When shorting currencies what is the best platform for me to use for trading?

Tuesday, December 31, 2013 , Posted by Ryanita at 6:59 PM

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dave c


Looking to learn more about currency trading any good books on the matter would be helpful. Also looking to start an account online to accomplish this. I heard of Forex? anyone that has shorted currency with success I value your answer. Is there a George Soros in the house?


Answer
FX (Forex)... currency trading...... there is no such thing as shorting.... not in the same sense as you would with stocks. All currencies are traded in pairs. You either buy the pair or sell the pair to establish a position. So the EUR/USD would be a good example. You can sell or buy this pair which creates the side of the position you want.... buying the EUR against the USD or buying the USD against the EUR.
It's not magic.

So... any Forex broker can do this for you. The problem is..... they all stink. Some less than others. If you're a USA citizen... stick to a USA firm like;
GFT
FXCM
IBFX (InterbankFX)

Forex will quickly wipe out your portfolio...... unless you take years to slowly learn trading & practice very good trading money management skills. Lots of people and companies make it sound like people are getting rich everyday from trading FX. If you approach it that way.... I guarantee you'lll quickly lose your account.

Which is the best place for investors trading financial instruments, regarding to the subject of taxes?




new member


What is the best country or US state that offers the most charming taxes for investors trading primarily Foreign Exchange, Futures, Options, and Stocks?


Answer
Yeah that would be owning your own small island in the middle of nowhere, and declaring your own independence. Don't forget to create your own flag. :-)

Actually if you are in the USA, you can't move your account overseas, at least not for the Forex, anymore. They caught on to people trying to do that, and now most brokers are having to move accounts back to the USA if the person who opened the account lives in the US. Really annoying, isn't it? Anyway but, I guess what matters most, is just having a good strategy that makes money. For that, I did find a large index of strategies online. Very worth looking into. I'll post the link in my sources below. Otherwise, to avoid paying away all your money in taxes to causes you probably wouldn't support if you even knew... you can DONATE money to tax-exempt organizations, of your choice, and get tax credit for doing so. That way, rather than paying a million dollars in taxes to support God only knows what, you can give it to support a cause you actually do care about.




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