Tuesday, April 12, 2011

I tried POT

By POT I of course mean Potash Corp of Saskatchewan. I did another try at Norbert's gambit, with similar success. POT was recommended to me in a comment because it has a high liquidity, and is traded on both TSX and Nasdaq.

For anyone new to checking out my blog, Norbert's Gambit is a system where you buy a security on one exchange, and then sell it on another, effectively converting one currency to another. Efficient market keeps the price of the security very closely aligned with the current exchange rate.

The net result of my trade after fees was:

  • Obtained: $0.96 CAD per USD
  • Exchange rate at that moment: $0.9567 CAD per USD
  • Result: Profit of $0.0033 over the exchange rate
So I got lucky and made money on my transaction, that's a lot better than paying fees to a bank to turn my currency from USD to CAD.

5 comments:

Randy said...

Christina,
I like POT too (and I don't mean fertilizer).

I have RBC direct investing too and am getting set up to use the gambit method also because I receive USD revenue in my business.

My question is do you use a margin account for this or just a regular investment account and the journal is done automatically, after 48 hours?

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