I have traded ETF for some time, but all of them are tracking domestic stock markets. I find a model to predict indices fluctuation in short-to-medium time range. I works so far so good. I use ETF which track these indices as my weapon. But for those ETF which tracks oversea countries' stock indices, like TUR(iShare Turkey ETF). I find a very big problem. Even the indices go as I predicted at certain time span, the ETF may not, for USD is very strong compare to local currency at the same time range. Now I am thinking of hedge this currency fluctuation, like this: I buy $1000 value of TUR, at the same time in the Forex, I buy $1000 value of USD/TRY currency pair. When I close my TUR ETF position, I close my Forex USD/TRY position at the same time. Any comments here?