FOREX charts used by banks?
Tuesday, April 15, 2014
, Posted by Ryanita at 10:57 PM
westphalia
Are there any online (free) FOREX charts that only banks use? I am NOT refering to OANDA, FXCM, or spread trading services. I need currency charts that show historical graphs for ALL world currencies.
Answer
First of all, if there is such a thing as "charts that only banks use," how would we get access to them? Second, what would keep others from getting the same "charts," i.e., why could we not get access to them? Thirdly, how would we know if there is such a thing as "charts that only banks use," unless we work for a bank, and we're not tellin', because we don't want others to get access to "charts that only banks use." And last, if only banks use them, why would they be free online?
You see, this question is a little confusing. Are you really interested in the "charts," or charting software, or are you more interested in the data feed, and ability to show "ALL world currencies?"
Are you really interested in "ALL" charts or just those used by banks?
Can you really expect to get everything or "ALL" for nothing?
I can give you several websites where you can enter a ticker symbol or pick from a list of currencies one at a time. But how do you know wheter they are "ALL" there, or whether these charts are used by banks?
To get them "ALL" at once, you will have to pay for the data feed, about $100/mo, like everyone else. But you should check with the data vendor first, to make sure that they are supplying ALL of them. Usually, data services are geared to traders, institutions, whatever. It appears you are not interested in the typical data service, but wish to pay some astronomical fee for ALL, and this service would certainly not be offered for free.
But an occasional quote can be had just about any time anywhere that offers quotes. You don't make the distinction about what is so unusual or hard to get about a particular currency quote, or give us any idea what application requires this.
Here is one of the most extensive lists I've seen of currency codes from the CIA World Factbook, but no quotes. These will help you with the symbols once you find that atypical data feed service.
https://www.cia.gov/cia/publications/factbook/fields/2065.html
FOREX TOOLS REVIEWS
http://www.forexbastards.com/forextoolsreviews.shtml
Charting
http://charts3.barchart.com/chart.asp?sym=$DXY&data=A&jav=adv&vol=Y&evnt=adv&grid=Y&code=BSTK&org=stk&fix=
http://news.tradingcharts.com/futures/
Yahoo Currency Converter and quotes
http://finance.yahoo.com/currency
First of all, if there is such a thing as "charts that only banks use," how would we get access to them? Second, what would keep others from getting the same "charts," i.e., why could we not get access to them? Thirdly, how would we know if there is such a thing as "charts that only banks use," unless we work for a bank, and we're not tellin', because we don't want others to get access to "charts that only banks use." And last, if only banks use them, why would they be free online?
You see, this question is a little confusing. Are you really interested in the "charts," or charting software, or are you more interested in the data feed, and ability to show "ALL world currencies?"
Are you really interested in "ALL" charts or just those used by banks?
Can you really expect to get everything or "ALL" for nothing?
I can give you several websites where you can enter a ticker symbol or pick from a list of currencies one at a time. But how do you know wheter they are "ALL" there, or whether these charts are used by banks?
To get them "ALL" at once, you will have to pay for the data feed, about $100/mo, like everyone else. But you should check with the data vendor first, to make sure that they are supplying ALL of them. Usually, data services are geared to traders, institutions, whatever. It appears you are not interested in the typical data service, but wish to pay some astronomical fee for ALL, and this service would certainly not be offered for free.
But an occasional quote can be had just about any time anywhere that offers quotes. You don't make the distinction about what is so unusual or hard to get about a particular currency quote, or give us any idea what application requires this.
Here is one of the most extensive lists I've seen of currency codes from the CIA World Factbook, but no quotes. These will help you with the symbols once you find that atypical data feed service.
https://www.cia.gov/cia/publications/factbook/fields/2065.html
FOREX TOOLS REVIEWS
http://www.forexbastards.com/forextoolsreviews.shtml
Charting
http://charts3.barchart.com/chart.asp?sym=$DXY&data=A&jav=adv&vol=Y&evnt=adv&grid=Y&code=BSTK&org=stk&fix=
http://news.tradingcharts.com/futures/
Yahoo Currency Converter and quotes
http://finance.yahoo.com/currency
Forex Brokers or x brokers I want to know what the truth is with forex brokers?
artguy9029
Spreads surging, EA's allowed or looked down upon, dealing desk messing with trades, taking stops out, re-quotes.
