Something to Think About Regarding The History of The Forex
Wednesday 3 November 2010
Everyone associated with the forex currency exchange has opinions of how the forex began, and extensive information is found all over the Internet. Since the forex has evolved into the largest financial industry in the world, the daily opportunity to become involved with it has created unbelievable growth within the exchange, which averages $2.2 trillion (as of July 2005) with surges in the market toward $6.5 trillion at times. During a banking symposium held in New York City in July 2006 (sponsored by the FXWeekly group), it was announced that the daily volume of the forex had increased to an amount in excess of $3 trillion per day. This per-day volume of the forex is much larger than the volumes of traditional trading industries such as the stock market, which is, as of 2007, currently averaging approximately $17 billion per day of volume. For that matter, the forex is greater than all other markets, including the legal and illegal drug industry. The industry continues to grow regardless of the number of new traders, fund managers, and firms that are seeking wealth or increased profits on their investments. Even with the 80 percent failure rate that most authors claim exist within the forex, the industry continues to grow every year.
It is my thought that maybe there were seeds planted long before the arrival of computers when trading in large quantities began appearing during the days of Solomon, as found in the number-one best-selling, most distributed book in the world, the Bible. Solomon opened many doors of trade and exchange without the influence of computers, data feeds, news announcements, political secrets, and spontaneous fundamental announcements.
He was able to accumulate wealth that even modern-day traders haven’t been able to match. Although Solomon had to use caravans moving very slowly to transport products from one geographical region to other regions, the basic trading industry most likely grew then as it continues to grow even today.
Regarding commodities, futures, gold exchange, and so on, Solomon probably did more for the trading industry, especially futures in grains, cloth, corn, wheat, and other needed tangible and intangible products, than anyone will ever imagine.
MAs time passed and verbal exchanges became available in market facilities such as those on Wall Street, where the high volatility of the market exchange created quick profits that made many wealthy, the market began to grow and continues at an even higher rate. The forerunner of the New York Stock Exchange on Wall Street was founded in 1792. Traders with large amounts of funds for hedging could sustain their existence in the market with lower risk, while those with larger or smaller margins (but with less industry intelligence) gave up their trade exchanges with losses.
It was a battle of the bulls against the bears as systems, theories, and methodologies began to emerge; traders began to pay fees for personalized mentorship in hopes of finding the secret grail to successful and consistent trading results. Many types of how to systems began to develop as a result of positive trading, while poor trading results could have affected the growth of mentorship programs as well. Today, you can find (and in large quantities) numerous books, specialized software, proprietary systems, entry procedures, forex investment counselors, trading videos, multilevel deals, and the list goes on.
Furthermore, many new branches within the industry are constantly evolving as legitimate systems and procedures of methodology. Often, though, you will find that mentors and authors do not even trade and obscure their inefficient trading abilities or lack of success by running everyone else down but never proving their own personal ability as traders. They make their livings from selling systems and books; therefore, I suggest you avoid them.
It is my thought that maybe there were seeds planted long before the arrival of computers when trading in large quantities began appearing during the days of Solomon, as found in the number-one best-selling, most distributed book in the world, the Bible. Solomon opened many doors of trade and exchange without the influence of computers, data feeds, news announcements, political secrets, and spontaneous fundamental announcements.
He was able to accumulate wealth that even modern-day traders haven’t been able to match. Although Solomon had to use caravans moving very slowly to transport products from one geographical region to other regions, the basic trading industry most likely grew then as it continues to grow even today.
Regarding commodities, futures, gold exchange, and so on, Solomon probably did more for the trading industry, especially futures in grains, cloth, corn, wheat, and other needed tangible and intangible products, than anyone will ever imagine.
MAs time passed and verbal exchanges became available in market facilities such as those on Wall Street, where the high volatility of the market exchange created quick profits that made many wealthy, the market began to grow and continues at an even higher rate. The forerunner of the New York Stock Exchange on Wall Street was founded in 1792. Traders with large amounts of funds for hedging could sustain their existence in the market with lower risk, while those with larger or smaller margins (but with less industry intelligence) gave up their trade exchanges with losses.
It was a battle of the bulls against the bears as systems, theories, and methodologies began to emerge; traders began to pay fees for personalized mentorship in hopes of finding the secret grail to successful and consistent trading results. Many types of how to systems began to develop as a result of positive trading, while poor trading results could have affected the growth of mentorship programs as well. Today, you can find (and in large quantities) numerous books, specialized software, proprietary systems, entry procedures, forex investment counselors, trading videos, multilevel deals, and the list goes on.
Furthermore, many new branches within the industry are constantly evolving as legitimate systems and procedures of methodology. Often, though, you will find that mentors and authors do not even trade and obscure their inefficient trading abilities or lack of success by running everyone else down but never proving their own personal ability as traders. They make their livings from selling systems and books; therefore, I suggest you avoid them.
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Modernist versus Traditionalist