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Currency trading in a small way

  • 26-07-2007 2:35pm
    #1
    Higgsy
    Registered Users, Registered Users 2 Posts: 139 ✭✭


    Hi,

    I work in the UK and I live in Ireland. I want to purchase a house in Ireland but my income is inside a STG account, if I change it at the bank or withdraw though the ATM I get a terrible exhange rate. I have looked into FOREX and ways of changing the currency myself.

    My knowledge of trading is non-existent, as you have probably already noticed. Any advice out there. I was thinking of only working in DOllars, Euro and Stg to begin with and I would do it out of interest and to save a few quid every month.

    Higgs


Comments

  • #2
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


  • #3
    Higgsy
    Registered Users, Registered Users 2 Posts: 139 ✭✭Higgsy


    Hi Dave,

    Basically, I will be building in the South of Ireland and I work in the North, so I will have a mortgage in euros and an income in STG. I am currently changing the sterling income through my bank into euros and the rate is, lets say not that great.

    By cutting out the profit the bank is getting, I was wondering if there was any point in spending time looking into the FOREX, I could then move my money then myself when the rate is at its best and as said previously without the banks cut.

    I would be interested to hear what you think.

    Higgs


  • #4
    Bluetonic
    Registered Users, Registered Users 2 Posts: 7,588 ✭✭✭Bluetonic


    Higgsy wrote:
    I could then move my money then myself when the rate is at its best
    Would love to know how you determine when the rate is at it's best.

    If your able to predict this then pack in the day job and trade fx full time.


  • #5
    Higgsy
    Registered Users, Registered Users 2 Posts: 139 ✭✭Higgsy


    Hi,

    Maybe I am looking at this a bit too simple for your liking but the average over the last few years is what 1.45. If I try to buy euros in a bank with stg, I will be lucky to get 1.42/43.

    This is what I am talking about.


  • #6
    Bluetonic
    Registered Users, Registered Users 2 Posts: 7,588 ✭✭✭Bluetonic


    So in summary, are you trying to trade at the best price (i.e a the top) or just a better price?

    How much are we talking about here, a few pips either way isn't going to make much of a difference if your talking around a few grand a month.


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  • #7
    [Deleted User]
    Posts: 5,589 ✭✭✭ [Deleted User]


    FOREX is the most volatile market out there.. and the transaction costs are prob gonna wipe out any savings you make.

    You're best bet is probably just to go with the bank,


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