feeling the CANADIAN blues

rusty JEDI · #1 05-02-2003, 05:25 PM

The Canadian dollar continues to climb against the US buck. This wouldnt be a problem except all of my online roll is in American dollars.

Here are the numbers if you chose to cashout on these dates.
January 2003 (4 months ago)
cashout $1000 US....get back $1610 Canadian

May 2003 (now)
cashout $1000 US...get back $1420 Canadian

This has dealt me a big blow. It is like paying a second rake. The big problem was that I am on student loans for school. (I dont use poker money for school because student loans are interest free) This is a problem because if i did cahsout in the school year and got a student loan audit. They would wonder where this big sum came from and why i didnt give back the student loan. So what i have to do is wait untilt he school year is out to make my cashouts. So my entire online bankroll has taken an 11% hit.

Emperor · #2 05-02-2003, 05:28 PM

You should have hedged against this by selling short contracts on US dollars. If it went the other way then you could just exercise those contracts and convert to Canadian.

Win Win. Or at least break even.

bull7 · #3 05-02-2003, 05:39 PM

Welcome to the REAL WORLD . . . . You think your monetary coverssion situation is bad, you oughtta see my stock portffolio. . . . . [img]/forums/images/icons/frown.gif[/img]

Fishy · #4 05-02-2003, 05:40 PM

same thing happening with UK pounds, I think the US economy is going to shrink to the size of Ghanian economy within 2 years.

Fishy · #5 05-02-2003, 05:44 PM

I was down over 90% earlier this year with Telewest PLC. Lost something like $30k in a year on this single stock alone

crazy canuck · #6 05-02-2003, 06:02 PM

This is the worst kind of bad beat. I haven't even played and I lost a couple of hundred bucks. While everybody is happy because they can finally afford to go to the states, all I can do is sing the blues.

bull7 · #7 05-02-2003, 07:23 PM

My Grandmother often told me "Don't put all your eggs in one basket". In Econ 101 the Professor said only "diversify", but in Investments 101 the Professor preached "spread out the risk, with a diversified portffolio and professionally managed mutual funds with no less than a 5 year proven track record", (or something to that effect) almost daily. Fishy, perhaps you cut this class regularly in order to take advantage of a very soft poker game at the dorm? [img]/forums/images/icons/smile.gif[/img]

PokerFinder · #8 05-02-2003, 11:48 PM

My suggestion: Keep your bankroll and don't cashout until bush goes to a war with Canada........watch your stock jump [img]/forums/images/icons/grin.gif[/img]

Rainbow Warrior · #9 05-03-2003, 05:03 PM

That's right. We'd better be careful of what we say and who we look at cross-eyed. George might be hungering for his next crusade.

By-the-way I think Gary Trudeau's Doonesbury Sunday funnies effort this weekend is hilarious. N'est ce pas? Is he still being published in the States?

Plaxus · #10 05-06-2003, 09:39 AM

Ya, I'm in the same boat. (pronounced 'boot')

I don't expect our dollar to stay this high for long. I'm making an extra deposit now on Partypoker. At least I'll get a 15% bonus on the deposit, so if I do happen to lose money on the exchange later, the deposit should just aboot cover it.

(or I might be setting myself up to be burned....) [img]/forums/images/icons/crazy.gif[/img]