Lesson One – don’t gamble with FX rates

Today I learnt a lesson in FX trading. Don’t try your luck. I’d been holding out to see if the rate will increase over the last few days. It did. But when do you stop holding out? Reading the news suggests one thing, the market does another. I put a nice buy point in at which to book a trade, missed by about 0.001, and then the market has slipped continually since. So I waited and rebooked at a much lower rate, only to miss out by an equally small amount as the GBP USD fell again.


I ended up simply ringing the broker and booking it, fed up of gambling and guessing. This is a house purchase after all.

Total difference in the rates and the amount I was transferring came to about 1,500 dollars.

Consider this a lesson learnt, Mr FX. Ouch.