The May Fly
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Guys,
I have a different problem to most people here and I'm sure that what I'm going to say next will sound like boasting. I assure you that is not the case, because where I may have succeeded in one aspect I clearly need some advice in another...
Having been interested in trading for the better part of a decade, I've gone through all the ups and downs that I expect most of you are experiencing. In the last year I have had (from my perspective anyway) phenomenal success and made over a million US dollars trading forex. I've done this while also working a part time job and as my wife works a full time 'normal' job I've not actually had to touch my trading capital until now. I withdrew $25k recently and was shocked when I saw the sum that arrived into my UK bank account after it was converted from dollars back into pounds. I know forex isn't a regulated market and therefore there is not an official price, but I still thought there were certain limits in place and therefore had a rough idea what I had expected would be in my bank account. In order to get the sum that actually DID arrive, the price of GBP/USD would need to have been over 200 pips higher than where it was at the time I made the withdrawal!!!! After I confronted the bank to ask them what the hell they'd done, they told me that it was a competitive price and they needed to safeguard their own interests for the time they held the money until conversion was complete. I thought this was a bull**** answer and wrote back to them to complain. A few days later I received a very nice but firm reply telling me this is how they do business and either like it or lump it. The only 'advice' they gave me was that I could open a US dollar account with them, but unless I was a dual citizen and lived half my time in America then I can see no good reason for doing this. Maybe I'm just dumb, but how could this possible benefit me? I want the dollars changed into pounds so that I can use them here and so I cannot see how having a dollar account could possibly benefit me. So, my question to all of you here is this:
How do I get the profits I've made, converted into pounds, without being screwed by the bank in the process? Keep in mind the fact that the broker has as a stipulation in it's terms and conditions that any withdrawals can only be returned to the same bank account from which they came in the first place. This is an anti-money laundering clause.
Any help/ideas/advice will be most gratefully appreciated!
Thanks.
I have a different problem to most people here and I'm sure that what I'm going to say next will sound like boasting. I assure you that is not the case, because where I may have succeeded in one aspect I clearly need some advice in another...
Having been interested in trading for the better part of a decade, I've gone through all the ups and downs that I expect most of you are experiencing. In the last year I have had (from my perspective anyway) phenomenal success and made over a million US dollars trading forex. I've done this while also working a part time job and as my wife works a full time 'normal' job I've not actually had to touch my trading capital until now. I withdrew $25k recently and was shocked when I saw the sum that arrived into my UK bank account after it was converted from dollars back into pounds. I know forex isn't a regulated market and therefore there is not an official price, but I still thought there were certain limits in place and therefore had a rough idea what I had expected would be in my bank account. In order to get the sum that actually DID arrive, the price of GBP/USD would need to have been over 200 pips higher than where it was at the time I made the withdrawal!!!! After I confronted the bank to ask them what the hell they'd done, they told me that it was a competitive price and they needed to safeguard their own interests for the time they held the money until conversion was complete. I thought this was a bull**** answer and wrote back to them to complain. A few days later I received a very nice but firm reply telling me this is how they do business and either like it or lump it. The only 'advice' they gave me was that I could open a US dollar account with them, but unless I was a dual citizen and lived half my time in America then I can see no good reason for doing this. Maybe I'm just dumb, but how could this possible benefit me? I want the dollars changed into pounds so that I can use them here and so I cannot see how having a dollar account could possibly benefit me. So, my question to all of you here is this:
How do I get the profits I've made, converted into pounds, without being screwed by the bank in the process? Keep in mind the fact that the broker has as a stipulation in it's terms and conditions that any withdrawals can only be returned to the same bank account from which they came in the first place. This is an anti-money laundering clause.
Any help/ideas/advice will be most gratefully appreciated!
Thanks.
