Currency Trading (FOREX)

[tidus1203]

I have an account with UBS sa Singapore. They can easily swap my USD for Euro and vice versa. Meron ding access to AUD, GBP, JPY, NZD, and CAD. No Peso

Pero I am not trading the Euro you short term type of play. I am long term bear of the USD and I believe holding Euro will protect my wealth better than holding USD. This is not a trade, this is wealth protection...

[altair]

do you do leveraged trading?

if just direct exchange, wow, you must have lots of money to be able to feel the difference.

long term wealth preservation?
a lot of people say that buying precious metals is much better

[tidus1203]

No just direct exchange....

Well its not easy to buy real gold or commodities. But more than making money my real objective is just to reduce erosion of value which would be bad if I was too heavy in USD.

[wazdog]

Anyone interested in currency trading can do it leveraged with Contracts for Difference (CFDs). Commodities trading is also possible.

I am also shorting the USD. Might go long in gold.

[coldrockster]

I have an account with UBS sa Singapore. They can easily swap my USD for Euro and vice versa. Meron ding access to AUD, GBP, JPY, NZD, and CAD. No Peso

Pero I am not trading the Euro you short term type of play. I am long term bear of the USD and I believe holding Euro will protect my wealth better than holding USD. This is not a trade, this is wealth protection...

Oh I see. Your investing on the Euro cash itself pala and not in the currency trading platform. I thought what you were pertaining about is trading in the currency trading platform where you buy and sell in pips just like the stock market. What's the minimum amount in USD in order to open an account in UBS?

[tidus1203]

Yep I am not trading like trading pips its more of investment rather than trade. As for UBS it depends kasi nasabit lang ako sa group account kaya nakasali ako even though di naman malaki account ko. I know its big I am not super sure of the exact figure but one would estimate that you should have $1M to open with these guys... Thats just a guess....

[froshie1]

Bumili ako ng educational plan ng anak ko in US$, I hope by the time she reaches 16 years old the US$ would be ok.

Paminsan minsan bumibili din ako ng US$ pero nasa TD lang sya ngayon. Pag marami na akong naipon ,i'll start opening a $ denominated MF.

Considered ba iyong sinabi ko sa topic na ito? hehehe.

[trauma]

Bumili ako ng educational plan ng anak ko in US$, I hope by the time she reaches 16 years old the US$ would be ok.

Paminsan minsan bumibili din ako ng US$ pero nasa TD lang sya ngayon. Pag marami na akong naipon ,i'll start opening a $ denominated MF.

Considered ba iyong sinabi ko sa topic na ito? hehehe.

Bad move. People needs to get out of any US dollar-denominated investments. Even China is trying to diversify their foreign currency reserves (like going to the euros). The future of the US dollar is bleak as they have severe current account deficits and their budget deficits is about to get worse in about a decade. I'm not even sure if it will stay trading above 40 pesos.

[froshie1]

Bad move. People needs to get out of any US dollar-denominated investments. Even China is trying to diversify their foreign currency reserves (like going to the euros). The future of the US dollar is bleak as they have severe current account deficits and their budget deficits is about to get worse in about a decade. I'm not even sure if it will stay trading above 40 pesos.

So you think 10 years from now the $ will be like 1 is to 20? Might as well get other currencies. How about the Mexican pesos? Meron bang bumibili ng Mexican pesos dito? If yes, how can you buy them?

On the other hand, I see it as an opportunity whenever the dollar weakens. That means I can buy it a low price. Kikita na lang ako sa mga pabigla biglang pagtaas nito.

[warchest18]

I asked a CEO of an international investment outfit where he invests his money, and he said he has been buying Yuan. From its present level of 8:1USD(yata), in five years or so, it may reach 1:1 daw. But buying yuan is not allowed outside of China. Do you guys have any suggestions how it can be done? Thanks!

[froshie1]

I asked a CEO of an international investment outfit where he invests his money, and he said he has been buying Yuan. From its present level of 20:1USD(yata), in five years or so, it may reach 1:1 daw. But buying yuan is not allowed outside of China. Do you guys have any suggestions how it can be done? Thanks!

Do you know the reason why it's not being allowed outside of China? And it's 7.4 yuan to a dollar.

[warchest18]

From what I gather, trading in Yuan is still a closed market. I think the Chinese goverment doesn't want their currency moving out of their country. My friend buys from the gray market, through his connections.

[altair]

Bumili ako ng educational plan ng anak ko in US$, I hope by the time she reaches 16 years old the US$ would be ok.

Paminsan minsan bumibili din ako ng US$ pero nasa TD lang sya ngayon. Pag marami na akong naipon ,i'll start opening a $ denominated MF.

Considered ba iyong sinabi ko sa topic na ito? hehehe.

you have a deathwish or something?

[tidus1203]

The only real way to buy yuan is to open a bank account in China. That said yuan is probably the safest bet into appreciation since its already an agreed policy that China will let the yuan appreciate over time. The US is not happy with the pacing though... The problem is yuan is very illiquid outside of China its meaningless so I still stick with the Euro....

[tidus1203]

Also IMO the days of P50 to 1 USD those days are gone unless something really bad happens here locally that will cause the PHP to fall. The USD is fundamentally weak so I say to the OFW who always complain of the exchange rates to stop complaining to the government and instead complain to their bosses to raise their pay since the money they are earning is worth less and less. Or they can go earn Euros instead. The Euro/Peso rate has been pretty steady despite the continuous appreciation of the Peso to the USD.

[froshie1]

you have a deathwish or something?

you an expert? what can you advise for an average joe like me whose earning in Pesos and has some dollars?

[warchest18]

froshie 1, the dollar will probably bottom out by late next year, given that 2009 is election year in the US. So, you probably bought your educational plan at a good time. The US will bounce back, once W Bush is gone, and the war in Iraq ends. China will be growing in the next five years, then it will end up either stagnant like Japan, or mature like the US. As to buying dollars,I'm holding off until middle next year, when I hope I'm right that it will be the bottom. I hesitate to buy euro's now, cuz it's expensive na. We don't know if the crest is near. Let's face it, the US wll bounce back, so, sometime near in the future, the dollar will restrengthen. Buy low and sell high!

[tidus1203]

I beg to disagree you know why because the US is really bankrupt. Too much debt not a lot of revenue and they keep on printing and printing money recipes for a falling currency. Sure a bounce but a long term bottom no way in 4-5 years I think Euro is going to 2 USD. The election might trigger a long term correction kinda like how the Euro corrected in 2005 from 1.32 all the way down to 1.18 but over a very long period Euro > USD....

Technically speaking (I am a technician so I depend a lot on the charts) we are in Wave 3 in the EUR/USD which is the biggest chunk of the gain. The Wave 4 is a big correction (the election could trigger this) and we still we have Wave 5 afterwards and that should take us to 2USD/Euro....

[tidus1203]

http://www.cnbc.com/id/21829883

Even Chinese State TV tells citizens to dump dollars.... We don't even need to think what impact this could have in the US Dollar when the Chinese start selling theirs.... (US dollar that is cause I like the 2 other dollars Canada and Australia, and to a very very lesser extent New Zealand)

[coldrockster]

Anybody here trading currencies in virtual platforms? This is the short term way of earning in trading currencies plus the potential of earning a lot.