My answer to What does actually "Scalping" mean in Forex?
Answer by Desmond Last:
Should we allow speculative traders to destroy jobs? Would you gamble away your life’s savings putting your family's future at risk? Should Wall Street traders be drug tested everyday? After all it is yours and mine futures they are gambling with,
Scalping is a form of gambling. Positions are taken on the price of a currency for only a matter of minutes. It allows small profits to be made lots of times. The problem is it does influence the price.
What is the value of a currency? The value should be related to the confidence that there is in the economy it represents. The currency price affect imports and exports and the constantly varying price makes it difficult for business to operate.
My new econmoic theory and system uses a trade weighted factor for green technology which supports developing and emerging technologies. Over-time it would develop into a currency weighting system to replace the Euro and be used to support smaller countries. The Euro uses credit to equalise countries – which destroys economies. That is why Merkel is the de-facto Prime Minister of Greece.
The dominant Forex players such as banks and hedge funds have a power to influence market moves and currencies exchange rates. Is this right? Why should our economic future be determined by gambling?
If I were Prime Minister I would not allow sterling to be gambled on. Other countries should do the same. I also believe that traders should be subject to mandatory drug testing – as all workplaces should be.
Currencies should be fixed. With an adjustment at say 18 months. If the Forex users want to gamble then they should go to the casino. Forexe has zero benefit to the community.