In 2004, former Federal Reserve Chairman Alan Greenspan made the following statement about currency trading at a speech before the Economic Club of New York:

”My experience is that foreign exchange markets have become so effective that virtually all appropriate information is embedded nearly instantly in exchange rates to the stage that anticipating movements in major currencies is seldom possible.

”...Despite extensive efforts on the part of analysts, to my knowledge, no model projecting directional moves in exchange rates is significantly superior to throwing a coin. I am aware that of the thousands that attempt, some are very profitable. So are winners of competitions.

The appearing ability of a variety of banking organizations to make consistent profits from foreign currency trading probably derives not from their insight to future rate changes but from market making.”

GOOD LUCK