If you were on top of things in last 48 hours you would have noted that the euro(EUR) was declining at a significantly rapid rate against the US Dollar while the pound(GBP) was holding nearer at the highs and lows since Sunday’s open. If you had your thinking cap on you probably took the opportunity [...]
Thursday, September 11, 2008
Look at the price of oil as of the minute (1:42PM EST September 11th); then look at the EUR/USD rates; then look at the EUR/JPY rates. Few things ever always hold true in forex so the effect of the EURJPY as related to the current price of oil and the EURO down to a day [...]
Wednesday, September 3, 2008
If you were on the alert this morning you might have managed to claim a decent profit following news out of the Bank of Canada. The Canadian dollar briefly gained some strength after the news that the bank would be leaving interest rates unchanged, despite news of lower than expected economic growth. The brief surge is [...]
Wednesday, September 3, 2008
With the euro falling to a 1.4404 low against the US dollar, and the British pound falling to a 1.7686 low against the US dollar as of 4:04AM EST Wednesday September 3rd 2008, one can’t help but recall that it wasn’t such a long time ago that the US dollar was faring pretty badly in [...]
Tuesday, September 2, 2008
Hurricane Gustav has done nothing to affect the price of oil to the detriment of the US dollar. Far from it, the US dollar is benefiting from a $6.75 drop in the price of oil as of 8:46AM EST today. This has meant a continuing decline of the British pound against the US dollar. As the [...]
Monday, September 1, 2008
Traders were preparing for a possible rise in oil prices and subsequent decline in value of the US Dollar with the anticipated devastating blows to the US Gulf Cost that was expected to be struck by Hurricane Gustav; but now that Gustav has been downgraded and is no longer expected to be much of a [...]
Monday, September 1, 2008
At the rate things are going, the GBP could conceivably dip into the 1.79XX range in trades against the US dollar. Presently the GBP/USD low is 1.8002. If it dips under 1.8000 it will be the first time since 2006 that the GBP/USD traded below 1.8000. Analysts expect the GBP/USD to continue declining and to soon [...]
Monday, September 1, 2008
Presently the Euro is trading at a 157.63 low and a 159.64 high. A month ago today the EURO was trading at 168.530 against the YEN; however, the Euro has been in a state of steady decline against the Yen since August 8th as you can see from the chart below. Time period: 08/01/08 to 09/01/08. 08/01/2008 168.530 08/02/2008 167.470 08/03/2008 167.6420 08/04/2008 167.6450 08/05/2008 168.0890 08/06/2008 167.7340 08/07/2008 168.0360 08/08/2008 168.7830 08/09/2008 166.4960 08/10/2008 165.430 08/11/2008 165.430 08/12/2008 164.7510 08/13/2008 163.8770 08/14/2008 162.5040 08/15/2008 163.0790 08/16/2008 162.5180 08/17/2008 162.3430 08/18/2008 162.3460 08/19/2008 162.2780 08/20/2008 161.5270 08/21/2008 162.1010 08/22/2008 161.3890 08/23/2008 162.170 08/24/2008 162.770 08/25/2008 162.870 08/26/2008 162.1110 08/27/2008 160.840 08/28/2008 160.7840 08/29/2008 161.2650 08/30/2008 160.390 08/31/2008 159.7150 09/01/2008 159.7110 The steam-rolling [...]
Monday, September 1, 2008
As Hurricane Gustav prepares to blow into the US Gulf coast, monitor the impact, if any, that the hurricane’s movements have on the forex market. Image: Hurricane Irene August 2005 Investigate the answer to the question: Question: How might Hurricane Gustave affect the US dollar in the foreign exchange currency trading market? Note: answers are not provided to questions [...]
Monday, September 1, 2008
It’s been several weeks since the US Dollar has been trading under 108.00 against the Japanese Yen. While it continues to hold the Euro and the pound sterling at rates in the 1.4600 - 1.4900 range (euro) and the 1.8005 - 1.8700 range(GBP), it has lost steam against the Japanese Yen, at least fro the [...]
Wondering if online forex trading is genuine? The answer is yes, online forex trading is genuine. However, not all forex brokers are reputable. Online forex brokers who operate dealing desk operations should usually be avoided as they are believed to make their money by trading against you so you are pretty much guaranteed to lose your money. Look for brokers who run no dealing desk operations or a forex Electronic Communications Network otherwise known as an ECN. The reason more everyday individual forex traders use a retail forex broker instead of trading via an ECN which is regarded the most ideal way to trade forex online, is that retail brokers usually have smaller minimum balances and many new traders can only afford a small initial deposit.
