There are two primary ways to become a more successful Forex trader - to practice, and to learn about the industry. At DailyForex, our goal is to simplify your trading so that you can trade easily and smartly. To this end, we offer you a collection practical articles written by our Forex experts to help maximize your trading success.
You can also check out our compilation of the best Forex articles for additional information about the trading trends, emerging mobile platforms and more.
The Forex market is very unique in many ways including its 24 hour schedule and its rapid growth. However, one characteristic really sets it apart from the rest of the world's financial markets. It is by far the largest market in the world with close to four trillion dollars traded daily.
As a result of its high trading volume and its easy access to anyone, the Forex market and more specifically the number of Forex brokers is growing faster than ever.
A large selection to choose from is always a good thing, however, the large number of available Forex brokers can make the choice that much harder on a new trader. The decision of which trader to choose is a crucial one and one that will strongly effect your trading future and its success or failure.
So in order to choose a broker wisely, here is a short list of characteristics you should look for.
While most modern forex platforms automate the process of calculating your profits and losses, as well as your margins and account totals, it is highly beneficial to understand how these numbers are actually calculated. Not only is this important to understand in order to better comprehend the workings of the market, it will also help you better assess your future profits or losses on a more personal level.
Here we are, 2009! As most traders are still catching their breath from record volatility in the foreign currency markets the last half of 2008, it is now time to look ahead to what we can expect for the months and year to come.
The topic du jour among forex traders, both apprentice and journeyman alike, is which is better, the market makers or the ECN? To answer that, we first have to make a decision as to what exactly is our ultimate goal. And once we’ve got that defined, we need to explore the differences between the ECN and the Market Maker.
If you are considering the foreign exchange market (forex) as a new income stream there are many points to consider before moving forward. More and more people are hearing about the spectacular profits that some individuals and firms are able to make month after month no matter what the global economies or markets are doing. But for new investors or traders to this market it can be extremely daunting the amount of time and energy and money required to start making forex profits. This guide is a first step and overview of how to get started in forex and what expectations for profit are realistic and how quickly these profits can come.
Filling up your trader toolbox with the right tools and trading strategies is half the battle when you are a forex trader. One of those indispensable tools is the MetaTrader4 (mt4) charting software that is available free of charge on the web.
Mt4 is the latest and greatest version of this software created by MetaQuotes Software Corp, specially designed for online trading, for technical analysis, and for the development and operation of custom technical indicators and automated trading systems.
Retail forex trading is the most risky form of investing, yet every day hundreds, even thousands of people turn to forex as a way to make a quick buck. The idea of taking the time to learn the market and trade a demo account for months before risking real money can sound boring and nonproductive, so many seek out a way to start making money now, fast and easy. They seek out trading signals providers, there are hundreds out there with slick websites and claims of hundreds or thousands of pips per month, for a monthly subscription. The question is: Why do these signals providers really exist if they are truly making the amount of pips and profits they claim to be earning?
The rationale behind this post is to break down the inner workings of the foreign exchange market and perhaps provide some enlightenment on the current situation, the forex market in general, the reason why we have and need forex brokers, and how forex brokers make their profit. More importantly, it aims to provide some understanding as to why we, as forex speculators, can and should, despite a very volatile market, continue to trade.
In afternoon trading on Wednesday in Asia, the U.S. Dollar traded steady against the Yen and the Euro as investors are sitting on the side lines, pending the outcome of the Federal Reserve’s Open Market Committee meeting which ends today. Investors are speculating that the Federal Reserve will cut interest rates 25 basis points, to 2%.
Following comments by the Chairman of the Eurogroup regarding the rise of the Euro traders speculated that some action may be taken to curb the rise and as a result, the Euro gained against the U.S. Dollar in overnight trading. However, in early morning trading in Sydney, the U.S. Dollar was mixed.
With so many countries involved in the money market, it is obvious that you are going to be dealing with a lot of currencies. But with foreign exchange, the art comes in knowing which currencies are more active and which are not...
There has been a state of unrest amongst new Forex brokers owing to the fact that the NFA has pushed through an increased entrance barrier. This requires a higher capital for new Forex brokers which can be a problem for most, if not all...
Forex trading started during the time of the Babylonians. This system was designed for the currencies and exchange. In the early times, the goods are being traded for another tangible item. When the metal age began, gold and silver became the tool of transaction. This idea became popular during that age.
The price of gasoline and distillates, which include heating oil, has roughly increased last week; but the demand for such products is still unreachable. As we all know, the basis for the price of oil is the US dollar itself. In this case, when the demand for oil is high but the supply is low, a price increase is likely to occur.