Wednesday, October 10, 2007

Monitoring Forex Rates

The family is going off on a big holiday to the UK next year! Yippee! The last time we went on such a trip, I was asked to monitor the forex rate as the British Pound is so high compared to our Ringgit Malaysia. It may not seem like much but for the amount of cash we were planning to change, any adverse movement in the exchange rate would actually cost us quite a few hundred more. I’ve always personally had an interest in forex so I did take my role in monitoring very seriously, even going to the extent of signing up with Online forex trading sites so I could understand better how forex worked and read analysts’ predictions on where the British Pound was headed.

We did manage to get a pretty good rate to change our money with and best of all, I learnt heaps from this experience and begun to understand a little about the complex world of forex trading. I’ve also learnt that there’s a huge potential to be made if I have a big risk appetite as the slightest swing could mean huge gains! Hmm…perhaps I should consider investing a little in the forex market! That way I may reach my retirement fund a lot faster!

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