What is the deal? Please give me the truth on all this.
Just so I can decide if I want to do it anymore or not.
What really goes on on the other side of the MT4 ?
Any input is appreciated and your identity is stealth
Come on guys...answer up...
Let's get the real story !!!
Answer
After some information gathering, I have a feeling every forex broker is evil since we have conflicting interests. They trade against us. They wish us to lose. They make many fabrications in order to deceive you, and so on.
list all the reasons why the claim is valid
False Advertising & Fabrications: - "No commissions" is plainly deceiving
Brokers deceive you about there being no commissions. $30 minimum/round turn (called the spread) is in reality a commission that eats up your capital at an astonishing rate. Even winning traders lose money and end up with negative results because of this outlandish overhead. Trading futures, you should never have to pay a broker more than $10/round turn, and usually quite a bit less than that.
- The truth about guaranteed fills: True but¡K The only way a broker can guarantee fills is for the broker to become the buyer or seller of last resort. That means the broker is running a bucket shop. All forex brokers are the buyer and seller of last resort.
- Lying about the volume: Brokers do not tell the truth about volume. They show the volume for all forex trading, which doesn't even come close to the volume they truly have at their own brokerage, which is where you are trading. Volume in currency futures is considerably higher than the volume traded at any single forex broker, often greater by a factor of ten.
Defraud of your money
- Leaning: Brokers say they are charging you a 3 pip spread to trade the popular currency pairs. But in reality a broker may be making as much or more than 10 pips on your trades. He does this by skewing prices. Since you are not trading at an exchange, the broker can feed you any price he wants to feed you. He can buy at the bank for perhaps 7 pips less than he sells to you. He then charges you 3 pips for the privilege of being ripped off for a total of 10 pips.
- Skewing price quotation
What is the true price? A forex broker can only give you the price of a currency as quoted to him by the bank through which he trades. Banks have differing prices for a currency. You never know what the real price is because there is no central exchange through which all prices flow. Besides not knowing the true price from the bank, you can also be deceived by "leaning" or "skewing" of the real price at the bank. Forex brokers commonly lean the prices.
- Immoral Stop Running/Hunting
You are told by forex brokers that there is little or no stop running. This is one of their biggest and boldest fabrications. The truth is there is far more stop running in forex than in futures, and possibly as much stop running as in the stock market. I have friends who work in forex as well as many traders who of necessity have to trade forex. One of my students is a market maker in forex. These are people who should know, but in case you don't want to believe me or them, simple observation of forex trading will reveal the vast amount of stop running that takes place there. Who is it that runs the stops? Why it is your friendly forex broker. The broker has a vested interest in seeing to it that your orders are filled. Stop running is nothing more than order filling. The broker sees to it that everybody's order gets filled.
- Wipe you out by "false" spike: Sometimes, there's very quick spike in candlestick on a broker's chart, but there is nothing happening on the others' chart. A stop-loss is triggered simply due to that suspicious spike.
- ban you if you can win their money: Probably you have heard that if you are winning regularly in forex, you may be barred from trading. Is this true? Yes it is. The fact that it is true is just another proof that when you trade forex you are trading at a bucket shop. In the book, "Reminiscences of a Stock Operator," we are told that Jesse Livermore was banned from trading at certain stock brokers because they couldn't stand him beating the house. The same thing is true with many forex brokers. Since they are the ones guaranteeing you a fill, they are in effect the buyer and seller of last resort. The truth is that most forex brokers have precious little liquidity at their firms. In order to give you the impression that there is liquidity, it is the broker who gives you your fill. It is the broker who does the stop running that supposedly doesn't exist in forex. But if you are regularly beating the socks off the broker, he will ban you from trading at his firm.
