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Changing Sterling To Dollars To Trade On Dow/nasdaq

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Hi,

What is the process when it comes to exchanging Sterling for Dollars when trading with DOW/NASDAQ stocks?

I have a self-trade account and am pencilling in buying some NASDAQ Dollar denominated stocks in the next few months - how would that work with someone like self trade?

When I ring them up to tell them what shares I wish to buy do they give me a Sterling/Dollar exchange rate and quote me the full 'bundle - i.e. the Sterling/Dollar exchange rate plus the trade price or how exactly.

Also, is there a way, using a service like self trade, etc, to move money from one currency into another one - i.e. Sterling into Dollars - days, weeks or even months prior to buying any shares? In other words, to avoid a possible collapse in one currency?

Thanks,

TMT.

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Hi,

What is the process when it comes to exchanging Sterling for Dollars when trading with DOW/NASDAQ stocks?

I have a self-trade account and am pencilling in buying some NASDAQ Dollar denominated stocks in the next few months - how would that work with someone like self trade?

When I ring them up to tell them what shares I wish to buy do they give me a Sterling/Dollar exchange rate and quote me the full 'bundle - i.e. the Sterling/Dollar exchange rate plus the trade price or how exactly.

Also, is there a way, using a service like self trade, etc, to move money from one currency into another one - i.e. Sterling into Dollars - days, weeks or even months prior to buying any shares? In other words, to avoid a possible collapse in one currency?

Thanks,

TMT.

You need a good broker with their own trading platform that will allow you to trade whatever, whenever. I use a good London broker, and if you PM me, then I'll send you the details, you can practise on their platform with FX, ETF's, Shares, Futures etc.

Just don't hold me responsible if you come a cropper. :)

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Hi,

What is the process when it comes to exchanging Sterling for Dollars when trading with DOW/NASDAQ stocks?

Open an account with a US broker/manager?

I have a few NASDAQ shares held/managed by Smith Barney. But that's through circumstances rather than choice, and I'm not about to recommend them if you're starting from a blank slate.

Alternatively, invest indirectly. You can buy a NASDAQ-focussed unit trust.

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Open an account with a US broker/manager?

I have a few NASDAQ shares held/managed by Smith Barney. But that's through circumstances rather than choice, and I'm not about to recommend them if you're starting from a blank slate.

Alternatively, invest indirectly. You can buy a NASDAQ-focussed unit trust.

Oh, erm, just to add ...

You can also trade through a UK broker. My experience with Hargreaves Lansdown is that they'll accept the instruction (by 'phone; not, alas, online) and just pay for the purchase out of funds held in my account at the prevailing rate. I expect that would apply similarly to other UK brokers.

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Oh, erm, just to add ...

You can also trade through a UK broker. My experience with Hargreaves Lansdown is that they'll accept the instruction (by 'phone; not, alas, online) and just pay for the purchase out of funds held in my account at the prevailing rate. I expect that would apply similarly to other UK brokers.

I thought you could open an account with Ameritrade for instance. Do they not do a currency conversion account? I may be wrong.

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I thought you could open an account with Ameritrade for instance. Do they not do a currency conversion account? I may be wrong.

I have got an account with TD Ameritrade but they are not so cheap for an American Broker. Try Noble Trading or if you can get round their website also try Interactive Broker. Fess with both these firms are good, Noble Trading will offer varying levels of trading charges and will agree to $4 trades if you wish to hold $50k on account and day trade. IB are probably better for swing & position trades and if you want to trade a system their data feeds will link up with many of the systems.

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Hi,

What is the process when it comes to exchanging Sterling for Dollars when trading with DOW/NASDAQ stocks?

I've only ever bought US stocks though online UK retail brokers, like selftrade and Iweb.

You simply say, 'buy 100 GOOG', and they give you a quote in Sterling, which includes trade commission, exchange rate, currency conversion charges (if any). You then choose whether to accept the trade or decline.

The only catch is that they may restrict the size of your trade to considerably less than the amount of cash in your account. E.g. if you've got £10k cash in your account, the trading platform won't even quote you a trade that would be worth more than £9k (this is to protect themselves from exchange rate changes - they don't want to get a quote from the market, if a rapid change in exchange rate would mean that you couldn't pay for it).

Presumably, with phone trading, they'd be more than happy to give you a quote, and let you pay after accepting the trade.

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