Changing currecy's

I see loading a prepaid card is in only 4 currecys can a person profit by loading in say ero then trade back to usd lets say if we thought the usd will fall against the ero ...

Comments

  • SpontaneousOrderSpontaneousOrder Posts: 225 Bronze ✭✭✭
    If you want to use Goldmoney to play the currency exchange markets, it might be easier to use a Wealth account instead of a Personal account. In a Wealth account you can directly trade nine different currencies against each other and against gold, silver, platinum, and palladium without having to run things through the prepaid card. There's no minimum to open a wealth account.
  • OhtoretireOhtoretire Posts: 5 Tin ✭
    Thank you for the reply. A wealth account ... I am not sure what that is?
  • OhtoretireOhtoretire Posts: 5 Tin ✭
    Thank you for your reply
    Is this something seperate, I already have a goldmoney account do i need to open a separte account the link asks for information to another account
  • GoldMattersGoldMatters Posts: 3,406 Gold ✭✭✭✭✭
    @Ohtoretire Goldmoney Wealth, and Goldmoney Personal are 2 different accounts. Wealth is actually referred to as a holding. You will need to apply for a Wealth holding
  • OhtoretireOhtoretire Posts: 5 Tin ✭
    Thats what I want ... a place to store my holdings... very good ... thank you, I did not know.
    So just to be clear goldmoney personal is most likely what I have been depositing into ...
    And goldmoney Wealth I can hold in serveral different currencys? Do you know of any discussions on this?
  • GoldMattersGoldMatters Posts: 3,406 Gold ✭✭✭✭✭
    @Ohtoretire yes, with Goldmoney Wealth you can also own other metals, silver, platnium, palladium
  • optiopti Posts: 33 Tin ✭

    I see, loading a prepaid card is in only 4 currencies. Can one profit by loading in, say Euros, then trade back to USD, lets say, if we thought it may fall against the Euro?

    @Ohtoretire - you would have to take large enough a position, look at the charts to buy the currency with the strongest trend, and switch between currencies depending on which has the strongest trend.

    You get a lot more leverage if you do this kind of trading based on technical analysis in the Forex markets ...

    Have you tried that yet?

  • optiopti Posts: 33 Tin ✭

    If you want to use Goldmoney to play the currency exchange markets, it might be easier to use a Wealth account instead of a Personal account. In a Wealth account you can directly trade nine different currencies against each other and against gold, silver, platinum, and palladium without having to run things through the prepaid card. There's no minimum to open a wealth account.

    @SpontaneousOrder - do we get to hear any success stories from community members who are actually doing this kind of trading?

    I looked at the price widget, and was thinking if it could be used as data source for FX price spread charts ... any idea?
  • SpontaneousOrderSpontaneousOrder Posts: 225 Bronze ✭✭✭
    @opti, not from me. To date I've not been brave enough to try trading currencies. I'd be competing against the algo's, central bank trading desks, plunge protection team, etc. No way to win against that.
  • optiopti Posts: 33 Tin ✭
    @SpontaneousOrder - I don't know if you have ever tried trading any financial instruments. Have you tried to trade stocks?

    I made my mark trading all kinds of things. My best results were with commodity futures and option spreads - the FX Market has been the most difficult one for me to come out ahead as a highly leveraged short term trader. It would be an entirely different story being a long term trader with your own personal strategy for which you have to develop a logic of your own based on your past experience and your understanding of the economic dimensions of world currency trends. This can be done quite easily these days with the right econometric analysis for which you can get optimized back tested modules giving you very good probabilities of generation substantial results.

    It's always a question of what you can grasp to handle successfully ... :)
  • SpontaneousOrderSpontaneousOrder Posts: 225 Bronze ✭✭✭
    @opti, I have a good broker at Sprott Global Resources for trading resource equities. He has done very well for us the past 2.5 years. Other than that, I'm a dollar cost averaging kind of guy. I just don't have the gift for short-term trading.
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