Is Anyone Here Trading Forex?

Discussion in Savings & Investments Plans started by JulianWilliams • Jan 19, 2015.

  1. JulianWilliams

    JulianWilliamsMember

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    Have any of you tried FOREX as a way of investing the savings you have? I haven't yet, but from what I can tell there are some significant risks to doing it, like what happened last week with the Swiss Frank which led to a huge increase of its value in comparison to other currencies.
     
  2. Onionman

    OnionmanActive Member

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    There are definitely big risks with it. Make sure you do a lot of background reading on technical analysis and economic datapoints. And try a trial training course online. It's not a simple way to make money, that's for sure.
     
  3. Polgie

    PolgieNew Member

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    I have to admit I have been playing with the idea of this what with the oil price estimated to be low for the next 3 years. Wondering whether it's worth trying to pick up some Russian Rubles now and sell them once the oil price comes back up? Or to divest to a less oil-dependent currency (maybe China?) until the oil price stabilises?

    It'd be interesting to hear what other people's strategies are with regards to Forex and the current oil price situation.
     
  4. JulianWilliams

    JulianWilliamsMember

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    I'm not sure oil prices will ever go back to the level they were. We're developing more and more alternative fuel sources and electric car sales seem to start picking up steam. I'd stay well clear of rouble that's for sure. Their economy is in tatters and way too much dependent on oil and gas
     
  5. Onionman

    OnionmanActive Member

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    I would suggest you start with some less volatile currency pairs so that you get comfortable with how they work. So EUR-USD or GBP-USD and so on are a reasonable start as you're not as likely to see as sharp moves as you would playing the rouble.
     
  6. Polgie

    PolgieNew Member

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    Haha, you guys are right. Just seems like a way to possibly earn big. But currencies aren't like stock and the Rouble could just stay low. I like holding USD and GBP - they're stable currencies that you know aren't going anywhere soon. EUR is also a great option. But I don't think you can earn big trading on these, because there's very little risk.
     
  7. JulianWilliams

    JulianWilliamsMember

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    Thanks for the advice. The euro has really lost a lot of value recently. They're at the lowest exchange rate against the USD they've been for many years now. I think the euro's value will drop even more due to the ECB launching a policy of printing lots and lots of new money.