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David A. Dodge
Mr. Dodge was appointed Governor of the Bank of Canada on 1 February 2001, for a term of seven years. As Governor, he is Chairman of the Board of Directors of the Bank.
A native of Toronto, Mr. Dodge received a bachelor’s degree (Honours) in Economics from Queen’s University, and a PhD in Economics from Princeton (1972).
During his academic career he has served as Assistant Professor of Economics at Queen’s University; Associate Professor of Canadian Studies and International Economics at the School of Advanced International Studies, Johns Hopkins University; Senior Fellow in the Faculty of Commerce at the University of British Columbia; and Visiting Professor in the Department of Economics at Simon Fraser University. He has also served as Director of the International Economics Program of the Institute for Research on Public Policy.
During a distinguished career in the federal public service, Mr. Dodge has held senior positions in the Central Mortgage and Housing Corporation, the Anti-Inflation Board, and the Department of Employment and Immigration. After serving in a number of increasingly senior positions at the Department of Finance, including that of G-7 Deputy, Mr. Dodge was appointed Deputy Minister of Finance in 1992. In that role, he served as a member of the Bank’s Board of Directors until 1997.
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In 1998, Mr. Dodge was appointed Deputy Minister of Health, where he served until the announcement of his appointment as Governor of the Bank of Canada.
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Which “Economics System is better ” ?? In the end every argument has its points . “Now that idea has merit !” Each economic system and indeed everything has its strong and weak points , its merits and failings. Every system indeed has tis advocates and opponents - indeed strong advocates and strong detractors. No economic or financial system exists in an absolutely pure form or in an economic vacuum. The answer always lies so to speak somewhere between the two - in the middle. A limited amount of private , for profit enterprise exists in socialistic countries , a substantial amount of public works and projects are done in a financial sense in so called “capitalistic economies ” of “capitalistic , free enterprise , countries”. Whatever system is employed , it may well be operated in an inefficient financial and economic manner yielding poor results and limited wealth and riches.
For a lack of proper coordination and financial integration , many people in a country may be idle with low rates of finances. Total output and foreign cash reserves and values held may be much less than optimal. Because of errors in judgement on the part of the people in charge of the finances , for example David Dodge of the Bank of Canada, foreign exchange rates may be considered to be low in relation to world currencies but adequate in relation to the American dollar in an effort to maintain trade balances and exports to the United States of Canadian made products - which now seem reasonably priced in U.S. dollars but underpriced when compared with current world currency levels.
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Sphere: Related Content5 Questions You Need to Have Answered Before You Back-Test Your Forex System
As 90-95% of new Forex traders lose money within the first 3-6 months this article helps to guide new Forex traders by asking 5 questions that the Forex trader needs to know prior to back-testing their Forex system.
Let us jump right in…
1. What data type are you using (or going to use)?
I know this sounds strange, especially if you have experience from another market such as stocks as their generally is only one type of data source available. However, in the Forex market you can have up to 4 different data types: bid, ask, mid and indicative. Each has their own little nuances.
If you would like to know more about the data types then visit the article written about the perils of indicative prices. As this will save me from having to repeat the information again and boring those who’ve already read it.
So, if you know you have indicative prices then you know you’re in for some good results! However, if you have any of the other three you need to be careful on how stop and limit orders are placed.
As an example: If we had bid price history and we were looking to place a buy entry stop at 0830 EST according to the day’s high, then we know that the bid price will not accurately reflect what the actual price of our order should be. You would have noticed that if you placed a buy entry stop at the exact same price as that of the day’s high you would have entered prematurely - you would have entered 4 or 5 pips before the high or the low of the day was touched (the exact same amount as the spread your broker offers!).
This leads me into the next most important question…
2. What spread is your broker offering on the currencies you are bask-testing?
You need to know this as this can help you set your slippage settings on each currency.
As our example in question 1 pointed out. We found that our buy at the day’s high method did not exactly work because we bought at the BID PRICE high, not the ASK PRICE high - the price that we need when we place our order TO BUY.
Therefore, we enter in a slippage setting representing the spread that would be exhibited by this trade on this currency.
But knowing at what price to buy is only half the problem… how do we know what quantity to buy?
3. What margin does your broker offer?
If we know at what price to buy our currency at we need to inform our broker on what quantity to buy to fulfill the order. We only know what quantity to buy by the margin that the brokerage firm offers.
Most brokerage firms offer 100:1 leverage, however, some firms offer mini accounts with 200:1 leverage, others only 50:1 leverage.
Find out the margin required.
4. What restrictions does your broker impose?
Now, I don’t just mean margin and spread restrictions as I have mentioned above. These are important in their own right, what you need to find out are the details.
