spreadtrading the currency markets

[ctrimble]

Am I correct in my belief firstly, that the £/$ and euro/dollar are traded 24 hours a day, and secondly, that the prices offered by the spread firms for the following day are based on the close of the day before ie. at midnight? Are EOD prices for currencies the price at midnight?

Thanks.
CT.

 

[Mornington Crescent]

a - yes

b - nobody trades yesterdays prices. lol
do you want to rephrase your question ??

c - eod prices are ambiguous (and meaningless ?).

 

[MarvinS]

£/$ and euro/$ have futures that are IMM traded and they have a settlement at 20:15 UK time. However they do trade 24 hours initially on CME then CME globex. Spread firms will make the change on the next day based on the 20:15 close price.
You cannot trade currencies 24 hours with spread betting firms as most of them are not open 24 hours, Type in google for 24 hour spread betting firms.
Regards
marvin

 

[GeedoubleU]

£/$ and euro/$ have futures that are IMM traded and they have a settlement at 20:15 UK time. However they do trade 24 hours initially on CME then CME globex. Spread firms will make the change on the next day based on the 20:15 close price.
You cannot trade currencies 24 hours with spread betting firms as most of them are not open 24 hours, Type in google for 24 hour spread betting firms.
Regards
marvin

I am new to spreadbetting, after watching my mate turn £500 into £2000 over a couple of months. He basically guessed based on naive trend spotting daily closes of the currencies.

I am using FInspreads but don't understand why Finspreads prices are always about 40 points higher than other currency feeds such as yahoo finance. Isn't there only one market, why the different prices?

I have tracked back and there can be up to a 200 point shift from close at 21:15 (UK) to opening at 7.00am. What's it all about?

 

[Mornington Crescent]

currencies are traded 24/5 although it can go very quiet till Japan etc get out of bed.

no comment on finspreads; try cmc

just forget about end of day, there isnt one really.

completely artificial

 

[capitalspreads]

FX closing prices are really a movable feast and depend on where you are in the world as midnight in japan is only 12am in the US There are three official closes for purposes of accounting, a European close, a US close and a Far Eastern close and even then there are differeces within these times. Closing levels also vary depending on who you use for price feeds. Bloomberg have the price change from 10 pm (london time) the CME has the price change from 9.15pm. Most SB companies use the price when they close their daily FX market. ie we use 21.00.

as double six says in a 24hr market there is no real 'close' you must just pick one and stick with it

 

[Mornington Crescent]

so be very careful and cautious and suspicious when somebody offers daily pivots ........

 

[jezek5]

GeedoubleU
Fins have both spot and future quotes and they are always with-in 2 or 3 pips of my live feed,i might be wrong but i think yahoo is a delayed feed,that might be your problem.

 

[lachie]

Thanks for this info!

 

[Spreadbetteur]

CMC Deal4Free Spread Betting company offer FX 24/7. Software is fast, executions almost instant with very few requotes.

Stay away from Capital Spreads. Not 24/7. Great software, great Customer Service, though terrible speed on executions together with lots of what has become known here as filtering fills. Executions seem to take between 8 and 25 secs. If during the delay price moves in your favour, they tend not to fill you.Stay away !

 

[FTSE in mouth]

I second what DA said.

Use CMC if you want to Spreadbet on FX.

GeedoubleU:

On Yahoo it may not be quoting a Spot price for the pair but maybe a futures price. Dunno exactly what you are looking at on Yahoo but Finspreads use spot prices I think.

As Jezek5 says Yahoo is delayed too so that could really mess up your planning . If you want to trade anything make sure that you have accurate, live pricing for the instrument/contact you are trading.

Not wanting to state the obvious but if you are looking at a December Contract for Cable on Yahoo with a 15 minute delay (or more) and executing your trades that way you will lose more than you bargained for.

TTFN - FIM