Advice needed

[kennyken1882]

Hi Everyone,

New to Forex and thus as such looking for some advice.. around 4 weeks ago, I went to the local bank (In Singapore) and opened up something like a forex fixed deposit account. On the advice of the staff to pair the Singapore dollar (SGD) with the Australian (AUD). They set a suggested 'strike' rate that once hit would convert my SGD onto AUD. This happened and in the space of a few weeks have lost 10%.

Can anyone advise whether I should cut losses and convert to say GBP (with the notion of eventually converting back to SGD) or stick it out hoping the AUD will strengthen.

I now realise that commodities and their prices might be linked to the strength of the AUD.

Any suggestions would be much appreciated.

Thanks

K

 

[nine]

The best advice is twofold:

1. NEVER EVER take advice from a broker (or worse, some fool in a bank). If a broker was good enough to be a trader he would be trading not broking.

2. Get the Fxxx out of that Fx position now. Don't start again until you've done enough work to make your own decisions.

You have just had the first lesson. It cost you 10% of your funds. Don't waste it.

 

[kennyken1882]

The best advice is twofold:

1. NEVER EVER take advice from a broker (or worse, some fool in a bank). If a broker was good enough to be a trader he would be trading not broking.

2. Get the Fxxx out of that Fx position now. Don't start again until you've done enough work to make your own decisions.

You have just had the first lesson. It cost you 10% of your funds. Don't waste it.

Ok, noted. Thanks for that frank piece of advice Nine. I take it you forsee the AUD has further to fall? and it's not worth waiting for any kind of recovery?

Even with the 6% interest earned on holding in AUD compared to the 1.5% earned once converted back to and holding in SGD. Would you still advise to get the Fxxx out now?

GBP earns 5% and whilst I know I should do my own research, would like to know your opinion on converting to GBP.

Thanks and much appreciated.

K

 

[nine]

kenny,

Its not that i have a view of direction. Its simply that I have a view that to trade without knowing what you are doing is to donate money.

Most people who play markets without forming and following a strategy for earning money from them are gamblers or donors (or both). There is plenty of material on forming a strategy here (try traderdante's stuff or captain currencys for a start.