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-----Original Message-----
From: Larry Owens <laowdhl@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Sunday, December 28, 1997 1:02 PM
Subject: Forex , FX , Currency Trading, Interbank Currency Trading
>Hi Folks!! I'm new to this forum. I have been trading for 2 years,
>mostly grains and cattle. I have been following currencies, especially
>the yen and Aussie dollar for a few months.
>
>Being aware of currency futures and options, there is also "interbank"
>currency trading. The search engines under forex turns up "The Monsy
>Garden" in NYC where you can open a margin account for $1K. The name and
>the $1k makes me skeptical. The question(s)are: Anyone familiar with
>"Money Garden" and is anyone trading interbank currencies that has a
>broker to recommend?
>
>I hope this is not too far out line in your discussions.
>
>An advance Thanks!
>
>Larry Owens
>
Larry:
I, also, was taken in with these organizations "Money Garden", etc.
(there are several of them.) After further investigation and reading
several comments on this forum, it seems these guys are making their own
market; your trading against them. Thus, you have no idea what the real
market (Forex) is doing and they can
manipulate as they see fit, an impossible situation. Also, their spreads of
5 to 8 pips is, I believe, unrealistic.
My associate and I used two computers at the same time and compared
Money Garden's quotes (bid/asked) with another firm, trading the same
market.
It was like we were trading completely different commodities. The quotes
were
10 to 15 pipes different from each other. We wondered what the "REAL" forex
pricing was during that time.
It seems trading with these organizations is ill advised. I woud
appreciate any further comment on my remarks from some who might be more
knowledgeable.
Regards,
jdfo
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