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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (34860)7/15/2009 10:07:42 AM
From: Spekulatius  Read Replies (2) of 78669
 
OT- re E*Trade. I am aware of the ability to trade foreign exchanges, but the commissions are too high. First I need to purchase the foreign currency which costs me 1% and then I need to make a trade which costs commission as well.. Apparently they have not figured out how to do this with margin where the foreign exchange automatically gets purchases with the trade.

IB is similar in and IRA where margin is not allowed but I can buy foreign exchange much cheaper (I think it's 2.5$ for any sum) and the foreign exchange trades are cheaper as well). In a margin account I don't have to buy any Forex at all before the trade but I need to understand that I am short the amount of Forex that i incurred in the trades (Plus the commission). If I want, I can straighten out the short position purchasing the Forex after the trade. Better than E*Trade where I most likely will end up with some residual Forex that I probably don't have any use for.

Don't want to advertise IB here but they do know trading. It's a little bit like playing with a loaded gun though if you don't know what you are doing. However you can test out stuff using the virtual account. My wive call IB "The Matrix" because the screen looks like the computer screen of the controllers in that movie :-).
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