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Hello frankphd_us,
Your 'answers' have been simplified to render them almost valueless.
>When you open
> an account you apply and receive access to EXCHANGES and PRODUCTS -
>not
> countries.
There is a high degree of virtuality about trading but occasionally
the 'otherworld' intrudes e.g when tax time comes around.
Since IB LLC is a US company, US citizens who open accounts are not
opening a foreign account.
US foreigners will have to manage an offshore account, offshore
support and out of hours trading. In the event that they end up in
dispute with their broker, or other parties, they will not have the
luxury of being,for example, a US resident appealing to a US
regulator and/or hiring a US solicitor that they are paying for in
their own currency, namely US dollars etc.
Trading 'products' are tied to their exchanges, who conduct business
in the currency where they are domiciled.
US residents can trade almost every available 'product', or its
equivalent, in there own currency/country but the trading world
doesn't end at the US borders.
While we can open accounts, and trade, almost freely, in the virtual
world, eventually we will want to spend that money in our own country.
That is when the reality of exchange rates, and their movement
against our 'base' currency will hit home to us.
So for me, as a non-US citizen, the reality is that I also became a
Forex trader, an international citizen and an international bush
lawyer the day I started dabbling in international trading.
> ) What are the pitfalls and drawbacks of trading a portfolio
>consisting
> of 3-5 markets (ASX,SGX,US,CA,EUR,... )?
If your base currency is US dollars, and you have been 'in' the
Aussie market/Aussie dollars then you have done very nicely over the
last few years (whether by good luck or good management). Not so if
you were an Aussie with unhedged exposure to the US dollar/market.
In fact last year, in NZ, I bumped into an American trader whose
entire strategy consists of buying strong stocks in a strong currency
(relative to the US dollar). I think he said he hasn't had a losing
year for 10-15 years and he had done around 30-50% a year for the
last 5 years (he is state hopping, living on a boat etc and hasn't
been home for a few years - doesn't even own a computer - wouldn't
know what backtesting is and uses Yahoo on the library computer to
follow his trades).
> 2) How to set up the account(s) with IB, for example can foreign
>stocks
> be traded with US funds (auto conversion)?
Does IB charge for currency conversions?
The trading platform I use charges for each adjustment to and from
the base currency (yes, I can nominate the frequency).
> 3) Is there a problem with the different market time-zones?
My platform is London based (as I said the trading world doesn't stop
at the US borders) so the platform Java based charts are 24 hour GMT -
it is not a problem as 'you' know when the different markets are
waking up..... Nuku'alofa opens, followed by Fiji, NZ, Australia,
Singapore etc.
"No holding hands for NEWBIES here"?
Survival of the fittest!
Great idea.
Not new though.
It doesn't work out so well if you are not amongst the fittest (good
luck in your old age).
brian_z
--- In amibroker@xxxxxxxxxxxxxxx, "frankphd_us" <frankphd_us@xxx>
wrote:
>
> Hi all,
>
> I trade international markets via IB and other brokers. When you
open
> an account you apply and receive access to EXCHANGES and PRODUCTS -
not
> countries. So when you apply for an exchange you might receive
access
> whilst your friend won`t be granted access - if he is of different
> nationality/domicile: Citizens of some countries are restricted by
> their national regulations (namely US citizens by SEC). Otherwise -
if
> your selected markets/products comply with your indicated
experience
> you will be setup for trading within minutes.
>
> Re your questions:
>
> ) What are the pitfalls and drawbacks of trading a portfolio
consisting
> of 3-5 markets (ASX,SGX,US,CA,EUR,... )?
>
> None aside from my mental capacity to differentiate between
positions
> in USD, CAD, AUD........
>
> 2) How to set up the account(s) with IB, for example can foreign
stocks
> be traded with US funds (auto conversion)?
>
> I am debited with local currency and can adjust this manually
whenever
> I like.
>
> 3) Is there a problem with the different market time-zones? For
> example, for a foreign stock, would MOO and MOC be automatically
adjust
> to the foreign market's open/closing time?
>
> No problems, if MOO and MOC is supported for this exchange/product.
>
> Trading via IB is a dream come true, if you take the time and
effort to
> read, learn and practise the TWS. Amongst brokers IB is exactly
what
> Amibroker is amongst software. And a bit alike amibroker.... NO
> Handholding for Newbies there! But helpful forum and webinars.
>
> Kind regards
>
> frankphd_us
>
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