Foreign exchange trading - how best to get into it...
Discussion
Why do you want to get into it? If you think that you can predict movements with any better certainty than flipping a coin then you are likely in for a rough ride.
If you think that you’ll have more fun gambling on currencies than on the dogs then a spread betting account such as City Index will let you do what you need.
If you think that you’ll have more fun gambling on currencies than on the dogs then a spread betting account such as City Index will let you do what you need.
The best advice is not to get into it unless you >really< know what you're doing.
The most I could get online was £2,500 so I ordered with Tesco at 7.85 for a collection date in 5 days then cancelled the following day for Asda at 8.22, again for collection in 5 days. I should have cancelled that and gone for SterlingFX at 8.45 that night but I didn't.
So I picked up 20,500 tl at Asda and caused a 15 min queue.
My 14 Crowns in October (yawn) went from £115 each to £85 each. Still gonna hurt.
The most I could get online was £2,500 so I ordered with Tesco at 7.85 for a collection date in 5 days then cancelled the following day for Asda at 8.22, again for collection in 5 days. I should have cancelled that and gone for SterlingFX at 8.45 that night but I didn't.
So I picked up 20,500 tl at Asda and caused a 15 min queue.
My 14 Crowns in October (yawn) went from £115 each to £85 each. Still gonna hurt.
Edited by Jockman on Monday 20th August 22:47
No one's selling Turkish lira at the moment! I think the Country has run out. 
Jockman said:
The best advice is not to get into it unless you >really< know what you're doing.
The most I could get online was £2,500 so I ordered with Tesco at 7.85 for a collection date in 5 days then cancelled the following day for Asda at 8.22, again for collection in 5 days. I should have cancelled that and gone for SterlingFX at 8.45 that night but I didn't.
So I picked up 20,500 tl at Asda and caused a 15 min queue.
My 14 Crowns in October (yawn) went from £115 each to £85 each. Still gonna hurt.
The most I could get online was £2,500 so I ordered with Tesco at 7.85 for a collection date in 5 days then cancelled the following day for Asda at 8.22, again for collection in 5 days. I should have cancelled that and gone for SterlingFX at 8.45 that night but I didn't.
So I picked up 20,500 tl at Asda and caused a 15 min queue.
My 14 Crowns in October (yawn) went from £115 each to £85 each. Still gonna hurt.
Edited by Jockman on Monday 20th August 22:47
When Revolut say you'll get the 'Interbank FX rate' if you open a current account with them - does that mean if the market price on XE is 5.00 to 1GBP, that's what you'll get?
ladderino said:
You could probably do that through Revolut, but as others have said, I wouldn't recommend anyone do it unless they really know what they are doing.
Integroo said:
I got my Lira order cancelled for my holiday because of folks like you - off to turkey in a few days without any! They ran out.
Why do you not have a monzo account or a revolut account?I would get a bit of cash when over there but not a massive amount, just for those that want cash.
wax lyrical said:
...and especially buying £5k of Turkish lira at the best rate possible and holding onto it for 12 mths.
Only a mad person would do that. What you can do though, buy a nice summer house in Turkey now (Bodrum?). With the current GBP / TRY rates, you could get a super-size villa from a desperate seller/developer and enjoy it for many years.ooid said:
Only a mad person would do that. What you can do though, buy a nice summer house in Turkey now (Bodrum?). With the current GBP / TRY rates, you could get a super-size villa from a desperate seller/developer and enjoy it for many years.
The exchange rate only has to drop back down to 6 TRY/GBP (where it was in May) and you've made a 30% profit.Gassing Station | Finance | Top of Page | What's New | My Stuff