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One last thing. These four currency crosses (USDCHF, USDJPY, EURUSD, GBPUSD)
make up about 75% of the total forex daily volume. Fills are great and take
seconds. In the forex market you call for a quote. Trader asks,"Quote on 5
milo Swiss".
Dealer responds, "1.5050......55. You asked, what he is willing to buy and
sell 5 million dollars of Swiss francs at. He responded, buy at 50 and sell
at 55. You normally have 5 seconds to respond or the quote is no good. To
get your fill, you respond, " Done at 50. (or 55). The corresponding number
denotes the buy or sell. The dealer doesn't know where you are going, till
you accept the trade. No more slippage. If you don't like the first quote,
ask again. You can work the dealer for prices if you deal in volume. I have
gotten a two pip spread once when the dealer need my position.
Richard Chehovin
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