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Best Method for Trading Physical Foreign Currency for USD?
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Best Method for Trading Physical Foreign Currency for USD?

  #11 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
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MetalTrade View Post
What is large ?

I loose up to $1000 to $2000 a day. For other people that is maybe large.

Oh yeah, I win more than $2000 a day also :-)

I guess that is peanuts for most traders, I'm like nothing, only a unnoticeable blip on some server switch, a few bits in a database,... that's all. I'm getting philosophic, I need a drink.

MT

You are too modest, you just made a 60 ticks with 20 contracts on 6E

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  #12 (permalink)
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Futures Experience: Advanced
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jny11 View Post
Hi. I'm not a trader but I figured this would be the best place to get an answer to my question.

1. What would be the best method for trading in a large sum of physical foreign currency for USD?

2. Also, what should I expect as for as the procedure goes? What kind of forms would I be expected to fill out? Fees to pay?

Physical fx is used for international payments or if you want to hold cash in a different currency you will have to check with your bank to see if they offer different currency accounts. There are several brokerages that offer extremely efficient conversion rates on physical fx and are able to convert difficult ones such as brazil, china, Russia....but you will have to have a destination to put these funds after they have been converted.
If you are looking to speculate on a move and don't want to worry about taking delivery then a spot fx trading account will work.

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