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Is this a stupid idea?

  • 14-04-2019 11:27am
    #1
    timple23
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭


    Already have a revolut account I use when buying stuff in UK. What if I upgraded to premium and lodged 5000 euro into my account.

    Then using a currency exchange app, set it up to alert me when the rates hit a certain point and exchange my 5k. And vica versa

    I reckon I could make a min of 5 euro a day. But I know very little about investing and currency exchange so this could be a ridiculously stupid idea.


Comments

  • #2
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    You don't even need to set up an alert, can just set it to exchange automatically when it hits a certain rate. Do you need a premium account though?

    Whether you can make money this way or now, that's a different question.

    Actually, I see there's a charge over £5,000 a month on the free account.


  • #3
    timple23
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭timple23


    Wheety wrote: »
    You don't even need to set up an alert, can just set it to exchange automatically when it hits a certain rate. Do you need a premium account though?

    Whether you can make money this way or now, that's a different question.

    I forgot about the auto exchange. Free accounts have an exchange limit, I think, or they start charging an exchange fee after a certain point.


  • #4
    daheff
    Registered Users, Registered Users 2 Posts: 5,898 ✭✭✭daheff


    timple23 wrote: »

    I reckon I could make a min of 5 euro a day. But I know very little about investing and currency exchange so this could be a ridiculously stupid idea.

    Firstly, only do this with money you can afford to lose.

    Secondly, you need to change currency back & forth to make money...means you need rates to move up & down AND be able to exchange funds in time to profit.

    There are companies out there with proprietary software that they've built, spending hundreds of thousands in development to try to pick off this. What makes you think just setting up auto exchanges will be better? If it was wouldn't everybody be doing it for free money?


    that said, if you have a foolproof strategy to make money, then go for it.


  • #5
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    daheff wrote: »
    Firstly, only do this with money you can afford to lose.

    Secondly, you need to change currency back & forth to make money...means you need rates to move up & down AND be able to exchange funds in time to profit.

    There are companies out there with proprietary software that they've built, spending hundreds of thousands in development to try to pick off this. What makes you think just setting up auto exchanges will be better? If it was wouldn't everybody be doing it for free money?


    that said, if you have a foolproof strategy to make money, then go for it.

    I am not encouraging this, and I'm not doing it myself.

    I agree with daheff's point about only doing it with money you can afford to lose. It's gambling.

    But until Brexit is sorted I think Euro and Sterling are going to keep going in waves.

    Having said that, you could change €5k into sterling and bad news comes out and it drops and stays that way for months or longer. Will you be able to wait for recovery or cut your losses?


  • #6
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,498 ✭✭✭BrokenArrows


    Forex trading is notoriously difficult to be successful at.

    You could make a hundred successful trades and make a tiny profit on each one. However one day the rate will swing against you massively and turn you into a loss. You just need one bad day to wipe out weeks or months of profit.

    If you look on the forex trading platform comparison sites they show you the % of investors that lose money. Its always in the 70+% range.

    https://www.money.co.uk/forex-trading.htm


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