Foreign exchange is still a relatively new market to retail investors. The mainstream investment public has only been able to invest in the Forex market for the last decade or so. And even now, I’d say less than 10% of the mainstream investment crowd has even considered investing in this market. I’m sure even fewer actually invest.
But I’m convinced that if more investors knew and understood this market, nothing would stop them from either diversifying into currencies or ditching stocks altogether (as I have) for the much more liquid and consistent Forex market.
The Worldwide Forex Market
It’s really just a question of how to get started. So below, I’ve compiled a list of the “top 10″ things you need to know before you start trading Forex.
Even if you’re already a Forex trader, I still urge you to read on and take these to heart. I think they will help considerably, and make you an even more successful trader.
So let’s get started…
1. Currencies trade in pairs, unlike stocks or commodities. In stocks you either buy Google or IBM and in commodities you will buy oil or gold, etc. But no matter what, you’re still buying one specific financial instrument. In currencies, you are always dealing with two currency pairs at once. Ex. EUR/USD, USD/JPY, etc. Therefore, know the outlook for both countries at hand.
2. Trading in currencies is cheaper than any other financial market because there are no buy and sell commissions, as with stocks and commodities. All you pay is the market maker’s spread (which all financial markets have too). The cheaper your costs, the quicker you can get into the profits.
3. Open a demo account and learn to trade it first before “going live” with real money. You will usually learn how to avoid some mistakes and also get familiar with the broker’s trading platform before you have hard-earned money at risk.
4. Get educated! I can’t tell you how many people I see dive into trading this market and they don’t know, how little they know. Reading FX University is definitely a good start. But I would also recommend taking an inexpensive course. There are literally some out there that cost you only US$20. Be willing to spend that little amount because it may save you thousands in the end!
5. Know where to find the data that comes out on each country and be aware of when it’s coming out! There are several sites available that offer you good tradable data in one handy place. Here are a couple that I’d suggest looking into: www.dailyfx.com and www.forexfactory.com
6. If you’ve never traded Forex before, I recommend opening a mini account first. Trade less and become accustomed to the quick Forex market, before you start using the higher leverage of a standard account.
7. Start off trading small. By that, I mean to trade one mini lot per order at first. Start off with only one order in the market at any one time. Once you get profitable with that, then you can increase your lot size. However, if you can’t make money with a one mini lot trade, you wouldn’t have made money with five mini lots at risk. In fact, your loss would be five times bigger!
8. Start off with a well-capitalized account. Many traders start off saying, “How much do I have to start an account with?” That’s not the right question. You should be asking yourself, “How much is practical to start out with?” You will find that you should start most mini accounts with at least US$3,000 to US$5,000 dollars. Yet in the industry, FX dealers will let you trade with as little as US$200 to US$300 dollars, but I don’t recommend it. Too little capital equalstoo high percentage of the account risked on each trade. That’s the logic behind this point.
9. Risk ONLY 1-5% of your account balance maximum! If you have to risk more of your account than that on a trade, then you don’t have enough money in your account or your stops are excessively wide. Most people err on the former rather than the latter.
10. Start off trading the most liquid pairs out there. These will be the ones with the smallest spreads between the buy and sell quotes. This will be pairs like EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/CHF, etc.
If you keep these 10 things in mind as you get started trading, you will be doing yourself (and your account) a favor. I’ve never seen anyone regret it.
Best Regards,
Sean
P.S. Once you got the basics down, the hardest part of trading Forex is actually choosing the trades. Fortunately, if you find choosing trades is not your bailiwick, we can help. My colleague Jack Crooks puts out timely alerts several times a week that tell his subscribers exactly how to buy currency pairs in the Forex market - even exotic currency pairs. Interested? Find out more here.
by Sean Hyman, “Professor FX” and Long-Time Currency Analyst Explaining How You Can Succeed in the Currency Markets.
Sean Hyman spends his days teaching his fellow professionals in the industry how to trade the $4 TRILLION currency market. Now he brings his 15 years of financial experience to you. From long-term currency strategies, to quick FX-trading moves usually reserved for the professionals, Sean will tell you everything you need to know to succeed in the currency markets.
source
Saturday, February 7, 2009
Tuesday, February 3, 2009
Euro Trades Near 8-Week Low Before European Inflation Report
Feb. 3 (Bloomberg) -- The euro traded near an eight-week low against the dollar before a report that may show European producer prices fell for a fifth month, giving the region’s central bank more room to cut interest rates.
