Forex Brokers

MetaQuotes Software Corp., the developer of the MetaTrader software series announced yesterday an open beta testing for its new long-awaited product — MetaTrader 5 terminal. It’s a great event for many Forex traders, indicator and EA developers, Forex brokers and other currency market participants that will be benefiting from this new MT5 trading platform. The MetaTrader 5 terminal can now be freely downloaded by anyone:

http://www.metaquotes.ru/files/mt5setup.exe

MetaQuotes suggests testing new and old features of the MetaTrader 5 client and report all bugs and suggestions to them (they’ve set up a special forum for this). For the beta testing period, MT5 gets only English language interface, which shouldn’t be a problem for the majority of the traders. Currently, the terminal lacks the strategy tester tool, it has only Forex pairs for trading (no CFD or futures) and not all new features are implemented — they will be added step-by-step. The planned term for the MetaTrader 5 beta testing period is 5–6 months. The server-side terminal software for the Forex brokers will soon be also released for a more flexible and on-the-field testing.

The platform already incorporates MQL5 Editor for the developers with a lot of new features and possibilities for the development of the indicators, expert advisors and all types of helpful scripts for the Forex traders. Unfortunately, I couldn’t find a way to make it compile indicators or EAs written in MQL4. I guess that some developers will have a lot of work to do to convert their code from MetaTrader 4 to MetaTrader 5.
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Read the rest of MetaTrader 5 Beta Testing Period (19 words)

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

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Read the rest of Forex Technical Analysis for 10/12—10/16 Week (14 words)

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I’ve finally added a Forex strategies section to my site today. Currently it only lists only 9 strategies (very simple ones) — that isn’t a lot, but that list can help newbie traders to find their first strategy or to get a model for creating their own trading system. The presented strategies are basically divided into three categories according to their main principle of the entry conditions: strategies based on the technical indicators, strategies based on the bare charts or price action and strategies based on the fundamental indicators. If you know some good interesting Forex strategies and want to share them with other traders, you can send the strategy to me and I will certainly add it to the list on the site. You will even get credited for the strategy, getting a mention on its page.
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According to many Forex guides, tutorials and manuals, the trading strategy is the backbone of the successful trading behavior. The most obvious reason to have a well-defined Forex strategy is to stop relying on bare luck and move from the Forex gambling to the actual Forex trading. With a strategy it’s much easier to analyze the trading performance, its rights and wrongs. It also becomes easier to keep a Forex trading journal if you use some system for entering and exiting the market. Unfortunately, it’s not very easy to follow a strategy, especially if it allows some losing periods. Some traders (including me) are prone to the constant changing of a strategy, which is not always upgrading it but often degrades the strategy. And how about you? Is it more simple to trade with a Forex strategy for you?

Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.
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Read the rest of Do You Use Forex Trading Strategy? (22 words)

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EXNESS is a Russian Forex broker that has only recently gone on-line with its website and is offering trading services in the traditional currency pairs and also in CFDs for many global stock markets, as well as in the futures contracts for commodity and index exchanges. Overall it’s a good broker to start with (only $100 minimum and 1:200 leverage), if you aren’t very paranoid about the broker’s regulation because currently there is no institution in Russia that would regulate on-line Forex trading specifically. Other interesting features of this Forex broker are:

• MetaTrader 4 platform
• 11 ways to fund your trading account
• 2 pips average variable spread on EUR/USD
• Trade in gold and crude oil

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Successful forex trading has a lot to do with determining the overall trend. Without trend awareness, a trader is most likely to suffer unnecessary losses. The trick is to trade in the same direction as the trend, however in most cases it is easier said than done. What is the best method of determining forex trend?
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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: buy.
EUR/JPY trend: hold.

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Read the rest of Forex Technical Analysis for 10/05—10/09 Week (14 words)

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The U.S. dollar dropped against the euro today after some rather good fundamental reports on employment and total economic output. But the upward spike on the EUR/USD chart, which is significantly higher than the daily gain hints that the bearish sentiment among the traders is still quite strong near 1.4670 level. Currently, EUR/USD is trading near 1.4517.

ADP employment change report for September 2009 showed a decline by 254k jobs — that’s better than August’s 298k drop, but is worse than only 200k drop forecasted by the analysts.

U.S. GDP change for the 2nd quarter of 2009 received it final revision report today, which showed a decrease by only 0.7%, compared to 1% drop in the previous report and 1.2% decline forecast.

Chicago PMI fell from 50.0 to 46.1 in September, reflecting the pessimistic expectations of the manufacturing industry managers in the region. The index was expected to rise to 52.0.

U.S. crude oil inventories increased by 2.8 million barrels last week, while the total motor gasoline inventories decreased by 1.6 million barrels during the same period of time.
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Read the rest of Dollar Slightly Down But Spike Hints Bearish Sentiment (13 words)

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