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How to trade currencies other than using futures?
- Thread starter a529612
- Start date
FXE= EURO
FXS=Frank (I think?)
FX_ where "FX"=forex and "_" is the country's name... they have yen, pound, frank, canadian dollar, mexican peso, and a few other currencies... it trades on the NYSE...
FXS=Frank (I think?)
FX_ where "FX"=forex and "_" is the country's name... they have yen, pound, frank, canadian dollar, mexican peso, and a few other currencies... it trades on the NYSE...
you need to be careful in the ETF side, they don't track 100% to the underlying pair. USDX is another way to get in the trade too.
Are trying to trade fx within an IRA or soemthing where you can only trade "equities"?
Are trying to trade fx within an IRA or soemthing where you can only trade "equities"?
Quote from RapidFireFX:
Are trying to trade fx within an IRA or soemthing where you can only trade "equities"?
Don't know much about how the futures and fx market work. I've heard they are like swimming with the sharks if you are not careful. So I'm looking into a less risky way to participate in currency trading through ETFs.
Quote from a529612:
Don\'t know much about how the futures and fx market work. I\'ve heard they are like swimming with the sharks if you are not careful. So I\'m looking into a less risky way to participate in currency trading through ETFs.
I definitely understand where you are coming from but the majority of errors that occur (and make it seem like you are swimming with the sharks) are quite avoidable. I would personally stay away from futures for multiple reasons: a. if you receive a margin call as the market is going against you, you could end up owing money. Most Spot FX brokers offer the guarantee of a No Debit Balance...be careful though, not all of them do so make sure to ask. b. the futures market is open only certain hours a day so it is hard to liquidate if the market is moving against you. IN Spot FX you can at least trade 5.5 days a week full time.
Basically, I still think SPOT is the best way to go but you want to make sure you learn how to trade and what not to do. These guys offer you a lot of leverage and many traders don\'t understand what the means to their trading so they open too many trades and get taken out on a less than 1% move in the market, which is ridiculous. My advice: learn how to trade (either by yourself or take a course), practice on a virtual account and then try it out with a smaller investment to see how you do.