Trading.

kingrulzuk

Any advice on trading currency?

bowlhead99

kingrulzuk wrote: »

Any advice on trading currency?

Yes.

"If you need advice on how to trade currency, do not trade currency"

talexuser

Years ago when online trading began to take off the Sunday Times financial pages started a series with an amateur investor who had made good money from his virtual trades, and decided to give up his job and do it full time as an easier way to get an income. The series started off with big headlines every week and quarter page articles on the shares etc he was watching. As the profits got less the articles size got smaller and moved down the financial page, and on to the next. After a year and some he gave up and said was getting a job again as had not made enough money overall to live on. That announcement was a tiny small print paragraph hidden away at the end among the adverts.

IronWolf

kingrulzuk wrote: »

Any advice on trading currency?

Yep - dont do it

coyrls

kingrulzuk wrote: »

Any advice on trading currency?

Travelex often has Happy Hour offers on currency.

kingrulzuk

coyrls wrote: »

Travelex often has Happy Hour offers on currency.

I want to buy currency at a very good price and sell it to friends and family at a reasonably price.
Any advice?

le_loup

Yes.
Don't try to scam friend and family, it will end in tears.

James_B.

kingrulzuk wrote: »

I want to buy currency at a very good price and sell it to friends and family at a reasonably price.
Any advice?

Yes, buy it when its cheap, and sell it when it's expensive.

For example, but USD when they are 2.05 to the pound, and sell them when they are 1.62 to the pound.

Just make sure that you don't buy them when they are going to go down.

mystic_trev

talexuser wrote: »

Years ago when online trading began to take off the Sunday Times financial pages started a series with an amateur investor who had made good money from his virtual trades, and decided to give up his job and do it full time as an easier way to get an income. The series started off with big headlines every week and quarter page articles on the shares etc he was watching. As the profits got less the articles size got smaller and moved down the financial page, and on to the next. After a year and some he gave up and said was getting a job again as had not made enough money overall to live on. That announcement was a tiny small print paragraph hidden away at the end among the adverts.

You mean John Urbanek. I used to enjoy reading his, sometimes, painful blog. He actually ended up losing about a third of his Capital, I think?

One trader who quit his job in the City during the dotcom boom to buy and sell shares at home, chronicling the ups and downs in a newspaper column, lost about £34,000 in his first year as a day trader.

The trader, John Urbanek, wrote in his final column: "I am not throwing in the towel and will continue as a day trader, although somewhat older and wiser than when I started almost two years ago. I would not necessarily recommend that readers follow my lead. It is not an easy life – nor is it an easy way to make money."

Adrian Lowcock of Bestinvest, the financial adviser, said he knew of an investor who made £1m from a small sum by day trading during the dotcom boom – only to lose almost all of it in the bust. "The profits were way above his expectations. Greed took over and when values fell he wasn't able to accept it and sell up."

The lesson was to trade only with a pot of money set aside in advance and give up if that was lost, he added. "You can make a lot, but also lose a fortune. But you tend to hear only of the successes, not the failures. It's for the few, not the many."

http://www.telegraph.co.uk/finance/personalfinance/investing/shares/5841786/Day-trading-You-can-make-a-lot-but-you-can-also-lose-a-fortune.html

Drp8713

For all IG users, spread betting, as far as I can see on the site for share markets there is a minimum £10 fee for trading, but for non share markets, it is only a % fee? Is that correct?


So you could have a £50 pop on this for a laugh without losing it all in dealing fees?