Currencies - Trading the 24-hour Markets The United States is the only country in the world where most people don't think much about currencies. We live in the dollar universe, but the moment an American sets foot abroad, he realizes that everyone, from executives to taxi drivers, watches exchange rates. When the people outside the United States, and even recent immigrants to the United States, get a bit of trading capital, their first idea is to trade currencies. The bulk of currency trading takes place in the interbank market, directly between dealers. Beginners turn to unscrupulous currency trading shops that bucket their orders (hold their money without executing trades) and kill them with commissions, spreads, and interest charges. Survivors discover currency futures, where spreads are more narrow, commissions more reasonable, and no interest is charged for the privilege of holding a position.

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