I wasn't talking about day trading just purchasing and using it as an exchange
ie make one transaction at a level I can see and be happy with - maybe watch it go ona peak. Then withdraw to a dollar account - not leap from currency to currency. I agree that would be a scary risky proposaition.
This humble wannabe does at least know that he can get $1.93 for each and every £ right now.
Your statement that the pound is not strong adds weight to a decision to buy now whilst it is high against the dollar.
Given that this is about as high as its been for years I have just "bought" a stack of dollars.
If the £ goes up I'll buy even more. If the £ goes down I have at least set my own exchange rate (with which I am happy) for the most of my time in states, or I could sell them back at a profit!
I wonder just how many wannabes are missing a trick here after spending so much time deciding to go the USA - "because its cheaper" (seperate debate) but then don't optimise by accepting a crappy high street bank rate or getting extra charges on their credit cards.
At least now I can budget in £ having set my rate.
I've been playing with the FOREX demo software and now I'm rich beyond my wildest dreams, in play Yen! Looking back I had to stake my next 10 years salary to earn 3 months salary!