234001 67 Business & Finance Investing General Investing true Mon, 07 Sep 2009 04:03:35 -0700 /system/videos/3/75/51/23/235175.flv finance,money,business,investing,foreign,currencies,markets,stocks How To Invest in Foreign Currencies http://www.howcast.com/videos/234001-How-To-Invest-in-Foreign-Currencies http://www.howcast.com/videos/234001-How-To-Invest-in-Foreign-Currencies/edit approved 142 640 360 <object width="425" height="273" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" id="howcastplayer"><param name="movie" value="http://www.howcast.com/flash/howcast_player.swf?file=234001"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.howcast.com/flash/howcast_player.swf?file=234001" type="application/x-shockwave-flash" width="425" height="273" allowFullScreen="true" allowScriptAccess="always" ></embed></object> 1 mayumisato http://img.howcast.com/system/thumbnails/234001/foreign_currencies2_xxlarge_maintained_aspect.jpg 651 false false false 93831 0 24 Step http://img.howcast.com/system/thumbnails/234001/24.jpg Know the risks Know the risks. Trading in foreign currencies can be very profitable if you stay on top of the global economic market. But if you don’t have the time or desire to do that, it also can be very risky.

]]> 93832 1 37 Step http://img.howcast.com/system/thumbnails/234001/37.jpg Do your homework Do your homework. Research the financial strength of various nations so you’ll have an informed opinion as to whether their currency will strengthen or weaken.

]]> 93833 2 46 Step http://img.howcast.com/system/thumbnails/234001/46.jpg Open an account You can invest in foreign currency using a brokerage account, if you have one. If you have a PayPal account, hold funds in multiple currencies at no charge. Or find a bank that allows customers to keep foreign currency accounts.

]]> 93834 3 60 Tip Some banks offer FDIC-insured foreign currency accounts; this protects you up to a preset amount if a foreign bank goes bust, but doesn’t cover losses caused by currency fluctuations.

]]> 93835 4 73 Step http://img.howcast.com/system/thumbnails/234001/73.jpg Try a single play Consider buying a Certificate of Deposit in a foreign market with a better interest rate; then “sell it forward” — you agree to sell the same amount of currency at a specific price on a future date. Known as a “single play,” this protects you if the currency deflates during the duration of your CD.

]]> 93836 5 90 Step http://img.howcast.com/system/thumbnails/234001/90.jpg Consider a double play Open a CD and gamble on a “double play,” also known as an “open” or “naked” trade. If the foreign currency rises, you’ll benefit both from the interest rate and the foreign currency being stronger than your own when you cash in. Just beware that you’re also assuming the risk that the currency might deflate, which could wipe out the interest you made at cash-in time.

]]> 93837 6 113 Step http://img.howcast.com/system/thumbnails/234001/113.jpg Wheel and deal Set up an online account on one of the Forex — short for Foreign Exchange — trading web sites. You’ll be able to buy and sell foreign currencies anytime from Sunday at 5 p.m. eastern time to Friday at 5 p.m. eastern time, allowing you to cash in quickly on events that are likely to cause currency fluctuations.

]]> 93838 7 133 Fact More than $1 trillion is traded in the global currency market every day.

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