If you are new to forex trading and wondering what is a forex trading account and how to get one, a forex trading account is an account that you apply for with an online retail forex broker. Your account allows you to trade forex online at any time of day or night from Sunday at 5:00PM EST to Friday at 4:00PM EST.
You will usually have to fill out an application and submit evidence of your identification to obtain an account with any reputable forex broker. Your application will be reviewed and once accepted you will then have to fund your account in order to begin trading forex. Different brokers have different limits on the amount that you need in order to establish a live account forex trading.
FX is just another term for forex and fx online trading refers to forex trading conducted via the Internet. The Internet has made forex trading accessible to the masses. Once upon a time the fx trading market was restricted to participants trading on the interbank level and other well-financed players. Today, every day indivuduals are trading forex via one or another online forex trading platform thanks to the services provided by retail forex brokers.
Day Trading is an investing term. It refers to the act of buying and selling financial instruments within the same trading day, which means your trade does not carry over into another trading day. You open and close positions all in the same trading day.
Forex is a short form of foreign exchange and foreign exchange refers to the financial market wherein currencies are exchanged or traded.
Currency when referenced in the context of day trading forex refers to the money of one country that gets exchanged or traded for the money of another country.
Don’t expect to be able to predict what’s going to happen in the forex market. The forex market is unpredictable. Just when you think you have the market figured out, it does the exact opposite of what you expect it to do based on your previously drawn conclusions.
When you consider that even professional forex traders lose money it should give you a good enough idea that forex trading is not Math or Science. There isn’t a formula that will yield profit 100% of the time like adding 1 + 1 must yield 2 100% of the time.
Some forex analysts recently forecast that that euro would be trading at 1.45 USD within a few months and if things continue on their current path these analysts will have projected accurately. The EURUSD rate is currently fluctuating between a day low of 1.4697 and a day high of 1.4828 August 13th, 2008.
The US dollar is starting to let up a bit, and analysts expect the majors to do some climbing back after dropping significantly against the USD over the last couple of weeks; however the expectation is for the majors to drop again.
Get some trading ideas from expert strategists who are following the USD currency trading drama.
Forex Market Prepares For Dollar Strength Correction
FXCM Trading Station II is probably one of the best forex trading platforms out there for novice traders. It’s fairly easy to use. In fact it’s such a nice system even Deutsche Bank uses it with their DBFX trading station. But in the case of FXCM don’t expect the trading station to behave exactly the same in live mode as in demo mode. There is definitely a difference even though you can’t see the difference structually. Even FXCM admitted the live mode and demo mode aren’t exactly the same. They look the same but your trading experience while in demo mode will be a lot more profitable than while in live mode. That should make you wonder. They say it’s the slippage and volatility but in demo mode you’re almost always profiting. In live mode almost always losing….
The truth is you probably won’t get rich trading forex. Successful forex traders understand the foreign exchange market and currency trading on a level that is not understood by the average retail forex trader. If you don’t actually understand the fundamentals or even the technicals for that matter you’re going to find it’s a lot more difficult to make a profit from your fx trading account; but even though it will be difficult it’s not impossible. You probably won’t join the forex millionaires club, but you can still make decent money.
Here is a video that aims to demonstrate how you can make money trading currencies using Fibonacci Retracements and Fibonacci Profit Targets.
This video demonstrates a method for making money in the foreign exchange market using pivot points. Pivot points are turning points.
In the forex market the term would apply to the the points throughout the previous trading day at which traders and investors leaned towards a bull market or a bear market in general sentiment.
Ken Calhoun with forexonfire.com talks about how you can learn the technical signals to use and how to spot pivots, break outs, break downs using currency pairs when reading your charts, and how to setup your charts for currency trading.
He talks about currency pair volatility, learning how to spot patterns, pivot points, learning when to exit and not initiate another trade.
Here is an educational video of sorts put out by the guys gftforex.com. The video aims to teach you how to spot forex options scams centered around advisory services and newsletters ect. It is very detailed and straightforward.
The video suggests that your scam siren should definitely start going off if anyone comes trying to sell you on forex options trading by promising they have a system that is:
Easy
Low Risk
Based on secret trading methods used by the pros which the pros don’t want you to know
Available to you even if you don’t have lots of money thanks to leverage.
A look at forex trading. This video attempts to take the mystery out of foreign exchange by breaking it down into it’s “principal parts and players”.
The video explains how foreign currency is brought to other countries and how this creates the practice of currency trading. The video addresses the role central banks of countries, commercial banks, financial companies and brokerage houses, and private individuals play in the foreign exchange markets.
Thursday, September 11, 2008
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