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October-30-2004,
A MW reader asks about currency exchange as it relates to playing offshore, our resident expert replies...By MajorWager.Com

(1) Forget about forecasting xrates. I used to be a forex trader- (not a day trader) and I have no clue what`s going to happen with CD/USD. A family member of mine is the VP Forex at one of the big banks and he always talks about his useless economists having no clue what they`re talking about- he`d cut them from the team if he could but the CEO wouldn`t really go for that. One week they say one thing, the next something completely different. Heck, from minute to minute opinions can change dealing with exposures in the tens of millions of dollars. So lets forget about trying to predict future rates for now. Perosnally , confidence plays a large factor in forex rates and global traders ahve absolutely zero confidence in the Bush administration so I think that the gap will continue to narrow- sure hope not but that`s what it looks like).

(2) Make sure that all of your accounts are in the same currency (USD)- it will save you a lot of time and trouble whether you like to scalp/middle or not - trust me on this one. Also you can`t afford to give away the exchange in and out of neteller- a needless expense to have to pay. Yes, you may take it up the wazoo if forex rates worsen but you can always hedge with options once you pump your roll up a bit.

(3) A more important factor than your currency decision is your book selection and your dep/wd tendencies. I`ve played at almost every book imaginable and I`m very familiar with their nt wd policies. The only place where I consistently have to pay for wd`s is CRIS. Almost every book out there has some sort of free nt wd policy so you have to make it work for you. Many people throw away thousands of $ every year just because they don`t understand the wd policies,they`re poor money managers or they just don`t care. Every $ counts IMO so you have to know when you should ask for a wd and when you shouldn`t. Some books offer 1/week, some 1/month, others 1/30 days- be aware of these policies. With a 3k roll, if you like to play at a few books make sure you know what the min deposit is for free nt deposits. You can`t afford to throw $ away here either. Before you choose your books make sure that you know all of their fees. I can`t stress enough the importance of this step.

(4) With a 3k roll take great care in your book selection process. You never want to have to bet a side at -3.5 at one book because the book that has -3 has a much lower balance. Find out what you like to bet and when you like to bet it and then you can come up with a great list of books to play at. If you need help with the selection process, which is crucial to success in this business, be sure to ask for help. It`s a very tough decision- don`t want to be spread to thin and not have enough $ at a book that you need $ at but you also want line variation to make your picks more profitable. I don`t care what anyone here says- if you can make sure that you have $ at SIA, bowman squares and pinny when starting out. You can`t go wrong having those three books in your arsenal. If you know what you`re doing you will have the advantage almost every time you make a bet. SIA will kick you out but they`ll pay you. Dont; expect much in the way of customer service but do expect very juicy lines. It`ll be a sad day when you get the boot but that`s important seed money to amass.

HockeyGuru



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