When shorting currencies what is the best platform for me to use for trading?
Looking to learn more about currency trading any good books on the matter would be helpful. Also looking to start an account online to accomplish this. I heard of Forex? anyone that has shorted currency with success I value your answer. Is there a George Soros in the house?
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Filed under: Forex Books
FX (Forex)… currency trading…… there is no such thing as shorting…. not in the same sense as you would with stocks. All currencies are traded in pairs. You either buy the pair or sell the pair to establish a position. So the EUR/USD would be a good example. You can sell or buy this pair which creates the side of the position you want…. buying the EUR against the USD or buying the USD against the EUR.
It’s not magic.
So… any Forex broker can do this for you. The problem is….. they all stink. Some less than others. If you’re a USA citizen… stick to a USA firm like;
GFT
FXCM
IBFX (InterbankFX)
Forex will quickly wipe out your portfolio…… unless you take years to slowly learn trading & practice very good trading money management skills. Lots of people and companies make it sound like people are getting rich everyday from trading FX. If you approach it that way…. I guarantee you’lll quickly lose your account.
When going long and short on currency pairs like EUR/USD I like to use FXCM trading platform.