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EarnForex.com Monthly Newsletter
*May 6, 2014*
Welcome to the latest issue of EarnForex.com newsletter — May 2014.
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.
*
Notice about April issue*
If you are wondering what happened to last month's newsletter issue,
do not worry. Due to some technical problems it could not
be sent out in time, so we decided to skip it completely. The current
issue will cover some of the important facts from the last month.
*
EDITORIAL: Subjective vs. Objective*
When traders operate in Forex, they use some method of /market
analysis/ and produce some /trading decisions/ based on that analysis.
Both the analysis method and the
type of trading decisions can be either /objective/ or /subjective/.
*Objective analysis* is based on scientific method; it can be tested
and called either useful (showing some predictive power) or useless
(no predictive power). In case of Forex trading, it would still be
based on probabilities, but they would be properly measured.
An example of the objective analysis method is a simple moving average
cross trading rule, which insists on buying when faster MA crosses
slower MA from below and on selling when the faster MA crosses the
slower one from above.
Although it is not the best rule out there, it is nevertheless
objective and testable.
*Subjective analysis* is based some unmeasurable or fuzzily defined
rules. Manual chart pattern analysis is a good example of subjective
analysis. It is nearly impossible to backtest this method properly, so
its validity cannot be falsified or confirmed.
*Objective trading decisions* are decisions that are fully defined
prior to entering the market. Even subjective analysis may result in
clearly defined entry and exit levels as well as a calculated position
size.
*Subjective trading decisions* are not clearly defined and cannot be
assessed for errors and inconsistencies when trading performance is
reviewed for some period. Even objective analysis may result in
subjective trading decisions.
Obviously, a trader should try to use only objective methods in his
trading because those methods (even if wrong) can be properly tested
and judged, while with the subjective methods a trader can only hope
that the chosen technique is profitable and he is executing it
correctly.
*
Overview of the major currency pairs' performance in April*
*EUR/USD* — entered a long sideways market following a moderate jump
during the first days of April. It was at the maximum at 1.3905 on
April 11, at its minimum at 1.3672 on April 4, finishing the month at
1.3867.
*GBP/USD* — demonstrated a steady uptrend during the whole month.
The highest monthly rate was at 1.6900 on April 30, while the lowest
— at 1.6553 on April 4. GBP/USD finished April trading at 1.6872.
*USD/JPY* — dropped significantly during the first days and traded
sideways during the rest of the month. The pair rose to as high as
104.12 on April 4, reaching a bottom at 101.32 on April 11 and closing
the month with the 102.23 rate.
*EUR/JPY* — fell slightly during the first decade of April and
recovered somewhat during the last two decades. The monthly high was
at 143.47 on April 2, the monthly low — at 140.07 on April 8.
Trading ended at 141.74 for this currency pair.
*GBP/JPY* — managed to rise above opening level despite a moderate
decline in the beginning of the month. The maximum level for this pair
was 173.13 on April 3, while the minimum — 169.48 on April 15. The
month's trading ended at 172.47 for GBP/JPY.
*
Fundamental background of the past month*
The US dollar remained extremely weak in April. The weakness stayed
<http://www.topforexnews.com/2014/05/03/poor-week-dollar-despite-fed-nfp/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
at the beginning of May despite the stimulus reduction
<http://www.topforexnews.com/2014/04/30/dollar-weaker-fed-trims-stimulus/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
from the Federal Reserve and very good non-farm payrolls
<http://www.topforexnews.com/2014/05/02/dollar-jumps-non-farm-payrolls-beat-expectations/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
The euro was mostly flat but remains in danger ahead of the European
Central Bank policy meeting on May 8 as European policy makers were
talking about possibility of adding monetary stimulus.
The Japanese yen was moving sideways too even though the conflict
between Russian and Ukraine made traders reluctant to risk. The Bank
of Japan refrained from stimulus
<http://www.topforexnews.com/2014/04/30/boj-refrains-stimulus-yen-unable-keep-gains/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
, yet these positive factors were not able to boost the Japanese
currency either.
