Chood, Do you recommend a deposit in dollars or dinars (Iraqi?) taking into consideration currency risk, discreet moving of funds and deposit insurance ?
I canât answer your question from first-hand experience, so Iâll reply with the rules of thumb I understand should be followed when trading with forex retailers. They are: 1. Always fund your account with dinars, not dollars. As most traders know, the money you send to a fx retailer to fund your trading account actually is an unsecured loan by you to the retailer. If the retailer canât pay you back (for whatever reason), you can always replace the loss with more dinars. Dinars are much cheaper than dollars and, unless youâre very rich, dollars are a good bit harder to come by than dinars. Thatâs why you should fund with dinars. An example may help: take the example of the elderly couple that lent BigDoughFX their savings so they could trade on the BigDoughFX platform. My guess is that they funded the account with dollars, which is why they wanted the loan paid back so much. If they had sent dinars, they probably would have had money left for food, which was their complaint to Sasha, BigDoughFXâs owner. 2. Always go for the greatest amount of account security. Since dinars are cheaper than dollars, your retailer is more likely to be able to afford to repay your loan to it in dinars. Therefore, make your loan in dinars and your account security will be enhanced. 3. Go for maximum benefits. Your trades with a fx retailer are just as virtual with dinars as with dollars. You never own or owe the foreign currencies you trade, so the squiggly lines for them on the platform, which are the virtual price action, move just the same for a trade funded in dinars as one funded in dollars. So, if you lose a lot of trades due to the virtual price action, you can always get more dinars to re-loan to bring your account balance up for more trading. 4. Use only a fx retailer who allows âhedging.â This is the foremost way to preserve your capital. BigDoughFX is very popular for that reason. Sasha, while awaiting his most recent parole, authored the landmark hedging program âNever a Losing Trade.â If you never have a losing trade, it follows that you will preserve your capital. I hope this information is helpful.
Chood, I want to express my sincere gratitude for your comprehensive explanation and can only hope that the helpdesk of BigDoughFX matches your level ! It's clear that the way to go is the dinar way. What would be the best option to get dinar's ? exchange in your local bank dollars for dinars or open a bank account in Iraq and exchange there ? (I assume that banks in Iraq offer no deposit insurance)
WTF are you guys talking about...Dinars?!! did someone spike your drink, and runaway with your frontal lobes...instead of your kidneys?
Moment please . . . Right now, I'm on dealer chat with Vladia Draganova, BigDoughFX's chief currency analyst. Will get back to you. Something big maybe stirring.
Dealer chat with Vladia, contâd: I like this chat feature a lot, particularly since I upgraded to BigDoughFXâs Video Dealer Chat. When Iâm on it with her, Vladia says she wears that BigDoughFX sweater just for me. She is much better than the dealers of other forex retailers who chat for customers. Those other dealers donât give picks as good as BigDoughFXâs. Here, exactly as it appears on forexbastards.com, is a Saxo Bank customerâs review of Saxoâs chat and signals: âThey are a bad outfit. Platform fails to work most of time, and are only interested when you have money in your account. My account went from $13.5K to $700 in 4 months. . .most of this is down to their bad directions from their Dealer Chat and Morning emails . . .they are wrong 9 times out of 10, which makes me think this is deliberate.â