Ask MetaFilter questions tagged with forex

Most bang for the buck

Iteki — Fri, 30 Jan 2009 14:15:22 -0800

Financefilter: Better to buy sterling now in bulk, or monthly for a year? Asking for a friend. We have had a look at this, this, and this previous.

Said friend has euro savings. She needs to pay for a course in sterling on a monthly basis starting this month. Having exchanged enough for the current installment already she has lost about 10p per pound purely to the rate disparity. It adds up.

That said, is she better off exchanging the entire fees now at 89p per euro or will it work out as closer to parity if exchanged on a monthly basis throughout the year? Law of averages or something?

If it's relevant, she is intending to relocate to the uk later in the year.

Are there other good options she is missing here? For example would paying by credit card negate bank commissions or anything?

EUR/GBP Exchange Rates ... What's going to happen?

benzo8 — Wed, 03 Sep 2008 02:40:28 -0800

I know very little about the money markets and exchange rates - does anyone with more knowledge than me have a reasonable handle on why the EUR/GBP exchange rate has jumped so much in the last year... And where it might stop? My partner and I both earn in GBP and spend in EUR. This chart shows pretty clearly that since we moved to Barcelona 4 years ago, our money has become worth far less. Recently, the rate seemed to stabalise but no it seems to be on the move again... What factors are affecting this? Why did it climb so much 6 months ago? What upcoming factors may come into play? And where might it end up?

[forex filter] Who knows how many euros one dollar will buy next summer? Anyone? Anyone? Bueller??

deejay jaydee — Wed, 07 Nov 2007 09:36:08 -0800

What do currency speculators think the euro-dollar exchange rate will be in June 2008? Are there online sources that currency speculators use to project or predict exchange futures? Can non-traders see these sources? Am I asking for something that just doesn't exist??? I've seen at least a couple of folks here on the green express some expertise in foreign exchange and currency trading. And I'm not interested in engaging in such trades, but I do have a professional opportunity to travel to Europe next summer, and in order to put together the most iron-clad proposal for funding from my boss, I kind of need to know what currency traders *think* the dollar-euro exchange rate is likely to be in June 2008. (I work at a well-funded, but appropriately tight-fisted NFP.)

Now, I know that the actual, honest answer is "who in the f@ck knows?! (and now geddoff my lawn!!)" But at the same time, I can't believe that currency speculators simply guess at this stuff . . . they must base their predictions on some sort of data. (Mustn't they? Eek.) Is this data privately held? Does it result from ungodly derivatives and financial models only slightly less complex than your average Rube Goldberg machine? Or is there some sort of secret website run by the Trilateral Commission? (Who, of course, must preordain these sorts of things [responsibly, of course]. Oh, and btw, if there is such a TLC site, can you send me an invite via MeFi Mail? We'll be BFF! I promise!!!)

But to return to the serious side of my question, I found lots of discussion on how to make/lose a ton of money in forex by searching the green (and the internets) . . . but I didn't see anybody talking about sources for the data that trader and speculators base their assumptions or predictions on. Can a simple, honest, international traveler get a bead on where the euro is likely to be in June 2008?

I'm sure this is one of these impossible questions . . . but it can't be most stupidly impossible question asked here today . . . can it?? I mean, I know if there were an ironclad site for this stuff, then everybody in the world would be using it and making jillions of dollars trading currencies. And I also know that YANMFA, and that MMWV, and all of the other acronyms that we use here in lieu of "watch your six." But at the same time, is it really the case that currency speculators base all of their models simply by following financial headlines? There isn't some sort of predictive market for this field? One that I can peek at??

Bonus points for anyone who can explain currency futures to a total financial numbskull (like myself).

currency exchange

jeffburdges — Wed, 15 Aug 2007 19:31:57 -0800

Any opinions about foreign exchange brokers? How can one even tell who does only trades & who actually converts currency? I'm mostly interested in moving currency from dollars to euros, but trading is an option.

I was almost done with XEtrade's week long signup process, when they screwed me over by being unable to correct a type-o, restarting the whole bureaucratic nightmare. So I'm done with them.

But most curency brokers I've found only care about trades, they won't actually convert anything! For example, OANDA is primarily about trading but offers various toy features for "travelers" & such. Forex.com doesn't even pretend they'll convert currency.

Custom House, the muscle behind XEtrade, apparently has everything you'd want, but their site sucks, especially in Safari.

Experiences?

p.s. I never was sure who gives better deals : Custom House or XEtrade.

FOREX day trading, can it be done?

andrewyakovlev — Sun, 30 Apr 2006 19:03:39 -0800

Do you trade FOREX? How's it going? How did you get into it (reasons, starting capital, techniques, etc.)? Success or failure? Is it plausible to actually make a living, what skills and abilities are necessary? How does a 24hr market affect your lifestyle? And any other general or specifi advice and information would be appreciated.

FreedomRocks.com?

roundrock — Wed, 08 Mar 2006 06:48:55 -0800

Anyone know anything about FreedomRocks.com? Inspired by an earlier post about investment schemes, I'm curious to know whether anyone has an experience with or knowledge of FreedomRocks.com. I know, I know -- if it seems to good to be true, it probably is, and this one requires a substantial investment. One of my dad's friends has started participating in it though, and seems to think that it's totally legitimate (and profitable!). I can't find any independent information on this elsewhere on the internet, so I'm looking to you all. Anyone involved? Anyone have any insight on programs utilizing foreign exchange trading generally?

Forex Alert Signals

Mckoan1 — Sun, 04 Dec 2005 21:43:51 -0800

This pertains to Forex EUR/USD trading. Is anyone aware of a service that will alert you via email when the RSI indicator hits a certain Indicator point (RSI down crossing 30%) ?