Monday, September 17, 2007

Currency Trading + Amateurs = Disaster

Currency fluctuations have confounded even the most knowledgeable economists, so it's no surprise that some amateurs are getting beaten up by it. Don't try this at home!

Ms. Itoh is one of them. Ms. Itoh, a homemaker in the central city of Nagoya, did not want her full name used because her husband still does not know. After cleaning the dinner dishes, she would spend her evenings buying and selling British pounds and Australian dollars.

When the turmoil struck the currency markets last month, Ms. Itoh spent a sleepless week as market losses wiped out her holdings. She lost nearly all her family’s $100,000 in savings.

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