The pound may decline for a second day versus the dollar and the euro on concern a U.K. report will indicate construction, which accounts for 6 percent of the economy, shrank last month at the fastest pace in more than a decade. The yen traded close to a one-week high versus the dollar on speculation credit losses will widen after Standard & Poor’s cut the ratings on 737 classes of subprime mortgage bonds to D, its grade for default.
“European currencies such as the euro and the pound are likely to remain under downward pressure,” said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan’s largest currency broker. “There are still worries over their economies and the credit crisis in the U.S. The bias is also for the yen to strengthen.”
The euro traded at $1.2865 as of 10:20 a.m. in Tokyo from $1.2843 late in New York yesterday, when it reached $1.2706, the lowest level since Dec. 5. The currency was at 115.16 yen from 114.89 yen. The dollar was little changed at 89.51 yen.
The pound declined to $1.4242 from $1.4264 in New York yesterday. Sterling weakened to 90.33 pence per euro from 90.03. Japan’s currency rose 0.4 percent to 6.182 versus Mexico’s peso and gained 0.3 percent to 15.58112 against South Korea’s won.
‘Sell the Euro’
Europe’s single currency may weaken for a fourth day against the yen as prices of goods leaving euro-area factories may have dropped 1.2 percent in December after a 1.9 percent decline in November, according to a Bloomberg News survey of economists. The European Union statistics office releases the report at 11 a.m. in Luxembourg today.
European Central Bank President Jean-Claude Trichet reiterated in an interview on Bloomberg Television at the World Economic Forum in Davos, Switzerland, last week that the central bank’s next important meeting is in March, signaling policy makers will keep the rate unchanged at 2 percent on Feb. 5.
“As most recent data releases confirmed a further weakening in growth conditions, and inflation fell at a faster pace than initially anticipated, the probability for a policy step this week has risen considerably,” analysts led by Zurich- based Mansoor Mohi-Uddin at UBS AG, the second-biggest currency trader last year, wrote in a research report yesterday. “We expect the euro to remain in a broad downtrend.”
The pound fell versus 15 of the 16 most-active currencies as a U.K. index based on a survey of purchasing managers at building companies was probably 29 in January, the lowest since the survey began in April 1997, a separate Bloomberg survey showed. The Chartered Institute of Purchasing and Supply and Market releases the data at 9:30 a.m. in London today.
‘Strongest Currency’
The yen may advance on speculation investors will reduce so-called carry trades after Standard & Poor’s also lowered 1,078 classes of Alt-A mortgage-backed securities to D, according to a separate statement yesterday.
“The yen is the strongest currency out there,” said Tony Bedikian, senior vice president of global-markets trading at Union Bank of California in Los Angeles. “The market has stabilized to some extent, but the bleeding hasn’t stopped yet.”
The world’s biggest financial companies incurred more than $1 trillion in writedowns and losses since 2007 after the subprime mortgage market collapsed.
Benchmark interest rates are 7.75 percent in Mexico, 4.25 percent in Australia and 3.5 percent in New Zealand, compared with 0.1 percent in Japan, encouraging investors to borrow in yen and buy higher-yielding assets elsewhere.
In a carry trade, investors get funds in a country with low borrowing costs and invest in one with higher rates. The risk is that currency market moves erase those profits.
The Reserve Bank of Australia will probably reduce rates by 1 percentage point to 3.25 percent at a meeting today, a separate Bloomberg survey shows. Traders are betting on a 41 percent chance of a bigger cut, according to a Credit Suisse Group index based on swaps trading.
To contact the reporter on this story: Ron Harui in Singapore at rharui@bloomberg.net; Ye Xie in New York at yxie6@bloomberg.net
source
The pound may decline for a second day versus the dollar and the euro on concern a U.K. report will indicate construction, which accounts for 6 percent of the economy, shrank last month at the fastest pace in more than a decade. The yen traded close to a one-week high versus the dollar on speculation credit losses will widen after Standard & Poor’s cut the ratings on 737 classes of subprime mortgage bonds to D, its grade for default.
