Live Forex Rates – Where to Get Them?

February 15, 2011 2 comments

Live forex rates are so important. I can’t stress just how much these critical finance tools are paramount for my success. This is why I will tell you where to get them and why they are so important for my forex rates theory.

Where to get the best Live Forex Rates?

I have searched high and low for accurate and live forex rates but couldn’t find any. The truth of the matter is that they are not that easy to come by. Sure you will find a website that gives you a chart listing the major currencies rate every second or so, but are these charts accurate? I don’t know.

These live forex rate currency charts usually have the name of the currency pair listed, the last, open, high and low rates of the currency in question per second of the relevant day. However, although we know that these charts are collected from a number of authoritative banks, who are we to know that the streaming forex rates which are shown to us on another website are one hundred percent accurate and from the bank itself.

The answer to that is – we can never know. And while there is some reliability in the information which is collected by the banks, another website might show us different rates as collected by other banks. It’s frustrating to know how this information is collected, calculated and returned back to us. If you want to read more about it check out my post on bank forex rates and what I intend to do about it.

But What can we do about it? What can we do about it?

Free Live Forex Rates

There are many free live forex rates out there. Still, the important question that arises is which one can you trust completely?

Many forex sites will give you the following live foreign exchange rate chart free:

live forex rates

live forex rates

This chart is nice but sometimes I’ve noticed that it’s the same chart as used by the forex site’s trading system.

So here’s another question for you – If these free live foreign exchange rate charts are the same ones used by forex brokers on their sites, are they the same rate charts provided by the banks?

Again, the answer isn’t clear there. For my sake, and for that of other forex trading beginners, I hope that they are one and the same.

Streaming Forex Rates and my Theory

My theory depends on real time live forex rates. That is why I’m so meticulous about getting accurate information. Without knowing which currency pair is traded at what price at the exact time of the trade my whole theory is worthless.

Take a look at the following example:

Name Last Open High Low Net chg. Chg. % Last Time
EUR/USD 1.3531 1.3489 1.3553 1.3461 +0.0041 +0.30% 13:38:21
GBP/USD 1.6133 1.6036 1.6145 1.6007 +0.0095 +0.59% 13:38:21
USD/JPY 83.7150 83.3250 83.7600 83.1950 +0.3750 +0.45% 13:38:22
USD/CAD 0.9855 0.9891 0.9901 0.9848 -0.0036 -0.36% 13:38:21
USD/CHF 0.9699 0.9700 0.9730 0.9681 -0.0002 -0.02% 13:38:22
AUD/USD 1.0009 1.0029 1.0060 0.9999 -0.0021 -0.21% 13:38:22
EUR/GBP 0.8387 0.8410 0.8451 0.8383 -0.0022 -0.27% 13:38:22
EUR/CHF 1.3130 1.3083 1.3139 1.3062 +0.0046 +0.35% 13:38:22
EUR/JPY 113.2750 112.4050 113.4250 112.3050 +0.8750 +0.77% 13:38:21
GBP/JPY 135.0500 133.6400 135.0850 133.4750 +1.4050 +1.05% 13:38:22
GBP/CHF 1.5654 1.5555 1.5666 1.5513 +0.0097 +0.62% 13:38:22
GBP/CAD 1.5903 1.5863 1.5922 1.5783 +0.0040 +0.24% 13:38:21

Now, if the above lets say EUR/USD was traded in 1.3535 instead of 1.3531 which is listed my theory would not work. A 4 pips difference is bad enough for me when tracking foreign exchange rates, but if the information provided is not accurate from the get go then it is useless all the same.

Bottom line is I have yet to find a really good solution for getting accurate and reliable live forex rates.

Bank Forex Rates – Any Good?

January 19, 2011 1 comment

Bank forex rates, are they accurate? do they give us the fundamental second by second reporting we need? are they completely off the mark in comparison with other banks? or do they simply work?

Test all forex rates banks give before deciding!

I am dependent on accurate and real time reporting in my rates system. If I don’t get live forex rates then my system is worthless. That’s why I challenge myself this week to test out and see which bank forex rates are the most accurate.

My testing is going to be based on these criteria:

  • Comparing refresh rate of streaming forex rates and currencies offered
  • Comparing trade price of currency traded
  • Comparing accuracy of price change

It’s not going to be easy, but this research is absolutely necessary.

I’m afraid that I’m going to discover some serious changes. My hope is that shifts will never be over 1 pip between the major banks. In this way I can know that the spreads each bank takes as a commission will not affect me too much.

Forex Rates Bank Testing Breadth

I intend to test out at least 70 banks. Forex rates bank output is critical to my success so I’m not taking it lightly. I heard that there is an organization that is in charge of calculating the exchange rate according to the trades the banks make. This organization has a system that samples all the trades of the major 70 banks and calculates the currency rate according to some averages it determined. I also heard there’s more than one organization for doing this.

And because these organizations test out 70 banks, then I’m going to do just the same.

Can a bank give live forex rates?

I guess the answer to that is Yes. Because the averages of the banks trades are sampled like 5 times every second and that information is sent back to the banks who show their live forex rates charts.

People, this is going to take a while, but stay tuned. I started trading already, not based on bank forex rates yet, and will keep you all updated on my first success story!!!

Forex Rates – by Lucas

January 4, 2011 Leave a comment

Forex rates Lucas is here to trade! Hi everyone and welcome to my blog on the internet. I have to admit that I am very excited about this, opening my own blog and getting to hopefully do what I like online. I love forex trading and although I am kind of a beginner at this I did find that trading rates hold the key to successful trading.

With this epiphany came the realization that I want to learn more about forex rates when it comes to trading. And I don’t mean just watching the markets and currency pairs go up and down, I mean learning to choose which forex platform or which forex site offers the fastest buy and sell options to its customers.

Let’s face it, there are a ton of Forex companies out there and an additional ton of Forex platforms right along next to them. With such a huge selection of financial products available it is extremely difficult to find the one site you feel comfortable with.

Rate Forex Companies

The solution came easy enough, rate forex companies based on the real time forex rates info they give, server response and update time on each transaction and the reliability of the company and it’s analysts giving good advice.

I am just starting today so please bare with me as I gather more and more information and tryout more and more platforms.

I also want to ask anyone with experience to please join up and add his or her comment and share the knowledge.

Foreign Exchange Market Understanding

Once you know or start getting a sense of how today’s forex rates are acting you can become a really good trader. You see if you learn to understand why the foreign exchange rates are changing, you will gain better control over the decisions you make whenever you trade.

I want to discover the real news sources that are the best to receive updates on the world’s economy. I want to learn to anticipate changes in foreign exchange rates a little bit before they happen and then make my investment. Information is power and in today’s forex market everyone is exposed to the same information. The only question is where to find the best info and how to interpret it to your advantage.

My name is Luca Blair and I want you to join me and see how I make it or break it on the market. You will get to read constant updates on my reviews and testing of my forex rates theory. I hope you all enjoy.