The Great Britain pound was among the best performers on the Forex
market in the past month as economic indicators were very good for the
most part, spurring talks that the Bank of England will raise interest
rates earlier. GBP/USD rallied 1.1 percent and at the start of May
reached
<http://www.topforexnews.com/2014/05/01/positive-data-helps-gdp-reach-multi-year-record-vs-usd/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
the highest level since August 2009.
The Canadian dollar was relatively strong, bolstered by the positive
employment data
<http://www.statcan.gc.ca/daily-quotidien/140404/dq140404a-eng.htm>
at the start of April and retained its strength after the Bank of
Canada monetary policy meeting
<http://www.bankofcanada.ca/2014/04/fad-press-release-2014-04-16/>
.
The Australian dollar was rising in the first half of April after the
Reserve Bank of Australia reiterated
<http://www.rba.gov.au/media-releases/2014/mr-14-05.html>
its forecast of stable interest rates. The currency reversed its
movement in the second half and closed virtually flat.
The New Zealand dollar was surprisingly week over the month, though
gained some strength after the Reserve Bank of New Zealand performed
<http://www.rbnz.govt.nz/news/2014/5710394.html>
an interest rate hike.
Gold traded on the weak side in April, sometimes reacting
counter-intuitively
<http://www.commodityblog.com/gold-copper-reacts-counter-intuitively-to-economic-news/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
to news.
*
Interest rate changes in March-April*
Country
Old Rate
Change
New Rate
*Brazil*
10.75%
+0.25%
11%
*Chile*
4.25%
-0.25%
4.00%
*Hungary*
2.70%
-0.20%
2.50%
*Israel*
1.00%
-0.25%
0.75%
*New Zealand*
2.50%
+0.50%
3.00%
*Thailand*
2.25%
-0.25%
2.00%
*
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=newsletter&utm_medium=email&utm_campaign=n201405>
are the following:
FreshForex
<http://www.earnforex.com/forex-brokers/FreshForex?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— 10
Tradenext
<http://www.earnforex.com/forex-brokers/Tradenext?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— 10
3TG Brokers
<http://www.earnforex.com/forex-brokers/3TGBrokers?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— 10
AForex
<http://www.earnforex.com/forex-brokers/AForex?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— 10
Ajax Financial
<http://www.earnforex.com/forex-brokers/AjaxFinancial?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— 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=newsletter&utm_medium=email&utm_campaign=n201405>
if you have not done so already.
*
Forex e-books*
One new Forex book has been published on EarnForex.com since
the last issue of the newsletter:
WRB Analysis Tutorial (First 3 Chapters)
<http://www.earnforex.com/forex-e-books/trading-strategy/WRB_Analysis_Tutorials_011914_v2.5.doc>
You can always browse the previously
uploaded books
<http://www.earnforex.com/forex-e-books/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
*
Forex articles*
One new Forex article has been published on EarnForex.com since
the last issue of the newsletter:
Does High Frequency Trading Affect Forex Traders?
<http://www.earnforex.com/articles/does-high-frequency-trading-affect-forex-traders?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
You can always browse the previously
uploaded articles
<http://www.earnforex.com/forex-articles?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
*
Forex brokers*
Three new Forex brokers have been added to EarnForex.com since the
last issue of the newsletter:
xCFD
<http://www.earnforex.com/forex-brokers/xCFD?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— a New Zealand company with $100 minimum, a custom proprietary
platform and very low spreads.
ELEX Electronic Markets
<http://www.earnforex.com/forex-brokers/ELEXElectronicMarkets?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— a Swiss broker focused on ECN accounts, starting from $5,000.
MetaTrader 4, HMS TRADER 2 and Hotspot FX platforms are offered to
traders.
Real ECN
<http://www.earnforex.com/forex-brokers/RealECN?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— a New Zealand company aimed on small-time traders seeking ECN
execution. Accounts start from $500 and are traded using MT4 platform
only.
Capital Trust Markets
<http://www.earnforex.com/forex-brokers/CapitalTrustMarkets?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— yet another New Zealand based broker. Their minimum account size
is $100. Multiple trading instruments are available with 1:500
leverage via MetaTrader 4 platform.
