DailyFX Forum - Conversation Between John Kicklighter and makamint

		DailyFX Forum > John Kicklighter
Conversation Between John Kicklighter and makamint

1,021 Users Online

Conversation Between John Kicklighter and makamint

Showing Visitor Messages 1 to 1 of 1

10-16-2008 07:07 PM
makamint

Hello John.

Could I please have some advice on the following matter. I Have read numerous books on FX and would like to get into trading. I would like to start now by buying some AUS $ ( I am in NZ). Yesterday the rate at my bank got up to .9050 ish....so I physically went down to the bank to see if I could buy some Aussie dollars and park that in some account. They said I needed to open up a foreign account which will take a few days....This is no good to me. I would like an account where I can go on line and click a button so I can buy aussie dollars when i feel the rate is right. How can I go about this? Where can I open up an account that enables this and does the money earn interest while it is parked up in foreign currency. I would like to start by trading NZ and Aussie $ as I am familiar with it and I think it would be a good starting point.

Also there is a couple of cents difference between the buy/sell rates at the bank. Eg we buy TT .9052, we sell .8880. So if I went to the bank I would change my NZ currency at the lower rate and when I converted it back I would get the higher rate, therefore I am up against it from the word go....If I open up some account do these rates still apply or is it different for online accounts and when you are trading in FX.

I am keen to learn more and I enjoy reading your postings. You seem experienced in this form of investing so any input is greatly appreciated. I was going to do a course here in NZ but the guy running it wanted 5k plus another 5k to hold in some account. Steve Donelly was his name. You heard of him???

Many thanks

Brendan

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.