Impossible Forex

L

luxhydrus

I want to start trading forex, I am a canadian.

So I wanted to start with questrade forex, i tried their demo and i liked it.

So apparently, to use forex, your canadian dollars will be auto-converted to USD + 1.5% comission.

So basicly if i invest canadian dollars to start forex trading, and then get them back at 0% profit. i will lose 3% due to comission (1.5% first conversion, 1.5% conversion back)

WHAT THE HELL??????
is there a way around this?
 
Quote from luxhydrus:



is there a way around this?
More...

Sure, find a better broker - you won't have this problem with IB and I'd thought with most other brokers either.
 
" So I wanted to start with questrade forex..........."

Quest......
a little lite in the loafers as a broker.
useful for stock jocks.

bolt a proper charting and order entry front end onto IB
and you are away.

you get a demo account with IB as part of the deal.

cheers,

s
:cool:
 
it's simple
open a US$ account at your bank

a currency exchange 'bureau' usually has lower B/S rates than banks, and banks
rates differ from bank to bank. this info can be verified online

find the best rate and convert C$ to US$, deposit funds in US$ bank account
fund your trading account from your US$ bank account
when you withdraw funds from your broker, the funds sent will be in US$s to your
US$ bank account, and you can then change them to C$s via your bank, or the
exchange bureau

you'll always have exchange rate 'fees', and the currency prices will always be
fluctuating
I prefer to withdraw the funds I've received from my broker from my US$ account
and make the US$-C$ exchanges myself via a local exchange bureau, as and when
I think the exchange rate is most favorable to me
 
Fellow Canadian here,

Fore forex, Quest is just a white label of forex.com.... it's pretty bad...

If you want to hold an account in CAD, look at Oanda, they are based in Toronto and offer accounts in quite a few currencies.

To be honest though, you sound like you'd benefit from using demos for a while longer. First focus on a trade plan and becoming consistently profitable (over months, not just over a few trades.) Then open an account with a small amount (say, $500) and work on consistency. If you haven't blown out the account in a year, then consider "investing" more.

Or do it the hard way and loose a few grand before washing out.
 
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