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GPCarter

PLEASE Stop Looking - IQD is NOT "On Forex"

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bamagirl    5,538

Thanks GPCarter...there has been numerous 'IQD is moving' threads lately, maybe your input will put those to rest....***Maybe this should be pinned or something.

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lotsofdinar    29

Sadly,it won't help. There seems to be a new conspiracy theory that there is some "shadow" Forex market that the IQD is secretly trading on, and that these sites are showing that secret trading that is going on only among the elites.

Edited by lotsofdinar
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Shelley    1,273

Great to see you posting GP. Your posts are always informative, for someone that knows nothing !!!! on this end of the investment

Thanks

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skitealwedrop    1,500

Thanks for your post Carter. The fact of the matter is that IQD is not an internationally tradeable currency this evening. I'm hopeful that will change very soon. It's a key factor in this investment IMO!

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Abarvets    423

Thank you very much! I agree with the other posts this should be pinned. Straight forward information, I greatly appreciate! You have done a wonderful service with your post!

:tiphat::tiphat::tiphat:

Thank you.

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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.

+ one to u cool.gif

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keepmwlknfny    441

Thank you for your post....this should be read by the masses to clear up the confusion....your right, there is no point in watching all these currency sites cause the rate means nothing....the only one that matters is the CBI....

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mrref    1,255

Nice to actually have someone on this site that knows what they are talking about.. Please keep us informed and by the way thanks.. :lol::lol:

Edited by mrref
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4aprofit    445

Many say that all of this is not important and insignifigant?...And I never said anything about the "TRADEABILITY" of the dinar...(As some argue that it is still not a TRADEABLE CURRENCY, even though showing up on Forex)...I just wonder why it is showing up in places at different Rates?...Why don't they just take it down, or remove it off of these sites, and even other places?.....especially if it is so "INSIGNIFIGANT".....or until it is the "REAL RATE"...Would it be any different if they were to post a country's currency like the USD or the Euro at the "Wrong or Irregular Prices"...especially if someone is looking at prices to buy or trade at?...I'm not trying to argue with anyone'...I'm just noticing these seemingly strange "Irregularities"...or, if they are "Normal"...as some even say...then so be it'...maybe once it does actually RV...we can play Dinar Roullette, and cash in at any rate we wish to, according to wherever or whoever has the highest rate?...LOL.....I know, I know...the CBI will show the real rate...but answer me this...do Forex traders go by what Forex shows, (Whereby Billions are moved daily in currency trades)....or do they hold out, and wait to make their trades, by going to certain countries Central Banks, and/or Help Desks first, to see who's right or wrong?...LOL....I'm trying to focus on finding out why we even need Forex, if they are as some of you say...."just passing information around from one subscription service to the other"......this would be making them of no purpose seemingly...Also, on another note, even if the dinar is an exotic currency, and not currently traded, like many major currencies, why should it be allowed to show a rate that is not right, or that has not actually moved...especially when the dinar was pretty much stuck for appx. 3 years at 1170 to 1?...(Has'nt this been happening even while it was stuck at 1170?)....And then, why does USA Today show the Dinar at an even different rate?......

P.S....On another note...I remember some time back, whereby they moved the status of the "New Iraqi Dinar" from an EXOTIC Currency status, to a WORLD Currency status...or so the article said, and it said it was due to the currency's popularity.....I would think that there would be monetary procedures for a change like that, but who knows?...It all seems to get crazier every day?

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YANNAVIA    14

Thanks so much for this post GP, this is exactly what I have believed to be true all along. In 7 years of this investment, I have consistently only checked the CBI website. It is common sense that if your currency is not internationally recognized, you are not on FOREX. Thanks for clarifying! +1

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4aprofit    445

What's funny, is that no one has answered the question yet, as per why the dinar is even on Forex, or anyhwere else, especially with ANY rate, other than that of the CBI's?...And by the way...it is paired to the USD when showing these various rates!

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sheepdog    34

GP, Thank you for taking the time sending us this info. I always appreciate the true & practical opinions of people.

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cslewis    298

Thanks for the post GP...Maybe this will finally clear things up for others...Once again, a DV member with invaluable life experience to the rescue :)

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wealthhound    967

What's funny, is that no one has answered the question yet, as per why the dinar is even on Forex, or anyhwere else, especially with ANY rate, other than that of the CBI's?...And by the way...it is paired to the USD when showing these various rates!

Now that is a GREAT question, any answers out there!

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4aprofit    445

I think we can all agree that the Iraqi Dinar is not being traded at the moment, as an Internationally Tradeable & Accepted Currency, as if it were, I don't think that any of us would be on here...

Here's an explanation that another guy just said that makes sense..... (Why it shows on forexpros or others, is a question for them. I think the answer you get will have something to do with creating a virtual platform for it, for when it does become tradeable, like they have done for the lira, deutsche mark, franc and others being created in the event the Euro fails. They have to be established for usability at any moment. I believe it's that simple)

So, I guess we need to ask Forex, since the dinar is not on a virtual platform, how and why can rates for the dinar, not only be shown, but bounce around at various different rates...even though not on the virtual trading platform?

Also, I would like to know... that if the dinar was added/established, with these Forex Sites, Etc......whether for useability...for now or later...or at a moments notice...as mentioned...(When was this done, and since many say that these rates that are showing don't mean ANYTHING...then after an RV...would they show the ACTUAL REAL RATE..or could it still be off or flawed...as it is seemingly now)

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