Posted by forex at 2:19 AM
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1. Pick up a quality financial publication like 'The Wall Street Journal,' 'Barrons' or 'Investors Business Daily.' Turn to the stock tables and locate the ETF section. Find the ticker symbol of the currency ETF you want to trade. You can also find a list of currency ETFs online.
2. Open an account with an online discount broker if you do not already have one. TD Ameritrade, E*Trade and Scottrade all provide low commissions for investors who are willing to trade online and make their own investment decisions.
3. Log on to your brokerage account and go to the trading menu. Enter the ticker symbol of the currency ETF you want to buy, along with the number of shares you wish to purchase. Make sure there is sufficient cash in your account to make the trade. You can enter a limit order if you want to purchase the currency ETF at a specific price. The trade will only be executed if the ETF trades at or below the price you set.
4. Review the details of the trade, including the price of the shares and the commission. Confirm the order to send it for processing. Be sure to print out a copy of your purchase confirmation and keep it with your tax records. You will need this documentation to figure your capital gains taxes when you sell the ETF.