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Summer vacation is upon us, and if you're anything like me, you probably feel conflicted between the call of the great outdoors and the desire to remain tethered to your computer as you search for a profitable trade. Fortunately, one of the most popular advances in trading technology over the last couple of years has been the advent of mobile trading. The ability to check your positions and adjust them while on the go has made the market accessible in ways that were only dreamt of a few short years ago.
On the heels of a recent crackdown of unregulated Forex brokers in the United States, the Hungarian Financial Services Administration (HFSA) has also flexed its regulatory muscles, by suspending the operating license of iForex, and fining the company $100,000 for breaching consumer-protection regulations. The HFSA completed a full investigation into the company's activities before taking disciplinary actions against iForex. The HFSA report.
As we live in an ever increasingly connected world, it stands to reason that the average trader will find themselves interested in several different markets at one time. If you are a Forex trader, you may find that you have box yourself in to trading only currencies and have completely ignored other types of financial markets. But as you have learned to trade currencies, you have begun to understand that some of the other markets out there can be influential to your currency pairs.
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The Frank-Dodd Wall Street Reform and Consumer Protection Act was passed by Congress nearly a year ago, but the repercussions of this act will be felt more palpably in the coming days, when Forex brokers that are not regulated by the CFTC permanently close their doors to US Forex traders. A handful of brokers have already begun turning away US traders, and all others will be required to do so by July 15th, 2011.
When we all start out trading the FX markets, we believe that it is going to be some kind of easy journey to massive wealth. We might imagine that we are sitting on a beach with their toes in the sand, while clicking a few buttons on a laptop in order to make thousands of dollars. The truth is that Forex doesn't work that way. While it doesn't have to be the most difficult thing on the planet, it certainly seems that way at times. But the truth is that's Forex trading doesn't need to be any more difficult than you choose to make it.
I recently learned two very valuable lessons about forex trading and I'd like to share them with you.
As a Forex trading coach with Currensys, I frequently receive emails from traders looking not only for trading signals and Forex strategies, but for emotional support during a rough trading patch. I consider it both my job and my privilege to help traders get through these rough spots without losing too much money – and without losing their desire to trade Forex.
We'd had a rough week here in deepest darkest Africa. Without warning, but with alarming unfortunate regularity, we've had what we call "?lights off" incidences. Boom! And the power is off. And not just me but the entire neighborhood, sometimes even the entire city, for hours and hours at a go. It makes living here (and trying to work here) a challenge, to say the least.