Article Image 27687

Taking control of your trades: a six-step guide

Sending money overseas via a foreign exchange broker doesn't necessarily mean you've got to hand over total control. While they can take care of everything for you, understanding the basics of trading can help you make the most of your international money transfers. It'll also put you in a much better position to benefit from automated trading platforms or peer-to-peer services. That's why we've put together this six-step guide to getting more involved in your trades.

1. Define your goals

If you’re looking for stable prices for your international mortgage payments, you’ll want to fix prices. If you’re sending a lump sum overseas, you may be better off deciding on a good price point and setting up an automated trade. Get to know your priorities before you start tweaking your trades.

2. Manage your risk

If you’re using a platform that lets you time your trade, make sure to set up a limit order. This automatically trades within your predefined minimum and maximum prices, making sure you won't lose money you can't afford to due to unforeseen circumstances.

3. Find reliable data

Comprehensive, trustworthy sources of historic data and market trends are essential to making good decisions. XE.com is one of the most reputable sources of historic currency data, and respected newspapers like the FT, Reuters and Bloomberg are useful for analysis.

4. Technical analysis

Technical analysis is all about using currency charts to predict price movements. This is a much more in-depth approach, so it's only worth considering if you want to really up your involvement. Start by drawing short, medium and long-term ‘trendlines’. Under a rising trend, lines should touch the base of every trough. Above a falling trend your line should touch each peak, revealing points where historic cycles might repeat themselves. From here you can move on to more advanced techniques.

5. Fundamental analysis

Fundamental analysis is about identifying economic and political trends – another more in-depth technique. For example, when the UK Office for National Statistics released positive employment data, the pound rose to a new high against the US dollar. Other events to look out for include interest rate decisions by central banks, trade statistics, Consumer Price Index data, GDP data, elections and referenda.

6. Get your timing right

It's important to factor in the different opening times of global currency markets. Get to know when the markets for the currencies you're trading overlap; it'll be the most active trading period for brokers, so you’re more likely to find a profitable match for your international money transfer.

If you're interested in learning more about sending money overseas, contact us today. We're here to give you everything you need to make confident decisions about how to make the most of your transfers.

Comparison tool

Sending Currency
Buying Currency
Send USD Receive

Alex Larsen

I've been struggling to find a way to make regular transfers to my Norwegian account from the UK (where I work). Finally I've at least got some pointers for where to start, so I won't have to pay a fortune every time I transfer!

Chloe Rogers

Your site is top, thank you. I was going to use my bank and but came across you on Forbes site, I am glad I did. I went on and used Torfx very good service got the rate right, saved me money compared to many others you list, they even helped me get an aussie bank account. Once again thank you for help!
purchasing overseas property

OVERSEAS PROPERTY PURCHASES – SAVE ON YOUR PAYMENTS

Explaining how you can make considerable savings by getting better exchange rates and low fees associated when purchasing a property overseas. We show you how to make considerable savings, avoiding poor exchange rates, high fees and the best time to make the transfer.

Purchasing overseas property - satisfying your currency needs for payment

EMIGRATING - TRANSFERRING YOUR ASSETS OVERSEAS

Moving overseas can be daunting, with many unexpected aspects to your move you might not have considered. We cover all the financial basics of moving abroad, from the expenses to consider to the most cost-efficient ways to transfer your bank accounts and financial assets to your new home.

Market Insights

Sign up for our newsletter.

Thank You for subscribing to our Newsletter

You have successfully signed up to our Newsletter