“European currencies such as the euro and the pound are likely to remain under downward pressure,” said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan’s largest currency broker. “There are still worries over their economies and the credit crisis in the U.S. The bias is also for the yen to strengthen.”
The euro traded at $1.2865 as of 10:20 a.m. in Tokyo from $1.2843 late in New York yesterday, when it reached $1.2706, the lowest level since Dec. 5. The currency was at 115.16 yen from 114.89 yen. The dollar was little changed at 89.51 yen.
The pound declined to $1.4242 from $1.4264 in New York yesterday. Sterling weakened to 90.33 pence per euro from 90.03. Japan’s currency rose 0.4 percent to 6.182 versus Mexico’s peso and gained 0.3 percent to 15.58112 against South Korea’s won.
‘Sell the Euro’
Europe’s single currency may weaken for a fourth day against the yen as prices of goods leaving euro-area factories may have dropped 1.2 percent in December after a 1.9 percent decline in November, according to a Bloomberg News survey of economists. The European Union statistics office releases the report at 11 a.m. in Luxembourg today.
European Central Bank President Jean-Claude Trichet reiterated in an interview on Bloomberg Television at the World Economic Forum in Davos, Switzerland, last week that the central bank’s next important meeting is in March, signaling policy makers will keep the rate unchanged at 2 percent on Feb. 5.
“As most recent data releases confirmed a further weakening in growth conditions, and inflation fell at a faster pace than initially anticipated, the probability for a policy step this week has risen considerably,” analysts led by Zurich- based Mansoor Mohi-Uddin at UBS AG, the second-biggest currency trader last year, wrote in a research report yesterday. “We expect the euro to remain in a broad downtrend.”
The pound fell versus 15 of the 16 most-active currencies as a U.K. index based on a survey of purchasing managers at building companies was probably 29 in January, the lowest since the survey began in April 1997, a separate Bloomberg survey showed. The Chartered Institute of Purchasing and Supply and Market releases the data at 9:30 a.m. in London today.
‘Strongest Currency’
The yen may advance on speculation investors will reduce so-called carry trades after Standard & Poor’s also lowered 1,078 classes of Alt-A mortgage-backed securities to D, according to a separate statement yesterday.
“The yen is the strongest currency out there,” said Tony Bedikian, senior vice president of global-markets trading at Union Bank of California in Los Angeles. “The market has stabilized to some extent, but the bleeding hasn’t stopped yet.”
The world’s biggest financial companies incurred more than $1 trillion in writedowns and losses since 2007 after the subprime mortgage market collapsed.
Benchmark interest rates are 7.75 percent in Mexico, 4.25 percent in Australia and 3.5 percent in New Zealand, compared with 0.1 percent in Japan, encouraging investors to borrow in yen and buy higher-yielding assets elsewhere.
In a carry trade, investors get funds in a country with low borrowing costs and invest in one with higher rates. The risk is that currency market moves erase those profits.
The Reserve Bank of Australia will probably reduce rates by 1 percentage point to 3.25 percent at a meeting today, a separate Bloomberg survey shows. Traders are betting on a 41 percent chance of a bigger cut, according to a Credit Suisse Group index based on swaps trading.
To contact the reporter on this story: Ron Harui in Singapore at rharui@bloomberg.net; Ye Xie in New York at yxie6@bloomberg.net
source
Australian Dollar Trades Near Two-Month Low as Rate Cut Looms
Feb. 3 (Bloomberg) -- The Australian dollar traded close to a two-month low and New Zealand’s neared its weakest in six years on speculation the Reserve Bank of Australia will cut interest rates more than economists estimate to the lowest since the 1960s.
Australia’s currency tumbled 11 percent in the past month after the central bank lowered borrowing costs by 3 percentage points since September. The median forecast of 20 economists surveyed by Bloomberg News is for a 1 percentage point reduction to 3.25 percent. Traders are betting on a 54 percent chance of a bigger cut, according to a Credit Suisse Group index based on swaps trading.
