Forex Brokers

Forex brokers are the necessary link to forex market, so once you decide to become a trader, you are doomed to long process of selecting the broker that not only suits you best, but doesn’t scam its’ traders. Almost every day, a new forex broker is being born online. With the abundant variety of features and services promised, the trick is to find a broker that you can actually trust.  All of them claim to be the best, and making the right decision is not an easy task. When choosing a broker, which characteristics you should look for and compare? What are ways to build a reliable relationship with a broker? How can you ensure the security much needed in forex trading?
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EUR/USD trend: buy.
GBP/USD trend: hold.
USD/JPY trend: buy.
EUR/JPY trend: buy.
GBP/JPY trend: buy.

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Read the rest of Forex Technical Analysis for 11/30—12/04 Week (14 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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The EUR/USD currency pair was highly influenced today by the rather optimistic market indicator releases. Decreased jobless claims, improved housing market and higher personal spending were the prevailing factors that were pushing the euro up against the dollar, which is often suffering during positive U.S. macroeconomic statistic reports. EUR/USD went up to the highest level in more than 15 months today and is currently trading near 1.5050 level; the daily high was set at 1.5094.

Initial jobless claims were at 466k in the past week, from a previous reading of 501k (revised). A more positive number than what forecasts suggested at 500k.

Durable good orders posted a decline of 0.6% in October from a revised increase of 2.0% in the previous month, frustrating forecasts that suggested an increase of 0.5% for the last official reading.

Personal income increased by 0.2% in the United States in October. Meanwhile, the personal spending rose by 0.7%. Both indicators grew faster than expected (0.1% and 0.5% respectively). Personal income increased by the same 0.2% in September, while personal spending fell by 0.6% during that month.

Michigan Consumer Sentiment index declined from 70.6 to 67.4 in November, while a drop to 67 was expected by the Forex traders.

New home sales were up from 405k in September to 430k in October in U.S. The last month’s value was positively revised from 402k and the forecast for today’s report was at 408k.

U.S. crude oil inventories rose by 1 million barrels during last week and at 337.8 million barrels, they are currently above the upper limit of the average range for this time of year. During the same period, total motor gasoline inventories also increased by 1 million barrels and now are only slightly above the upper limit of the average range for this time of year.
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Read the rest of EUR/USD at New Max Since August 2008 (13 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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Converted Aroon Up & Down indicator to MT5 today. It was an easy conversion but I’ve encountered a very strange piece of MQL code in the.mq4 version and had to rewrite both MT4 and MT5 code to remove two unnecessary indicator buffers and other code, connected with them. Why the author of the original version used the indicator buffers in a place, where temporary variables would work, is beyond my understanding. Extra indicator buffers impose additional load on the MetaTrader processing engine and add more lag to the execution, which isn’t a good thing for the Forex traders.

Comparing, the code of MT5 version to MT4 — I can’t say that it looks better or that there are any advantages added by the new platform. In fact, such simple indicators are better to be implemented in MT4 — the code will be much simpler.

A side note to the indicator developers for MT5: don’t forget to set #property indicator_minimum 0 for your separate window indicators if you don’t explicitly set some indicator levels. Otherwise you’ll have two minimums on the chart, which will look ugly.

You can get the code of MT5 version or read more info about the indicator.
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Read the rest of Top & Bottom Indicator in MT5 — Aroon Up & Down (25 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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The abundant amount of forex brokers gives a large choice of different kind of trading platforms for traders. Just like any online service, not every forex platform is effective, trustable and informative. Which forex platform is popular among traders? Why does it make it stand out in the crowd? Which tools are necessary to successful trading?
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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: hold.
EUR/JPY trend: hold.
GBP/JPY trend: sell.

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Read the rest of Forex Technical Analysis for 11/23—11/27 Week (14 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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The EUR/USD currency pair dropped significantly today after a considerable rise yesterday, in a week marked by high volatility so far. A negative day in stocks markets and a rising risk aversion brought investors back to dollar-priced assets, in a day were refuge currencies like the yen performed the best. A part from a better than expected Philadelphia Fed index, reports published in the U.S. had a insignificant influence in the currency pair. EUR/USD is currently trading at 1.4870.

Initial jobless claims remained at 505k last week, equaling the previous week numbers. Forecasts suggested a slight fall to 503k.

Philadelphia Fed index reached 16.7 in November from a previous reading of 11.5. A much better level than forecasts suggested at 12.3.

Leading indicators index increased 0.3% in October, following a 1.0% gain in September, but frustrating forecasts that indicated a rise of 0.5%.
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Read the rest of EUR/USD Falls on Risk Appetite Decline (13 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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Non professional forex traders often take the plunge into trading forex before taking the time to learn forex and equipping themselves with the knowledge necessary to find success.  Forex trading is business and not like approaching a roulette table and putting everything on red.  Without proper preparation however, many amateur forex traders find themselves in the same sticky situation as a risk-loving gambler at the roulette table.  That is why proper forex training is imperative for attaining lasting achievement in the forex market.
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The EUR/USD currency pair fell significantly today on international economic events even if the U.S. economic data released frustrated most of forecasts, indicating a less optimistic, but still positive performance for industrial production and producer price index. Risk appetite was down favoring the dollar today, as the IMF forecast a slow economic recovery globally. EUR/USD is currently trading at 1.4870.

Producer Price Index (PPI) advanced 0.3% in October reverting its previous month trend when it declined 0.6%. The growth was below forecasts that suggested an increase of 0.6%.

Net long-term purchases of the U.S. securities by the foreign investors reached $40.7 billion in September, jumping from $34.2 billion in the previous monthly reading. This result surprised analysts positively as they excepted the level of purchases to be at $27.3 billion.

Industrial production and capacity utilization rose in October but did not meet traders’ expectations. Production expanded 0.1% from a previous reading showing an increase of 0.6%, and below expectations that suggested a rise of 0.4%. Capacity utilization in the total industry climbed from 70.5% in the previous reading to 70.7%, below forecasts that indicated a rise of 0.4%.
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Read the rest of EUR/USD Down Despite Disappointing U.S. Data (13 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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Starting from next Monday — November 16th, and ending December 31st 2009, you can receive a generous bonus from eForex broker for your deposit to a real trading account. First of all, you get a free new account bonus of $25 just for opening an account. Second, you get the deposit bonus depending on the deposit amount:

Obvious from the table is that by depositing $500 you get the biggest bonus amount in relation to the size of the deposit (10%) and then it only declines (to as low as 2% for $50,000). Anyway, bonus is always good, but there are some extra conditions attached to these bonuses:

1. If you receive the bonus you’ll have to either wait 45 days before asking a withdrawal or trade at least 5 standard lots per $50 received bonus.
2. The bonus amount can’t be withdrawn, it can only be used to earn profit. When you request a withdrawal the bonus amount will be deducted from the total amount.

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Read the rest of Deposit Bonus from eForex Broker (15 words)

Trade Forex professionally with Forex4you.

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