Where can I trade foreign exchange?

[overule]

Hi All,

A newbie question.

How could i trade foreign exchange ? I am planning to buy USD using AUD.
Is it as easy as login to Comsec (or similar system) and execute the trade ?

OR do i have to go to the bank and fill up a form or some sort ?

Thanks all,
overule

 

[Stan 101]

Re: Where could i trade foreign exchange ?

Try the http://www.ozforex.com.au/ site for info...

Regards,

 

[overule]

Re: Where could i trade foreign exchange ?

Are there any other broker i should look at ?

Which is the recommended broker for trading USD/AUD ?

Thanks again

 

[reece55]

Re: Where could i trade foreign exchange ?

Overule
Are you looking at actually trading Forex? Not just converting some funds into USD, like using 1:400 leverage to play the pip game?

If it's Forex trading you wish to engage in, then a CFD provider like IG, CMC or a host of others will provide this. Collateral for a standard lot ($100,000 USD) would be about $2,500 USD. But I really recommend paper trading first for a bit, because Forex is a fast way to the poor house without proper capital management and experience.

I would also say that shorting the skippy would be extremely unwise at present. In fact, I would say if you aren't in a position now, stay well away because whilst it's in a clear up trend, YTD it is up over 16% on the USD, the only major that beats that performance is the CAD...... A retracement would be vicious. As they say, bull markets go up like stairs and retrace like elevators........

Cheers and all the best.

 

[overule]

Re: Where could i trade foreign exchange ?

Actually,

I want to convert some of my income into USD since AUD/USD looks pretty good at the moment. That's all i wanted to do, nothing complex.

Thanks

 

[Nyden]

Re: Where could i trade foreign exchange ?

Actually,

I want to convert some of my income into USD since AUD/USD looks pretty good at the moment. That's all i wanted to do, nothing complex.

Thanks

I believe you can obtain certain hard-currency at banks; I would assume a currency as used as the USD would certainly be available at most banks; however, I'm not sure on fees?

I was actually considering something similar myself; so - any information folks' have would be great

 

[wayneL]

Re: Where could i trade foreign exchange ?

If you have a brokerage account with Interactive Brokers, you can do this within your account.

 

[overule]

Re: Where could i trade foreign exchange ?

I have accounts with comsec and etrade. They can't do it ?

Thanks

 

[nizar]

Re: Where could i trade foreign exchange ?

Actually,

I want to convert some of my income into USD since AUD/USD looks pretty good at the moment. That's all i wanted to do, nothing complex.

Thanks

And why would you do that?
It was pretty good at 0.85 as well if you are talking about the last 10-15 years.

Just because its high doesnt mean it cant go higher.

USD looks a shocker from both fundamentals and technicals. I wouldn't touch it.

Just my opinion. Jim Rogers is also selling his USD assets.

 

[nizar]

Re: Where could i trade foreign exchange ?

I believe you can obtain certain hard-currency at banks; I would assume a currency as used as the USD would certainly be available at most banks; however, I'm not sure on fees?

I was actually considering something similar myself; so - any information folks' have would be great

Correct.
Banks or money changers would do it.

 

[overule]

Re: Where could i trade foreign exchange ?

And why would you do that?

Well,

Currently, Aussie dollar is high thus i can buy more USD dollar. At the same time, i have the feeling that AUD dollar is reaching its peak so when the aussie dollar falls back to 0.8, i could made a small profit.

Simple as that.

 

[Nyden]

Re: Where could i trade foreign exchange ?

Well,

Currently, Aussie dollar is high thus i can buy more USD dollar. At the same time, i have the feeling that AUD dollar is reaching its peak so when the aussie dollar falls back to 0.8, i could made a small profit.

Simple as that.

I think many people still hold in the back of their minds; the day of the US dollar buying nearly 2 Australian dollars. Thus expecting these days to return! The US has got itself in a bit of a mess lately, & I just don't see it happening.

I guess it all depends on the amount you're going to buy - if it's going to be a relatively small amount, I doubt the currency rates are going to be volatile enough to pull some decent gains through that.

If you're looking for a relatively 'safe' investment, gold would be better suited


I guess the best way to enjoy the current situation; would be to either take a vacation to the states, or start importing those electronics

 

[Spaghetti]

I know where I have worked I have used foreign currency bank accounts, maybe individuals can do the same, just open a bank account in USD though i wouldn;t do it either atm though was thinking of yuan.

 

[tayser]

^ was thinking the same thing - i.e look at ANZ's exchange rates for cash & TT's - http://www.anz.com/aus/ratefee/default.asp?from=anzhp - cash is a couple of hundred pips away from the market rates compared to under 100 pips for TTs.

 

[overule]

Re: Where could i trade foreign exchange ?

I guess it all depends on the amount you're going to buy - if it's going to be a relatively small amount, I doubt the currency rates are going to be volatile enough to pull some decent gains through that.

If you're looking for a relatively 'safe' investment, gold would be better suited

Interesting, I thought about Gold as well. So how could i buy Gold as commodity itself ? Sometimes, i think investing in companies like NCM are far better.

 

[Flying Fish]

"I guess the best way to enjoy the current situation; would be to either take a vacation to the states, or start importing those electronICS"

What elctronics? You mean puter processors?

 

[theasxgorilla]

Re: Where could i trade foreign exchange ?

I guess the best way to enjoy the current situation; would be to either take a vacation to the states, or start importing those electronics

Buy property in a country where the exchange rate has fallen against the AUD, and/or property is still cheaper than Australia and/or the interest rates are lower.

Its how the UK/Ireland/Spain economic/property/currency relationship works.

 

[BlingBling]

Re: Where could i trade foreign exchange ?

Buy property in a country where the exchange rate has fallen against the AUD, and/or property is still cheaper than Australia and/or the interest rates are lower.

Its how the UK/Ireland/Spain economic/property/currency relationship works.

Niseko, Japan.