Each currency has a three letter code that is used to distinguish it from other currencies. In this series of posts, I have used several of them such as USD (US dollar), GBP (Great Britain Pound), JPY (Japanese Yen) and EUR (European Euro). For a very good list of all of these three letter codes go to this web site (http://www.xe.com/iso4217.htm).
If you want to get current exchange rates for various currency pairs you can use this web site (http://moneycentral.msn.com/investor/market/rates.asp). Remember that the rates change constantly and are only good for a few seconds at best.
I Googled for “FX Trading” and came up with dozens of companies that offer online FX trading. I do not have a recommendation as I have not used any of these systems. But, you will want to investigate their counterparty strength, how long they have been in business, any complaints about them with the SEC, the Better Business Bureau or in online forums.
Do any of you have experience with these systems that you would be willing to share with the rest of us?
I have experience using 'VT' Platform distributed by CMSFX (www.cmsfx.com). Their system is a free download application which features extensive technical analysis, and the abilty to trade on the chart (just right click).
www.TradeSTEPS4x.com is dedicated to Currency Training, helping investors understand how to trade the Currency Market.
Posted by: Chris Romrell | March 3, 2006 12:38 AM | Permalink to Comment