This is probably the most important question of all as the fine line between success and failure can be found in the details. Now you can have this questioned by one of two ways: 1. you can find out through experience (generally the most expensive way unless done through the demo account!); or 2. You ask your broker (the cheapest and best way).
Why is this so important? I hear you ask. Well let’s say you have a system that trades any gaps that might form on Sunday at 1700 EST, but your broker does not open until 1730 EST. You either need to factor this restriction in to your system, or move onto another system completely. Or, you may have a system that has 10 pip stops, but you find out that your broker will only let you place 15 pip stops from your initial entry price. Once again you will need to change your system to see whether it still performs well, or throw out your system (or change your broker)!
In fact one of the most devastating restrictions imposed by FXCM is that they do not accept stop entry orders if price never happens to trade at your entry stop price! FXCM will honor and “take the loss” of your OPEN stop positions, but if the liquidity is not there and price has shot straight through your stop price then you will miss out. This can have disastrous effects on your system results as you are left wondering on trades where you made good returns - “Would FXCM have got me in?”. You may want to read of some of the quirks I use when placing entry stop orders on FXCM that could be of huge benefit to you to help you possibly get around this problem.
The restrictions by your broker are only half your systems’ success; you also need to find out about another more important restriction… yourself. This leads me to the final point…
5. What restrictions do you have?
This is a vitally important question. Most people test their systems and fall in love with the results but find when they trade their system they have lost their account and that most of the best signals occurred while they were sound asleep!
As the Forex market is a 24 hour market, you need to put into place restrictions in your system that will be realistically conducted by you during the course of a normal trading day. There is no use operating a trailing stop method that changes your stop points during times when you are asleep and cannot possibly do so.
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Sphere: Related ContentDifferent economic systems may be employed . A socialistic system may involves complete control of production by government officials. The decide what is to be produced , by what means and what quantities. they decide too how the product is to be distributed .
A free enterprise system , such as the United States or Britain, involves the control of production primarily by private firms and individuals. Private persons , each controlling some part of the country;s economic power , decide what to produce and by what means; the product is distributed in accordance with private wealth and income.
  To achieve the best possible results , any country must carry on its economic activities , in a systematic and through manner.
The efforts of millions of people must be effectively coordinated in order that they produce the largest possible output. Care must be taken to ensure that the goods are produced in the right proportions : even the richest country in the world possesses only limited quantities of human energy , natural resources and capital equipment that if devoted too much of its productive capacity and capabilities will therefore have to produce less of other products of desired outputs that would also have been economically and materially desireable and lucrative in a financial sense.
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It can be stated that “Economics is the study of mankind in the standard ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material prerequisites of well being.”
It can also be said that the significance of the fact that the means of satisfying human needs and wants are available only in limited quantities , so that when these means are employed to achieve the objectives of parceling out limited resources , other objectives must by necessity be relinquished/
Thus economics can be considered as a science which studies human behaviour as a relationship between ends and scarce means .
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    Every generation of mankind has necessarily engaged in economic activity, with the character of that activity reflecting the degree and quality of the prevailing civilization.  The economic activity of primitive man was of the crudest and simplest sort ; lacking the capacity to reason and to plan, he employed his brute force in the most direct fashion to snatch from the earth’s profusion the wherewithal of survival.
Economic activity today , be contrast is more than exceedingly complex. We follow highly intricate procedures to satisfy a vast and never ending array and desires.
Sphere: Related ContentEconomic activity is simply the daily work of mankind , performed to acquire what mankind needs and wants. The billions of human beings who inhabit the earth , all need food , clothing and shelter to sustain life , and typically desire a host of extras in order to live comfortably and agreeably. By utilizing the earth’s resources they are able to fulfill these needs and wants.
The earth nourishes animals whose flesh can be eaten , and whose hides can be used for clothing. It yields up edible fruits , vegtables and grains and plants which can be fashioned into clothing: it harbours minerals and supports forests which can be fabricated into building for man’s shelter and into an ifinite diversity of other things for his use as well.
This bounty of nature does not exist in convenient places , and in forms ready made to fit human needs and wants; it is raw , unformed , hidden in the bowels of the earth. in the depths of the seas; and profuse resources in nature resources of nature must be laborously drawn from where they occur. Man’s economic activity consists of the application of brains and energy to obtain the products he needs and desires.
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Sphere: Related ContentThe presentation of economic principles to the beginning student should be rigorous and thorough.
Each step in the exposition should be precisely defined , however the relationship of each step to the next should be clearly defined and outlined. Definition and description should be in terms readily intelligible to the layman.
Economic principles have developed quite rigorously by a step by step procedure.
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