Bank of America Posts $2.83 Billion Dollar Profit

Bank of America posts $2.83 Billion First Quarter Profit

Did you get your share?

Maybe you should be doing what your banks are doing!

With the economy still stagnant, unemployment at all time highs, foreclosures still hitting record levels in may areas and many of the nations banks reporting losses from toxic mortgage loans, Bank of America announced that because of strong revenues from it’s trading divisions it was able to post a $2.83 Billion FIRST QUARTER increase in revenues. This figure was up .7% from the same period a year earlier.

Sources indicated that a portion of those revenues were derived from trading Currencies.

Earlier in the week, JP Morgan Chase also reported strong positive earnings revenues for its first quarter from its trading division.

What may come as a surprise to most investors is that B of A and JP Morgan Chase are actually among the top ten mega-banks that are involved in trading Currencies as a part of their revenue generating strategies.

Once the bastion big names such as Deutsche Bank, UBS, Citi, Barclays and RBC along with HSBC, Goldman Sachs and Morgan Stanley, these big hitters made up the majority of the trading volume in the Currency markets. Then things changed.

Over a decade ago the currency market, more commonly known as FOREX, short for FOReign EXchange, opened up to individual investors. Since then, the market has more than doubled in size, averaging over $4+ TRILLION a day in trading volume, making it arguably the worlds’ largest market by volume.

Furthermore, while the big traders had developed and implemented sophisticated “automated” systems over the years to assist in trading Forex, many private parties also developed their own “proprietary” systems and software to analyze and trade Forex. Today, investors have access to a broad range of systems and methodologies designed specifically for Forex. These “systems“, along with the abundance of information available for analysis allows the individual investors to trade on virtually the same playing field as the big guys.

Judging from the earnings revenue reports coming from these major players in Forex, it appears that they have been on to something for a long time. And, while there is a degree of risk in any investment strategy, Currency trading in Forex seems to have been the saving strategy in an otherwise dismal economy.