The Foreign Exchange market, also referred to as the Forex or FX market, is an international exchange market in the world, with a daily average turnover of approximately from 1.5 trillion to 2.5 trillion US dollar. Hundreds of thousands of individuals have already joined the Forex market.
In order to improve your Forex trading skills, you need to make the most of the information at your fingertips.
Here we collect the most popular and helpful Forex articles. All these Forex articles are written by the excellent Forex traders, strategists and analysts. You'll find the articles, trading courses and methods that are an indispensable inherent part of improving your Forex trading strategy.
ForexVote.com is your primary currency trading guide. Our team reviews and rates the top forex brokers and post comprehensive information about most reliable and popular forex brokers, including bonus offers and latest updates. Every month the list of recommended brokers is updated based on the combination of trading platform quality, excellent customer support, attractive bonus and everything else you’re looking for in a reputable online forex broker. This month the recommended forex brokers are:
| Recommended Forex Brokers :: June 09 |
| Rank | Broker | Bonus | Min. Deposit | Demo | Details | Visit Broker |
|---|---|---|---|---|---|---|
| 1 | AvaFx |  $1200 | $100 | yes | full review | visit |
| 2 | eToro | $1000 | $50 | yes | full review | visit |
| 3 | ForexYard | 100% upto $300 | $100 | yes | full review | visit |
| 4 | InstaForex | $1000 | $1 | yes | full review | visit |
| 5 | LiteForex | - | $1 | yes | full review | visit |
Forex broker review and comparison! Compare and review 234 online forex brokers over 22 comparison categories. Find the forex trading terms you require in our extensive forex broker database and examine the associated forex reviews. Online broker forex trading is the hottest way to trade the thriving forex market.
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Dukascopy provides access to the very first Decentralized Marketplace (SWFX – Swiss Forex Marketplace), combining the liquidity of centralized marketplaces and a number of banks.
Through its marketplace technology, Dukascopy is able to avoid the risk of market exposure and resulting conflict of interest with its clients, as the trades are hedged in the network with Forex participants. Dukascopy provides a transparent and anonymous trading environment.
Dukascopy Business model combines the individual bids and offers of all the participants in one place, providing a fair trading environment for buyers and sellers.
For each trade executed over the Dukascopy Trading Platform, SWFX – Swiss Forex Marketplace, there are offsetting over-the-counter transactions: between the buyer and Dukascopy as the seller, and transactions between Dukascopy and the seller.
Since its launch in 1998, OzForex has grown to be one of the world's largest online foreign exchange companies, with dealing rooms in Sydney, London and Toronto. OzForex Pty Ltd is a subsidiary of Macquarie Bank, one of Australia's leading financial organisations. OzForex is part of The OzForex Group which also includes UKForex, CanadianForex, NZForex and Tranzfers.
The OzForex Group is an independent, online foreign exchange provider that operates dealing rooms in Sydney, London and Toronto. Offering seamless 24-hour access to Corporate and Private Client Dealers, the OzForex Group completes over 150,000 funds transfers per year on behalf of Clients. A combination of knowledge and expertise has made the OzForex Group a significant player in the global foreign exchange marketplace, and one of the world's leading online foreign exchange services, with over 500,000 visitors per month and more than 60,000 transacting customers globally.
TOKYO, May 25 (Reuters) - The dollar steadied on Monday, holding near a five-month low hit against a basket of currencies last week when concern that U.S. government debt may lose its AAA rating prompted investors to sell the world’s reserve currency.
It slipped against the yen but briefly rose against the euro after South Korea’s Yonhap news agency reported on Monday that North Korea had conducted a nuclear test. [ID:nSEO141656]
Trade was slow as investors kept to the sidelines ahead of the U.S. Treasury’s two-, five- and seven-year debt auctions this week totalling $101 billion — an important test of investors’ appetite for dollars and dollar assets.
Market players also hesitated to take fresh positions as U.S. financial markets are closed on Monday for the Memorial Day holiday, while British markets are also shut for a bank holiday.
“Few think U.S. sovereign credit ratings will be cut in the near term,” said Minoru Shioiri, a senior manager of FX trading at Mitsubishi UFJ Securities.
“But market participants are likely to keep using U.S. rating concerns as an excuse to sell the dollar if the Treasury’s auctions fail to attract demand.”
The dollar index .DXY, a gauge of the greenback’s performance against six major currencies, was barely moved at 80.071, near the five-month trough of 79.805 hit on Friday.
The dollar index lost 3.7 percent last week, its steepest weekly fall since the Federal Reserve launched its large-scale buying of Treasuries in late March, which hurt the dollar due to worries the move could cause an effective devaluation.
The dollar came under pressure after Standard & Poor’s said on Thursday it could downgrade Britain’s triple-A credit rating. [ID:nLL180301]
The move sparked broad selling of U.S. stocks and bonds, reflecting anxiety over the U.S. government’s mounting indebtedness as it grapples with the worst financial crisis in generations. [ID:nN21394511]
The dollar slipped 0.3 percent from late last week to 94.52 yen
The euro was little changed on the day at $1.3994
The dollar index hit a three-year peak in March as investors sought the safety of the dollar during the slide in global stock markets.
