Currencies

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Currencies

Post by jumpyed on Thu Jun 11, 2009 8:14 pm

Do Currencies go up and down?

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Re: Currencies

Post by Emilio Sanchez on Thu Jun 11, 2009 8:21 pm

Yes, it works similar to real life. Currencies are worth gold, so they can be worth more or less.
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Re: Currencies

Post by jumpyed on Thu Jun 11, 2009 8:25 pm

Sweet, maybe i'll try my hand at currency trading Very Happy

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Re: Currencies

Post by Joelsem on Thu Jun 11, 2009 8:43 pm

The best way to have currency trading be profitable is to have lived in multiple countries, to have access to their currencies. Then you simply trade the 15 CAD you have, for example, into gold, then you trade it back.

Here's an example with numbers.

5 gold at 30 CAD/Gold = 150 CAD
150 CAD at 0.035 Gold/CAD = 5.25 Gold

You just made .25 gold profit.

As to why I'd suggest having multiple currencies to play with, is because sometimes the profitability of a market can drop to make it not really worth your while, or even unprofitable.

The numbers that I posted above are roughly the values of the current Canadian market. Just a few days ago, the numbers were like this:

27 CAD/Gold
0.034 Gold/CAD

If you were to trade at these values (5*27*0.034=4.59), you'd lose 8.2% of your money.

If you had multiple currencies to play with, however, you'd be able to simply move on to another market while the troubled one works its-self out.

I hope this was helpful Smile
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Re: Currencies

Post by jumpyed on Thu Jun 11, 2009 8:45 pm

Abit, but i've only been playing for a couple days so it'll take me a bit to work it out. Smile

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Re: Currencies

Post by Hanu Anand on Fri Jun 12, 2009 7:12 am

well you no canadas got a great price for gold i lived in euk there it cost 8 GNP more
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