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Richard, Roger (and any other FOREX traders):
I've also been considering trading FOREX for the reasons presented
here. I'd appreciate any suggestions regarding brokers -- I've spent
some time on the web searching for brokers, there seems to be a lot of
hype and scam potential here.
Also, any suggestions for data sources? What about the free software
and data most of these brokers offer?
Thanks,
Brad D.
--- FXTrader <forex@xxxxxxxxxxxxxx> wrote:
> 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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