1-6-13 SWFloridaGuy: I'm going to lay out the actual process that a revaluation must go through before it can go live to try to help clear up some confusion. I would like to say that Bear is a real gentleman and one of the few people who I believe does have good intentions. His rumor about an impending revaluation could absolutely be true and I am praying that it is. However, I do question the ones providing this information (not Bear) for the simple reason that a professional FOREX trading broker will be the first to tell you that looking for the IQD on a paid FOREX account is a futile exercise. The IQD is not traded on FOREX and will not show up there first.
At least he is speaking to someone who has a real FOREX account and they're not using Netdania and Yahoo Finance type sites which are not FOREX brokers/market makers and a poor proxy for volume, riddled with anomalies that lead to frequent chat room agitation that usually coincide with trading session openings. The spikes are directly related to the volatility of the USD or simply malfunction
Read More Link on Right
Real FOREX trading (Bear's contact) is done through a broker or market maker. Traders choose a currency pair that they expect to change in value and place a trade but what matters to us is that the IQD is not freely traded and is not being used in any significant international transaction or on any legitimate foreign exchange, although there are plenty of dealers around the world, which are largely unregulated. This will not show up suddenly and start trading on FOREX, that much I can promise you from speaking about this at great length with professionals who know far more about this then me. When a country/Reserve bank changes the value of a currency there are certain procedures that will take place long before it starts trading on FOREX. Here are the actual steps we should be looking for:
• When the time comes the CBI will get the signal from the Executive and legislative branches to initiate the implementation.
• Once they get the go ahead they will set a goal rate then send it to the BIS for approval.
• At this point the BIS subcommittees (Central Bank members) will approve the target rate and regulate capital.
• Once approved the new rate will be sent to all central banks around the world
simultaneously and this is when you will get the first opportunity to see the rate.
• The CBI will be able to intervene through regulatory powers and control the money supply and work to keep the IQD near the official (most likely unofficial actually) target rate.
• Only at this point can we can expect to see a substantial arising onto the foreign exchange market.
I hope this serves to clear up the confusion and isn't taken as being "negative" because I do believe that one day (hopefully very soon), the IQD will be traded on FOREX. But until that day, our focus is probably better spent elsewhere. It was great seeing you again Bear and I hope to see you in the forums more often. Cheers brotha Bear.
Dolly119] SWFloridaGuy Once approved the new rate will be sent to all central banks around the world simultaneously and this is when you will get the first opportunity to see the rate. How will we know this has happened?
[SWFloridaGuy] Dolly119 Well, at that point it will no longer be a secret and all central banks will have the new NID rate.
[SWFloridaGuy] I hope that helps. That information is accurate and was not easy to track down.
[Dolly119] SWFloridaGuy that is a great insight as to the process. helps all of us be more realistic about this
[SWFloridaGuy] Dolly119 Well, I used to buy into the magic appearing on forex east to west etc etc for a long time
[SWFloridaGuy] Dolly119 Well, that's perfectly normal. None of us were born with this information and I only learned after speaking with others far more knowledgable than myself.
[imlucky] SWFloridaguy. Will it show on bank screens first or forex. In the past I have heard bank screens first forex days later
[Dolly119] SWFloridaGuy well thanks for doing the research
[SWFloridaGuy] imlucky Absolutely Banks
[Dolly119] soo again...who "pays" for all of this?
[SWFloridaGuy] Dolly119 No problem, thank you guys for teaching me so much. Chat room members are far more knowledgable than gurus imo.
[Dolly119] where does the money come from to cash us out?
[SWFloridaGuy] Dolly119 You know who has a great explanation of that is Kaperoni and Enorrste. I'lll see if I can find it for you. :)