Need some advice on currency speculation

[B0ycey]

Nicks right for a change Borky... Best stick to Tulips. Then again, Trussnomics and the Pound...

[Streetwalker]

Well seeing as taking a punt seems flavour of the day you can double your money today 

King Charles has his first runner today in the royal colours of the Monarch , its nailed on .

16.54 at Salisbury  ,Educator currently 10/11  in a 4 horse race .

[Nick]

Buying cash dollars means the bank gets a lot in commission each time the transaction is done, either way.

Best way must be online. I used to have a CurrencyFair account and could buy Euros from people who wanted to sell them. It was all done for me by the company buying and selling from peers, if that is the right term.

Then you can keep the foreign currency you buy until you want to either transfer to a foreign currency bank account or you can buy pounds back at a later date. There used to be a standard charge of £3 per transaction, which may have gone up.

And buying dollars is the wrong way round, you should have bought them at 1.35 and be selling them at 1.06 if you intend to make money that is. 

[Nick]

Unless you want to either be a stock broker or pay a stock broker, the easiest way to do this is go to your local post office and buy Dollars Borky. But you are betting on Sterling rising and not sinking and that is a confidence in Trussnomics nobody has in the economic universe.

Think you need to think about what you just said. 
If you buy dollars now you'll get $1060 excluding any commission. 
If the dollar returns to its previous of 1.2 to the pound you'll need $1200 to buy your £1000 back. 
What your advocation is gambling on the pound crashing further. 

[Nalaar]

The pound is currently at the lowest it has been since the last time it was this low. Currently it is at £1.00 : $1.06 and will probably spend the next year crawling back up to about £1.00 v $1.20. That means about a 13% profit, which is better than a kick in gollies with a wet haddock.

But I am not Warren Buffett, I have no idea how the game is played and only want to risk about £1000 anyway.

So has anyone done anything like this before? If so any advice will be gratefully fully received

Many thanks in advance

?

Do you already have the money in American dollars?

[Borchester]

Buying cash dollars means the bank gets a lot in commission each time the transaction is done, either way.

Best way must be online. I used to have a CurrencyFair account and could buy Euros from people who wanted to sell them. It was all done for me by the company buying and selling from peers, if that is the right term.

Then you can keep the foreign currency you buy until you want to either transfer to a foreign currency bank account or you can buy pounds back at a later date. There used to be a standard charge of £3 per transaction, which may have gone up.

Sounds good Barry.

Can I buy and arrange payment within 6 months?

[Borchester]

Borky you are a capitalist running dog trading on others misery   

Very kind of you to say so Ollie.

When I see the pleasure that so many posters get from decrying the suffering resulting from the depravity of the capitalist boss class I can't help but feel that I owe it to them to make matters worse

[cromwell]

Borky you are a capitalist running dog trading on others misery    

[B0ycey]

I have indeed boysie. And roses and chocolates and all the other things she likes. Best investment I ever made.

But right now I am looking at a small, but cheerful flutter.

For what you want to do there really isn't much choice though Borky. The only way to make money is to hedge big. But if you genuinely believe Sterling is ever going to get back up to 1.20 a dollar with the pair of muppets in number 10 and 11 in charge and you want to make a few quid after fees, the Post office does a credit card that you put currency onto it. I remember a few people bet on a Brexit crash with those and were quids in. They did however put more than a thousand on the card.

[Barry]

Buying cash dollars means the bank gets a lot in commission each time the transaction is done, either way.

Best way must be online. I used to have a CurrencyFair account and could buy Euros from people who wanted to sell them. It was all done for me by the company buying and selling from peers, if that is the right term.

Then you can keep the foreign currency you buy until you want to either transfer to a foreign currency bank account or you can buy pounds back at a later date. There used to be a standard charge of £3 per transaction, which may have gone up.

[Borchester]

The best advice I ever received was to only take advice from those more successful than me.

Not bad advice Toots, but I spent enough of my working life investigating allegedly successful folk, only to discover that they did not have two brass washers to rub together, to decide that the best advice, be it ever so awful, was my own.

Actually, I don't want advice, I just want the mechanics.

[Borchester]

Have you considered investing in Tulips Borky?

I have indeed boysie. And roses and chocolates and all the other things she likes. Best investment I ever made.

But right now I am looking at a small, but cheerful flutter.

[T00ts]

The pound is currently at the lowest it has been since the last time it was this low. Currently it is at £1.00 : $1.06 and will probably spend the next year crawling back up to about £1.00 v $1.20. That means about a 13% profit, which is better than a kick in gollies with a wet haddock.

But I am not Warren Buffett, I have no idea how the game is played and only want to risk about £1000 anyway.

So has anyone done anything like this before? If so any advice will be gratefully fully received

Many thanks in advance

The best advice I ever received was to only take advice from those more successful than me.

[B0ycey]

So keep thinking Boysie.

Have you considered investing in Tulips Borky?

[papasmurf]

Quite.

I could buy dollars, but I reckon that they will fall against the pound for the next year. So my idea is to buy dollars with pounds at a future date. I know that it can be done, but I don't want to incur mega brokerage fees or invest vast chunks of cash.

So keep thinking Boysie.

These currency crisis have been going on since Carcalla explained economics to his mum, with the UK getting one every ten years or so. With a bit of thought they could be become a variant upon the Christmas coal allowance. No great gains or excitement, but a gain and a bit of fun anyway.

You would be better off buying a large number of tins of beans with a long shelf life.