“Central banks around the world have been surprising everyone and the risks are for a cut of greater than 100 basis points from the RBA,” said Adam Carr, a senior economist in Sydney at ICAP Australia Ltd., part of the world’s largest interbank broker. “Coming into the meeting you will probably see some Aussie dollar weakness,” he said, referring to the currency by its nickname.
Australia’s currency traded at 63.23 U.S. cents as of 11:49 a.m. in Sydney from 62.72 cents late in Asia yesterday. It earlier touched 62.57 U.S. cents, close to yesterday’s two-month low of 62.49 cents. The currency advanced 1.3 percent to 56.51 yen after falling 3 percent yesterday.
New Zealand’s dollar dropped to 49.62 U.S. cents, the weakest since November 2002, before trading at 50.60 cents from 49.92 cents in Asia yesterday. It slid to 44.31 yen, close to yesterday’s eight-year low of 44.25, before buying 45.22 yen.
Interest Rates
Higher interest rates in Australia and New Zealand, compared with 0.1 percent in Japan and as low as zero in the U.S., attract investors to the South Pacific nations’ higher-yielding assets. The risk in such so-called carry trades is that currency market moves will erase profits. New Zealand’s cash target is at 3.5 percent, after its central bank cut the benchmark by 1.5 percentage points on Jan. 29.
Investors should buy the Australian dollar against New Zealand’s as it may rise as much as 4 percent toward NZ$1.30, Barclays Capital said today. They should exit the trade if the currency weakens to NZ$1.2390 per Australian dollar.
“We do not think that the RBA has to follow the RBNZ, as Australian economic data have been holding up relatively well and there is more room for fiscal stimulus in Australia,” wrote David Forrester, a currency economist at Barclays in Singapore, in a research note sent to clients today.
Trade Surplus Narrows
Australia’s trade surplus narrowed in December by more than economists forecast as coal and metal exports declined, the Bureau of Statistics said in Sydney today. The surplus shrank to A$589 million ($372 million) from a revised A$979 million in November. The median estimate of 16 economists surveyed by Bloomberg was for A$1.1 billion.
The Australian government will announce its second stimulus package since September at 12:30 p.m., Treasurer Wayne Swan said. The package adds to A$44.72 billion in spending announced in the past five months. Prime Minister Kevin Rudd said yesterday the nation faces its first budget deficit since 2001.
The budget gap and an “expected sharp widening in the current account deficit this year,” will weigh on the Australian dollar, wrote Greg Gibbs, director of foreign-exchange strategy at ABN Amro Australia Ltd. in Sydney, in a research note today.
New Zealand’s dollar fell as consumer confidence sank to a 10-year low amid a deepening recession, according to a survey by UMR Research. Seventy-two percent of 750 people surveyed in late January expect the economy to get worse this year, up from 56 percent in December, UMR said in a report.
New Zealand Recession
New Zealand’s economy will remain in recession until at least March 31, the Treasury Department said yesterday.
Australian government bonds advanced. The yield on the 10- year note fell three basis points, or 0.03 percentage point, to 4.06 percent, according to data compiled by Bloomberg. The price of the 5.25 percent security due March 2019 rose 0.294, or A$2.94 per A$1,000 face amount, to 109.751.
New Zealand’s two-year swap rate, a fixed payment made to receive floating rates, fell to 3.27 percent from 3.32 percent yesterday.
To contact the reporter on this story: Candice Zachariahs in Sydney at czachariahs2@bloomberg.net
source
Australia’s currency tumbled 11 percent in the past month after the central bank lowered borrowing costs by 3 percentage points since September. The median forecast of 20 economists surveyed by Bloomberg News is for a 1 percentage point reduction to 3.25 percent. Traders are betting on a 54 percent chance of a bigger cut, according to a Credit Suisse Group index based on swaps trading.
“Central banks around the world have been surprising everyone and the risks are for a cut of greater than 100 basis points from the RBA,” said Adam Carr, a senior economist in Sydney at ICAP Australia Ltd., part of the world’s largest interbank broker. “Coming into the meeting you will probably see some Aussie dollar weakness,” he said, referring to the currency by its nickname.
