8th February 2013
Individuals who want to earn a living from forex should be wary of giving up their current career immediately. While the earning potential of forex trading, in the long-term, cannot be questioned, there is a steep learning curve to surmount before thinking about this.
The sensible strategy would be to adopt a part time trading approach and gradually build up the amount of time spent trading. That way, you’ll be able to keep your job and will still have options should you decide against pursuing forex trading as a full time career for any reason.
Before trading in the live markets to earn a profit, beginners should spend time honing their new skills in demo accounts. Simply quitting a job and becoming a live trader immediately is unlikely to have pleasant consequences.
Fitting your trading around work is not necessarily an easy task. If you have other commitments, finding the time to trade can be tricky. The key is to make time. Write a consistent time slot into your diary and only cancel it if absolutely necessary.
Think about whether you could use your free time more wisely, especially during the learning process. Time commuting to your job could be spent researching your trading strategy on websites like www.ispyforex.com.
It is important not to let your trading affect your work performance. If you’re up until the early hours every night, you’ll be jeopardising both your job and your trading skills through fatigue.
Trading can fit around a job with relative ease. Treating forex as an enjoyable hobby at first is the best way to decide if you definitely want to do it on a permanent basis. It can also be stressful, so make sure you find time to relax and enjoy the company of friends and family.
6th February 2013
The markets had the jitters on the news that has been brought about by fears of political upheaval which has caused a dramatic loss of confidence in the bond as well as the stock markets, all of which has dramatically halted the rally in the early part of this year to a halt. Borrowing cost in both Spain and Italy, which are the third and fourth largest Eurozone economies has risen and the thoughts of a return to the previous debt crisis worried traders.
London has not escaped as the FTSE was brought down from its four year high and has suffered its worst fall in three months and has closed down by 1.6%. Europe’s banking has been particularly badly hit as they are the most exposed and here in the UK following the Chancellor’s pledge to toughen-up banking regulation also sent traders into a spin the sector has taken a 2.87% hit.
The Euro/USD currently stands at 1,35210, the GBP/USD is 1.56560 close to a high of 1.56671 and the USD/JPY 1.56579 again below the best of 1.56671 at 0930 GMT today.
29th January 2013
There have been no spectacular movements in the major currencies over the past few days and the Euro is holding reasonably steady at 1.34561 against the US dollar and the Euro/GB pound currently stands at 0.8580. The antipodeans’ currencies were boosted by bargain hunting overnight following strong data releases out of Australia and New Zealand.
In the meanwhile the French labour minister Michel Sapin has caused a rumpus by declaring on Monday that his country is “totally bankrupt”. Not to out to fine a point on this, it sent the President Francois Hollande into a spin. According to Mr Sapin “this is the reason why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective”.
The Banque de France has issued a statement in which they say that they are becoming increasingly concerned about the flight of capital which has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses.
26th January 2013
Like starting anything new, the more you understand before you begin, the better your experience will be, and trading in foreign currencies is no different. The internet had made forex trading easier and more accessible than ever. Whilst it has not changed the fundamental challenges, the internet has made getting the information to tackle those challenges immediately available.
Once you know what forex is and how it works you will need a broker. There are many brokers online, so start by visiting forexsignalgenerator.com for the most up-to-date and comprehensive reviews and technical breakdowns of all the major online brokers. There are a wide range of brokers all with different commission charges, operating platforms and information services, so it is important to know what is best for you.
Many of the brokerage services offer a demo-trail where you get to trade virtually. This allows you to get used to a particular broker and their trading platform, ensuring it is the right one for you. For the novice trader it also gives vital practice in forex trading without any of the risk. Often the best way to learn forex is to get a working understanding of it, and demo accounts allow you to do this.
Success with a demo account is no guarantee of success with a live account, when the money you are trading with is real. With a demo account, there is none of the pressure that comes with handling real money, and it is important to remember this, so, when you do go live, start small and work your way up.
16th January 2013
It looks as though the situation in the Eurozone has not improved on the news that the Bundesbank is to withdraw its gold reserves from abroad to tighten control and combat currency crises in the future, and the first batch is being repatriated from New York and Paris.
Britain unloaded its gold along with Spain, Switzerland, Holland and others, but Germany has not neither Italy either and both countries are sitting on substantial reserves. A well respected gold trader has remarked that said the Bundesbank’s move is a pivotal event in the gold market and the latest warning for investors that they should keep the gold under their own physical control and not paper contracts. There are a lot of analysts that believe that the world as a whole is moving towards a gold standard again as China, Russia and other reserve powers boost their holdings to diversify out of dollars and Euros. The Euro has gained slightly against the GBP at the start of trading today, also slightly against the USD.
