Forex rigging

Forex rigging

Is Forex Rigged ?,Self Delusion Bias

In forex trading, currency price rigging, price fixing, collusion or forex rigging are some illegal actions that are performed to manipulate the market. This usually occurs when the specific Forex is not rigged – forex trading is a legitimate business like trading stocks or trading commodities, futures. Forex trading is expanding its roots worldwide day by day, and many The forex markets have been rigged in the most blatant way (using online chat rooms) yet most forex traders on social media couldn’t care less. What Happened Exactly? Barclays, Citigroup, ... read more

Their sheer size and nature ensure that only any artificial change is temporary, and ordinary Forex traders are simply not large enough to be affected. Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.

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Forex Rigging The Currency Fix. previous post. next post. You may also like. Wednesday, 9 January Swedish economic and political outlook at the beginning Friday, 4 January Ethereum giveaway — anyone interested? Wednesday, 26 December Tuesday, 25 December Friday, 21 December Tuesday, 18 December Pakistani rupee hits another low Friday, 14 December It can also be "implicit", where traders don't need to speak to each other but are still aware of what other people in the market are planning to do.

Last November, the UK's financial watchdog, the Financial Conduct Authority FCA gave some examples of how traders at banks calling themselves names such as "the players", "the 3 musketeers", "1 team, 1 dream" and "the A-team" attempted to manipulate foreign exchange markets.

In one example, it said traders at HSBC had colluded with traders from at least three other firms to attempt to drive the fix for the sterling-dollar rate lower. It said traders had shared confidential information about client orders prior to the fix, and then used this information to attempt to manipulate the fix downwards. Afterwards, traders congratulated themselves, saying: "Loved that mate worked lovely pity we couldn't get it below the 00", "there you go..

go early, move it, hold it, push it", "nice works gents.. I don my hat" and "Hooray nice teamwork". Traders at these firms then transferred their buy orders to Citi, giving it more influence on the market. After the trade was completed, traders shared congratulatory messages such as "lovely", "yeah worked ok" and "cn't teach that".

The price movements arising from the manipulation are so small that holidaymakers are unlikely to notice a big difference when buying foreign currency. The biggest losers are companies found guilty of manipulation. Even for big banks £2bn is a lot of money.

The regulators say that some of the banks' clients could have suffered from the market being skewed. That could affect the value of pension funds and investments. This kind of manipulation also further undermines trust in the financial system, which has been through a series of scandals. That could result in traders making more profits.

What I find most amazing about this news is not that this fraud has taken place but that it has received almost no attention on social media.

Barclays, Citigroup, JP Morgan, MUFG and RBS were all found guilty of setting up cartels to manipulate prices on 11 currencies including the dollar, euro and British pound over a period of approximately 10 years. There have been numerous cases of price manipulation in the forex markets and this is yet another example.

But even though fraud in the forex markets is nothing new, when I first heard about this news I was quite shocked. For me, it just reinforces my view that forex markets are very difficult to beat and is more evidence for why I refuse to trade the FX markets. In fact, this news hardly caused a ripple on Twitter. Nobody retweeted it. Nobody expressed any outrage. No-one talked about it.

Huge numbers of retail forex traders lose money in the markets every day and here they are presented with evidence that some of those losses are caused by banks rigging the markets. Yet still they choose to dismiss the news and carry on tweeting about double tops and head and shoulders. Otherwise, they would surely be taking this news more seriously. The truth is that self-delusion is a human trait that we all suffer from.

If it makes life easier to bear then we have no problem altering our perception of reality slightly. For example, sometimes I tell myself red wine is good for my health even though I know that after a glass or two those health benefits are mostly lost.

And sometimes when I look at a chart I can become convinced that the market is going up just by looking at the candles. Because I want the stock to go up I immediately visualise it doing so, as if on auto pilot. This self delusion trait is very damaging in financial investing because it causes you to make poor decisions out of undue optimism. And this is just another reason why I prefer to take a systematic approach with trading. If I follow a system or even a checklist I know I can remove most of my human biases.

Meanwhile, the rigging of forex markets and the supreme efficiency of those markets is why I stick to equities. Equity markets have manipulation as well especially in penny stocks or around earnings but I feel much safer in equities than I do forex or, god forbid, cryptocurrencies.

thanks for the article, I was also impressed that nobody gives a damn… I myself have moved on to trade indices and have been blown away by how harmonious price action can be compared to FX. do I care? NOt at all! Maybe but surely it is better to trade a market where the playing field is more level.

Anyway I understand your view and appreciate it. I was also a fx trader but felt something was wrong with how alot of the trades were going, i have recently switched to futures and find it more reliable. Hay Joe, Aweomse article. A good article buddy exposing this industry. As you said, the banks are simply playing their peanut prop amounts in consonance with the market moving client orders. Their own orders dont have much effect on the Techs, but their collaboration to advise on key prices to clients and then make time-coordinated transactions probably makes market movement smoother if nothing else.

They are simply obtaining the pricing information before price gets a chance to print and therein lies the crime. But is it? A trader at a huge bank may receive multiple orders that move markets and as long as he doesnt share them, he is allowed to take a prop position on his expectations. Why is that not a crime? But to say that Forex is rigged is near impossible.

For obvious reasons. Subscribe to the mailing list. Join Now. Forex Markets Are Rigged And No-One Seems To Care. By Joe Marwood Latest News Rant May 19, Joe Marwood is an independent trader and writer specialising in trading systems and stock trading.

He began his career trading the FTSE and German Bund for a trading house in London and now works through his own company. He also writes for Seeking Alpha and other financial publications.

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What is Forex Rigging?,Who suffers from Forex rigging?

The forex markets have been rigged in the most blatant way (using online chat rooms) yet most forex traders on social media couldn’t care less. What Happened Exactly? Barclays, Citigroup, In forex trading, currency price rigging, price fixing, collusion or forex rigging are some illegal actions that are performed to manipulate the market. This usually occurs when the specific Forex is not rigged – forex trading is a legitimate business like trading stocks or trading commodities, futures. Forex trading is expanding its roots worldwide day by day, and many ... read more

Forex Rigging. Anyway I understand your view and appreciate it. Diversify your savings with a gold IRA. Company News Markets News Cryptocurrency News Personal Finance News Economic News Government News. go early, move it, hold it, push it", "nice works gents..

sidebar text ad Get Started with Crypto Trade the Bitcoin and altcoins at the most advanced web trading platform with a regulated broker Try it now. as other countries like the U, forex rigging. The forex benchmark rate issue first came into the spotlight in Juneafter Bloomberg News reported suspicious price surges around forex rigging 4 p. Spanish language. This compensation may impact how and where listings appear, forex rigging. The term banging the close is a kind of disruptive activity used to manipulate the market in which the player buys or sells large quantities to manipulate the prices and distort the fix to forex rigging profits.