Taking Posession of Currency

[Multi]

I cant view any replies anymore on my previous thread so I'll post a specific question here...

When I complete a profitable transaction (trade), is the money considered to be in my possession straight away (although its deposited into my trading account)?
Since this is a spot market, all transactions are dealt with immediately but are settled 2 days later.

I just wanted clarification on the question as to whether the money is considered to be “in my possession” as soon as the transaction is completed.

I appreciate your help,

Thanks,

Multi

 

[Hoggums]

I cant view any replies anymore on my previous thread so I'll post a specific question here...

When I complete a profitable transaction (trade), is the money considered to be in my possession straight away (although its deposited into my trading account)?
Since this is a spot market, all transactions are dealt with immediately but are settled 2 days later.

I just wanted clarification on the question as to whether the money is considered to be “in my possession” as soon as the transaction is completed.

I appreciate your help,

Thanks,

Multi

I THINK, that they will credit the money to your account immediately, so you can trade with it - but they won't let you withdraw it until it's settled. Pretty much like cheques in a bank account. I guess it would depend on the broker.

I don't have a regular forex account so don't take my word for it.

 

[Rhody Trader]

Actually, due to marking to market, the gains or losses you have in an open position are immediately reflected in your account balance. Theoretically, so long as you don't withdraw more than would leave you with the necessary margin deposit for the position, you should have immediate access to the funds. That's not to say, though, that your broker will allow it.

 

[Mr_Nasdaq]

Analysis in preparation for Wednesday, July 11th

$USD, $XEU, $XBP and $XJY

http://www.support-resistance-report.com/AnalysisForWednesday.html#Currencies