SIPPS and Forex??

mantissa

Hi,

I have been playing with demo accounts on FXCM and have been doing very well.

I have a pension with SW and it lost 25% last year. Does anyone know of a way to put my pension fund into a sipp and be able to use Forex (preferably FXCM) as my means of investment??

Thanks in advance.

Phil

dunstonh

I have a pension with SW and it lost 25% last year.

No it didnt. The pension didnt lose a penny. The investments inside of the pension did and given the events of last year a 25% loss is bad.

If you use Forex, are you going to change your invesmtents again when that loses you more than 25%?

mantissa

No, I want to control the way my pension is invested. If only the investments inside the pension lost 25%, why is my transfer value 25% less this January than it was last January. I find it hard to believe.

Thank you for your input.

dunstonh

If you cant understand why your invesmtents dropped by the amount you did then moving to the experienced investors product (SIPP) to utilise more advanced investment instruments (which are capable of similar or greater losses) is not a good idea.

mantissa

ok, thanks.

mantissa

ignoring the problems with my current pension please...

Does anyone have information on investing in Forex through a Sipps pension?

bigbloke45

As far as I understand, you are not allowed to "trade" in your pension plan or your gains will be liable to tax.

You'd better check this out before you worry about moving on to Forex!.

EdInvestor

The EPML SIPP offers forex trading.
https://www.epml.co.uk/sipp/moneycorps-markets-sipp

mantissa

Thanks EdInvestor,

I contacted EPML and they are looking into it for me. They hope to be able to get confirmation from FXCM in the next couple of weeks. Hopefully it will work out and I will be able to trade soon..

Thanks again.

System

dunstonh,

I find your comments condescending and patronising. This thread is from someone who's decided to take control of their own finances and good on them.

Yes, we should certainly move out of investments where the cream of the return is going to financial advisors and rapacious institutions. Every pension fund I've ever seen underperforms the underlying investment over the long term for the simple reason that reams of intermediaries make a healthy living off doing nothing. Remember that a monkey could outperform every single fund because they get paid peanuts and don't pretend to apply any knowledge whatsoever.

Since I took control of my pension fund (seven years ago) I have consistently and massively outperformed any financial advisor I've ever come across, turning £12,000 into approximately £500,000. And I made my biggest gains from 2007 onwards.

Everyone should take control of their pension fund, however small, and stop paying middle men to do nothing but behave like a herd of suicidal lemmings.

Forex is a great place to start. Right now the euro is grossly overvalued against the £. Just get control of YOUR money, dive in and start trading. Because it's YOUR money you learn very quickly.

My advice is to read the articles on sites such as MarketWatch.com and THEN READ THE READERS COMMENTS. There's more sense in the comments than in the regurgitated claptrap the so called experts spout.

You can take my advice or not (I have no qualifications whatsoever). All I'm saying is that you'll be lucky to double your pension pool in a decade if you listen to the lemming "experts" and even worse if you trust them to actually manage your pool.

If you can double your money every year (a hard ask I grant you!) then in a decade you will have magically compounded it into over 1000 times its current value - £1 x 2 (double) x 10 (years) = £1024 therefore a £1000 starting fund would be worth over £1 million IF you could double it annually for ten years.

You'll probably not achieve this but I can absolutely guarantee that you won't if you trust fund managers, banks, financial advisors and the government!

One final recommendation - silver. Silver is artificially manipulated by governments and banks who sell "paper" silver to artificially keep the price down. As a result silver is below its sustainable mining level. In fact there is probably less above ground silver now than there is above ground gold (because we've been using up scrap silver that used to be the intrisic value of a coin - hence the UK monetary unit being sterling (silver).

Sterling used to actually be sterling silver (92.5% silver). What does the claptrap "I promise to pay the bearer on demand the sum of one pound" on our paper notes actually mean? It used to mean that you could turn up to the Bank of England and exchange the promisory note for sterling silver. That's laughable now! Its a paper promise that isn't backed by anything and is open to the Bank of England simply pressing a button and creating £200,000,000,000 out of thin air (what its just done with quantitative easing). Try doing that with a currency based on silver or gold!

If you print more pieces of paper it makes the current ones worth less. That's why you can forget a holiday to Europe at the moment. It's also why my gold bullion (that can't be magically printed out of thin air) now buys double the number of pieces of paper, with the head of the richest women in the world printed on it, than it did a few months ago! It's just that there's more paper and still the same amount of gold - hence of course gold "buys" more paper.

At some point silver will be squeezed and banks will have to unwind their paper promises. If you are invested in a silver mine when and if this happens then you really will see fireworks.

A sipp can't hold physical silver (only gold bullion), because the government don't want to encourage the undermining of their paper promises, but it can hold mining companies. Silver has historically traded at a 15th the value of gold. At the moment it is trading at around a 65th the value of gold. The pointers are good that over the timescale of a pension saving silver will spike multiple times its current value.

And what is the downside? Limited, because the status quo is a mining company valued around its ability to be profitable at current price levels. If nothing happens to the price of silver then it isn't a disaster.

Use your own brain. Read up for yourself and then have the confidence to ignore the lemming "financial services" industry. Just ignore them and me! Just think for yourself! :think:

GOOD LUCK!

dunstonh

I find your comments condescending and patronising. This thread is from someone who's decided to take control of their own finances and good on them.

what twaddle. You typed all that on a thread that has been dead for over a year.