Comments on: Frustrated at Having to Unwillingly Play the Forex Market http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/ Backpacking around the world on my income from the internet. Thu, 09 Sep 2010 23:28:20 +0000 http://wordpress.org/?v=2.0.7 by: Lea http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11924 Mon, 03 Nov 2008 12:09:27 +0000 http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11924 I don't travel (this decade) so I have my paypal set to convert all my payments into $AUD. I have no idea how to do my books in multiple currencies, and no reason to hold multiple currencies - so I don't. I don’t travel (this decade) so I have my paypal set to convert all my payments into $AUD.
I have no idea how to do my books in multiple currencies, and no reason to hold multiple currencies - so I don’t.

]]> by: malia http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11674 Sat, 01 Nov 2008 21:33:54 +0000 http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11674 i was in australia a few months ago when the exchange rate was almost even with US dollars (it was AUS$1.04 to US$1 at the time) and i checked recently and it was AUS$1.51 to $1US!!! a hostel that cost us $20 a night when we were there would be $13/night today. geez, that would have helped out on my budget! once i've already booked a trip though, i just choose not to pay much attention because it usually depressed me (like when i was in europe in july/august!) but in places like southeast asia where your money still goes far, it really didn't matter all that much... i was in australia a few months ago when the exchange rate was almost even with US dollars (it was AUS$1.04 to US$1 at the time) and i checked recently and it was AUS$1.51 to $1US!!! a hostel that cost us $20 a night when we were there would be $13/night today. geez, that would have helped out on my budget!

once i’ve already booked a trip though, i just choose not to pay much attention because it usually depressed me (like when i was in europe in july/august!) but in places like southeast asia where your money still goes far, it really didn’t matter all that much…

]]> by: weltreise http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11640 Sat, 01 Nov 2008 13:49:47 +0000 http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11640 FX rates are particularly interesting when you're in country which experiences a financial collapse. I remember Ecuador in the old days (early 1999) when the exchange rate was 7000 Sucres for a Dollar. Then one month later it was 8000, another two weeks later 11000, then jumped up to about 20000 two days later. That was when they closed all the banks for almost 2 weeks. Fun. There were a few ATMs in Quito still working, but only for foreign cards -- and you had to walk for miles to get to them with the roadblocks and the general strike going on. FX rates are particularly interesting when you’re in country which experiences a financial collapse. I remember Ecuador in the old days (early 1999) when the exchange rate was 7000 Sucres for a Dollar. Then one month later it was 8000, another two weeks later 11000, then jumped up to about 20000 two days later. That was when they closed all the banks for almost 2 weeks. Fun.
There were a few ATMs in Quito still working, but only for foreign cards — and you had to walk for miles to get to them with the roadblocks and the general strike going on.

]]> by: Working Nomad http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11605 Sat, 01 Nov 2008 07:23:34 +0000 http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11605 I am obsessed with exchange rates when I am travelling - for instance the Indo Rupiah bounces around between 15,000 and 18,000 to the GBP so I try and take more out when its on the up.. Probably doesn't save too much but every little helps..its almost like a hobby keeping an eye on exchane rates Having a strong dollar v pound is good for UK based adsensers....every cloud and all that. I am obsessed with exchange rates when I am travelling - for instance the Indo Rupiah bounces around between 15,000 and 18,000 to the GBP so I try and take more out when its on the up..

Probably doesn’t save too much but every little helps..its almost like a hobby keeping an eye on exchane rates

Having a strong dollar v pound is good for UK based adsensers….every cloud and all that.

]]> by: lissie http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11542 Fri, 31 Oct 2008 12:53:15 +0000 http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11542 The A$ was around 98c 3 months ago now its 67c - I am delighted to be getting an Adsesne payout just now! I find it works quite well that most of my expenses are in US$ and most of my earning are too. Get a fee for what is a "nromal" rate for C$- if its good - buy some. I do average out my forex risk - if I need to transfer a large amount - I will transfer maybe a 1/3 for each of 3 months instead of risking it all on 1 day - sometimes you loose out a bit - but you average the risk The A$ was around 98c 3 months ago now its 67c - I am delighted to be getting an Adsesne payout just now! I find it works quite well that most of my expenses are in US$ and most of my earning are too.

