MetaTrader 4 Forex Brokers — a list of Forex brokerage firms that support MetaTrader 4 Forex trading software as their trading platform.
PayPal Forex Brokers — a list of Forex brokers accepting PayPal on-line payment system as a way to deposit/withdraw money to/from customers' accounts.
WebMoney Forex Brokers — a list of Forex brokers that accept WebMoney e-currency system as the fast deposit/witdhrawal method, offering high security combined with the fast transfers.
Muslim Friendly Forex Brokers — a list of Forex brokers that try to be friendly to Muslim Forex traders offering "no-interest" margin accounts.
Forex Brokers with Web Based Platform — a list of Forex brokers that fully support Forex trading without installing any trading software.
Forex Brokers with Advanced Trading Platform — a list of Forex brokers with unique and powerful Forex trading software.
Institutional Forex Brokers — a list of on-line Forex brokers that are backed by strong and respected off-line financial companies.
Forex Brokers with CFD Trading — a list of Forex broker companies that allow their traders to trade not only Forex, but also CFDs (Contracts for Difference).
ECN Forex Brokers — a list of on-line Forex brokers that act as ECNs (Electronic Communication Network) offering Forex traders highly competitive spreads.
Moneybookers Forex Brokers — a list of Forex brokers that accept Moneybookers electronic payment system as for trading funds transfers.
e-gold Forex Brokers — a list of Forex brokers that accept e-gold payment system as the method of depositing/withdrawing funds to/from the trading accounts.
All Forex Brokers — a detailed list of all on-line Forex brokers with descriptions without breaking down into specific categories. A rather large list.
Wednesday, January 14, 2009
19. Forex Dictionary
Base currency
This is the first currency of a currency pair. Example : EUR/USD. The Euro is the base currency. For every trade, you always buy or sell the base currency.
Broker
This is the company that will provide you the forex trading service. You open and fund an account and start to trade. Each broker has its own prices, spreads, minimum requirements (amount of money to start trading). Brokers generally offer a demo account and also have some training programs. See a list of Forex Brokers we recommend.
Exchange rate
The exchange rate tells how much a currency is worth in terms of another currency. Example In the pair EUR/USD, the exchange rate is 1.30. This means 1 euro (base currency) is worth $1.30. SO you can buy $1 .30 dollar with 1 euro, or sell 1 euro for $1.30.
Leverage
This is what allow small investors to trade big lots. Forex brokers have leverage of 100:1 or 200:1. This means you can use $100 to trade $10,000 (100x100) or $20,000 (100x200). The leverage depends of the broker.
Lot
Forex is traded in lots, because a pip is a too small amount of money if you could only trade with $1. You can't trade forex with only $1. The standard lot size is $100,000, the mini lot size is $10,000. Brokers now also let you trade smaller lots. To understand pips and lots see our article : Forex profits - pips and lots.
Quote currency
This is the second currency in a currency pair. In the EUR/USD pair, the US Dollar is the quote currency. Quote currency is also called counter currency.
Pip
Pip stands for percentage in points. This is the last decimal point and minimum increment you can see on a quote. Example : 1.1230. Here 0 is the last decimal point, if the price increases to 1.1235, this is 5 pips more. You will look at the pips to know if you are earning or losing money. To understand pips and lots see our article : Forex profits - pips and lots.
Position
A position can be "long" or "short". Long specifies a trade where you buy and hope the price goes up. Short specifies a trade where you sell and expect the price go down.
Signal
Signals are alerts that help traders. Signals are sent by signals providers or your broker. Signals are sent by email, sms or directly to your trading platform (software). Signals generally include the entry and exit points for a pair at a specific time of the day.
Spread
The Ask/Bid spread is the different between the ask (buy) and bid (sell) price. The spread is given in pips.
This is the first currency of a currency pair. Example : EUR/USD. The Euro is the base currency. For every trade, you always buy or sell the base currency.
Broker
This is the company that will provide you the forex trading service. You open and fund an account and start to trade. Each broker has its own prices, spreads, minimum requirements (amount of money to start trading). Brokers generally offer a demo account and also have some training programs. See a list of Forex Brokers we recommend.
Exchange rate
The exchange rate tells how much a currency is worth in terms of another currency. Example In the pair EUR/USD, the exchange rate is 1.30. This means 1 euro (base currency) is worth $1.30. SO you can buy $1 .30 dollar with 1 euro, or sell 1 euro for $1.30.
Leverage
This is what allow small investors to trade big lots. Forex brokers have leverage of 100:1 or 200:1. This means you can use $100 to trade $10,000 (100x100) or $20,000 (100x200). The leverage depends of the broker.
Lot
Forex is traded in lots, because a pip is a too small amount of money if you could only trade with $1. You can't trade forex with only $1. The standard lot size is $100,000, the mini lot size is $10,000. Brokers now also let you trade smaller lots. To understand pips and lots see our article : Forex profits - pips and lots.
