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The biggest geographic trading center is the United Kingdom, primarily London. According to TheCityUK, it is estimated that London increased its share of global turnover in traditional transactions from 34. 6% in April 2007 to 36. 7% in April 2010. Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the International Monetary Fund calculates the value of its special drawing rights every day, they use the London market prices at noon that day. Unlike a stock market, the foreign exchange market is divided into levels of access. At the top is the interbank foreign exchange market, which is made up of the largest commercial banks and securities dealers. Within the interbank market, spreads, which are the difference between the bid and ask prices, are razor sharp and not known to players outside the inner circle. The difference between the bid and ask prices widens for example from 0 to 1 pip to 1–2 pips for currencies such as the EUR as you go down the levels of access. This is due to volume.

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It is difficult to predict how reliable a person is on the basis of the brief communication preceding the opening of an account or the signing of a contract.

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As for automating strategies, I’m no longer much of a believer in this, although I continue to experiment with various prospects.