can i change foreign currency in uk with-out a receipt?

Posted by admin on June 22nd, 2010 and filed under uk foreign currencies | 6 Comments »

my sister has just gave me 20 rials and i want to change it into pounds
how can i do it?

Yes, you can change money (banknotes, not coins) at a main post office, or a bank without a receipt, but check whether the money is actually worth more than the bank will charge as a fee - 20 Saudi Riyals is around £3.53, 20 Qatari Riyals is around £3.67, 20 Iranian Rials is around £0.001 (just under 15,000 to £1 !).

Which books would you recommend for learning about FOREX trading? Or any other methods of learning?

Posted by admin on June 22nd, 2010 and filed under uk forex | 6 Comments »

Hello I have become interested in the Foreign Exchange Market and I would like to learn about it in more detail.

What ways of learning would you suggest? I personally think I would prefer books but I’m not too sure which ones exactly to pick.

What do you think about this one?
http://www.amazon.co.uk/Forex-Trading-Course-Self-study-Successful/dp/0470137649/ref=sr_1_3?s=books&ie=UTF8&qid=1275855273&sr=1-3

Any additional information is appreciated. Thanks a lot
Also I wanted to ask whether it is worth learning about FOREX and whether it is possible to eventually gather enough knowledge and experience as a single person to make profit or not? As essentially you’d be competing against professionals… thanks

Agree with the second reviewer. Forex trading is basically a zero sum game and slightly negative in consideration of brokerage fee. Retail investors are likely speculators for short term gain. It is similar to the scenario of casino. Professional traders are also speculators but they are equipped with better inforamtion and tools for the market. Corporate traders use Forex for hedging purpose on their business to minimize risk in currency fluctuation. These three category of traders entered into a zero sum game.

From the tone of the question, it seems to learn the skills of a professional trader to compete in the market. If you treat it as a game with a small amount of dispensable income, it may be fun just like playing in a casino. Indeed it may be more interesting than casino gambling since there is stragtegy and competition in the game and less depending on pure luck. But it is not a good idea to think of forex trading as a stable source of profit although professional traders may be able to achieve such objective.

From the point of view of investment, stock investment (not trading) is a better game since in the long run (I mean decades if not years) stock market has an up trend. Temporary loss (may be years) would not hurt long term profit. For speculative trading, stock is more favorable to retail investors than forex since retail investor can hold on to wait for up trend. But again, speculative stock or forex trading should not be considered as a reliable source of profit.

Lastly, I think personal trait is also an important factor in the success of speculative trading besides learning the skills and pure luck.