Currency spread betting strategies
You are using an outdated browser. Upgrade your browser today or install Google Chrome Frame to better experience this site. Having problems logging in? The euro is under pressure as sovereign debt woes continue to stalk Ireland, Portugal and Spain, and the Germans get ever more nervous about the cost of supporting other eurozone members.
So with major currencies bouncing around, plenty of spread betters will be tempted to try their hand in the forex markets. However, before diving in, be aware of a few pitfalls, especially if you are used to trading in other markets such as equity indices eg FTSE Here are three of the main things to look out for. You can lose money fast in any spread bet but forex takes the biscuit. Currencies can be highly volatile, with profits swinging to losses in seconds.
In equity markets you can bet on a variety of shares using, for example, a FTSE index bet.
That lowers the volatility. But in the forex markets you are betting on specific pairs of currencies, and you are up against the pros at the big banks in what is the biggest market by daily turnover in the world. Otherwise you might as well pop down to the bookies and punt on the horses! Setting a stop-loss — paying a broker to limit the damage from a forex trade — will widen the bid-to-offer spread and eat into your profits. But a novice wading into the shark-infested waters of the forex markets without one in place could get eaten alive.
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Three tips for forex spread betters - MoneyWeek
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