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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?

 
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Best Method for Trading Physical Foreign Currency for USD?

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?

 
 
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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?

1. Well, my suggestion is that you do not trade ANY sum until you are profitable on sim or some form of simulation.

2. If you trade spot fx currencies, the spreads are much larger than futures, so be aware of that. Honestly, if you are trading a hefty sum and you are not 'scalping' then commissions will not affect you much, so I wouldn't be concerned.

Get profitable would be he #1. Then be concerned about brokerages, computers, etc...

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jny11 View Post
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?

I'm not sure this is really what you want to do.
Trading 'physical' currency creates issues that are not present when trading Forex or Futures.

I think possibly the biggest thing is that you loose your leverage.

With a "large sum" of currency you can control 100 times that amount by opening a trading account.

So unless this is a 'one time' transaction I think using 'physical' currency is a bad idea...

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DavidHP View Post
I'm not sure this is really what you want to do.
Trading 'physical' currency creates issues that are not present when trading Forex or Futures.

I think possibly the biggest thing is that you loose your leverage.

With a "large sum" of currency you can control 100 times that amount by opening a trading account.

So unless this is a 'one time' transaction I think using 'physical' currency is a bad idea...

Oh, I missed the 'physical' part. haha...

Why would you do that? haha...

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maybe he is a money changer?

I am alway intrigued by money changing business, any one has idea how they work? Where do they obtain the different physical currencies? It cannot be just from the people that changed money with them, are they able to get them from the banks directly as well?

 
 
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DavidHP View Post
I'm not sure this is really what you want to do.
Trading 'physical' currency creates issues that are not present when trading Forex or Futures.

I think possibly the biggest thing is that you loose your leverage.

With a "large sum" of currency you can control 100 times that amount by opening a trading account.

So unless this is a 'one time' transaction I think using 'physical' currency is a bad idea...

Physical currency=avoiding margin calls


e.g. carry trade



Currency Carry Trade Definition


Last edited by redratsal; January 24th, 2011 at 08:45 AM.
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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?


Depending on the size, you would want to go through your; or a large -- like Citi, bank to have them convert it. They could use benchmarking tools to make sure you are getting a decent average price.

 
 
 
 
Posts: 1,081 since May 2010


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.


 



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