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EarnForex.com Monthly Newsletter
*November 5, 2013*
Welcome to the latest issue of EarnForex.com newsletter — November
2013.
In this issue of EarnForex.com newsletter I will remind you about the
most important Forex-related events of the last month and will also
show you the list of the site's latest updates.
*
EDITORIAL: No-deposit bonuses — are they worth it?*
A marketing gimmick practiced by most online Forex brokers is the
offering of free bonuses. A broker advertising free bonus intends to
lure as many traders as possible to open trading accounts with it.
More than two thirds of traders have tried various trading bonuses.
The offering of no-deposit bonuses, in which a broker commits to
depositing some cash to the trader's account without demanding an
initial deposit, is popular too. Is it always a good thing to receive
the "free money"?
Truth be told, there is more than meets the eye in the no-deposit
bonuses provided by Forex brokers.
Ask yourself these critical questions before succumbing to the wiles
of brokers offering no-deposit bonuses:
Will you be able to withdraw this cash? Brokers offering no-deposit
bonus often include multiple constraints you will face before enjoying
this free cash.
What does their term and conditions say about this free bonus? Take
time and scour their conditions with a fine toothcomb instead of
giving in after the first read. For example, one broker requires
traders to pass through 3 different verifications before getting the
bonus. Why would a broker require such a thorough process, or are
there hidden intentions for offering the bonus?
Do you know that the broker is also on business? You need to
understand that no brokerage firm will take a loss on your behalf, so
there is a plan for offering the free money. Most brokers offering
no-deposit bonuses will oblige you to trade at least a certain amounts
of lots and make some high-volume trades using their rather high
spreads.
So, if the deal looks too good, won't you take a second thought?
References:
http://www.earnforex.com/blog/forex-bonuses-ever-got-one/
<http://www.earnforex.com/blog/forex-bonuses-ever-got-one/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
http://www.earnforex.com/forum/f10/forex-brokers-bonuses-can-you-really-withdraw-them-11204/
<http://www.earnforex.com/forum/f10/forex-brokers-bonuses-can-you-really-withdraw-them-11204/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
*
Overview of the major currency pairs' performance in October*
*EUR/USD* — was marked with a rather strong rally that ended
abruptly during the final week of the month. It was at the maximum at
1.3832 on October 25, at its minimum at 1.3472 on October 16,
finishing the month at 1.3588.
*GBP/USD* — posted a U-pattern followed by a significant drop (to
the middle of U's height). The highest monthly rate was at 1.6260 on
October 1, while the lowest — at 1.5894 on October 16. GBP/USD
finished October trading at 1.6040.
*USD/JPY* — demonstrated a W-pattern with a slight upward tilt. The
pair rose to as high as 99.00 on October 17, reaching a bottom at
96.56 on October 8 and closing the month with the 98.36 rate.
*EUR/JPY* — following a small drop at October's beginning, the
currency pair rallied steadily until the very end of the month when it
suddenly declined from its peak. The monthly high was at 135.50 on
October 22, the monthly low — at 131.14 on October 8. Trading ended
at 133.65 for this currency pair.
*GBP/JPY* — moved similarly to EUR/JPY but had an earlier and
sharper reversal, which ended in sideways price action. The maximum
level for this pair was 159.95 on October 1, while the minimum —
154.72 on October 9. The month's trading ended at 157.77 for GBP/JPY.
*
Fundamental background of the past month*
The major event in October, defining the market behavior for the whole
month, was the US government shutdown. The event did not hurt the *US
dollar*
<http://www.topforexnews.com/2013/10/05/week-us-government-shutdown-bad-dollar/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
as much as one could have expected even as employment data was not
particularly good
<http://www.topforexnews.com/2013/10/03/dollar-weak-employment-report/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
. The greenback continued to demonstrate a mixed performance
<http://www.topforexnews.com/2013/10/12/dollar-ends-friday-mixed/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
as the crisis was dragged on and slumped only after the situation was
resolved
<http://www.topforexnews.com/2013/10/19/end-us-budget-crisis-leads-weekly-losses-dollar/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
, resulting in a surge of optimism among traders. The dollar
maintained losses as non-farm payrolls came out rather bad
<http://www.topforexnews.com/2013/10/22/dollar-drops-non-farm-payrolls-disappoint/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
, the US credit rating was in danger
<http://www.topforexnews.com/2013/10/17/us-dollar-index-drops-following-credit-rating-questions/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
and market participants speculated
<http://www.topforexnews.com/2013/10/24/delayed-taper-expectations-send-greenback-lower/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
that the Federal Reserve will be unable to tamper quantitative easing
just yet. Indeed, the Fed kept its policy accommodative, but the
statement was perceived to be not as dovish as was expected, leading
to a big jump of the US currency
<http://www.topforexnews.com/2013/10/31/dollar-gains-fomc-meeting-shrugs-poor-employment/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
. Overall, the month looked very poor for the dollar in the first
half, but by the end the currency erased most of its losses.