Hantec Markets
<http://www.earnforex.com/forex-brokers/HantecMarkets?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— a transnational company with regulation by ASIC, FCA (UK) and FSA
(Japan). Offers MT4 and Currenex. Accounts start from $1,000.
You can always view our full
list of Forex brokers
<http://www.earnforex.com/forex-brokers/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
*
Forex VPS providers*
Two new Forex VPS providers have been added to EarnForex.com
since the last issue of the newsletter:
NetNine
<http://www.earnforex.com/forex-vps-hosting/NetNine?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— servers in the USA; prices start from $15/month.
DotBlock
<http://www.earnforex.com/forex-vps-hosting/DotBlock?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
— servers are in the USA too, but the lowest price is $39.95/month.
You can always browse the previously
added VPS companies
<http://www.earnforex.com/forex-vps-hosting?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
*
MetaTrader indicators*
One new MetaTrader indicator has been added to EarnForex.com
since the last issue of the newsletter:
WRB Hidden Gap
<http://www.earnforex.com/metatrader-indicators/WRB-Hidden-Gap?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
You can always view the previously
uploaded
Forex indicators
<http://www.earnforex.com/metatrader-indicators?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
*
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=newsletter&utm_medium=email&utm_campaign=n201405>
.
*
Forex polls*
Four new polls have been posted in the EarnForex blog
<http://www.earnforex.com/blog/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
:
Geopolitical Crisis — Good for Traders or a Headache?
<http://www.earnforex.com/blog/geopolitical-crisis-good-for-traders-or-a-headache/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
What Methods of Trading Do You Use?
<http://www.earnforex.com/blog/objective-vs-subjective-forex-trading/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
What Distracts You from Forex Trading?
<http://www.earnforex.com/blog/what-distracts-you-from-forex-trading/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
How Do You Measure Retail Forex Market Sentiment?
<http://www.earnforex.com/blog/how-to-measure-retail-forex-market-sentiment/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
You can also browse the full list of
Forex polls
<http://www.earnforex.com/blog/tag/forex-poll/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
from
EarnForex.com.
*
Forex strategies*
One new Forex strategy has been added to EarnForex.com since
the last issue of the newsletter:
Commitment of Traders Strategy
<http://www.earnforex.com/forex-strategy/cot-strategy?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
You can always browse the previously added
Forex strategies
<http://www.earnforex.com/forex-strategy/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
*
Forum*
Top 5 hot topics on EarnForex
Forum
<http://www.earnforex.com/forum/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
started in April:
Do you use FPA to choose the broker?
<http://www.earnforex.com/forum/f10/do-you-use-fpa-choose-broker-16979/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
new EA with amazing results
<http://www.earnforex.com/forum/f13/new-ea-amazing-results-16970/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
Trading platforms
<http://www.earnforex.com/forum/f4/trading-platforms-17046/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
Demo Account is a practicing Account
<http://www.earnforex.com/forum/f26/demo-account-practcing-account-16947/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
forex news & tips
<http://www.earnforex.com/forum/f5/forex-news-tips-16906/?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
*
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=newsletter&utm_medium=email&utm_campaign=n201405>
became the official sponsor of FC Barcelona, one of the
most renowned sports team in the world.
The People's Bank of China has widened
<http://www.pbc.gov.cn:8080/publish/english/955/2014/20140317160839706274217/20140317160839706274217_.html>
the trading corridor
for Chinese yuan, effectively giving more freedom with USD/CNY
currency pair to Forex traders.
AFB FX broker rebranded to Orbex
<http://www.earnforex.com/forex-brokers/Orbex?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
.
Saxo Bank
<http://www.earnforex.com/forex-brokers/SaxoBank?utm_source=newsletter&utm_medium=email&utm_campaign=n201405>
launched stock options trading.
*
Until the next newsletter issue!*
That's all for the May 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=newsletter&utm_medium=email&utm_campaign=n201405>
.
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