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New Universal Currency

Posted 01-21-2009 at 12:06 PM by Cableboy
A New universal currency

I love forex trading, but sometimes I think the whole concept of currencies is one of man's more stupid inventions. Why? because they are not really a store of wealth. Inflation basically destroys wealth, and exchange rate movement is just this wealth being competitively destroyed by the policies of different governments.

That is why gold is so strong at the moment: It doesn't pay interest to hold gold, but it is a super store of wealth. Why? Because...
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Euro Break Up?

Posted 01-19-2009 at 12:36 PM by Cableboy
There is an article in the Daily Telegraph today that warns of a possible exit by the Irish of the Euro. Now, wouldn't that be something?

An Irish economist has said that the Irish Government should threaten the EU, that they will pull out of the Euro unless they get more help to handle the economy. Ironic really, because Ireland has greatly benefited from being in the EU, and hence the Euro.

But I can see his point. The Euro is a great idea in times of economic prosperity,...
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Once a Dealer, Always a Dealer

Posted 01-15-2009 at 10:42 AM by Cableboy
The title is the motto of the A.C.I. (Association Cambiste Internationale), the body that looks after the interests of Interbank forex dealers. The idea behind it the motto, is that once you have the skills of a forex dealer, you will always be a dealer.

I think that is true; dealing is a skill that can help you survive and in my opinion, everyone is going to need skills in the coming years.

You see, most people in Europe and North America under the age of 35 have never...
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The Culture of Interbank Forex

Posted 01-06-2009 at 09:47 AM by Cableboy
I was brought up in the London Foreign Exchange Market. I am very proud of that. Here was a job where no two days were the same, people called a spade a spade. Tempers and egos flew, but we all met down the pub as friends after work.


Yep! That's me at a busy fx desk - ca. 1984



The bond was so strong that there is still a club of veteran dealers that meets in London
once a year, the 'Ancient...
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Financial Students - listen up!

Posted 12-22-2008 at 12:23 PM by Cableboy
As a recruiter for major financial institutions, I often hear managers complain, that although the academic quality of new recruits coming from business schools and universities has never been higher, the willingness to take risks is non-existent.

'They just don't understand how the markets really work, and are reluctant to enter trading positions despite having done all the correct analysis", said one banker.

In the 'old days', the ability to trade and take risk was...
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