Now the £ is falling, whats the best way to take advantage of it?

jameshoudini

Hi all.

I'm a poker player from England with a few grand in my Neteller acount in Pounds.

Would it be worth just dumping the majority of my money into poker rooms that deal in dollars (I like the idea of putting my money into Pokerroom.com, it's owned by Bwin, which is a huge sportsbook thats v. unlikely to fail and as it doesn't allow U.S. players it wont be affected in any way by the upcoming changes to U.S. online gambling law) and letting it sit in there until the £ bottoms out against the dollar, then withdrawing it back out for a profit.
Obviously I would deposit in £, which would then be automatically converted into $ as it transfers into the poker room.

Also, Neteller isn't regulated by the F.S.A., Would it be better to withdraw my money from there and use an alternative method to fund my poker accounts?

Are there better or easier ways of doing this?

Any suggestions would be greatly appreciated.

Ephemera

You so sure the dollar isn't about to fall off a cliff too?

The Americans are staring down a VERY deep hole, financially speaking. Do some research first... :0)

jameshoudini

Ephemera wrote: »

You so sure the dollar isn't about to fall off a cliff too?

The Americans are staring down a VERY deep hole, financially speaking. Do some research first... :0)

Thanks for the reply.
Thats a big problem for me as I have no clue when it comes to financial matters.
I guess the question should have included 'is it worth gambling on the falling £ against the $ and Euro, and whats the best way to do this?'

Paul_Varjak

Get a job that pays in US dollars?

agsnu

If you want to get into FX start reading something like:

http://www.trade2win.com/knowledge/forex/guides/introduction-to-foreign-exchange/

sabretoothtigger

The majority of the fall has already been seen imo

dougz_2

jameshoudini wrote: »

Neteller isn't regulated by the F.S.A.

this says it is http://public.neteller.com/content/en_GB/about_regulation.htm

a7man

You have missed your chance unfortunately, the dollar is expected to fall rapidly next year by many economists so I would avoid FX trading unless highly skilled in the area.