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Best Method for Trading Physical Foreign Currency for USD?
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...
The following user says Thank You to bluemele for this post:
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?
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.
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.