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What’s The Currency You Hold In Your Forex Broker Account?
asiaforexmentor1
post Dec 14 2011, 07:25 PM
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What’s the currency held in your broker?

This is one very important thing that every forex trader should know.
What’s the currency that you hold in your forex broker account?
Regardless of which country are you living in.
Your currency denominator in your forex account should NOT be in USD.
This may come as a BIG Shocker to you.
And if your denominator is in USD. Change It Now!
-Important Forex Tip – What’s the currency held in your broker?

Here’s why:
My Example: I’m based in Singapore. Around 2-3 years back, the USD to SGD (singapore dollar) is at the rate of 1 : 1.4 (est)
-Therefore $1 USD is equals to $1.4 SGD.
-But today $1 USD is equal to $1.1~ SGD.
So had my forex account denominator be held in USD. I will be making a huge loss!
Just for example. If your capital is $100,000 USD 3 years back, if i convert it back to SGD. It will be $140,000 SGD.
And supposedly, if i never traded the account. Today my capital left will be $110,000 SGD.
Meaning i made a loss on my account even though i did not even took a single trade!
Do you see what i’m driving here.
Even though if i had traded the account, my profits would have been wiped off or massively reduced due to the currency difference.
Which also means that you are practically wasting your time trading forex as none of your profits could be seen.
-Important Forex Tip – What’s the currency held in your broker?

So what now?
-Here’s the fact.
The USD will continue its way down, unless there is a chance of them clearing the trillion of dollars in debt. (chances are really slim)
Til then, the USD will at least not grow back to what it once was.
So if you are living outside of the United States.
You should either put your currency in your own country’s denominator or place it in a country which has a stable economy (eg. Singapore is one of them)
And if you are living in the United States.
You should change your denominator to another country which has a stable economy. (Not EUR – due to its mounting debt)
Some brokers will not allow the change if you are living in the United States but some will.
So if those brokers doesn’t allow you to change your denominator to other currency.
CHANGE THEM!
-Important Forex Tip – What’s the currency held in your broker?

-By changing your denominator to other currency, and if the usd continues falling against the currency you put in.
You will see a growth in your capital without even trading!
So that’s Extra Profits! (or even to cover your losses you made through silly mistakes)
Let me know if this post has helped you.
Do share it and like it! Cheers!
Ezekiel Chew, Asia #1 Forex Mentor
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DiF0r
post Dec 21 2011, 01:57 PM
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I fully agree on your post and that's what I'm always telling my friends. Our local currency is EUR so my trading account is in EUR too. But others always open default USD accounts but I think that's wrong. I think they have a trade open the whole time because of the EUR/USD difference, so they are trading while they don't even know that..


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Rhyker
post Sep 16 2012, 09:19 AM
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good point!


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Surprise! I'm a REAL mentor, always looking for motivated students about.me/rhyker2u
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post Feb 3 2013, 06:43 PM
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im holding mine in USD because it's easier to exchange to my local currency..

plus exchange rate is quite stable :D


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sheng80
post Apr 10 2013, 01:09 AM
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Well I use USD always, it use it to trade and it's widely accepted in my country to trade in my own currency, and the exchange rate is high. so i'm happy. smile.gif
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