Advantages of Understanding Forex

Hi!

I’m Vanya and I signed up to do the online Babypips course, which looks really amazing.

I guess I’m an accidental Forex trader as I have accounts in three currencies, all of which I use. When the euro dropped, I got a notification from my bank that they were going to charge me for anything over 3k, so I took what was left over and converted it to Japanese yen.

Since then, I’ve been thinking that it would be really useful to understand foreign exchange rates and how to best deal with my money in the long term. I don’t have a broker account (yet) because in the first instance, I’m just wanting to understand the fundamentals. But in the future, I might also look at trading.

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Welcome Vanyaaa! :blush: I’m always super excited to talk to fellow women here in the forums. :blush: I think you came to the right place to learn about the basics, and people here are nice so I’m sure they’d also be willing to answer your questions about confusing concepts. :blush: Good luuuuck!

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Oh man…talk about ¨from the frying pan into the fire¨

Welcome and study hard! You may be interested in moving money into Swiss francs.
But I don’t know tho’.

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Do you mean like in a bank? :open_mouth: How is your bank able to offer an account with multiple currencies? :open_mouth:

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Welcome @Vanya.

@ria_rose, she might also not look at trading. And then your excitement will fadeaway, like newbie forex traders entering the market with the mentality to make quick money. :rofl:

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People really are nice! I wasn’t expecting that.

Today my confusing topic is “There’s a Black Friday sale and although I don’t know that I need the Trading View on offer, will I regret it in a month if I don’t jump on it now.”

Need to fend off the fomo.

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Haha, was that a bad move? To be honest, I went on the basis that anything where I wasn’t paying to keep my savings had to be a good move. But yeah, that’s what made me think, hmm, it would be sensible to actually have a basic understanding of forex if I’m going to be moving money like that.

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Awww, now I feel bad! But surely it’ll take me longer to do the course than the GetRichQuick folk?

I suspect it depends on where you live. I actually have four bank accounts but three of them are multi-currency.

My local bank account is EUR but also offers dollar accounts. Wise (used to be Transferwise) offers a broad range of currencies but I have a feeling they are only available outside of the US. You have to pay a fee for conversion, so I don’t think it’d be good for trading, but it is useful to me because I freelance and get paid in different currencies, so it means I’m keeping funds in their original currency.

Revolut also offers multiple currencies and works in the US although it has a base/default currency depending on where you open the account.

You can also keep funds in multiple currencies on Paypal but that’s not great for larger amounts.

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Good move. You will use it endlessly.

Ah I guess this is only for companies outside the US. Good to know though! And also, super amazing that you’re freelancing globally! What a time to be alive.