Useful Info That You Must Know About Forex Brokers
Individual retail traders, most of whom trade in much smaller size compared to those of banks, generally trade through forex brokers instead of directly accessing the interbank market. If a trader is bullish on say, the USD/JPY, he or she will go long by buying a specific quantity of USD/JPY from the market maker, who will then effectively be short USD/JPY by selling to the trader.
No information on volume
Since buy and sell transactions are not cleared by a central system, there is no way of knowing the total volume of trade. Lack of volume data can pose a challenge to stacks or futures traders who have made the switch to currencies as they may have become used to checking volume.
Exchange rates do differ from place to place, screen to screen, depending on which parties are offering what. Cash transactions take place between countless parties at any one time, and there is no exchange which records all these transactions. For example, while the exchange rate of EUR/USD may show 1.2500/1.2503 on Broker X, the EUR/USD exchange rate on Broker Y may be 1.2505/1.2508 at the same time. There isn't a universal absolute exchange rate of any currency pair at any given time.
Some independent traders are not even aware of this peculiar aspect of OTC dealings. Since there can be a few different prices for a currency pair at any one time, you may not be able to see what is the best available price if you trade through only one market maker. Generally, though, the rates provided by market makers to retail traders are quite close to the pricing quoted in the interbank market.
Spreads on currency pairs vary from broker to broker, with some market makers setting fixed spreads, while ECNs will have varying (usually tighter) spreads in each currency pair, depending on market liquidity. Spreads and/or commissions should preferably be calculated in advance before each trade so that you can decide where your breakeven price will be after taking into account all these business costs.
No standard data
Exchange rates differ from one market maker to another because there is no consensus specified by a centralised market Different market makers have different rates at the same time although usually not differing by more than a few pips. A trader would have to accept what is being quoted by his broker unless he compares prices with other brokers. Price charts from different price feed vendors will also look slightly different as they each have their own data source. Although, in general, the currency prices are quite similar.
Trading in forex has many secrets which one needs to know in order to be a successful trader. Sure, it is not easy, but this is the only way to success in forex.
Those who are looking for effective forex software – please make sure to read the review of this forex software, before buying any.
It is a must to read reviews before buying forex software.
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Tags: breakeven price, volume data, interbank marketFiled under 28 by 
Comments on Useful Info That You Must Know About Forex Brokers
Thank you !
Prices are set in euros, just wait for the EUR/USD exchange rate to drop. ^^
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I do have a per proc liense here, and don't use CAL's, but I know I didn't pay near that much. It was a few years ago though, and the breakeven price for users was also way lower. If it wasn't, I would have licensed on a per user basis…
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Did you know Eur/Usd, Usd/Jpy, and Eur/Jpy are all connected??
Yen continuing to gain against most currency cross pairs in morning session.
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Futures traders are boosting bullish bets on the Mexican peso to an almost three-year high on speculation rising exports will propel gains in the currency.
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We are looking at putting a house on raw land and our cost estimate is coming in at $200/sq. ft. That is for quality construction and high quality but not "premium" fixtures etc.
The last time I looked at doing this was in the late '90s, and the prices then were around $75/sq.ft. But that was USD$ – with the exchange rate differential between then and now I estimate a 100% increase in building costs over the past 10 years.
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Done. I'll get to Club Play someday. (Disclaimer: this all hypothetical of course, no transactions will actually take place)
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Nope. That's just as foolish a thought."One of my past careers was as a broker and I still pay attention to the markets and to say that Bush’s comments have nothing to do with the lowering of price is the ridiculous statement."lol. Was an Economics class a requirement for this position?"Fact: There has been no other major announcements that would/could lead to an easing of supply or demand"Absolutely False. Wow… where to start…Fact: Oil is used as a Hedge against a falling dollar.Fact: On, July 15th the EUR/USD exchange rate was 1.599 = an ALL-TIME high. "ALL-TIME" In other words.. The US Dollar has NEVER been weaker than it was on July 15th!Fact: Today, July 25th, the EUR/USD exchange rate is 1.5734 which is a major change from July 15th in currency terms.Fact: Since Oil is used as a Hedge against a falling dollar, when the dollar gains strength the price of Crude drops significantly… Econ 101.Fact: It was recently reported that both gasoline and crude inventories have risen to moderately higher levels than anyone expected.Fact: An increase in gasoline and crude inventories signals a slowing demand and increasing supply – the inverse of your first "fact" which is another reason why Crude has fallen sharply as this recent revelation bucks the trend that has occurred over the last few months.Fact: Immediately after Bush made his statement, the Democratic Congress led by Pelosi made it NO secret that they did not intend, whatsoever, to reciprocate Bush's action.Fact: Speculators are in the market to make money. As soon as it was clear that Congress would not act, they would have put their money back into the game if that was the only reason they were selling in the first place. So, clearly, the Bush comment (even if it had an effect) would have been very short-lived.Fact: Huricane Dolly's path (which is more easy to predict than the strength) was forecasted to miss all drilling and refining infrastructure in the Gulf. Therefore, the risk premium was removed.Fact: The Iran situation was showing significant progress in the week after the Bush comment (as the US made a first-of-kind diplomatic gesture), and that led to a decrease in the risk-premium that the US/Iran Israel/Iran relations has on the price of Crude.Your theory makes absolutely zero economic sense, and is not at all realistic. It is a political stunt to deceive people that don't know any better.Shame on you.]]>
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