Australia’s currency traded at 63.23 U.S. cents as of 11:49 a.m. in Sydney from 62.72 cents late in Asia yesterday. It earlier touched 62.57 U.S. cents, close to yesterday’s two-month low of 62.49 cents. The currency advanced 1.3 percent to 56.51 yen after falling 3 percent yesterday.
New Zealand’s dollar dropped to 49.62 U.S. cents, the weakest since November 2002, before trading at 50.60 cents from 49.92 cents in Asia yesterday. It slid to 44.31 yen, close to yesterday’s eight-year low of 44.25, before buying 45.22 yen.
Interest Rates
Higher interest rates in Australia and New Zealand, compared with 0.1 percent in Japan and as low as zero in the U.S., attract investors to the South Pacific nations’ higher-yielding assets. The risk in such so-called carry trades is that currency market moves will erase profits. New Zealand’s cash target is at 3.5 percent, after its central bank cut the benchmark by 1.5 percentage points on Jan. 29.
Investors should buy the Australian dollar against New Zealand’s as it may rise as much as 4 percent toward NZ$1.30, Barclays Capital said today. They should exit the trade if the currency weakens to NZ$1.2390 per Australian dollar.
“We do not think that the RBA has to follow the RBNZ, as Australian economic data have been holding up relatively well and there is more room for fiscal stimulus in Australia,” wrote David Forrester, a currency economist at Barclays in Singapore, in a research note sent to clients today.
Trade Surplus Narrows
Australia’s trade surplus narrowed in December by more than economists forecast as coal and metal exports declined, the Bureau of Statistics said in Sydney today. The surplus shrank to A$589 million ($372 million) from a revised A$979 million in November. The median estimate of 16 economists surveyed by Bloomberg was for A$1.1 billion.
The Australian government will announce its second stimulus package since September at 12:30 p.m., Treasurer Wayne Swan said. The package adds to A$44.72 billion in spending announced in the past five months. Prime Minister Kevin Rudd said yesterday the nation faces its first budget deficit since 2001.
The budget gap and an “expected sharp widening in the current account deficit this year,” will weigh on the Australian dollar, wrote Greg Gibbs, director of foreign-exchange strategy at ABN Amro Australia Ltd. in Sydney, in a research note today.
New Zealand’s dollar fell as consumer confidence sank to a 10-year low amid a deepening recession, according to a survey by UMR Research. Seventy-two percent of 750 people surveyed in late January expect the economy to get worse this year, up from 56 percent in December, UMR said in a report.
New Zealand Recession
New Zealand’s economy will remain in recession until at least March 31, the Treasury Department said yesterday.
Australian government bonds advanced. The yield on the 10- year note fell three basis points, or 0.03 percentage point, to 4.06 percent, according to data compiled by Bloomberg. The price of the 5.25 percent security due March 2019 rose 0.294, or A$2.94 per A$1,000 face amount, to 109.751.
New Zealand’s two-year swap rate, a fixed payment made to receive floating rates, fell to 3.27 percent from 3.32 percent yesterday.
To contact the reporter on this story: Candice Zachariahs in Sydney at czachariahs2@bloomberg.net
source
Monday, February 2, 2009
FX Solutions Named Most Popular Online Forex Trading Platform by Hexun
SADDLE RIVER, N.J., Feb 02, 2009 (BUSINESS WIRE) -- FX Solutions (www.fxsolutions.com) was named "Most Popular Forex Platform" by Hexun, one of China's largest financial information portals.
source
Hexun evaluated what it considered the world's prominent Forex platforms on several criteria including: Platform stability, trade execution, usability, functionally and scalability. The results were based on polls of independent users as well as a panel of industry experts. FX Solutions scored highly in all categories and was ranked as the most popular platform for online Forex trading.
"It's a great honor for us at FX Solutions to have our trading platform recognized abroad for its speed, functionality and reliability" said FX Solutions CEO, Tom Plaut. "When building the GTS Pro platform, we took into account the needs of our customers all over the world. This distinction from our friends at Hexun in China is a reflection of the global appeal of online Forex trading." The honor from Hexun is the second such distinction FX Solutions has received already in 2009. The company's GTS Platform was ranked the #1 Forex trading platform in the February 2009 edition of e-Forex Magazine.
