SIPPS and Forex??

System

Hi Nazrudin, thanks for your post. Keep watching the euro fall against sterling but don't forget what I said about silver. Here's what I said in march to a condescending financial advisor:

"For the record please note the current silver price of £363 per kg and compare it to the staggering gains that will be virtually incomprehensible when and if you bother to return in a few years time".

Silver is now £620 per kg, or a 70% return in 9 months.

As for the forest....well I was offered 50% higher than I paid for it and I didn't sell. Wind turbines and biomass, or renewables...because BP and their ilk have had their day.

Get control of your pension out of the clutches of financial "advisors".

System

Dunstonh, as per expectations, from a so called financial advisor, you described my post a year ago as "what twaddle". I thought you might like to revisit it:

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).

For the record please note the current silver price of £363 per kg and compare it to the staggering gains that will be virtually incomprehensible when and if you bother to return in a few years time."

One year on and silver is now £750 per kg - I think even you'll agree that's a 100%+ return in a year and precisely the returns I've been getting since 2003, which is when I stopped listening to the parasitic financial "services" industry and started thinking for myself.

You may also have heard about oil prices rising, renewable heat incentives, green economies and the public awakening to the real value of woodlands and forests. Both my woodland/forest purchases have over doubled in the year. Incidentally, both my purchases were sales by the Forestry Commission UNDER THE LABOUR ADMINISTRATION. Labour were selling off our national forests for years.

Both my forest and woodland are completely open to the public and I have a car park at the woodland welcoming visitors (without charge of any kind - as opposed to our so called publicly owned council operated car parks!).

My CFD trading account is also over double last year based on eur/gbp and eur/usd positions as described last year. If you read my later posts you'll also note that I exited these positions at 83p. For the record I've re-entered short eur vs usd in the last few days so maybe you'd like to check back in another year (1.42)!

If any hard working people read this post PLEASE stop feeding your life to the financial services industry. Banks, advisors, governments - they're all self serving greed machines which offer zero value and cause misery and destruction wherever they go. They front a friendly, caring face but truly are wolves in sheeps clothing.

emiliebonam

Very useful info. Hope to see more posts soon!

SSacademicus

sihutchuk wrote: »

For example, the Euro is quite obviously overvalued against the pound. The pound is a walking disaster area but at least it's fallen hard. The Euro is also a walking disaster area but it hasn't fallen as hard as the pound. On my post of 11/03/2010 I made it quite clear that 91p to the Euro was ridiculous and it still is. In three months its dropped to 83p and I've made about 50% on the forex account allocated funds.

Hi, Sihutchuk

Thanks for your very informative posts. I am new to the site, I actually arrived here via googling SIPP accounts that would allow forex and futures (indices) trading. Since you trade forex in your SIPP, please could you let me know which SIPP provider you are using?

Thanks

SS

skivers

Hope this helps you - and I really hope anyone who is considering trading their own SIPP has proved themselves on demo - and I do mean a couple of years- JMHO

Personally, I have an account with IPS to trade forex - they have just changed their name to the James Hay Partnership - not all brokers will open an account with the SIPP provider - FXCM and Alpari UK will open a SIPP account - and Oanda will not (at least for a UK resident)

Actually I have been following this thread for some time and found out about IPS from here - So I wanted to update the name of a provider to hopefully help someone else - especially as I have been told so many times by various "experts" that this could not be done

cbrecruit1

Is there any other SIPP providers that allow Forex trading ?

cbrecruit1

Hi these are the SIPP providers I have found to date that allow you to manage your own investments and Forex trading

Liberty SIPP
essentialsipp SIPP
James Hay (already mention)

No brokers are needed and they allow forex trading with most FSA regulated broker not sure about overseas brokers

Again cost are variably depending on what you want to do.

Tiburonsmoke

sihutchuk wrote: »

Yes, I did. Mainly because your replies were classically "know all" and downright condascending.

And if you think it's twaddle then why not come back in a few years time and see what happened to the euro against the £ (I'm betting MY PENSION on the euro being ridiculously overpriced against the £ at the moment - for the record about 91p per euro SPOT). So I'm prepared to put MY PENSION MONEY where my mouth is and short the euro/gbp.

