Archive for Currency

Hungarian Forint

Sunday, February 22nd, 2009

I would like to bet on the Hungarian forint to weaken against the Euro. (a) What’s the best exchange and contract for me (I’m a U.S. citizen) to do this with, taking into account volume/liquidity concerns? and (b) what would be a good spread trade — in terms of size and expiry-months — to start with? More generally, am I better doing this with futures than with a forex bank account?

Spot Forex

Sunday, February 22nd, 2009

Dear Anna, I want to know how do individual investors or institutional companies with huge funds trade spot forex? Do they use online brokers like small traders or is there any other way which is more secure? I read that you recommend splitting account with another broker if we are to trade more than 100K. What if we want to trade with 1M? Would you recommend Dukascopy? They offer a custodian program, where we open an account with a Swiss bank. Do you think this is more secure in case of broker’s bankruptcy? Thanks.

Comments (1)

Broker Risks

Sunday, February 22nd, 2009

Dear Anna, I came across your excellent article on “Choosing your Broker”. I opened an account with OANDA because they provide the services I need (online trading and multicurrency accounts with conversion between currencies at dealing rates). Their spreads are close enough for me, as I don’t plan to do “scalping” or “news trading”. The amount of money I want to convert/trade is quite large (>USD 200,000) and I’m concerned about the possible risk involved in depositing that amount of money in a trading account with them. As they say on their Web site, if they were to go bankrupt or file for bankruptcy protection, I could lose all the money in my account. How secure do you think they are? Are they one of the “good guys”with >$5m net capital? All my impressions of them and what I read about their reputation are positive, but I’m still slightly concerned about the possible risk to my deposits with them, especially in today’s uncertain financial market. Many thanks for your help with this. Best regards, Simon

Long Term Trends Euro Dollar

Sunday, February 22nd, 2009

Dear Anna, If you can tell what do you expect for a long term investment for about 2 – 5 years… Is it better to invest in Dollar or Euro…and what in short term till November and December. What do you expect Euro and Dollar outlook in the given circumstances… Hope to receive ur reply in this regard at the earliest. Regards, Zeeshan

Become A Full Time Forex Trader

Sunday, February 22nd, 2009

Hello Anna, Your site is an inspiration. I have been thinking of becoming a full time FX trader for the last year, and I have been reading up a lot on it. It seems risky but on the other hand it seems like just what I need. What you do for a living is what I have always dreamt of doing, and I really hope this dream can come true for me. I desire to be an expert at something, and this will give me the opportunity to do so. I am also interested in running a business without the usual hassle that traditional businesses go through, and lastly I need a business that will fit around my schedule (I have very young kids). I have never trad ed, I have been trading a demo account for a little over a month, I have been studying loads, and I am still trying to come up with my trading strategy and plan. I would appreciate it a lot if you could become a mentor of sorts, bcos I really need to do this to build some confidence in myself, I currently dont feel like I am an expert at anything, and this really seems like the perfect opportunity for me. The opportunity to make money in FX is a strong incentive, but for me it is much more than that, it will offer me the lifestyle that I have dreamt of. I hope this really works out for me. I would appreciate any word of advice or encouragement from your end. I am ready to put in the hardwork, and I just need a boost of confidence to believe I can be a part of the elite 5% that do make it in FX trading. Thanks for taking the time to read this. Warmest Regards, Kemi

Retail Forex

Sunday, February 22nd, 2009

Hi Anna Firstly, keep up the great work on the site, I find myself constantly referring to it every few days. Sorry for the e-mail but I just wanted to pick your brain about something. What do you think the retail Forex business will look like in 1-2 years from now after all this has blown over and the Governments have upped the regulations etc. I’m asking because I noticed in one of the forums that some politicians in America are asking for a “Transaction tax” to be applied to certain types of trades (CDS’s, options & futures etc) at a rate of one quarter of one percent of the gross amount (eg 0.0025% on a standard lot of 10000)and there seems to be some feeling that they might target Forex traders.?

Start Currency Trading

Sunday, February 22nd, 2009

Hello Anna, I am new to currency trading and have not yet invested any money as I’m still studying the business. Can you tell me where some good places are to get the news for fundamental analysis. Basically where is everyone else looking. I would like to study the effects of different news reports. Also, do you know of any free charts without having to open a demo account (would like to study cause and effect first). I found one at XE.com but the timescales are limited. Finally, what method of trading would you recommend for a novice. Short, medium. I originally saw myself trading shorterm, however there seem to be bigger profits ( and losses, I know) and less transactions with medium term. I would greatly appreciate any input you could offer as I am eager to learn and start demo trading. Thank you Jeff

Currency Options Trading

Sunday, February 22nd, 2009

I have never bought or sold currency options. With the U. S. dollar devaluation, I would kindly appreciate your description of how I may purchase currency options to try and overcome the U.S.dollar devaluation. I am a senior citizen with very limited experience in purchase and selling of stock options. Thank you Michael

Forex Trading

Sunday, February 22nd, 2009

Hi Anna, Whilst browsing thru “ezinearticles.com” site I navigated to your link – Wow!!! I have only read a few pages so far and decided to stop and send you this e-mail. I’m blown away by the clarity, completeness and honesty of the free information you have provided. It’s exactly what I need at this point in my quest – can’t wait to read the remaining pages provided! Thank you!!!!! I’m looking into the possibility of trading in the currency field. Last years return only a poor 4.22% I like medium to long-term trading – multiweek to multimonth. I’m technical trader- fundamental input provided by COT & Spreads I have and not been able to climb up from the current plateau in my trading. I would like to get up to the 30-40% annual returns (law of diminishing returns is not an issue at the moment) and last year’s return has prompted me to look at other areas of trading. Have not found the key issues in my trading plan/psychology that may be holding me back! – do I need to find a mentor? I am drawn to currency trading. Rather than compete directly with the professional 10-20% winners – would it be better for a newbie such as myself to subscribe to services such as Jack Crook’s “World Currency Options” Or “The Money Trader” by Sean Hyman and trade blindly all their recommendations? Thank you so much for your valuable time and kind assistance and any views you may have on my queries would be greatly appreciated Sincerely, Surinder

Forex Broker Oanda

Sunday, February 22nd, 2009

Anna, Do you have any experience trading with Oanda? Would you trust this company with 25K-50K of trading capital? They have an excess of capital to the tune of about 38 million. This is according to the US futures & commodities web site. Your comments are appreciated. Thank you. Leo