castlemaine FOREX

reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
03/12/2008 16:25

how many people play the currency game and where is the best place to look online for the latest rates?( that are close to the ones you get in TRNC)



im a bit of a newbie when it comes to this, but looking at how erratic the rates have been lately it seems there is some serious money to be made.



Regards



Repro.

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
03/12/2008 16:41

And also serious money to be lost.

We have been playing the currency markets in a small way, our example being,

Over the 6 years we have been in Cyprus we had a holding in YTL of about £90k invested on a monthly (19%) account. It was generally purchased at about 2.50 to the £.

At the end of each month we assess the current rate and if below 2.20 we sell our YTL and buy £s, alternatively if the rate is over 2.60 we sell our £s and buy YTL. Sounds easy but...

You can at times be completely in one currency(say YTL) and as its value is falling so you are stuck and dependant on an upturn.

At least if you are in YTL you get good interest, but if you are in a weak £ market then the interset is lousy.

The big downer is that the banks have a 8 krs spread which means you have a lot of catching up to do just to break even.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
03/12/2008 20:33

If you are really reliant on your nestegg then a sensible tactic might be to put half in one currency and half in the other... hedging your bets.. Of course you won't be getting any very good interest on GBP at the moment it seems...



BTW... Premium Bonds... the payouts have been slashed and are no longer a good investment... unless you win a Million... visit their website and see the severely reduced number of prizes being dished out... Martin's Money Tips recommend no more than £1,000 be retained...

ROBnJO


Joined: 30/06/2008
Posts: 1289

Message Posted:
03/12/2008 20:38

http://www.advfn.com/p.php?pid=forexqkchart&btn=updatecharts&elists=1%7C3%7C7&elists=1%7C3%7C7&email=Enter+Your+Email+Address+Here&curcode1=GBP&curcode2=TRY&updatecharts=GET+QUOTE&symbol=FX%5EGBPEUR

Harlequin


Joined: 02/10/2008
Posts: 346

Message Posted:
03/12/2008 20:38

The only way to be sure of not losing money trading currencies is not to do it.

Harlequin


Joined: 02/10/2008
Posts: 346

Message Posted:
03/12/2008 20:40

On the other hand if you want to become very poor very quickly go here:



http://www.tradingcurrencyonline.com/

Harlequin


Joined: 02/10/2008
Posts: 346

Message Posted:
03/12/2008 20:43

ROBnJO



Pointing someone at advfn and a currency trading site at the same time is a bit like standing him on a chair with a noose round his neck!



I hope he keeps us posted on his progress.

reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
03/12/2008 23:57

Cheers for the advice







im gonna have a read of that Forex site just to brush up on my knowledge







I have some YTL that im waiting to change up, and with tomorrows rate cut, which might be as much as a full 1%, i have a hunch the pound will be weaker against the Lira. (and most other currencies)











the only problem is what to do the Sterling while i wait for the GBP/Lira rate to go back up?...







im sure gonna miss the 20% interest i was earning! But this is more exciting! lol

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
04/12/2008 01:28

Why not give up on currency and go spread betting?



Things are a lot more predictable (down as well as up) and at a 3:1 ratio there is little to be lost and far more to gain.



cheers



guin

Harlequin


Joined: 02/10/2008
Posts: 346

Message Posted:
04/12/2008 09:53

You can, of course, spreadbet currencies. US$/AUS$ is not a bad one to trade at the moment.



If you want to go down that route have a look at Metatrader. You need to download it from http://www.metaquotes.net/metatrader



Don't take any notice of "there is little to be lost". Spreadbetting currencies is a very risky game. It is just as easy to lose as it is to gain.



You will need to make a study of "Candlestick Charting."

Harlequin


Joined: 02/10/2008
Posts: 346

Message Posted:
04/12/2008 10:48

Just stumbled accross this. "Currency Trading for Dummies"



http://www.forex.com/land-dummies.html?src=reuters120x60brokerhpinvest_dumv2-200812&utm_source=reuters&utm_medium=button&utm_content=reuters120x60brokerhpinvest_dumv2&utm_campaign=200812

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
04/12/2008 14:08

RE: msg 9



To clarify, I posted this in the context of considering an alternative to SB on forex. I have an IFA friend who does it for fun with forex, but his brain must be addled a lot of the time. After he spent time encouraging me to do it with forex I found it a lot easier on other markets - not so 'dynamic' as forex !



guin

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
04/12/2008 14:12

Found it easier to stick to a TRNC bank for this. The rate quoted by Garanti on their website has never had a spread when I have been dealing. The quoted rate has always been similar to other banks and you only have one person to deal with if you move money in and out of your own sterling and YTL accounts.

There is a big difference in interest rates but dont forget that say 18% is per year so it is only 1.5% per month if you are out of your YTL deposit account on a maturity day. You can make a lot more than that, but as CJtill said in an earlier post you could lose a lot as well. Are you a gambling man and are you positive thinking? If not take the 18 to 20% on offer.