Quote currency
This is the second currency in a currency pair. In the EUR/USD pair, the US Dollar is the quote currency. Quote currency is also called counter currency.
Pip
Pip stands for percentage in points. This is the last decimal point and minimum increment you can see on a quote. Example : 1.1230. Here 0 is the last decimal point, if the price increases to 1.1235, this is 5 pips more. You will look at the pips to know if you are earning or losing money. To understand pips and lots see our article : Forex profits - pips and lots.
Position
A position can be "long" or "short". Long specifies a trade where you buy and hope the price goes up. Short specifies a trade where you sell and expect the price go down.
Signal
Signals are alerts that help traders. Signals are sent by signals providers or your broker. Signals are sent by email, sms or directly to your trading platform (software). Signals generally include the entry and exit points for a pair at a specific time of the day.
Spread
The Ask/Bid spread is the different between the ask (buy) and bid (sell) price. The spread is given in pips.
18. Forex Demo
My second recommendation is to practice a lot. Your forex broker will let you open a free demo forex account and you will trade the real time forex market. Of course this is not real money. I suggest you practice for 3-6 monthes before starting trading forex with your own money in a live account.
You need to know that forex brokers requires a minimal investment to open a forex live account. Marketiva, will let you open a free $10,000 practice account and gives you $5 to trade live.
If you really want to become a forex trader and from your home, you must be patient. Learn to manage risk and practice currency trading a lot with a demo account.
You need to know that forex brokers requires a minimal investment to open a forex live account. Marketiva, will let you open a free $10,000 practice account and gives you $5 to trade live.
If you really want to become a forex trader and from your home, you must be patient. Learn to manage risk and practice currency trading a lot with a demo account.
17. Managed Forex Accounts
If you have enough money, you can sign up for a managed forex account. These accounts generally require at least $10,000, sometimes more, to be opened. Here you ask your Forex broker to manage the funds for you. The forex broker will ask his forex traders to do the work. So your funds are in the hands of professionnal traders. Risks are really lowered and you don't need to stay at your computer to fight with forex charts. Of course the forex broker will take a percentage (about 20%) of the net profit made.
This is a high percentage, but a little example : you invested $10,000 and the forex trader who manages your money makes 10% ($1,000) profit a month. He takes 20% ($200) of the profit. You still earned $800.
This is a high percentage, but a little example : you invested $10,000 and the forex trader who manages your money makes 10% ($1,000) profit a month. He takes 20% ($200) of the profit. You still earned $800.
16. Automated Forex Trading
Some forex brokers offer forex autotrading services. You fund your account and choose the pair you want to trade. Then their software receive signals and trade automatically. If your forex broker doesn't offer this option, you can find a software and setup it to autotrade
You will have to add files to called "expert advisors". Nothing difficult, once your trading software is installed, just copy the expert advisor file in the indicated folder. You then can activate the expert advisor and let the trading automated.
You will have to add files to called "expert advisors". Nothing difficult, once your trading software is installed, just copy the expert advisor file in the indicated folder. You then can activate the expert advisor and let the trading automated.
15. Great Britain Pound
Pound Down vs. Euro, Dollar, Yen
Great Britain poundThe British pound fell against the other major currencies today, most notably against the euro, as the market participant expect that the Bank of England will continue reducing the interest rates for the U.K. banks.
Euro Near Weekly Lows before Rate Decision
European Central BankThe euro declined today against the U.S. dollar, almost snapping the yesterday’s gain, as the traders expect the weak data on the Eurozone retail sales after PMI shrank in the leading Eurozone economies.
Pound Loses for Third Day Despite Correction
Great Britain poundThe U.K. pound continued to fall against the U.S. dollar and the Japanese yen today, despite the correction seen in some other dollar- and yen-based currency pairs, as the traders expect a major rate cut by the Bank of England.
British Pound Declines before GDP Report
Great Britain poundThe British pound fell today against the U.S. dollar and the yen, following the three days of growth, as the traders expect the GDP report to confirm a decline of the economy today.
Pound Stops Below $1.5 as Recession Blooms
Great Britain poundThe Great Britain pound continued to trade below the psychologically and technically important level of $1.5 per pound for the second day today as the recession continued to show up at its worst in Europe and the U.S. rescue plans changed.
Pound Declines on the Lowest Home Sales
Great Britain poundThe Great Britain pound continued to fall today against the other major currencies after reaching the all-time low against the euro as the home sales report showed the lowest level in the last 30 years.
Banks Slash Rates; Pound, Euro, Franc Drop
European Central BankThe Europe’s currencies posted a daily drop against the U.S. dollar after showing a moderate volatility during the early trading session after the regional central banks cut the interest rates at an unexpectedly large scale.
