Which currency would be the wisest choice? Will I loose money if I do this? What would you suggest? I really want to start using foriegn currency to make money, but I am a novice. Where should I start?
2006-09-30 16:57:54 · 8 answers · asked by TGC 2 in Business & Finance ➔ Investing
You will get the best answer points if you give me the most details and relevant links. Thanks in advance...
2006-09-30 16:58:55 · update #1
It's not stupid, but it is unwise. Most interest percentages are lower than in the US and you would betaking risk with the rate of the XXX-USD (because in the end you would like to have dollars back, I guess). Getting into FOREX-trade yourself would be unwise if you don't have the knowledge and experience to do so. You most probably would lose your money than. Getting some good advice and/or a financial plan would be the wisest thing to do. I suggest to take a look at www.quarantz.com, where you can get a free personal financial plan (naturally they hope you'll be a client of theirs later on, but there's no obligation to be one) and they can give you advice about investment opportunities. I heard they'll open a branch in the US at the end of this year, but you can already have them work for you right now.
2006-09-30 21:52:24 · answer #1 · answered by Patrick L 3 · 0⤊ 0⤋
ok since you are an admitted novice. This advice I have for you.
Foreign banks to put money in typically requires a very high dollar amount to put in the bank best advice here is look at foreign bank websites and see how/if someone in the US can put money into their bank. Also as a US citizen you will be subject to a foreign tax on whatever intrest money you do actually get after putting money into a bank.
As for FOREX this is a very very HIGH RISK investment stragety designed only for well expierenced investors with a lot of money in reserve should their investments fail. I have been involved in the market for a few years now and FOREX is NOT one I recommend for a newbie under ANY circumstance.
I don't know why you think you need foreign currency to make money (especailly since exchange rates fluciate wildly on a daily basis).
I would recommend an international mutual fund that does not charge any fees upon investment or withdrawals. (ie Oakmark International) for your foreign exposure that is if you know something about the market if not take it to a financial advisor.
2006-10-01 05:55:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No it would not be stupid.
There is no best choice currency since the market changes every day. It is something you need to learn to do and practice.
Yes. At first you will lose money so don't invest what you can't afford to lose, but, with practice it can generate positive returns.
If you're serious about it then you should take a course on foreign currency. I'm not going to link any commercial sites, but there are plenty of them out there.
2006-09-30 17:07:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Survey says......this is a good move for you too make. You might want to open the account in a country where American money has a higher currency rate than the other nation.
2006-10-01 02:59:48 · answer #4 · answered by lamar36116 2 · 0⤊ 0⤋
Well YES .. that's not the way to make money trading currency. If you are serious about trading in foreign currency then you are going to have to open up a currency trading account, similar to trading stocks. Take a look at his site:
http://www.fxcm.com/
Hope that helps..
2006-09-30 17:03:23 · answer #5 · answered by MeInUSA 5 · 0⤊ 0⤋
1) No.
2) GBP or EUR.
3) No.
4) European Stocks.
5) The Airport.
2006-09-30 17:07:41 · answer #6 · answered by Anonymous · 0⤊ 1⤋
1
2017-02-19 16:30:53 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Find a trusted financial adviser. Ask folks who they use to help with their money.
2006-09-30 17:00:08 · answer #8 · answered by ThomasR 4 · 0⤊ 0⤋