The *euro* started October poorly
<http://www.topforexnews.com/2013/10/01/euro-drops-economic-data-italy/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
under the weight of bad economic data and a political turmoil in
Italy. Yet the currency quickly recovered after the crisis ended and
maintained gains even as the European Central Bank hinted at a
possibility of lower interest rates
<http://www.topforexnews.com/2013/10/02/euro-jumps-help-ecb-letta/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
. The weakness of the US dollar and a string of positive macroeconomic
reports from the eurozone
<http://www.topforexnews.com/2013/10/08/euro-gets-boost-jobs-data-german-improvements/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
supported the rally. Yet the shared 17-nation currency struggled to
stay above the 1.3800 level
<http://www.topforexnews.com/2013/10/29/euro-struggles-breaking-1-3800-level-earlier/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
against the greenback and sank
<http://www.topforexnews.com/2013/10/31/ecb-rate-cut-may-come/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
as speculators considered the threat of lower borrowing costs more
carefully. This resulted
<http://www.topforexnews.com/2013/11/02/euros-rally-ends-abruptly-week/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
in euro's biggest drop in more than a year.
The *Great Britain pound* was rallying for two months prior to
October, but has run out of steam. As a result, the sterling was
falling for the first week of the month
<http://www.topforexnews.com/2013/10/05/pound-ends-week-sharp-drop/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
as well as in the second one
<http://www.topforexnews.com/2013/10/12/second-weekly-loss-sterling-poor-fundamentals/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
. The UK currency attempted to rise with other currencies in the
second half of October, but its strength proved to be fleeting. Even
the favorable stance
<http://www.topforexnews.com/2013/10/23/boe-minutes-help-sterling/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
of the Bank of England policy makers and signs of economic growth
<http://www.topforexnews.com/2013/10/25/pound-fails-even-uk-economy-grows/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
did not prevent the decline of the currency. At the same time, the
drop was nowhere near the previous gains as the sterling fell just 0.9
percent in October, compared to the 1.9 percent rise in August and the
4.4 percent surge in September.
October was rather confusing month for the *Japanese yen*. The
currency was rising on good news from Japan
<http://www.topforexnews.com/2013/10/04/yen-stronger-boj-sees-economy-recovering/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
and bad news from the United States
<http://www.topforexnews.com/2013/10/08/yen-rallies-us-budget-standoff-persists/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
. It retreated
<http://www.topforexnews.com/2013/10/21/wider-japans-trade-deficit-leads-weaker-yen/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
just to rise again
<http://www.topforexnews.com/2013/10/23/yen-jumps-china-squeezes-liquidity/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
amid concerns about monetary tightening in China. All this confusion
made the yen end October virtually flat against most major currencies.
Commodity currencies were behaving in essentially the same way as most
other currencies: rising in the first half of the month and falling in
the second. The *Australian dollar* managed to maintain part of its
gains, while its *New Zealand* and *Canadian* counterparts ended the
month with losses. The Australian dollar was surprisingly strong,
considering that an interest rate cut remains a definite possibility
<http://www.topforexnews.com/2013/10/15/aud-rises-even-rba-rule-interest-rate-cut/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
. The Bank of Canada dropped mentions of monetary tightening, hurting
the loonie
<http://www.topforexnews.com/2013/10/23/less-hawkish-boc-damages-canadian-dollar/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
, while Reserve Bank of New Zealand Governor continued to talk
<http://www.topforexnews.com/2013/10/26/nzd-falls-wheeler-says-exchange-rate-strong/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
about higher borrowing costs in 2014.
*Gold* followed the currencies, rising
<http://www.commodityblog.com/gold-jumps-on-poor-nfp-nickel-rises-on-concern-for-supply/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
in October, but falling down
<http://www.commodityblog.com/gold-ends-friday-with-losses-on-dectaper-speculations/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
by the end of the month. Such behavior made traders scratch their
heads as the precious metal did not show a clear trend. Gold clearly
halted its decline, but may easily resume drop if it extends its
movement down.
*
Interest rate changes in October*
*Brazil*
9.00%
+0.50%
9.50%
*Chile*
5.00%
-0.25%
4.75%
*Hungary*
3.60%
-0.20%
3.40%
*Mexico*
3.75%
-0.25%
3.50%
*Republic of India*
9.50%
-0.75%
8.75%
*
Top 5 Forex brokers of the last month*
The top 5 Forex brokers, as reviewed by the visitors of EarnForex.com
<http://www.earnforex.com/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
are the following:
Armada Markets
<http://www.earnforex.com/forex-brokers/ArmadaMarkets?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— 10
FreshForex
<http://www.earnforex.com/forex-brokers/FreshForex?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— 10
GAINSY
<http://www.earnforex.com/forex-brokers/GAINSY?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— 10
Tradenext
<http://www.earnforex.com/forex-brokers/Tradenext?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— 10
3TG Brokers
<http://www.earnforex.com/forex-brokers/3TGBrokers?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— 10
To qualify for the position in this list, a Forex broker should have
at least 3 qualified reviews. Do not forget to review your favorite
broker
<http://www.earnforex.com/forex-brokers/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
if you have not done so already.
