An old point-spread forex scam was based on computer manipulation of bid-ask spreads. The point spread between the bid and ask basically reflects the commission of a back-and-forth transaction processed through a broker. These spreads typically differ between currency pairs. The scam occurs when those point spreads differ widely among brokers. A pip is the smallest price move that a given exchange rate makes based on market convention.
Since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point.
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Factor in four or more additional pips on every trade, and any potential gains resulting from a good trade can be eaten away by commissions, depending on how the forex broker structures their fees for trading. Many saw a jail cell for these computer manipulations. But the majority of violators have historically been United States-based companies, not the offshore ones.
A popular modern-day scam is the signal seller. Signal sellers are retail firms, pooled asset managers, managed account companies, or individual traders that offer a system-for a daily, weekly, or monthly fee-that claims to identify favorable times to buy or sell a currency pair based on professional recommendations that will make anyone wealthy. All the unsuspecting trader has to do is hand over X amount of dollars for the privilege of trade recommendations. Many of signal-seller scammers simply collect money from a certain number of traders and disappear.
Some will recommend a good trade now and then, to allow the signal money to perpetuate. This new scam is slowly becoming a wider problem. A persistent scam, old and new, presents itself in some types of forex-developed trading systems.
If the parameters and optimization codes are invalid, the system will generate random buy and sell signals. This will cause unsuspecting traders to do nothing more than gamble. Although tested systems exist on the market, potential forex traders should do some research before putting money into one of these approaches.
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This can be viewed as a scam in itself. No trader should pay more than a few hundred dollars for a proper system today. Be especially careful of system sellers who offer programs at exorbitant prices justified by a guarantee of phenomenal results. Another persistent problem is the commingling of funds. Without a record of segregated accounts, individuals cannot track the exact performance of their investments.
Section 4D of the Commodity Futures Modernization Act of addressed the issue of fund segregation; what occurs in other nations is a separate issue.
An important factor to always consider when choosing a broker or a trading system is to be skeptical of promises or promotional material that guarantees a high level of performance. For example, can you enter or exit a trade during volatile market action after an economic announcement?
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Many changes have driven out the crooks and the old scams and legitimized the system for the many good firms. However, always be wary of new forex scams; the temptation and allure of huge profits will always bring new and more sophisticated scammers to this market.
Advanced Forex Trading Concepts. In the s countries adopted the gold standard. The gold standard guaranteed that the government would redeem any amount of paper money for its value in gold. This worked fine until World War I where European countries had to suspend the gold standard to print more money to pay for the war. The foreign exchange market was backed by the gold standard at this point and during the early s.
Countries traded with each other because they could convert the currencies they received into gold.
The gold standard, however, could not hold up during the world wars. Throughout history, we have seen major events that have greatly influenced the forex trading environment. Here are some highlights:.
The location was chosen because at the time, the US was the only country unscathed by war. Most of the major European countries were in shambles.
In fact, WWII vaulted the US dollar from a failed currency after the stock market crash of to benchmark currency by which most other international currencies were compared. The Bretton Woods Accord was established to create a stable environment by which global economies could restore themselves. It attempted this by creating an adjustable pegged foreign exchange market.
An adjustable pegged exchange rate is an exchange rate policy whereby a currency is fixed to another currency. In this case, foreign countries would 'fix' their exchange rate to the US Dollar. The US dollar was being pegged to gol because the US held the most gold reserves in the world at that time. The Bretton Woods agreement eventually failed to peg gold to the US dollar because there was not enough gold to back the amount of US Dollars in circulation, because the amount of US Dollars in circulation increased due to increased government lending and spending.
InPresident Richard M. Nixon, ended the Bretton Woods system which soon led to the free floating of the US Dollar against other foreign currencies.
After the Bretton Woods Accord came the Smithsonian Agreement in December ofwhich was similar but allowed fora greater fluctuation band for the currencies. Under the Smithsonian agreement, other major currencies could fluctuate by 2.
Inthe European community tried to move away from its dependency on the US Dollar. Both agreements made mistakes like the Bretton Woods Accord and in collapsed. These failures resulted in an official switch to the free-floating system.
In the early s the dollar had appreciated greatly against the other major currencies. This was hard on exporters and the US current account subsequently ran a deficit of 3. The weight of the US dollar was crushing third-world nations under debt and closing American factories because they could not compete with foreign competitors.
News of the meeting leaked, forcing the G-5 to make a statement encouraging the appreciation of non-dollar currencies.
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It did not take long for traders to realize the potential for profit in this new world of currency trading. Even with government intervention, there still were strong degrees of fluctuation and where there is fluctuation, there is profit.
This became clear a little over a decade after the collapse of Bretton Woods. Establishment of the Euro. None were more prolific than the treaty referred to as the Maastricht Treaty, named for the Dutch city where the conference was held.
The treaty established the European Union EUled to the creation of the Euro currencyand put together a cohesive whole that included initiatives on foreign policy and security. The treaty has been amended several times, but the formation of the Euro gave European banks and businesses the distinct benefit of removing exchange risk in an ever-globalized economy.
In the s, the currency markets grew more sophisticated and faster than ever because money - and how people viewed and used it - was changing. A person sitting alone at home could find, with the click of a button, an accurate price that only a few years prior would have required an army of traders, brokers, and telephones.
These advances in communication came during a time when former divisions gave way to capitalism and globalization the fall of the Berlin Wall and the Soviet Union. For forex, everything changed. Currencies that were previously shut off in totalitarian political systems could be traded.
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Emerging markets, such as those in Southeast Asia, flourished, attracting capital and currency speculation. The history of forex markets since presents a classic example of a free market in action. Competitive forces have created a marketplace with unparalleled liquidity.
Spreads have fallen dramatically with increased online competition among trustworthy participants.
Individuals trading large amounts now have access to the same electronic communications networks used by international banks and merchants. Today, the forex market is the largest market in the world. The future of forex is shrouded in uncertainty, and is ever changing, leading to everlasting opportunities for forex traders.
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For forex traders to succeed in an evolving market they need to stay ahead of the curve. DailyFX news and analysis keeps traders up to date with the latest forex events, and our live forex rates document real time currency data.
For forex trading insights from the experts, our weekly trading webinars are a free and reliable resource.
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And if you are new to forex we recommend downloading our free Forex for Beginners guide to learn the basics. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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