Trading US markets from Australia

[AlwayzLearnin]

Hi all,

I'm new here and to trading/shares in general.

From the info I have found so far, it seems that there are a lot more opportunities for Derivatives trading in US markets than in Aus Markets.

I see online brokers such as e*trade allow trading from here to the US, but do you require a US bank account? furthering on that, is it possible to get a US bank account and trade out of it exclusively (using US$) and then pull the money back here after a (hopefully) tidy profit and thanks to the exchange rate increase your profits even more?

 

[AlwayzLearnin]

I was just speaking to the help guys at OptionsXpress and they were able to provide me with an answer.

Apparently when you transfer money to them it is stored with them in USD. All trades are then completed using USD. The only time it is converted to AUD is once you decide to take some of your profits (fingers crossed ) and have the money transfered back to your own account.

Hope this helps someone.

 

[Grinder]

I was just speaking to the help guys at OptionsXpress and they were able to provide me with an answer.

Apparently when you transfer money to them it is stored with them in USD. All trades are then completed using USD. The only time it is converted to AUD is once you decide to take some of your profits (fingers crossed ) and have the money transfered back to your own account.

Hope this helps someone.

Great if you have US, otherwise you have to convert it over from AUD at the current exchange rate, will even out when you bring it back.

 

[AlwayzLearnin]

My original concerns were that every time I came out of a trade the money would be converted back to AUD. This had the potential to hurt my profits each time I traded, as well as adding extra variables to think about (like there isn't enough as it is ).

At least this way I can choose what exchange rate I use and I get to re-invest USD with out getting hit with a possible exchange rate loss in between trades.

 

[acetrader]

Hi all,

I'm new here and to trading/shares in general.

From the info I have found so far, it seems that there are a lot more opportunities for Derivatives trading in US markets than in Aus Markets.

I see online brokers such as e*trade allow trading from here to the US, but do you require a US bank account? furthering on that, is it possible to get a US bank account and trade out of it exclusively (using US$) and then pull the money back here after a (hopefully) tidy profit and thanks to the exchange rate increase your profits even more?

Hi, I believe the biggest challenge is not the exchange rate but the time zone. I have been trading US stock market for over 3 years in China. It is kind of short term trading, only trade the first 1 or 2 hours of the day. It ran smoothly and quite rewarding. I came to Australia last Oct and I had to suspend my trading in US market untill I find a new way. It is really hard to keep your head clear from 1:00 am to 3:00 am each day. Good luck!