How to hit your foreign exchange target
Do you want to hit your foreign exchange target? Then feast your eyes on these helpful tips.
Imagine a man is planning to purchase a new radio. He decides to research which shop is offering the best deal at the moment, and so spends an evening in front of his PC. Site after site flashes before him, and he learns more and more about prices and guarantees from each of the available companies. He takes notes, and is soon able to shut down is computer and say to himself:
“I know where I can get the best deal.”
So of course, the next morning he arrives at the nearest branch. He is approached by a salesman, who tells him they have the model he wants in stock and that he can buy it at any time. He confirms all the information he gathered the night before. It seems as though everything is going fine. But then all of a sudden, the clerk plants a tennis ball in the man’s hand. The counter at which they’re standing disappears, and in its place a great big bull’s-eye appears in a puff of smoke. The bull’s-eye begins to oscillate back and forth in front of the man. Looking him in the eye, the clerk says:
“The radio is yours, but the price you pay depends on where you hit the bull’s-eye!”
Hitting your target foreign exchange rate
Of course in real life this would never happen. Depending on the man, he’d either give the salesman a solid punch on the nose or run from the shop screaming. It’s not what we expect when we go shopping. But unfortunately, when we change currencies this is a pretty close representation of what we have to do. There are millions of people trading currencies at any one time, prompting the market to dance around. Hence getting a target exchange rate is just like being asked to hit a moving bulls-eye. The question becomes:
“Is there anything I can do to increase my odds of hitting the centre?”
Take better aim for your foreign exchange
One useful tip to increase your odds of hitting dead centre is to find out what’s influencing the market. Political and economic events from across the globe are influencing the rates on a constant basis, after all. This might be GDP from the United States increasing dollar optimism, or public uprisings in Greece sending the euro down. To find out, just log onto the economic section of sites such as Google or the BBC. It’ll give you a much better idea of the rate you can expect. Much like having a steadier hand when you’re expected to hit a moving bull’s-eye.
To find out more helpful tips about getting a better exchange rate, visit us at foreign exchange specialists Pure FX. You can also call on +44 (0) 1494 671800 or email .
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