
    As all the words say your investment can go up or down. If you want to play then play, if you want to make money make sure you have a day job, if you want to bet the house make sure you have a plan b.

    Premier Icon binners
    Subscriber

    I’ve got an equally foolproof moneymaking scheme. You’ll need to get yourself along to one of these…

    peterfile
    Member

    Also, GBPEUR hasn’t moved out of 1.19 and 1.25 (more commonly 1.2 and 1.23) in 2014.

    Meaning only 6 euro difference for your £100 if you were incredibly lucky and bought at the best possible moment and went on holiday at the best possible time. Or more likely a 3 euro difference if you were just very lucky 🙂

    Again, if you’d planned a holiday for now and bought your currency at any point in the past…all the way back to 2012….you’d be guaranteed to be worse off.

    Sorry, it’s just that this time of year tends to be filled with comment like “where has the best rate for buying currency for holiday”? You’re going on holiday, not financing a motorway, you could make the same saving by not buying a toblerone at the airport 🙂

    poolman
    Member

    I use currenyfair to buy euros as I earn GBP & have e costs. I actually buy a fair amount forward – now as I get 1.25 today & am more than happy with that. It could go either way.

    Be aware that these portals are not protected, if they go bust you do too.

    I’d avoid trading if you have no inherent need. Have a flutter, win lose a few quid but stick to shares.

    badnewz
    Member

    FX trading is very dangerous, 9 out of 10 people lose money. My old flatmate lost over £30k in less than a week. Beware.

    edward2000
    Member

    Surely they’ll come down to $1.40 at some point in the next 24 months?

    Why?

    I’d bet the pound continues to get stronger against the Euro and buy Lenigas shares.

    None of the above is advice.

    willjones
    Member

    You’re going on holiday, not financing a motorway, you could make the same saving by not buying a toblerone at the airport

    Thanks for that one, will remember it for next time Mrswilljones starts touring the county for the best exchange rate… does my head in.

    bencooper
    Member

    Sorry, it’s just that this time of year tends to be filled with comment like “where has the best rate for buying currency for holiday”? You’re going on holiday, not financing a motorway, you could make the same saving by not buying a toblerone at the airport

    I get this quite a bit as I import – companies wanting me to use them for Euro (mostly) payments, claiming they’re some tiny fraction of a percent cheaper than my bank or offering to let me buy my Euros in advance or something.

    I used to try explaining that it really wasn’t worth my effort to use a whole different company to save €3 on a transaction, but now I don’t bother and just hang up.

    Trimix
    Member

    Im move a million+ a month in USD / Euros / GBP at work. Lucky to make a grand or two. Normally a few hundred quid.

    Its not worth much of my time.

    So, unless you are moving tens of millions you wasting your time.

    Bencooper – I must get about two calls a month from companies like that. I too just hang up now.

    IHN
    Member

    When I used to work in a branch of everyone’s favourite bailed out Scottish bank, a chap came in and asked me the Franc rate (it was a while ago, obviously). I gave him it and it was, let’s say, 10.03 to the pound. Same happened the next day, when it was 10.04. And again the next day, when it was 10.05. On the fourth day, when it had held at 10.05 he said “lovely, I’ll have £100’s worth please”… he obviously valued his time very cheaply.

    bencooper
    Member

    I still bank with them 😉

    Used to have fun in the local branch – back in the days of posting bank drafts to people – trying to convince them that other currencies were a thing. The concept that £1000 wasn’t the same as DM1000 was way over the heads of RBS Maryhill.

    number18
    Member

    Ok, fair points made. I’ll not bother!

    Thanks all!

    konabunny
    Member

    “You’re going on holiday, not financing a motorway, you could make the same saving by not buying a toblerone at the airport”

    Conversely, considering someof the motorway financing that’s gone in my neck of the woods recently, they’d have been better off buying an immense stockpile of Toblerone than building the motorway…

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