Forex Brokers

I’ve always wondered how much other traders are risking with their Forex trading accounts. Personally I come really conservatively to limiting my Forex trading account’s size, I never keep it above $10,000 and I am always withdrawing “extra” profits, because sometimes I am entering really ugly losing streaks. I know traders that never deposited more than $100 and traded with such balance for a year or two. Meanwhile there are very dedicated Forex “spenders” that keep accounts near 40–50 grands and are looking quite happy with that. So, how about you?

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Azurite Markets is a latest addition to the list of the Forex brokers on my site. It’s a company registered in England and Wales and regulated by the Financial Service Authority (FSA). The most notable feature of this broker is that it offers a large variety of the trading instruments, including but not limited to: common Forex pairs, CFD, soft and grain commodities, energy commodities (including oil and gas), metals (including gold and silver), indexes, and Forex futures (like the Dollar Index). The trading for all these instruments is performed from one account, which is very convenient. Other important features of Azurite Markets are:

• $100 effective minimum account size to start trading
• Advanced Forex trading platform
• Web Trader to trade directly from browser
• Muslim-friendly accounts on request
• Mini Forex trading lots
• Deposit/withdrawal only via the wire transfer

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After posting a first major declining day since September 1st yesterday, EUR/USD returned to the growth today. The good employment report from U.S. helped the euro to maintain a rather high intraday levels against the U.S. dollar, but the yesterday’s high wasn’t broken yet. EUR/USD is now trading near 1.4734.

Initial jobless claims hit their medium-term low according to the latest report — they were at 530k last week, following 551k value for a previous week. The forecast for the latest value was at 550k.

Existing home sales unexpectedly declined in August and were reported at a seasonally adjusted annual rate of 5.10 million — down from 5.24 million reported for July. The Forex market participants expected 5.35 million value from today’s report.
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Today I’ve added another Forex broker to the site — E-Global Forex. It’s not a new broker (they’ve been on-line since 2007) and they also have a rather popular IB company working for them — Forex4you (which has some additional features compared to E-Global). Apart from the standard Forex trading accounts that start from $100, E-Global offers cent accounts that have only $20 minimum and allow trading with positions as small as 10 base currency units (0.0001 lots). It’s a broker with MetaTrader 4 platform. Other highlights of this broker include:

• Sharia-compliant accounts on request
• Leverage from 1:10 to 1:500
• Small yearly interest on account balance (applied monthly)
• Regulated on BVI but offices based in Cyprus
• Deposit via Liberty Reserve, credit card and wire transfer
• Forex, CFD, gold and oil trading

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When you trade forex, it is important to understand how to place orders with a forex broker. Trading orders are chosen according to your trading style and intentions – the way you plan to enter and exit forex market.

Beginners in forex often miss the difference between placing a new buy/sell order with a stop loss and a limit order. What does each term mean? What is the difference between one another? How to use each of the order types in your favor?
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Almost a month has passed since the last time I’ve posted the chart pattern analysis here. Today I offer a rather clear symmetrical triangle pattern on CHF/JPY chart at a weekly timeframe. The apex of the triangle is still quite far in time and the early breakouts could probably be false, but a full breakout after 3–4 weeks may signal a good bullish or bearish trading opportunity. The bullish breakout is more probable since the symmetrical triangle is a continuation pattern. Click the image below to see the full-size chart:

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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: buy.
EUR/JPY trend: sell.

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Read the rest of Forex Technical Analysis for 09/21—09/25 Week (14 words)

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EUR/USD is down today even with the optimistic reports from both Eurozone and United States coming out. The currency pair is currently forming an inside bar chart pattern from the technical point of view. I believe we are back to a more “normal” logic where USD is benefiting from good U.S. fundamentals and the growing stock market. EUR/USD is now trading at 1.4586.

Advance retail sales report for August showed 2.7% gain today, which is much better than 0.2% decline in July and considerably better than 1.9% growth predicted by the forecasts.

Producer Price Index (PPI) increased by 1.7% in August, following negative 0.9% reading in July. The average forecasts by the analysts showed 0.8% increase.

Empire State Manufacturing index rose from 12.1 to 18.9 in September — it’s highest reading since late 2007. A growth to 15.0 was expected by the market participants.

Business inventories in U.S. declined by 1% in July after falling by 1.1% a month earlier. They were expected to decline only by 0.8%.
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Indicators are great tools that allow forming trading strategies and systems in Forex. They present an easy-to-understand visual form of what’s going on in the market (on the chart, actually) without requiring a trader to perform various rather difficult and time-consuming calculations. Modern trading platforms, like MetaTrader 4, allow traders to create their own indicators but there are several popular standard indicators that re used by the on-line traders on all platforms and with all brokers. I prefer using the chart without the indicators but occasionally I add some of them to confirm my assumptions about the market. I prefer using the simple ones and I try to avoid those of them that I don’t fully understand (like Ichimoku Kinko Hyo). And how about you?

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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: buy.
EUR/JPY trend: sell.

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Read the rest of Forex Technical Analysis for 09/14—09/18 Week (14 words)

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