Thanks, Double B!
Forex Trader First Hand Info - Post By GPCarter Peoples Dinar 01/31/2012
Post By GP Carter Forex Trader - Peoples Dinar
As a full-time, forex trader I felt I should make this posting. I keep seeing posts where people talk about the IQD "movement" and rate changes on sites like XE, Forex Pros etc., and I felt compelled to share this information.
Due to the time I spend doing market research and analysis for my forex trading I don't have much time to do the question and answer thing on the forums. So, that is another reason I am making this post.
FYI, I am not trying to beat anyone up, bash, be rude or stir up trouble. I am actually hoping that this will help people get a better understanding.
First off I would like to mention:
1. Yes, I am a holder of IQD
2. Yes, I believe it will RV
3. No, I don't believe it will be a LOP
4. No, I don't get into time, rates, dates etc.
5. No, I don't have any "secret" or "inside" information and none of the other forex traders I know do either.
Now on to the other things:
1. IQD is NOT, as some like to say, "On Forex". Sure, IQD is listed on sites like XE, Forex Pros and many others but NONE of these "sites" are a part of the actual forex market.
NONE of these sites are market participants or one of the entities considered to be an actual part of the forex market. These sites are simply sources of information, research, trading tools, education and other things.
A lot of people see IQD listed on one of these sites and assumes it means it is "on forex" or that those sites are some "official" authority but neither of those assumptions are true. Being listed on a "site" is NOT the same as being "on forex". When it is internationally traded it will then be "on forex".
2. The so-called "movement" or "change" in the rate and on the charts that you see on those sites has NOTHING to do with movement of IQD. Remember, IQD is not traded in the forex market.
You can not find it listed in the trading platform of ANY forex broker or market maker. NOT ONE. There are even brokers where you can go right now and deal in exotic currencies such as Dinars from Kuwait, Jordan etc. and NONE of them deal in the IQD. Why? Because it is not "on forex".
The movement you see on those sites is a result of the value of the currency paired to it. For example, if the USD strengthens then you can buy MORE IQD for each dollar.
If USD loses value then you would be able to buy LESS IQD for each dollar. As the value of USD rises and falls then it would be reflected on these sites and in the charts and changes and fluctuations in the rate.
Some people see these changes and assume it is because of the movement in the IQD but it is not. The only time we "really" saw movement in the IQD was the recent change made by the CBI. ALL the other "changes" you see on these other sites mean absolutely nothing.
2 WHY are the changes meaningless? Forex brokerages, market makers and even sites like XE get their rates from data providers such as central banks.
When you see what looks like a rate change in IQD on those sites AND that same rate is on the CBI then it is an actual change. Otherwise, all you are seeing is a result of the change in value of the "other" currency you have paired with the IQD.
Checking all these forex sites is actually a waste of time at this point. The place we all want to see the change is on the CBI site. We want the information directly from the horse's mouth and not from a "non official" third party site.
My advice is to save yourself some time and focus only on the CBI at this point. It makes absolutely no sense to check sites for movement and changes on a currency that is not even a part of the forex market at this point.
Hope this info helps someone.