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advice on currencies..

  • #1
  • First Post: Oct 17, 2009 9:01am Oct 17, 2009 9:01am
hello all... im new and naive to really all kinds of finance, only just learning the meaning of FOREX, which brings me to my dilemma...!
i am living and working in serbia, and if anyone thinks when reading this, "serbia" ouch..! it really is not a place where the people eat their children or something, i would recommend it to anyone to visit...
anyway, back to my dilemma... i have some euros and serbian dinars (rsd) and was thinking to exchange what i have to GBP...
i am nervous of doing this as i would like to have a better idea of where these two currencies a likely to be in the near future...?
can anyone give me some advice if i should wait to exchange, exchange immediately...???
any help will be very much appreciated...
thanks
legepe
  • #2
  • Oct 17, 2009 1:31pm Oct 17, 2009 1:31pm
Quoting legepe
[color=black][font=Verdana]hello all... im new and naive to really all kinds of finance, only just learning the meaning of FOREX,...
It depends on how your making the investment, are you going to a local bank and buying the GBP? or are you using a broker to electronically allow you to trade the currencies.

If it's the first, I wouldn't even bother, banks don't calculate the fractional pennies when dealing in physical form, it's rounded up to the .01, Right there, if you were going to purchase a large amount of GBP, like $100,000 (the only real way to make physical money buying worth it) then even still it's going to shave off some of your profits due to lack of fractional price on physical money.

Physical money buying is something that should never even be considered... takes too long for it to be worth anything, because it HAS to be compared to your currency, unless you want to spend the next 10 years in the bank buying Yens, GBP, Euro, USD, and every other world currency in physical form all the time.
  • #3
  • Oct 17, 2009 7:41pm Oct 17, 2009 7:41pm
Quoting legepe
i would like to have a better idea of where these two currencies a likely to be in the near future...?
about rsd, you should know better than most of us since you live there. I don't know anyone who trade rsd, but even if there is, guess they're not many.

Just look around you, pay attention to other people's chat about economic situation in your country, study the news (if you can count on your country newspaper to tell you the truth). Your g-men political agenda, or decisions, in the past and for the future. Study prices of your daily need like meal, transport, housing etc.

Sorry can't help more.
  • #4
  • Oct 18, 2009 2:57am Oct 18, 2009 2:57am
Hey guys... thanks for your replies..!

I do understand that i must do all the things your suggesting but much of the information i get only confuses me.. it makes me feel pretty useless in making the right decisions..

i saw the other day that the value of the GBP to Euro was at 94 and now it is 91. So when it was at 94 I asked the bank for their best rate, but it was very different to this 94.

The other problem here in serbia is the restrictions that the banks impose on transfering money.. they make it very difficult, if not impossible to do so..

I am very interested in knowing more on how to use a broker for money exchanges and transfers but have no idea where to start, or even if this is possible in serbia..

How do i get the money from my bank accont to the broker..? and would they make a transfer.?

Thanks again
legepe
  • #5
  • Last Post: Oct 18, 2009 11:38am Oct 18, 2009 11:38am
Quoting legepe
I do understand that i must do all the things your suggesting but much of the information i get only confuses me.. it makes me feel pretty useless in making the right decisions..
It's okay. Like many of us, including myself, you don't have background in macro-economy or financial. Try to find and read books about macro-economy and/or financial (although I don't know myself what the heck they got to do with forex trading). But you asked about the future of your own country currency.

Quoting legepe
i saw the other day that the value of the GBP to Euro was at 94 and now it is 91. So when it was at 94 I asked the bank for their best rate, but it was very different to this 94.
In my own country, no 2 banks have the same rate for US dollar, nor any other currencies. To each its own, they say. If I showed them the rate in the newspaper, which is different, they will simply tell me to change my money in the newspaper instead of in their place.

Quoting legepe
The other problem here in serbia is the restrictions that the banks impose on transfering money.. they make it very difficult, if not impossible to do so..
Well, you said it yourself, it's not impossible to do.

Quoting legepe
I am very interested in knowing more on how to use a broker for money exchanges and transfers but have no idea where to start, or even if this is possible in serbia..

How do i get the money from my bank accont to the broker..? and would they make a transfer.?
Again, I don't know what kind of restriction you're talking about. Only you know. You just have to find out yourself, either by making friend with bank employee or through regulation books. And then figure it out yourself.
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