Pound Gains on Stock Market Optimism
Great Britain poundThe Great Britain pound gained today against the other major currencies as the growth on the global stock markets spurred optimism and the high-yielding pound showed a stronger reaction to this uprise.
Pound Slides on King’s Recession Outlook
Great Britain poundThe Great Britain pound dropped to the lowest rates in several years against the dollar and the yen and the weekly low against the euro today after the BoE Governor Mervyn King said that the recession is very likely due to the worst banking crisis since World War I.
Pound Falls vs. Euro After Jobless Report
Great Britain poundThe Great Britain pound fell against the euro, while being moderately up against the other major currencies, after the release of the BoE’s minutes and the jobless claims report in the United Kingdom today.
Great Britain poundThe British pound fell against the other major currencies today, most notably against the euro, as the market participant expect that the Bank of England will continue reducing the interest rates for the U.K. banks.
Euro Near Weekly Lows before Rate Decision
European Central BankThe euro declined today against the U.S. dollar, almost snapping the yesterday’s gain, as the traders expect the weak data on the Eurozone retail sales after PMI shrank in the leading Eurozone economies.
Pound Loses for Third Day Despite Correction
Great Britain poundThe U.K. pound continued to fall against the U.S. dollar and the Japanese yen today, despite the correction seen in some other dollar- and yen-based currency pairs, as the traders expect a major rate cut by the Bank of England.
British Pound Declines before GDP Report
Great Britain poundThe British pound fell today against the U.S. dollar and the yen, following the three days of growth, as the traders expect the GDP report to confirm a decline of the economy today.
Pound Stops Below $1.5 as Recession Blooms
Great Britain poundThe Great Britain pound continued to trade below the psychologically and technically important level of $1.5 per pound for the second day today as the recession continued to show up at its worst in Europe and the U.S. rescue plans changed.
Pound Declines on the Lowest Home Sales
Great Britain poundThe Great Britain pound continued to fall today against the other major currencies after reaching the all-time low against the euro as the home sales report showed the lowest level in the last 30 years.
Banks Slash Rates; Pound, Euro, Franc Drop
European Central BankThe Europe’s currencies posted a daily drop against the U.S. dollar after showing a moderate volatility during the early trading session after the regional central banks cut the interest rates at an unexpectedly large scale.
Pound Gains on Stock Market Optimism
Great Britain poundThe Great Britain pound gained today against the other major currencies as the growth on the global stock markets spurred optimism and the high-yielding pound showed a stronger reaction to this uprise.
Pound Slides on King’s Recession Outlook
Great Britain poundThe Great Britain pound dropped to the lowest rates in several years against the dollar and the yen and the weekly low against the euro today after the BoE Governor Mervyn King said that the recession is very likely due to the worst banking crisis since World War I.
Pound Falls vs. Euro After Jobless Report
Great Britain poundThe Great Britain pound fell against the euro, while being moderately up against the other major currencies, after the release of the BoE’s minutes and the jobless claims report in the United Kingdom today.
14. Economics Indicators
Canadian Dollar Dips On Bada Statistics
Yesterday Canadian dollar reached its monthly minimum levels after the macroeconomic statistics were released by Canada’s National Statistics Agency. September 2007 retails sales fell by 0.2 percents compared to previous month. USD/CAD traded at 0.9923 on Forex as the data was released.
Fed’s Projections - Uncertain
Federal Reserve’s FOMC published its first meeting minutes to include the 3-year projections of the committee members regarding the GDP growth, consumer prices inflation and unemployment rate. While the average projection expectations didn’t differ greatly (except for the year 2008) from this year’s results, the uncertainty of the inflation projections spoke for itself - Fed is unsure of the impact the interest rates manipulations will have on the consumer prices growth.
EUR/USD on Record High
As the Forex traders wait for today’s housing data release, EUR/USD reached its new historical maximum at 1.4778. With just a little trailing back it continues to hover around 1.4770 level ready to strike again to probable 1.4800 level.
Yesterday Canadian dollar reached its monthly minimum levels after the macroeconomic statistics were released by Canada’s National Statistics Agency. September 2007 retails sales fell by 0.2 percents compared to previous month. USD/CAD traded at 0.9923 on Forex as the data was released.
Fed’s Projections - Uncertain
Federal Reserve’s FOMC published its first meeting minutes to include the 3-year projections of the committee members regarding the GDP growth, consumer prices inflation and unemployment rate. While the average projection expectations didn’t differ greatly (except for the year 2008) from this year’s results, the uncertainty of the inflation projections spoke for itself - Fed is unsure of the impact the interest rates manipulations will have on the consumer prices growth.
EUR/USD on Record High
As the Forex traders wait for today’s housing data release, EUR/USD reached its new historical maximum at 1.4778. With just a little trailing back it continues to hover around 1.4770 level ready to strike again to probable 1.4800 level.
Subscribe to:
Posts (Atom)
