Forex traders can track currencies swiftly

Want to know at the flick of your fingers how global banks are trading in major foreign currencies? How about up-to-the-minute developments that shape the foreign exchange market?

Filipinos and foreigners based in the Philippines now have the means to become effective players in spot foreign currency trading thanks to the revolutionary FX 2003 program being offered by Performance Foreign Exchange Corp. (PFEC).

Bong Ginson, an information technology (IT) expert of PFEC, said yesterday that spot FX currency clients no longer have to watch countless hours of Bloomberg TV to arm themselves with the data and information needed to make successful trades.

"For the first time ever, Filipino forex clients need not be left behind by their foreign counterparts. Using PFEC’s proprietary FX 20003 program, they can now track currency changes in real-time and make instantaneous trades through the Internet," Ginson said.

Ginson explained that the traditional way of trading in foreign currencies – by placing orders through agents and/or banks – does not give clients the best opportunities to profit in the face of the rapidly changing value of currencies.

"Even before an agent is able to complete an order from a client, the relative values of the currencies to be traded oftentimes have already changed. And in volatile times such as during the current US-Iraq war, changes in the values of currencies do occur within seconds of each other," he stressed.

FX 2003’s currency tracker feature gives PFEC’s clients a day-to-day compilation of foreign exchange data from various broker banks and non-banks in easy-to-digest tabular form. The trading performances of the broker banks are also presented in monthly summaries to help clients make the best decisions, Ginson said.

And if a trader remains undecided on what position to take at any given time, he or she can call the PFEC 24 hours a day to avail of advice from expert market analysts. However, the analysts leave the decision-making to the clients, he added.

Ginson pointed out that clients can also get market updates through the SMS (short messaging system) or text messaging systems of cellular phones so that they do not necessarily have to boot up a computer and connect to the Internet to be apprised of currency movements.

The currency tracker and its accompanying summaries enable clients to gauge what position (either sell or buy) to take on currencies with the end-view of emerging a winner, the IT expert said.

"Not having a currency tracker is like buying shoes by making the rounds of all department stores. It would take forever before you find the best price for any given pair," Ginson said.

"But with FX 2003 offered exclusively by PFEC, you immediately see the best performing and worst performing currencies at a glance with the currency tracker."

Ginson stressed that even technophobes need not worry about hackers or viruses wreaking havoc on their online trades since numerous, overlapping firewalls and sophisticated anti-hacking and virus programs are employed. Electronic data are also regularly backed up, he concluded.