Someone help undertand how I can trade inot foreign currencies

[Stary Hickory]

Looking for ways to diversify my savings and go into other currencies. Anyone know an easy way to do this? I am sure there are "obstacles" but I really want to get my savings all out of just dollars.

 

[cubical]

Well if you want something "real" I would buy foreign stocks. If you want paper profits by trading currencies, I would sign up with Oanda. Its pretty simple actually.

 

[TheNcredibleEgg]

Like cubical said, buy foreign stocks or precious metals to protect your savings. Especially easy are the ones that trade here through ADRs.

You really don't want foreign currencies anymore than the dollar. The race to debase includes all currencies. (Except maybe the Swiss.) All fiat currencies everywhere are always falling in real value. Just some fall faster at certain times.

If you own Euros or Yen or whatever - what good will it do you longterm if those countries print also to keep pace with the falling dollar?

 

[eduardo89]

Buy some silver bars. Or buy yourself a bag of junk silver, you can get a $1000 face value bag of old 90% silver coins for under spot price. Just do your research on difference vendors.

 

[Neo01]

The banks usually have foreign currency products for the customers. You may ask about it with any large banks. If I'm not mistaken, they offer foreign currency fixed deposit and saving account.

 

[cubical]

I forgot to mention everbank.com

 

[Stary Hickory]

Well I have a lot of silver coins already. And gold as well. Just seems crazy to buy anymore, I would like to hold some other currencies too. I was looking specifically at the Swiss Franc. I mean I have like 9 tubes of 1 ounce silver coins already, at 36$ an ounce I am waiting before buying more. And about 8 ounces of gold.

Trying to protect my savings I have accumulated over the last 1 1/2 decades.

 

[TomtheTinker]

Well I have a lot of silver coins already. And gold as well. Just seems crazy to buy anymore

lol..I feel you on that..imo once you have 30% or so of your savings in 1 asset it might be a decent idea to look around for other places to put your saving or to invest in..hedging your bets is usually a good idea and so is expanding your options.

I was pondering on buying some other currencies and ended up just buying more silver...I was going dive into the stock market but then just ended up buying more silver. Now I have enough money saved up to buy a bunch more PMs but I think I am just going to buy 5 acres of land with a trout stream. To me land with a water source isn't a bad place to put savings and might be a whole lot of fun.

 

[matt0611]

What are peoples thoughts on these foreign currency ETFs?

http://www.currencyshares.com/

they hold foreign currencies in bank accounts for you and can be traded like a stock.
I was actually thinking about putting some of my medium term savings in it because I'm saving for a house but didn't want to invest anymore in gold or silver because I have a lot already.

 

[Jim Casey]

The equity on my zulutrade.com account has grown from $932 to $1662 as of this post after I started following 20 automated signal providers in one microlot increments since February 1st. All 20 signal providers are the same signal provider known by different names for different buy and sell signals for various currency pairs.

 

[cubical]

What are peoples thoughts on these foreign currency ETFs?

http://www.currencyshares.com/

they hold foreign currencies in bank accounts for you and can be traded like a stock.
I was actually thinking about putting some of my medium term savings in it because I'm saving for a house but didn't want to invest anymore in gold or silver because I have a lot already.

They aren't bad. But remember you are paying a yearly fee for the ETF. I had been looking at the FXA for a while.

 

[cubical]

The equity on my zulutrade.com account has grown from $932 to $1662 as of this post after I started following 20 automated signal providers in one microlot increments since February 1st. All 20 signal providers are the same signal provider known by different names for different buy and sell signals for various currency pairs.

Seems like spam

 

[Jim Casey]

Seems like spam

It might, if they weren't featured in prominent media outlets.

http://www.zulutrade.com/files/ZuluTrade_WSJ_Article.pdf

Weissman is part of a growing number of individuals who are starting to trade currencies, a market that has grown to $4 trillion a day

It might be interesting to see how automation allows anyone to provide trading signals for profit, and anyone can follow those trading signals for profit.

After all, it is a $4 trillion/day market.

It might also seem like spam if I say said the 800 ozt of silver I bought in 2004 from apmex.com has a dollar price six times greater today than when I bought it all.

 

[ahall12]

It might, if they weren't featured in prominent media outlets.

http://www.zulutrade.com/files/ZuluTrade_WSJ_Article.pdf

Weissman is part of a growing number of individuals who are starting to trade currencies, a market that has grown to $4 trillion a day

It might be interesting to see how automation allows anyone to provide trading signals for profit, and anyone can follow those trading signals for profit.

After all, it is a $4 trillion/day market.

It might also seem like spam if I say said the 800 ozt of silver I bought in 2004 from apmex.com has a dollar price six times greater today than when I bought it all.

Sounds like a pyramid scheme. The tentative thesis behind the validity of this business system is based on how it's already so huge and attracts that much circulation. I'm sorry but I don't buy it.