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It's crazy how efficient FX markets got over the last decade. Chart shows the cost of round-tripping USD -> GBP -> EUR -> USD using the best price for each leg, over a month in 2011 vs 2021 (before comms). Less than 1 you take a loss, more than 1 means profit.pic.twitter.com/TsUrGRbnTj
In 2011 the average cost of the round trip was 1.3 basis points and there was an arbitrage (before comms) 0.6% of the time. By 2021 the average round trip is 0.16 basis points and there is a before-comms arbitrage 23% of the time.
Ugh I put the wrong legend on, very annoying but too late to change it. The blue bars are 2011 even though the legend says 2015
The profit should be impossible, no?
'profit' or compensation for carry?
Legend says 2015 not 11?
Noise trading has never been less harmful.
we have become exceedingly efficient at bellman ford
Wasn't it you or @therobotjames talking about playing the easier game a few days ago?
This shows that FX is the harder game compared to most markets. Explain why a pleb like me hasn't made it in FX. lol
"hard to make money"
and
"hard to lose money"
(if you avoid super dumb stuff)
are two sides of the same coin.
@therobotjames produced by @mgnr_io
is this related to the surge of HFT on forex markets ?
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