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  • In what currency do have your account in?
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  • #1
  • First Post: Edited Jan 30, 2011 10:32am Jan 29, 2011 11:46pm | Edited Jan 30, 2011 10:32am
As of today End of January 2011. In what currency do you have your account in? The nature of this question is simple... To allow us to see how many people started changing their accounts from the standard USD and to which currencies people are changing more. Personally, I'm starting to feel like I should change my account to GBP once the cable gets to around 1.55. I don't like this story of US quantitative easing and with China getting pressured to relax their currency, If so happens the USD can be in deep trouble and all the USD accounts can suffer a huge devalorization. I'm not up for that risk. I start to think that maybe the GBP might be a better option in the long run. What do you guys think?

Don't forget to vote!
  • #2
  • Jan 30, 2011 2:16am Jan 30, 2011 2:16am
oh, yeah....GBP is in the great shape
  • #3
  • Jan 30, 2011 10:28am Jan 30, 2011 10:28am
Quoting ALThau
oh, yeah....GBP is in the great shape
Did you read the part where I said 1.55? It seems you've disregarded the US quantitative easing and China part. Plus notice the GBP MPC Meeting Minutes on January, 26th, Wednesday. We now have 2 members from the monetary policy committee voting to raise rates. This is an early signal for a rate increase. That! is my main reason to ponder GBP as an account currency. Many economists/analysts can see the GBP as a top performer for 2011 IF rates get increased, which in their opinion (read this from a few articles) it might be unexpected. I like the explanation and the MPC numbers so it's just a matter of time till I move mine to GBP.

I'm a pretty weak at fundamental analysis and trade mainly with technical analysis. But we should not get just hooked up to the charts. We come to this website for a reason. It's not just to see the news for eventual spikes but to also understand what these news might change in forex markets in the near future.
Attached Image (click to enlarge)
Click to Enlarge Name: MPC.png Size: 3 KB
  • #4
  • Jan 30, 2011 7:37pm Jan 30, 2011 7:37pm
320 views and 12 votes? I can only think about all these 310 as being so douchbag traders for not to care about such issue.
Care about it when you've suffered a massive account devaluation then...
  • #5
  • Jan 30, 2011 8:28pm Jan 30, 2011 8:28pm
I've got accounts in both GBP and USD - shamefully holding two of the ugliest currencies out there. If I had a choice, I'd rather be holding AUD but I'm not going to exchange GBP's at this pathetic rate. All I can do is that the interest rate rises are going to start hurting the Australian economy and that the UK is somehow going to miraculously turn around it's economy ..... but I think I'm going to be waiting a long time .....
Nothing worth having is easy.
  • #6
  • Jan 30, 2011 11:02pm Jan 30, 2011 11:02pm
try to find a better currency then aussie
  • #7
  • Jan 30, 2011 11:03pm Jan 30, 2011 11:03pm
Quoting z3r0
320 views and 12 votes? I can only think about all these 310 as being so douchbag traders for not to care about such issue.
Care about it when you've suffered a massive account devaluation then...
non members
  • #8
  • Jan 31, 2011 12:14am Jan 31, 2011 12:14am
Quoting z3r0
320 views and 12 votes? I can only think about all these 310 as being so douchbag traders for not to care about such issue.
Care about it when you've suffered a massive account devaluation then...
As someone before said, they're most probably guests mainly. However, isn't it a bit extreme to call someone a douchebag because they didnt vote on this?
  • #9
  • Jan 31, 2011 12:30am Jan 31, 2011 12:30am
Quoting 2+2=4ex
As someone before said, they're most probably guests mainly. However, isn't it a bit extreme to call someone a douchebag because they didnt vote on this?
oh come on... nonetheless...

I apologise,
  • #10
  • Jan 31, 2011 4:10am Jan 31, 2011 4:10am
The dollar was strong in 2000-2 and weak in 2008. It was dropping steadily from 2002, bounced a little in 2005 then hit a low in early 2008 with a lot of room to recover. Switching to a stronger currency like aud --- you might end up buying a top.

The way I see QE is that it stops or slows China's currency manipulation as far as the usd goes. Like they have been doing to the eur recently.
  • #11
  • Jan 31, 2011 4:22am Jan 31, 2011 4:22am
I have switched to AUD account since mid 2009 but I will consider switching back to USD this year, unless FED is going to introduce QE3!
  • #12
  • Jan 31, 2011 4:29am Jan 31, 2011 4:29am
theres a high chance of that happening for sure
  • #13
  • Jan 31, 2011 5:27am Jan 31, 2011 5:27am
... it really depends on where do you live and where your account is held and also don't forget
to take into the overall consideration any costs associated with transfers (deposits/withdrawals)
because that may be a case, that a profit made by keeping an account in rising currency like AUD
is simply "eaten-away" by frequent transfers and those costs.

For me personally this whole issue is very easy ... 'cos I do live in so called "a lucky country"
and my account is also there ... and I have no intention to switch from AUD to any other currency.
  • #14
  • Jan 31, 2011 5:48am Jan 31, 2011 5:48am
Quoting DareXau
... it really depends on where do you live and where your account is held
Not necessarily. I live in the UK and I have an Oanda account. I transfer GBP's to them for no cost and same day transfer. You can create a sub-account in AUD and exchange on the spot at a rate better than a bank would give you. It's brilliant.

You can create sub-accounts in many different currencies. Here's a list http://fxtrade.oanda.com/account/multi-currency
Nothing worth having is easy.
  • #15
  • Jan 31, 2011 5:49am Jan 31, 2011 5:49am
Peter Schiff can explain better what I meant about the dollar being a risky currency to hold it now.
Main reason: If China relaxes their rates... USD goes tits up

5:10 minutes to 6:00 if you don't feel like watching the whole thing...
Also if you don't know who this guy is, you gotta search for him. He predicted the crash way ahead of everybody and they all laughed in his face.

Inserted Video
  • #16
  • Jan 31, 2011 5:51am Jan 31, 2011 5:51am
Quoting Patience
You can create a sub-account in AUD and exchange on the spot at a rate better than a bank would give you. It's brilliant.
That's an awesome feature! I created my GBP sub account already I'm just waiting for a low to change all my USD to GBP.
  • #17
  • Jan 31, 2011 5:56am Jan 31, 2011 5:56am
Quoting z3r0
That's an awesome feature! I created my GBP sub account already I'm just waiting for a low to change all my USD to GBP.
I know! It couldn't be any easier. I remember the days with one of my other accounts when I used to have to go down to the bank, exchange my money into US$ only because that was my only option, fill in a form, pay an extortionate fee and then wait 3-5 days for the money to get to the account and some bank along the way would take another fee out of it.
Nothing worth having is easy.
  • #18
  • Jan 31, 2011 6:20am Jan 31, 2011 6:20am
Quoting Patience
Not necessarily. I live in the UK and I have an Oanda account ...
... well, that's some positive change and I was not aware of it, but it's a long time since I've stopped using Oanda as my brokerage place,
... don't even remember any more the reasons which triggered that decision, but that time was only a small bunch of brokers available.
  • #19
  • Feb 1, 2011 7:23pm Feb 1, 2011 7:23pm
Quoting ALThau
oh, yeah....GBP is in the great shape
And so the £ strikes... In 23 days it has already recovered almost all it had lost what lost in 37 days since november last year..
  • #20
  • Feb 6, 2011 9:38pm Feb 6, 2011 9:38pm
Even though with almost 50 people we still can get an idea most people are still more hooked to the USD
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