*
Forex e-books*
No new Forex books have been published on EarnForex.com since
the last issue of the newsletter, but you can always browse the
previously
uploaded books
<http://www.earnforex.com/forex-e-books/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
*
Forex articles*
One new Forex article has been published on EarnForex.com since
the last issue of the newsletter:
How to Increase Your Reward-to-Risk Ratio
<http://www.earnforex.com/articles/how-to-increase-your-reward-to-risk-ratio?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
You can always browse the previously
uploaded articles
<http://www.earnforex.com/forex-articles?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
*
Forex brokers*
Seven new Forex brokers have been added to EarnForex.com since the
last issue of the newsletter:
PriceMarkets
<http://www.earnforex.com/forex-brokers/PriceMarkets?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— a regulated UK broker with MT4 and ability to start trading with
1 cent.
Infinity Space Inc
<http://www.earnforex.com/forex-brokers/InfinitySpaceInc?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— a BVI broker with proprietary platform (FX Troll) and $10
minimum.
XGLOBAL Markets
<http://www.earnforex.com/forex-brokers/XGLOBALMarkets?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— a regulated Cyprus company with MT4 and $1 minimum account size.
NSFX
<http://www.earnforex.com/forex-brokers/NSFX?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— a Maltese company with MetaTrader 4 platform and ECN accounts,
which have $3,000 minimum size.
FIPFX
<http://www.earnforex.com/forex-brokers/FIPFX?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— a US introducing broker for ILQ <http://ilq.com/>
.
Core Liquidity Markets
<http://www.earnforex.com/forex-brokers/CoreLiquidityMarkets?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— a fresh new broker (2013) from Australia with MT4 platform and
$250 ECN accounts.
USGfx
<http://www.earnforex.com/forex-brokers/USGfx?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
— another Australian broker; offers ECN MT4 starting from $1,000.
You can always view our full
list of Forex brokers
<http://www.earnforex.com/forex-brokers/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
*
Forex VPS providers*
No new Forex VPS providers have been added to EarnForex.com
since the last issue of the newsletter, but you can always browse the
previously
added VPS companies
<http://www.earnforex.com/forex-vps-hosting?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
*
MetaTrader indicators*
No new MetaTrader indicators have been added to EarnForex.com
since the last issue of the newsletter, but you can always view the
previously
uploaded
Forex indicators
<http://www.earnforex.com/metatrader-indicators?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
*
MetaTrader expert advisors*
No new expert advisors have been added to EarnForex.com since
the last newsletter issue, but you can always browse the previously
added
MetaTrader EAs
<http://www.earnforex.com/metatrader-expert-advisors/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
*
Forex polls*
Three new polls have been posted in the EarnForex blog
<http://www.earnforex.com/blog/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
:
Will EUR/USD Manage to Set New Yearly High in 2013?
<http://www.earnforex.com/blog/will-eurusd-manage-to-set-new-yearly-high-in-2013/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
Do You Use Our Position Size Calculators?
<http://www.earnforex.com/blog/do-you-use-our-position-size-calculators-poll/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
Do You Follow Commitment of Traders Report?
<http://www.earnforex.com/blog/using-commitment-of-traders-report-to-trade-forex/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
You can also browse the full list of
Forex polls
<http://www.earnforex.com/blog/tag/forex-poll/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
from
EarnForex.com.
*
Forex strategies*
No new Forex strategies have been added to EarnForex.com since
the last issue of the newsletter, but you can always browse the
previously added
Forex strategies
<http://www.earnforex.com/forex-strategy/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
*
Forum*
Top 5 hot topics on EarnForex
Forum
<http://www.earnforex.com/forum/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
started in October:
16000% Return: How is this even possible?
<http://www.earnforex.com/forum/f4/16000-return-how-even-possible-15702/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
USA OFFICIAL SHUTDOWN AS THE FIRST SIGN OF USA'S COLLAPSE!!
<http://www.earnforex.com/forum/f4/usa-official-shutdown-first-sign-usas-collapse-15687/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
Do you need a teacher to succeed in Forex?
<http://www.earnforex.com/forum/f4/do-you-need-teacher-succeed-forex-15835/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
Trading without experience
<http://www.earnforex.com/forum/f4/trading-without-experience-15781/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
Learn Quickly, Earn Quickly
<http://www.earnforex.com/forum/f4/learn-quickly-earn-quickly-15703/?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
*
Forex industry news*
There were the following important Forex industry news since the
last issue of the newsletter:
FxPro
<http://www.earnforex.com/forex-brokers/FxPro?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
launches a social trading platform SuperTrader.
NFA fines <http://www.nfa.futures.org/news/newsRel.asp?ArticleID=4320>
IBFX
<http://www.earnforex.com/forex-brokers/IBFX?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
$600,000 for malpractice in reporting and book-keeping.
Windsor Brokers
<http://www.earnforex.com/forex-brokers/WindsorBrokers?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
launches new binary trading platform GWAZY.
*
Until the next newsletter issue!*
That's all for the November issue of the EarnForex.com
newsletter. If you have questions, comments or just want to see
something else
in the next monthly issue, please let us know
<http://www.earnforex.com/contact?utm_source=n201311&utm_medium=web&utm_campaign=n201311>
.
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