11th January 2013
One of the main tools that a trader needs in order to carry out effective forex trading is information. Data feeds are an essential part of a trader’s business life because there is a need for constant updates on the market, breaking news as well as past market analysis. In order to be an effective trader you need a whole host of information at your fingertips.
There is a lot happening in the world of forex trading and data feeds are designed to deliver real-time information directly to you. As can be expected there will be a lot of information delivered constantly. Not all the information will be useful to you and finding a good application that allows you to customise it to your requirements is an important step.
There are many different data feed providers available and while there are many similarities in the services most of them supply there can be some differences between what they offer. Time should be spent finding out what is offered with each feed and whether it will be suitable for your particular requirement. Help on finding a data feed can be found here – forexrobottesting.com
8th January 2013
There is not a lot of serious movement in the FX markets today with the GBP/USD steady at 1605 and the EUR/GBP showing a very slight downward movement by a mere 0.1% to 81. Similarly the EUR/USD moved down by the same percentage margin and currently stands at 1.31. No significant gains or losses have been reported on the AUD/USD which remains steady at 1.05. The only significant movement has seen the USD/JPY gain some 0.7% with it currently standing at 87.46.
Meanwhile according to BBC News, the trade gap in the UK in November narrowed, as exports rose more than imports, according to official figures. The seasonally-adjusted deficit on goods and services totalled £3.5bn in November, compared with £3.7bn in October. Chemical sales are behind this as the UK’s total goods exports increased by 2.9% to £24.8bn, while imports rose by 1.1% to £34bn. Services exports were valued at £15.5bn, while imports totalled £9.8bn.
2nd January 2013
The euphoria that the “fiscal cliff” caused seems to have worn off as trading got well away in 2013 which saw the Euro/US Dollar fall by 80 points on Thursday. The big news came from Germany where unemployment rose again for the ninth consecutive month, although the figures are better than expected. Jobless in Spain saw a drop of over 59,000 which has to come as good news for the beleaguered country, but nether figures seemed to affect price.
Meanwhile attention is drawn the US Fed’s December minutes as traders look for signs and information that the current new policy to maintain monetary stimulus which is dependent on the unemployment rate. The Euro currently is standing at 1.3100 against the US Dollar. 2012 saw a year of tremendous uncertainties, but looking ahead to the coming year with some major changes and many long standing trends should present great potential for trading.
27th December 2012
Impulsive individuals who pursue forex trading should leave their emotions in a sealed bag before starting to trade live. A high degree of level headedness is essential in order to make sensible and profitable decisions and it is this ability that will make or break the trader.
Impatience is not a virtue and when that impulsive urge rears its ugly head it should be firmly disregarded for the sake of the financial impact an impatient decision could have.
Fear is healthy in some professions, performing on a stage with a belly full of nerves or trepidation will increase the energy of the experience, but the fear itself should be well hidden. In forex trading, however, fear is not a desirable trait, as it can deter a trader from making a considered choice that can be the difference between success and failure.
Greed is another counterproductive emotion; if a trader tries to squeeze everything from a currency rate the chances are that greed will eventually be their downfall. Try to leave strong negative emotions at the door, take a considered approach and consult sites like forexsignalgenerator.com to gain free professional advice.
21st December 2012
The world markets have taken a hit following on from the Republicans decision in the US to scrap a vote to look at an alternative to what is described as the “fiscal cliff facing America. In early morning trading in London the FTSE dropped by 0.7£ and the Doe in the US saw a drop of 1.3 at the opening. All this is due to the attempt to ward off the $600 billion of tax rises considered to be indiscriminate, coupled with massive spending cuts which it is claimed will push the US economy into recession in the coming year.
The markets in Asia are also affected which saw the Hang Sen in Hong Kong slip by 0.72% and the Nikkei drop 0.99%. All the markets appear to be in the red and this is due to Republican members of the Congress made it perfectly clear to the speaker John Boehner, that they would reject his plan to avoid the so called “fiscal cliff” and the reason given were that it would impose tax rises on those in receipt of more than a £1 million a year.
The President and the Speaker aim to reach an agreement which they hope will be in place before the New Year, when all Americans will see their taxes rise, with the government cutting back on spending programmes including the military.