This is to remind everybody about the 1st Lagos Forex Expo Conference And Exhibition I wrote about Here .
kayswitch OBIMO official Video ft D'banj
It's a Friday,what song do you all listen to when you trade forex? As for me I listen to a lot of song when trading and I would love to share this beautiful one from Kayswitch.
Traders Nightmare (Jokes)
So you decide to get up to quickly check what’s going on in the market …..
My Trade of Today (GBP/JPY)
USD Gains as FOMC Minutes Surprise
The FOMC October 29-30th meeting minutes showed that members discussed about tapering to start in months ahead. Some continue seeing downside risks to US recovery, while others are willing to announce a timetable for the QE unwind. USD gained against a clear majority of G10 and EM currencies on revived specs that tapering will begin at some time in the foreseeable future. Released yesterday, the better-than-expected retail sales in October triggered a short-lived USD buybacks in New York, yet the flat-to-slower CPI readings rapidly capped enthusiasm. The CPI y/y retreated from 1.2% to 1.0% in October as expected, while the CPI m/m turned unexpectedly negative (-0.1% vs. 0.0% exp. & 0.2% last). Softer CPI gives margin to Fed in prolongation of the ultra-lose policy. This in hand, some FOMC members voiced that lower interest paid on excess reserves should be considered moving forward.
Everyone Overreacted to the Fed Minutes (FOMC)
The U.S. Federal Reserve building in Washington, D.C
We believe investors in the forex market and financial community in general overreacted to the FOMC minutes. The price action in equities, treasuries and currencies suggests that there was major shift or revelation by the Fed but in reality the minutes contained very little surprises and did not say anything that we had not all already known. The Federal Reserve is likely to taper in the coming months based on better data and considering that the December, January and March meetings are all in the "coming months," the Fed's guidance is consistent with market expectations. Monetary policy committee members also discussed various scenarios under which it may be appropriate to begin tapering sooner and this is also not surprising because it is their job to discuss all options. The Federal Reserve saw very little changes in the economy from the September meeting. The recovery is continuing at a moderate pace with further improvement in the labor market. However the recovery in housing is slowing, fiscal policy is still restraining growth and consumer sentiment remains unusually low. While the downside risks to the economy have diminished, there are still "several significant risks."
Dollar Mixed Ahead of Data, FOMC Minutes
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Reminder:1st Lagos Forex Expo Conference And Exhibition
This is to remind everybody about the 1st Lagos Forex Expo Conference And Exhibition I wrote about Here .
Notice
IronFX Daily Commentary 18/11/13 - USD lower as data backs up Yellen
Watch ironfx daily commentary by Marshall Gittler
News Release For The Days Ahead
News release for the days ahead are as follows:
For USD (USA)
Wednesday,November 20, 2013
1:00 AM GMT Fed Chairman Bernanke Speaks
2:30 PM GMT Consumer Price Index (CPI)
2:30 PM GMT Retail Sales M/M
8:00 PM GMT FOMC Meeting Minutes
Forex Trading in Dubai
I read this article last
year on how forex traders in Dubai react to forex trading and I would
love to share it with the readers of my blog.
For Benny Jacob, 45, a former electrical engineer based in Dubai,
staying calm is the key to trading in foreign currencies. He is a foreign
exchange (forex) trader who speculates on movements in exchange rates, much
like others would speculate on movements of stock prices. He often takes
advantage of even small fluctuations in exchange rates. Market volatility is
where he and the growing band of retail traders make their money.
Forex Trading Is Not Gambling
Notice:Change Of Blog Name
Thanks for your understanding.
My Trade of Today (EUR/GBP)
Today I traded the currency pair EUR/GBP. My trade today was based on fundamental and technical analysis,after the following news release:
(1) Claimant Count Change
(2) Unemployment Rate
(3) BOE Gov Carney Speaks
(4) BOE Inflation Report
The news release all favored the GBP at the time it was released.
After trading the news release,based on technical analysis I entered another position (a buy order) when the market reached it oversold region on the RSI indicator level 10,for just 10 pips.(Click on the chart for a bigger picture)
GBP/USD Soars After Inflation Report
GBP/USD has advanced
sharply today (November 13th), following the publication of the latest
Inflation Report from the Bank of England (BoE).
Governor Mark Carney stated in August that
the bank will keep interest rates at record-low levels until unemployment in
the country falls to or below seven percent. Official data from the Office for
National Statistics (ONS) earlier in the day showed this figure inched lower to
7.6 percent in the three months to September.
Tricks Forex Brokers Play
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As a trader
and an Introducing Broker for ironfx.com, I will be honest with my readers and
let them know that most brokers are not always honest in their dealings with
client’s funds. Just as we live in an imperfect world so does the trading world
operates imperfectly. A lot of forex brokers are scammers; you execute an order
and see something different from what you expect.
Laura Pederson: Self-made Forex Millionaires by Twenty Four Years of Age
Laura Pederson started to trade stocks and learning about Forex in-between classes while still at school. At the age of 17, after one semester of college, Laura started working at Wall Street as a clerk. She then moved into an indexed option trader’s position when one trader couldn't make it into the office. Laura proved to have a knack for knowing all about a Forex account and the secrets of Forex millionaires because she showed other Forex gurus how it was done. Her calculations were accurate and she moved into trading in the pit.