About FX Solutions FX Solutions is a leading U.S.-based online foreign exchange broker serving both retail and institutional customers. The Company provides IBs and White Label Partners FX trading and risk management in over 50 countries through its Global Trading System (GTS) platform. Regulated by the CFTC and NFA, FX Solutions' custom-engineered suite of applications includes one-click trading, automated execution of orders, a proprietary price feed and competitive fixed-spread pricing - resulting in consistently low executable spreads. FX Solutions has websites and complete customer support in four languages.
FX Solutions' Global Trading System platform, known as GTS, was built to be scalable and flexible, serving the needs of retail clients and institutional partners. The GTS platform provides for over 99% automated execution of all orders* as well as a suite of professional trading features and tools. Recently, FX Solutions announced the launch of two new products: GTS Web, a web-based platform and FX AccuCharts, a charting package that has over 150 indicators and allows for trading from the charts.
www.fxsolutions.com * For the calendar year of 2008.
SOURCE: FX Solutions CONTACT: for FX Solutions Media contact: Josh Inglis 312-346-2007 jinglis@strategicsinc.com Copyright Business Wire 2009source
Sunday, February 1, 2009
Advent of Forex Trading on Mobile Devices Pushes Boundaries of Freedom
Even though worldwide economic conditions show no signs of abating, Forex trading is steadily growing as a viable means of generating cash in these dark times. Now, Forex traders have added another weapon to their arsenal: trading on mobile devices such as pocket PCs and mini notebooks. These unique wireless devices afford Forex traders freedom of mobility, as well as the opportunity to gain an advantage in this competitive marketplace.
One of the reasons I love Forex trading is the freedom it provides, not just the freedom from enslavement to the corporate rat race, which itself is a good enough reason, but also the freedom of mobility. I like to go places…With QuoTrek (a service providing streaming quotes and charts to mobile devices) I have access to all the currency pairs; can easily change from one timeframe to another; all the indicators I need are here; and it saves your chart setup so it's there the instant I open it up again.
Boulder, Colorado (PRWEB) January 31, 2009 -- Today, newly elected U.S. President Barack Obama denounced the actions of Wall Street financiers over the last year as "outrageous" and "shameful." Throughout 2008, the world economy cratered, due in no small part to these U.S. financial institutions. Yet, there remains a vibrant pocket of financial activity largely untouched by these dark economic events. This industry is called Forex trading.
According to Colorado-based (US) insider Trading Mastermind (http://www.forextradingseminar.com), all indications suggest that Forex trading has not only weathered this global economic downturn but has even seen moderate increases in this last year. Forex insiders predict even greater gains during 2009 and beyond.
Forex trading's buoyancy is due partially to technological advances which now allow foreign currency exchange trading to be conducted on wireless mobile devices.
Technology Brings "…Freedom of Mobility"
Forex, short for "foreign currency exchange," is the purchase and sale of foreign currencies. Forex has emerged as one of the prime ways that ordinary citizens can leverage the power of world economic markets to make considerable sums of money for themselves.
But one myth of Forex trading--that of the daylight-deprived Forex trader glued to a computer screen all day long--has recently been destroyed.
Now, Forex traders can operate at nearly full capacity, with the assistance of wireless devices, such as pocket PCs and mini notebooks.
Reports Scott Shubert, CEO and President of Trading Mastermind: "One of the reasons I love Forex trading is the freedom it provides, not just the freedom from enslavement to the corporate rat race, which itself is a good enough reason, but also the freedom of mobility. I like to go places…"
As the saying goes, the proof is in the pudding: Mr. Shubert delivered this statement pool-side from a Pacific Island resort where he was vacationing while attending a conference.
The Competitive Edge
More important than increased mobility, these mobile devices give Forex traders the competitive advantage they need.
Forex trading is a highly volatile, fast-paced marketplace. With massive daily turnover of $3.2 trillion, Forex trading far outpaces most other financial markets--stocks, commodities, mortgage-backed securities, and even precious metals.
Any Forex trader serious about making money, particularly in these economic conditions, needs to grab every available competitive advantage.
"With QuoTrek (a service providing streaming quotes and charts to mobile devices)," says Shubert, "I have access to all the currency pairs; can easily change from one timeframe to another; all the indicators I need are here; and it saves your chart setup so it's there the instant I open it up again."
