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EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — September 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. | | EDITORIAL: Minimizing Effects of Slippage | | Slippage can be a serious issue for a Forex trader. It occurs when orders execute at prices worse than planned. It is especially noticeable when a stop-loss is hit during the major news releases. It is possible to get 20-30 pips of slippage loss during such events. Although it is nearly impossible to eliminate slippage from trading, you can reduce your losses connected with slippage: Avoid stop orders. While it is definitely not wise not to use stop-loss on trades during the news, one should avoid the usage of pending stop orders for entry during volatile periods. Switch brokers. Some brokers offer better execution terms and limit the extent of slippage, others are known for wild slippage. Do not trade during news. If your trading strategy is not based on news releases, you should avoid trading during the news releases that can cause high volatility (NFP, GDP, CPI, etc.) Alternatively, you can always go long-term. Any slippage losses will seem minuscule compared to the net size of your gains and losses if you trade on daily or weekly timeframes. | | Overview of the major currency pairs' performance in August | | EUR/USD — after a week of sideway action, the currency pair dropped straight down. It was at the maximum at 1.3444 on August 1, at its minimum at 1.3131 on August 29, finishing the month at 1.3132. GBP/USD — declined during the whole month. The highest monthly rate was at 1.6892 on August 1, while the lowest — at 1.6536 on August 25. GBP/USD finished August trading at 1.6595. USD/JPY — rallied strongly except for two small-time corrections. The pair rose to as high as 104.26 on August 25, reaching a bottom at 101.50 on August 8 and closing the month with the 104.07 rate. EUR/JPY — posted a W-pattern ending the month not far from its opening level. The monthly high was at 138.01 on August 1, the monthly low — at 135.72 on August 8. Trading ended at 136.66 for this currency pair. GBP/JPY — The maximum level for this pair was 173.82 on August 1, while the minimum — 170.39 on August 15. The month's trading ended at 172.70 for GBP/JPY. | | Fundamental background of the past month | | August was very good month for the dollar. The major driver for the currency's rally was anticipation of monetary tightening from the Federal Reserve in the near future, supported by the Fed minutes and comments of Chairperson Janet Yellen. As it usually happens, good performance of the dollar means weakness of the euro, and this time was not an exception. The catalysts for the euro's moves was the same as for the dollar - the monetary policy outlook, but in case of the euro it had a negative impact as traders were expecting monetary easing, not tightening. The Great Britain pound was also struggling in August and fell versus the dollar together with other currencies but pared losses versus other majors. The monetary policy outlook was supportive for the currency due to the Bank of England minutes and comments of BoE Governor Mark Carney, but economic data was weighing on the sterling. The Japanese yen demonstrated mixed performance as a positive influence of risk aversion was countered by prospects for additional monetary easing from the Bank of Japan. Economic data was not helping the currency to establish a trend. The Canadian and the Australian currencies were rather strong last month, while the New Zealand dollar did not fare well, likely due to the economic outlook. Gold attempted to rally in early August but failed and was unable to keep gains. | | Interest rate changes in August | | Chile | 3.75% | -0.25% | 3.50% | | Israel | 0.50% | -0.25% | 0.25% | | Romania | 3.50% | -0.25% | 3.25% | | South Korea | 2.50% | -0.25% | 2.25% | | Turkey | 12.00% | -0.75% | 11.25% | | | Top 5 Forex brokers of the last month | | One new Forex article has been published on EarnForex.com since the last issue of the newsletter: You can always browse the previously uploaded articles. | | Five new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - 1BillionForex — a registered Belizean (offshore) company with MT4 and MT5 accounts, starting with $100. The broker offers both fixed and variable spreads. Maximum leverage is set to 1:200. Trading in non-Forex instruments is allowed.
- BTFX — a registered Maltese company with MT4 platform, one account type (starting from $500), ultra-low spreads and 1:200 maximum leverage on Forex. CFD trading is available too.
- ETX Capital — a British Forex broker operated by a 50-years-old FCA-regulated company. They offer quite a low fixed spread and also a low minimum account size — $50. Their proprietary trading platform is rather advanced and can be used from mobile devices.
- Elit4x UK — an unregulated British broker with MetaTrader 4 platform, 1:500 maximum leverage, and a multitude of payment options. The minimum to start trading is $100.
- FX-EDGE — a regulated company from New Zealand. It offers ECN accounts with MT4 and Match-Trader (proprietary) platforms. Accounts start at $500; the maximum leverage is 1:100; spreads are extremely low.
You can always view our full list of Forex brokers. | | Two new Forex VPS providers have been added to EarnForex.com since the last issue of the newsletter: - Cheapvps.co — a European VPS with servers in Netherlands. Accepts PayPal and Skrill. Lowest monthly price is $8.84.
- eForexVPS — a US/UK VPS company with $11.95/month minimum price and several payment options.
You can always browse the previously added VPS companies. | | There were the following important Forex industry news since the last issue of the newsletter: | | Until the next newsletter issue! | | That is all for the September 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. | | |
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