I also think ALL currencies are ridiculously overvalued against real tangible things (other than houses) that can't be printed ad nauseum like confetti. As such I've just bought a 250 acre forest because timber values are currently based on the unsustainable wholesale rape of rainforests. Coupled with carbon trading, environmental responsibility and a pound sinking into oblivion, timber in the UK is set to increase in value dramatically.

Finally, I've got gold in zurich held in physical form through bullionvault.com and exposure to mining shares focussed primarily on silver recovery.

For the record please note the current silver price of £363 per kg and compare it to the staggering gains that will be virtually incomprehensible when and if you bother to return in a few years time.

As for the comment about it being different when it's real money.....EXACTLY!

Anyone can advise others what to do with THEIR money. And "advisors" and traders inevitable spout out nothing more than the herd mentality of the day. That's why financial advisors seem to get so excited about poxy annual returns of 7% (less their walloping fee and hidden inflation) that then gets wiped out in corrections or when the printing presses start running. The only people getting rich out of this charade are bankers and their entourage - including politicians.

I repeat that I am not advising anyone of anything (other than to think and act for themselves and not to trust any advise - including my own). I am, however, prepared to tell you and others where I'm putting my pension at the moment so that other people can see that they too can stop listening to "professional" pronouncements of "twaddle" and stop paying advisors that are almost universally outperformed by monkeys picking investments at random!

I've turned (REAL) money from a £12,000 pension pot into £500,000 (with no intervening contributions) since I took control of it in 2003. It's now March 2010, so check back and see what has happened to the euro/gbp, gold, silver and forests. Then at least it may encourage a few people to get out of the clutches of the parasitical financial "services(????!!!!)" "industry" and think and act for themselves.

And with kilo silver bars trading in the range £700 to £1000, he's doubled his money again. Congratulations on becoming a millionaire, sir.

Tiburonsmoke

Alert for everybody. Just in case anybody is reading this outdated thread, searching for information on holding precious metals in a SIPP, it is possible to hold sterling denominated PHSP (physical silver), PHGP (physical gold) and PHPP (physical basket of precious metals) in a SIPP. These ETFs can also be held in an Investment ISA. You just have to find a SIPP provider who can hold them. Not all have the appropriate trading platforms. Try Best Invest. Clunky platform, but they do offer the above ETFs.

ey143

I have been using SIPPdeal.co.uk for over a year and Interactive Brokers for normal equity and FOREX trading. Sippdeal dont charge any annual management or custody fee, but product range is limited.

Other than IB, who are the confirmed SIPP providers for FOREX and physical gold/silver - perhaps we should have a consolidated list.

Interesting thread by the way.......I too found this thread after googling for SIPP and Forex.

I work as a counterparty risk (credit risk) manager for a bank looking at hedge fund risk. I have to agree with a lot of the comments here about managing your own money rather than leaving it to "so called professionals". The agents in this game, i.e. fund managers and advisors are not risk aligned to the investments they make. Unlike some hedge fund managers who invest a large proportion of their personal wealth in the funds, these so called long only managers (regulated funds for retail investors) are not risk aligned so they play with other people's money. Perhaps it would be different if part of their salary and disposable wealth was invested in the funds that they manage.

I have an interesting article to write on MF Global which recently went backrupt, but I dont have time right now.

All I will say is, if you ever trade CFDs, for god sake make sure when you sign the disclaimer and risk warning, that you DO NOT opt to be treated as a sophisticated investor / professional investor and that you are regarded as a RETAIL investor. This way you will still be protected by the FSA's client money rules with regards to segregation of assets and client money.

I find it disgusting that MF Global tried to hoodwink me into not agreeing to this so that they could then co-mingle my money with thirs (because they ran a prop shop). Be warned. I know all this, despite MF Global employees laughing at me at the time for being so anal, but counterparty risk (credit risk) is now, unfortunately, as important as market risk (the daily profit/loss) movement on your shareholding.

One final note: I never buy swap based ETFs, always stick to physical if possible for the reasons already mentioned by others here. the risk of another default by a leading French or otherwise investment bank that runs ETFs, is a consideration one should factor in.