Coffeehouse Thread

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Forex trading for dummies, bankster style

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  • User profile image
    androidi

    Easy money

     

    http://www.moroccoboard.com/viewpoint/59-adil-naji/1173-moroccan-banks-get-fat-on-expats-money-transfers

    I came across this quite bit accidentally, it's a pattern that's been going on for years. Didn't someone claim the markets are a random walk? I think this proves that to be incorrect.

    I haven't really investigated but I doubt whether you can get the quoted rates - as they seem to be a key part of the scam explained in the link, used by the bankster mafia to skim money, in addition to various fees they take in addition of the bid/ask spread (according to the article they skim/rob you atleast 4 different ways). The trick is that when you exchange money they pick a date from now to few days back that gives you the worst possible exchange rate or something along those lines according to the link.

  • User profile image
    PopeDai

    Why does the price drop by ~0.25 every Sunday?

    FWIW, I use Xoom.com for my international transfers - not only is it considerably cheaper than PayPal or my bank, but much faster: taking only 15 minutes for money to arrive (compared to 3-5 working days for IBAN).

  • User profile image
    itsnotabug

    looks like we need something like banker's rounding for time based exchange.

    seriously though, if it were found that people organically produce cyclical values of traded commodities (even tiny variances) would that not be a perpetual money making machine? and isn't that kind of the point to all the analysis business schools teach? find these patterns and exploit them? or is that graph not organic, rather evidence of the actual fraud they were committing? and if so, shouldn't there be some statistical bot looking for these kinds of shenanigans?

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