Best way to trade FX?

[Belly Buster]

After the brexit shenanigans the pound has taken a huge shit against both the dollar and the euro.

I suspect the pound will struggle to gain ground against the dollar, but I reckon in the medium term the Euro has bigger problems than the pound, so I would like to punt on GBPEUR (currently 1.11) going up. I'd be looking to risk £2,000 per cent movement and would set a stop loss at 1.00 and a profit target at 1.24.

What's the best way to trade / bet this position as a regular punter. Also any tips for a noob.

[hongkonger]

The best tip anyone can give you is don't try to trade FX. You'll lose your shirt sooner or later.

[nunbeater]

ok so what is the second best tip?

[hongkonger]

ok so what is the second best tip?

Have enough connections and capital to be among the small group of elite investment bankers and fund managers who manipulate the FX markets.

[Belly Buster]

The best tip anyone can give you is don't try to trade FX. You'll lose your shirt sooner or later.

I don't think I'll get hooked on it. I see at as more of a hedge to my share portfolio.

[hongkonger]

The best tip anyone can give you is don't try to trade FX. You'll lose your shirt sooner or later.

I don't think I'll get hooked on it. I see at as more of a hedge to my share portfolio.

A better hedge to your share portfolio is to buy shares of companies in other countries that trade in other currencies, or that have more exposure to other currencies, or ETFs of such stocks, or bonds denominated in other currencies, if you can get a good tax-adjusted return on those bonds. That way you can get the benefit of long-term growth in the market, interest payments and/or dividends and simultaneously reduce currency risk. Commodities, metals and currencies are pure gambling.

[Buck Nasty]

ok so what is the second best tip?

Give me half your money. I'll kick you in the nuts and you'll end up with a lot more money than you would have trading FX.

[4Dragons]

Some might say short the pound..

[ftpjesus]

After the brexit shenanigans the pound has taken a huge shit against both the dollar and the euro.

I suspect the pound will struggle to gain ground against the dollar, but I reckon in the medium term the Euro has bigger problems than the pound, so I would like to punt on GBPEUR (currently 1.11) going up. I'd be looking to risk £2,000 per cent movement and would set a stop loss at 1.00 and a profit target at 1.24.

What's the best way to trade / bet this position as a regular punter. Also any tips for a noob.

I'll admit that flashcrash the end of the week was bizarre. I still loving the crush I made over the Brexit vote. Didn't jump immediately but once it went from 1.50 to 1.49 when the votes started coming out it was on like donkey kong. There are some decent brokers out there some of which we in the states can't use. I believe one of the preferred brokers one guy I follow is HotFX. Guy I read and follow is a forex trader living in London now was from Russia and ya know the Russians are crazy. if curious his website is www.vladimirrabakov.com I've used couple of his black box programs and had decent success.