Currency Trading for Profit

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Currency trading for profit requires betting one country's dollar value against another country's currency. Read current affairs, and study currency trading thoroughly before engaging in this risky form of investing with advice from an insurance and financial adviser in this free video on currency trading.

Part of the Video Series: Currency Trading Tips
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Video Transcript

My name is Bill Rae. I'm with Alumni Financial Services. I've been in the business in the finance world for well over 20 years. Today's topic is how to trade currency for profit. Well, first of all, what is currency trading? Currency trading, in its simplest forms, is basically betting one country's dollar or value or purchasing power, if you will, against another. For instance, is the U.S. dollar stronger than the Euro dollar today, or is the Euro dollar stronger than the U.S. dollar? Are the U.S. and Euro dollar stronger than the Canadian or against the yen? Currency trading basically is betting which one will rise and fall against the other. It's highly risky, so my recommendation is if you're looking to make a profit, make sure you've taken the time to learn all about currency trading and what to do and what not to do. All good brokerages do have online demos for you to practice and get up to date on what's going on. Also, read current affairs. Know what it is that you're risking. Definitely put limits on yourself because I have heard that currency trading is very much like ski-jumping on steroids. You never know the end result, but it's surely going to be exciting. So if you're looking to do currency trading for profit, I would urge you to set parameters amongst yourself. In other words, how much am I willing to risk? And if I lose, when do I call? When do I walk away? And if I'm making money, when do I pull out my original investment? Again, as in all financial dealings, I would highly recommend you talk with a financial planner or your accountant. Seek outside advice. My name is Bill Rae with Alumni Financial, and we're here to help you build wealth.

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