Re: Exchange rate
 

My fx practice account took a right gubbing today, I was thinking of doing a little currency trading for extra cash don't think I will bother:D

Re: Exchange rate
 

Nothing much going on with the Canadian dollar really - its the Pound thats getting hammered and thats taken the rate back down below 2.00. If you look at the GBP/USD rate that too has taken a hammering - the Pound now only getting about 1.86 USD whereas it was nearly 2.00 a while back

Re: Exchange rate
 

So, Mr Financial Genius, when does the Summer officially end? Just so I can get ready for that massive hike in oil prices.

Re: Exchange rate
 

I would imagine that if you look back over the entirity of this thread around 90% of the predictions (probably mine included) turned out to be completely wrong. Being wrong more often than being right is probably what makes us human ;)

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We can all thank Mervyn for opening his big mouth.... nice one :mad:

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Yeah, but you're not claiming to be an FSA-approved blah blah blah whose got some amazing insight into the world of international finance. I think it's pretty funny that despite all those lengthy in-depth posts going into all kinds of absurd detail, he still gets things like this hopelessly wrong.

Re: Exchange rate
 

No disrespect to cneldred intended here but the reality is that people who are FSA certified, have worked in finance all their lives, or are considered financial experts actually have no more insight into the world of international finance than anyone else. The wonderful thing about financial markets is that its anyone's guess.

You only have to look at the performance of managed funds against stock-market "tracker" funds to see that - the computers that manage tracker funds consistently beat highly-paid "expert" fund manager managed funds. In fact around 80% of expert fund managers funds consistently underperform the market as a whole.

Re: Exchange rate
 

I quite agree.

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I think you are being a little hard on Chris, you are relying on the history and whats going on in the current market when dealing in investments and trading.

We have quite a few clients in property funds that were doing brilliantly a year ago. Now they are down and you are prevented from moving clients money for a year.

I think Chris gives good advice but he doesn't have crystal ball and it is very very difficult to get timing right in the financial markets.

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Perfect timing for the pound to start being worth as much as a Zimbabwe dollar, what with us booking our flights and all :mad:

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yeah....v interesting....i think like all these guys who profess to know what they are doing in the financial markets......they switch on their desktops and take a stab at it............cneldred is no different....and god help all those that lap up all that he writes on this site and try to bas their financial futures around it....maybe he should stick to his holiday lets...

Re: Exchange rate
 

Too right - my predictions have cost me 7 cents per pound in the last couple of days alone !

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Why all the bad-mouthing?

Cneldred knows more about it than any of us. He does it for a living.

I guess we're all peed off with anybody to do with finance, having seen what disaster they've brought about a la credit-crunch, and it's doubly annoying to see some of these "whizz-kids", who got things so wrong (or rather, allowed things to go so wrong for their own personal benefit) walk away with massive bonuses even when the bank / hedge fund / whatever performs disastrously!

But Cneldred offers his time and knowledge, for free, in an effort to help people making big decisions. He's never said he knows it all.... nobody does.... but as far as I can see, he hasn't actually got anything wrong. The oil price may well shoot back up, especially after the georgia fiasco.

You can only work with info available.... and that doesn't usually include behind the scenes manipulation.

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Spot on,unfortunately there are a few who have nothing better to do then slag people off.

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If financial analysts knew all the answers and got it right 100% of the time, the worlds financial markets would be way different. That is why we have a futures market and there are fluctuations.

Analysts have access to data and information that most don't, they have experience in guessing what will happen as a result of that. It is an educated guess, rather than a crap shoot from the uneducated speculator. Sometimes they win, sometimes not, the good ones tend to win more than average.

If you are just looking at the daily rate and trying to figure out what it will do tomorrow, based on what it did yesterday, then lottery tickets might be a good investment. Personally I set a rate I find acceptable and as soon as it hits that rate I buy, if it misses I hold. Not long ago it was $1.96, so $2.02 seemed good enough, pales to the $2.30+ (even topping $2.62) we used to get, but that is the way it is. The alternative is wait and take a chance.

So easy to blame someone else, however it is the owner of the currency is the one who makes the final choice, can I accept this or do I want more! In the past 14 days £/$CDN pair has fluctuated about $0.031.

There are always online traders for DIYerss http://www.oanda.com/channels/forex-trader/index.shtml