Hopes that the worst has passed in the global recession have grown since then, boosting stocks. That has improved investor risk appetite, hurting the dollar while helping the euro rise above $1.40 and sterling to rise near $1.60.
Sterling fell 0.4 percent to $1.5875
The pound initially slid following the S&P’s announcement about Britain’s debt rating. But it soon reversed course as investors took the view that major industrial nations would likely see increased fiscal spending across the board.
The potential bankruptcy of U.S. auto giant General Motors Corp (GM.N) is expected to return to the spotlight this week.
GM borrowed another $4 billion from the U.S. Treasury on Friday and won a cost-cutting deal from Canadian auto workers as a showdown with bondholders set the stage for a bankruptcy filing by the end of the month. [ID:nN22367571]
“As dollar bears dominate the market now, investors are likely to focus on the negative side of the GM issue no matter what the actual outcome is,” said Daisuke Uno, chief strategist at Sumitomo Mitsui Banking Corp.
The dollar will extend its slide against the yen if developments on GM trigger a stock market sell-off, analyst said.
Automated Forex Systems will continue to be created and updated as needed to make sure the problems and quirks of the system are worked out making it a more finely tuned machine. The software will need some work in the future but is an asset to the trader now. One highly recommended automated forex system can be found here. Even payments can be completed in real time reducing the risk management fears of those who have yet to switch to an automated system.
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U.S. Dollar Trading (USD) was relatively unchanged against most pairs as the large moves seen on Wednesday night were consolidated. The major move seen in the market was the GBP/USD which fell aggressively after rumors spread through the market of PM Brown possibly resigning. Weekly Jobless Claims improved to 621K vs. 625K. Crude Oil finished down $2.69 to finish the day at $68.81 a barrel. In US share markets, the Nasdaq was up 24 points or 1.32% and the Dow Jones was up 74 points or 0.86%. Looking ahead, May Non Farm Payrolls are forecast at -520K vs. -539K. The May Unemployment rate is forecast at 9.2% vs. 8.9%.
The Euro (EUR) kept to a relatively tight range with weakness before the ECB press conference being short-lived. When Trichet said nothing to spook the market and the ECB held at 1.00% with no expansion of the quantitative easing the market tested 1.4200 but couldn’t close above. Overall the EUR/USD traded with a low of 1.4069 and a high of 1.4243 before closing at 1.4175. Looking ahead, Trichet Speaks.
The Japanese Yen (JPY) with the USD/JPY starting to edge higher the market is on edge that the Yen may be close to new bouts of selling with crosses sitting just under new head highs. EUR/JPY remained buoyant although year highs at 138 are proving difficult to test. Overall the USDJPY traded with a low of 95.95 and a high of 97.00 before closing the day around 96.80 in the New York session.
The Sterling (GBP) surged on news housing prices jumped 2.6% in May from a Halifax report. The BoE held at 0.5% and did not expand QE program. Rumors of PM Brown resignation sent the pair crashing towards 1.61. Also weighing on the Pound was end of the $15B chinalco-Riotinto deal. Overall the GBP/USD traded with a low of 1.6084 and a high of 1.6437 before closing the day at 1.6130 in the New York session. Looking ahead, PPI is forecast at 0.8% in May.
The Australian Dollar (AUD) traded around the 0.8000 level before dropping to 0.7900 on the Chinalco news before recovering on a strong rally in Commodities and buoyant stock market. Weighing was Aprils Trade Balance which showed a surprise -91K vs. 1400M previously. Overall the AUD/USD traded with a low of 0.7886 and a high of 0.8093 before closing the US session at 0.8010. UPDATE APRIL Trade Balance -91M vs. 1400M previously.
Gold (XAU) gained bouncing off the $960 level to finish on a bullish footing near $980 an ounce. Overall trading with a low of USD$960 and high of USD$983 before ending the New York session at USD$978 an ounce.
Most clients eventually spend more cash on the market than they gain. Major causes of this phenomenon are the clients' low level of training, their emotional volatility, and lack of familiarity with foreign languages. The clients tend to not pay attention to the global events. Based on this fact, the "kitchen" method was born. Under this technique, the forex brokers take for granted that the client will lose money.
The forex broker acts as a liaison of the client to the forex market. The broker guides the client on the methods of trade. Just like a stock broker, a foreign exchange broker will provide technical analysis and research of the market situation. The information is supposed to increase the client's profit.
What are the advantages of the Forex Market over other types of investments?
When thinking about various investments, there is one investment vehicle that comes to mind. The Forex or Foreign Currency Market has many advantages over other types of investments. The Forex market is open 24 hrs a day, unlike the regular stock markets. Most investments require a substantial amount of capital before you can take advantage of an investment opportunity. To trade Forex, you only need a small amount of capital. Anyone can enter the market with as little as $300 USD to trade a "mini account", which allows you to trade lots of 10,000 units. One lot of 10,000 units of currency is equal to 1 contract. Each "pip" or move up or down in the currency pair is worth a $1 gain or loss, depending on which side of the market you are on. A standard account gives you control over 100,000 units of currency and a pip is worth $10.
