Regarding "Gurus" and the It-Will-Show-On-Forex Claims

[GPCarter]

As a forex trader I get of lot of questions from people involved in this USD/IQD currency swap we all engaged in. Many of them contact me each time they hear a guru rumor such as, "It will show on forex at 2AM", "look for it on forex Sunday" etc.

They want to know if the rumor is true. My answer is always this:

 

ALWAYS look for the change on the CBI site FIRST. All the currency exchanges, banks, forex brokerages and other participants in the forex market are NOT the authority when it comes to price. All they do is simply display the data they receive. They all get their pricing data directly from the authoritative source and then they add in their spread to come up with the price that they will offer to buy or sell the currency for. In other words, in regards to the IQD and other currencies, they (the forex sites, brokerages, exchanges etc.) will get their price from the central bank of the country. What is better when it comes to receiving information? Getting it directly from the horse's mouth (the CBI) or getting it from a third-party source that might or might not be inaccurate?

 

[arewethereyet777]

Thank you for the information GP, it's always great to hear it directly from someone that works in the biz!

[millionaire in training]

Glad to see that you're setting it straight.

[rcrge]

Please lets hope luigi see this one

[waterman13]

I been looking to the gurus for this information, I knew something smelt funny ...... it's not from the horse's mouth it's from the other end. :lol:

WM13

[AJC]

EF the Guru's. They are all a waste of time !!!!

[skitealwedrop]

Thanks for your post GP. I check the CBI and Forex sites periodically. I'm not obsessed with this investment. I'm an accounting nerd and understand this investment, clearly.

 

Peace members!

[sandfly]

THANKS