Reasons Why I Trade Forex
Imagine a world where you make a living without a boss,choosing when and where you like to work at any particular time,making a good amount of money every week at your own convenience. As for me am in that imaginary world where am not answerable to any boss or any government policy that regulate's my job.These and many more that I will be mentioning are the reasons I trade forex and advice anybody to get into it and experience the dynamics involved in trading forex.
How To Get Rich Fast Using,Relative Strength Index (RSI) In Trading Forex
There is a saying in the forex world that the fastest means to get rich in forex is to buy when the market or price level has reached an oversold level after a long downtrend and sell when the market has reached an overbought level after a long uptrend,but what they fail or deliberately won't want to tell you is how to trade this method. They don't tell you which indicator to use,what time zone to trade this method and how to get rich using this method.
1st Lagos Forex Expo Conference And Exhibition
ABOUT LAFEC
Lagos Forex Expo and Conference will be the gathering of the
Industry Leaders, full of seminars, tutorials and discussions by key industry
experts where investors can get the skills about whats moving the market
We expect over 5,000 attendees including Beginner Investors,
Experienced Investors, High Net Worth Individuals, Institutional Investors,
Investment Authorities, Advisors/Appraisers, Agents & Introducing Brokers,
Portfolio Managers, Senior Executives of key organisations, Fund portfolio
Managers, Investments managers, Analysts, Commodities Traders, Risk Managers,
Researchers, Solution Providers, Accountants, Marketing and sales executives,
Money market Traders, Dealers, Banking and financial institutions managers,
Deans, teachers and students of finance department of universities and anyone
who is involved with investments and financial markets.
KISS Trader
KISS
is an acronym in Forex for the
design principle “Keep It Simple, Stupid’’.
A KISS trader makes or realizes most
of his profitable trades are those that are the simplest to spot. A trader that
trade’s on a simple method which forex traders know as “KISS”, understands the simplicity
in it and it is the smartest type of trade because it produces the greatest
profits in forex.
KISS
Kiss oh no not the type you know spoilt mind.
KISS is an acronym in Forex for the design
principle “Keep It Simple, Stupid’’ .
Trade Of Today (GBP/USD)
After breaking resistance level 1.59835 which was my entry level during the news release (Service PMI) and my exist level was at 1.60366
Breakout Trading Strategy
Trade Of Today (GBP/USD)
My trade of the day goes to GBP/USD currency pair.After a breakout of the resistance level of the day.
My entry Level was at 1.59425 and Exit level was at 1.58717.I carefully analysed the market before trading the pair, just immediately after a positive news for GBP (Construction PMI News) was released,using my custom Support and Resistance indicator to spot resistance level (Click on the chart to see it clearly).
I will be explaining how to spot breakout tomorrow.
Cyprus The Country/Island with The Highest Number of Forex Brokers
Anyone who has browsed a number of
Forex comparison sites may have noticed that there are significant number of
Forex brokers based in Cyprus. Today we are going to explain the reasons behind
why so many Forex brokers choose the small island of Cyprus as a base for
operations.
George Soros,The Greatest Forex Trader
George Soros gained international notoriety when,
in September of 1992, he risked $10 billion on a single currency speculation
when he shorted the British pound. He turned out to be right, and in a single
day the trade generated a profit of $1 billion – ultimately, it was reported
that his profit on the transaction almost reached $2 billion. As a result, he
is famously known as the "the man who broke the Bank of England."
Soros is also famous for running the Quantum Fund, which generated an average annual return of more than 30% while he was at the helm. Along with the famous pound trade, Soros was also cited by some as the "trigger" behind the Asian financial crisis in 1997, as he had a large bet against the Thai baht.
Soros is also famous for running the Quantum Fund, which generated an average annual return of more than 30% while he was at the helm. Along with the famous pound trade, Soros was also cited by some as the "trigger" behind the Asian financial crisis in 1997, as he had a large bet against the Thai baht.
Alex Hope, 24 year old Forex Trader who spent over £200k on drinks!
As someone who is interested in the financial markets, I’m always interested in the personalities that this industry creates. One such personality who has come into the limelight recently is Alex Hope or The Ace of Spades who is a self taught Forex trader. His visit to a nightclub in Liverpool spending a £200,000 in just 3 hours hit the news and there was a mad scramble to find out more about this guy. He was reported in the Daily Mail, Mirror and other news sources and his Twitter feed (https://twitter.com/#!/alexhopefx) and own website (http://www.alexhopefx.com/) went offline – to remove some of the not so good publicity pictures and comments. However, the sites are back up and running again – with restricted access so you can check them out!
Trade of The Day (EUR/USD)
One of my trading strategies is to trade the breakout of either the Support level or Resistance level,using my custom support and resistance indicator.
Next week I will be explaining how I personally trade breakout.
Forex Trading Not For The Faint Hearted
Forex is not for the faint of heart, but a skilled investor with the right tools and the right knowledge can be successful.
Forex trading is certainly one of the most lucrative money making opportunities around the world,although there is a survey that say's 95% of people that take up forex trading lose all the money they invested, but you still have a chance of joining the 5% group of forex traders who are actually successful at trading. I am not trying to put you off forex currency trading or scare you to death, I just want to show you a different side of the coin in trading forex from the usual hype of huge money making in trading forex.
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