Get a fee for what is a “nromal” rate for C$- if its good - buy some. I do average out my forex risk - if I need to transfer a large amount - I will transfer maybe a 1/3 for each of 3 months instead of risking it all on 1 day - sometimes you loose out a bit - but you average the risk

]]> by: Kiri http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11512 Fri, 31 Oct 2008 00:28:26 +0000 http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11512 I have been paying a lot of attention lately although mainly AUS/USD and have set up a practice account with a forex company. I managed to wipe out 4/5 of what they gave me to practice with early on but I'm doing a pretty good job of rebuilding it now. However it sounds more like you're talking about changing money, if the CAD is trading well it's worth changing your money then in the current market. Otherwise I wouldn't usually bother like you. It's just very volatile now. I have been paying a lot of attention lately although mainly AUS/USD and have set up a practice account with a forex company. I managed to wipe out 4/5 of what they gave me to practice with early on but I’m doing a pretty good job of rebuilding it now.

However it sounds more like you’re talking about changing money, if the CAD is trading well it’s worth changing your money then in the current market. Otherwise I wouldn’t usually bother like you. It’s just very volatile now.

]]> by: Colm O'Connor http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11495 Thu, 30 Oct 2008 19:42:30 +0000 http://www.nerdynomad.com/2008/10/30/frustrated-at-having-to-unwillingly-play-the-forex-market/#comment-11495 I've been taking an interest as of late. It was on the list of "last few unanswered questions I have" - how to hedge against currency fluctuations. There are a few things I have discerned so far though: * You should probably focus on reducing risk rather than trying to profit, unless you intend to make a hobby of it. The best way to reduce risk seems to be to spread your bets somehow - so keep your funds diversified across a bunch of currencies. In stocks I'd do it by buying a range of stocks - e.g. with an index tracker. With currencies I'm not so sure how to do that, although I do know that you can get accounts in your home country denominated in different currencies. Getting an FX account and spreading your assets across multiple currencies might help. * Diversifying your income can help - don't just try to earn income from US visitors, but all over the world. You probably do this though. * Changing your plans to account for currency changes will help you save money. If you can't decide whether or not to go to Cambodia or Thailand, for instance, just see how each currency is doing and then go with the one that gives you a better deal. If there is a currency crash (e.g. iceland), it's a good time to go. * Failing all of that, the swiss currency is notorious for not shifting much. As you can see, I haven't really figured out a solution yet. I will write up my findings when I do figure something out though. I’ve been taking an interest as of late. It was on the list of “last few unanswered questions I have” - how to hedge against currency fluctuations.

There are a few things I have discerned so far though:

* You should probably focus on reducing risk rather than trying to profit, unless you intend to make a hobby of it. The best way to reduce risk seems to be to spread your bets somehow - so keep your funds diversified across a bunch of currencies. In stocks I’d do it by buying a range of stocks - e.g. with an index tracker. With currencies I’m not so sure how to do that, although I do know that you can get accounts in your home country denominated in different currencies. Getting an FX account and spreading your assets across multiple currencies might help.

* Diversifying your income can help - don’t just try to earn income from US visitors, but all over the world. You probably do this though.

* Changing your plans to account for currency changes will help you save money. If you can’t decide whether or not to go to Cambodia or Thailand, for instance, just see how each currency is doing and then go with the one that gives you a better deal. If there is a currency crash (e.g. iceland), it’s a good time to go.

* Failing all of that, the swiss currency is notorious for not shifting much.

As you can see, I haven’t really figured out a solution yet. I will write up my findings when I do figure something out though.

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