Recommended Mobile Devices for Forex Traders
Trading Mastermind recommends a number of mobile wireless devices as being appropriate for the Forex trader:
* The HP 2133, which runs Windows Vista, weighs in at 2.5 lbs. Its generous 8.9 inch screen and nearly full-size keyboard are perfect for displaying charts and other detailed graphics.
* The OQO, running on either Windows XP or Vista, has a robust 1.6 GHz CPU and a compact portable 120 GB hard-drive.
* The Sony Vaio UX, with a powerful Intel Core 2 processor: 1.2 GHz speed, 1GB RAM, Windows Vista Business platform. Retails for just around $2500, and can be carried in a belt pouch.
source
One of the reasons I love Forex trading is the freedom it provides, not just the freedom from enslavement to the corporate rat race, which itself is a good enough reason, but also the freedom of mobility. I like to go places…With QuoTrek (a service providing streaming quotes and charts to mobile devices) I have access to all the currency pairs; can easily change from one timeframe to another; all the indicators I need are here; and it saves your chart setup so it's there the instant I open it up again.
Boulder, Colorado (PRWEB) January 31, 2009 -- Today, newly elected U.S. President Barack Obama denounced the actions of Wall Street financiers over the last year as "outrageous" and "shameful." Throughout 2008, the world economy cratered, due in no small part to these U.S. financial institutions. Yet, there remains a vibrant pocket of financial activity largely untouched by these dark economic events. This industry is called Forex trading.
According to Colorado-based (US) insider Trading Mastermind (http://www.forextradingseminar.com), all indications suggest that Forex trading has not only weathered this global economic downturn but has even seen moderate increases in this last year. Forex insiders predict even greater gains during 2009 and beyond.
Forex trading's buoyancy is due partially to technological advances which now allow foreign currency exchange trading to be conducted on wireless mobile devices.
Technology Brings "…Freedom of Mobility"
Forex, short for "foreign currency exchange," is the purchase and sale of foreign currencies. Forex has emerged as one of the prime ways that ordinary citizens can leverage the power of world economic markets to make considerable sums of money for themselves.
But one myth of Forex trading--that of the daylight-deprived Forex trader glued to a computer screen all day long--has recently been destroyed.
Now, Forex traders can operate at nearly full capacity, with the assistance of wireless devices, such as pocket PCs and mini notebooks.
Reports Scott Shubert, CEO and President of Trading Mastermind: "One of the reasons I love Forex trading is the freedom it provides, not just the freedom from enslavement to the corporate rat race, which itself is a good enough reason, but also the freedom of mobility. I like to go places…"
As the saying goes, the proof is in the pudding: Mr. Shubert delivered this statement pool-side from a Pacific Island resort where he was vacationing while attending a conference.
The Competitive Edge
More important than increased mobility, these mobile devices give Forex traders the competitive advantage they need.
Forex trading is a highly volatile, fast-paced marketplace. With massive daily turnover of $3.2 trillion, Forex trading far outpaces most other financial markets--stocks, commodities, mortgage-backed securities, and even precious metals.
Any Forex trader serious about making money, particularly in these economic conditions, needs to grab every available competitive advantage.
"With QuoTrek (a service providing streaming quotes and charts to mobile devices)," says Shubert, "I have access to all the currency pairs; can easily change from one timeframe to another; all the indicators I need are here; and it saves your chart setup so it's there the instant I open it up again."
Recommended Mobile Devices for Forex Traders
Trading Mastermind recommends a number of mobile wireless devices as being appropriate for the Forex trader:
* The HP 2133, which runs Windows Vista, weighs in at 2.5 lbs. Its generous 8.9 inch screen and nearly full-size keyboard are perfect for displaying charts and other detailed graphics.
* The OQO, running on either Windows XP or Vista, has a robust 1.6 GHz CPU and a compact portable 120 GB hard-drive.
* The Sony Vaio UX, with a powerful Intel Core 2 processor: 1.2 GHz speed, 1GB RAM, Windows Vista Business platform. Retails for just around $2500, and can be carried in a belt pouch.
source
Subscribe to:
Comments (Atom)