Potential Danger about Forex Brokerage Firms
- Unregulated: Forex may sound like an exchange but it isn't. It exists entirely in cyberspace with every broker and every bank having different prices for any particular currency. There is little or no regulation, even for brokers who register with the CFTC and the NFA. Forex brokers do not have to mark to market each day as do futures brokers. If your forex broker files for bankruptcy or absconds with your money you have zero recourse.
- No guarantee: If
After some information gathering, I have a feeling every forex broker is evil since we have conflicting interests. They trade against us. They wish us to lose. They make many fabrications in order to deceive you, and so on.
list all the reasons why the claim is valid
False Advertising & Fabrications: - "No commissions" is plainly deceiving
Brokers deceive you about there being no commissions. $30 minimum/round turn (called the spread) is in reality a commission that eats up your capital at an astonishing rate. Even winning traders lose money and end up with negative results because of this outlandish overhead. Trading futures, you should never have to pay a broker more than $10/round turn, and usually quite a bit less than that.
- The truth about guaranteed fills: True but¡K The only way a broker can guarantee fills is for the broker to become the buyer or seller of last resort. That means the broker is running a bucket shop. All forex brokers are the buyer and seller of last resort.
- Lying about the volume: Brokers do not tell the truth about volume. They show the volume for all forex trading, which doesn't even come close to the volume they truly have at their own brokerage, which is where you are trading. Volume in currency futures is considerably higher than the volume traded at any single forex broker, often greater by a factor of ten.
Defraud of your money
- Leaning: Brokers say they are charging you a 3 pip spread to trade the popular currency pairs. But in reality a broker may be making as much or more than 10 pips on your trades. He does this by skewing prices. Since you are not trading at an exchange, the broker can feed you any price he wants to feed you. He can buy at the bank for perhaps 7 pips less than he sells to you. He then charges you 3 pips for the privilege of being ripped off for a total of 10 pips.
- Skewing price quotation
What is the true price? A forex broker can only give you the price of a currency as quoted to him by the bank through which he trades. Banks have differing prices for a currency. You never know what the real price is because there is no central exchange through which all prices flow. Besides not knowing the true price from the bank, you can also be deceived by "leaning" or "skewing" of the real price at the bank. Forex brokers commonly lean the prices.
- Immoral Stop Running/Hunting
You are told by forex brokers that there is little or no stop running. This is one of their biggest and boldest fabrications. The truth is there is far more stop running in forex than in futures, and possibly as much stop running as in the stock market. I have friends who work in forex as well as many traders who of necessity have to trade forex. One of my students is a market maker in forex. These are people who should know, but in case you don't want to believe me or them, simple observation of forex trading will reveal the vast amount of stop running that takes place there. Who is it that runs the stops? Why it is your friendly forex broker. The broker has a vested interest in seeing to it that your orders are filled. Stop running is nothing more than order filling. The broker sees to it that everybody's order gets filled.
- Wipe you out by "false" spike: Sometimes, there's very quick spike in candlestick on a broker's chart, but there is nothing happening on the others' chart. A stop-loss is triggered simply due to that suspicious spike.
- ban you if you can win their money: Probably you have heard that if you are winning regularly in forex, you may be barred from trading. Is this true? Yes it is. The fact that it is true is just another proof that when you trade forex you are trading at a bucket shop. In the book, "Reminiscences of a Stock Operator," we are told that Jesse Livermore was banned from trading at certain stock brokers because they couldn't stand him beating the house. The same thing is true with many forex brokers. Since they are the ones guaranteeing you a fill, they are in effect the buyer and seller of last resort. The truth is that most forex brokers have precious little liquidity at their firms. In order to give you the impression that there is liquidity, it is the broker who gives you your fill. It is the broker who does the stop running that supposedly doesn't exist in forex. But if you are regularly beating the socks off the broker, he will ban you from trading at his firm.
Potential Danger about Forex Brokerage Firms
- Unregulated: Forex may sound like an exchange but it isn't. It exists entirely in cyberspace with every broker and every bank having different prices for any particular currency. There is little or no regulation, even for brokers who register with the CFTC and the NFA. Forex brokers do not have to mark to market each day as do futures brokers. If your forex broker files for bankruptcy or absconds with your money you have zero recourse.
- No guarantee: If
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