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EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — May 2015. 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: Managing Your Trades | | Keeping control of your positions can be as important as entering and exiting them at a right time. It is a simple process if you are trading with one position at a time, but it is getting more complex as the number of trades grows. There are following ways to improve the management process of your trades: Automated opening. You can open trades automatically either via scripts or via expert advisors. Such method of trading can still be called manual as long as you retain full control of the process, but the main advantage of the automated trading is retained: it avoids accidental errors. Setting hard exits. Putting in the stop-loss and take-profit levels immediately after the position is opened is the most guaranteed way to stay in control of the trade's exit. It does not mean that you should never change the SL or TP after they are set, but leaving a trade without those levels is just adding another possibility for failure. Understanding risks. To avoid over-risking and untimely exits from the existing trades, a trader should know the total risk of the current portfolio of trades. When two or more orders are active on one currency pair, the risk analysis becomes trickier. It is necessary to use the appropriate tools to assess the maximum possible loss of your current trading set-up. Automated closing. The same as with opening, the exiting process can be automated using the MetaTrader scripts and EAs to enable simultaneous exits, exits with re-entry, timed exits or complex conditional exits. Apart from some pretty standard scripts (like close all), such software should be created separately for each specific trading strategy. | | Overview of the major currency pairs' performance in April | | EUR/USD — after initial decline, the pair soared in April. It was at the maximum at 1.1265 on April 30, at its minimum at 1.0520 on April 13, finishing the month at 1.1222. GBP/USD — showed even more abrupt gains than EUR/USD. The highest monthly rate was at 1.5497 on April 29, while the lowest — at 1.4565 on April 13. GBP/USD finished April trading at 1.5352. USD/JPY — traded in a jigsaw pattern during the month. The pair rose to as high as 120.84 on April 13, reaching a bottom at 118.50 on April 30 and closing the month with the 119.39 rate. EUR/JPY — declined during the first half of April, but rallied in the second one. The monthly high was at 134.50 on April 30, the monthly low — at 126.09 on April 14. Trading ended at 133.99 for this currency pair. GBP/JPY — traded similarly to GBP/JPY. The maximum level for this pair was 184.14 on April 30, while the minimum — 174.87 on April 14. The month's trading ended at 183.27 for GBP/JPY. | | Fundamental background of the past month | | The US dollar was extremely weak in April due to the constant stream of unfavorable economic data from the United States, including abysmal non-farm payrolls released at the beginning of the month. The Federal Reserve policy statement for April suggested that an interest rate hike is possible as early as June, and this allowed the greenback to gain ground. Yet the currency ended April as the weakest major after all as the sharp slowdown of the US economic growth made hopes for an early rate hike all but evaporate. The euro demonstrated a mixed performance during April. The major theme that was driving the currency has been Greece. Negotiations between the indebted country and its creditors stalled but the change of the chief negotiator from Greece renewed hopes that an agreement of some sort is still possible. The Great Britain pound started the month on a weak footing and reached the lowest level since June 2010 against the US dollar during the first half of April. Some soft macroeconomic indicators (including the lack of inflation and slowing economic growth) and the uncertainty about the outcome of the upcoming May elections contributed to the initial weakness of the sterling. Yet the currency managed to recover by the end of the month, becoming one of the strongest majors. The Japanese yen had tough times in April. While the currency managed to rally to the highest level since 2013 versus the euro; the gains did not last long. The yen turned out to be the second weakest currency after the US dollar, especially after the central bank said that the inflation will not reach the target of 2 percent till the next year. The reduction of Japan's credit rating by Fitch Ratings did not help the currency either. The Swiss franc moved sideways against the euro and was able to gain on the dollar even though the Swiss National Bank narrowed the range of deposits exempt from the negative interest rates. The Canadian dollar was supported by the rally of crude oil. Other commodity currency also profited from the strong performance of crude, but the Australian and the New Zealand dollar were subdued by prospects for an interest rate cut. Gold did not demonstrate a consistent behavior during April. While the precious metal was attempting to rise on the back of the US dollar's weakness from time to time, it was not able to follow through with a rally, moving mostly sideways during the month. | | Interest rate changes in April | | Hungary | 1.95% | -0.15% | 1.80% | | Romania | 2.25% | -0.25% | 2.00% | | Russian Federation | 14.00% | -1.50% | 12.50% | | | One new MetaTrader indicator has been added to EarnForex.com since the last issue of the newsletter: You can always view the previously uploaded Forex indicators. | | Top 5 Forex brokers of the last month | | Seven new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - NewForex — a Russian MT4 broker with up to 1:1000 leverage in Forex trading. The account can be opened with as little as $1.
- Forex.ee — an unregulated Estonian company with ECN and STP accounts. The only trading platform is MetaTrader 4, while the minimum account is $100. Leverage is maxed out at 1:500 for Forex instruments.
- Trust Capital — an unregulated Lebanese broker with MetaTrader 4 as the only available platform. The minimum account size is pretty huge at $10,000. Maximum leverage is at 1:400. CFDs and commodities are available for trading.
- LCG — a prominent London-based company with FCA regulation and MetaTrader 4 platform. The minimum account size is a weird number of $33.33 with LCG and they set the maximum leverage to 1:300 for FX instruments.
- Solforex — a New Zealand regulated broker with MetaTrader 4 platform and several account types — from simple $200 minimum STP to premium $10,000 accounts with extremely low spreads and commission for trading.
- Zar FX — an unregulated MT4 Forex broker, which claims to be based in the United Kingdom. They provide ECN trading from $500 with 1:100 leverage. This broker accepts multiple payment options and offers some unique features.
- Ruizean Trader — an Australian company regulated by ASIC. Standard accounts start from $200, and ECN accounts are offered from $1,000. Both are traded via MetaTrader 4. The leverage is capped at 1:100.
You can always view our full list of Forex brokers. | | There were the following important Forex industry news since the last issue of the newsletter: - We have launched a new broker section for the Forex companies working with Bitcoin.
- eToro launched real-time stocks CFD trading. Before, you would have to wait for the end of day for your orders to execute.
- FXDD established a Bermuda company FXDD Trading and now offer 1:500 leverage Forex trading service.
- Deutche Bank fined by CFTC and FCA for $800 million and £227 million (~$341 million) for currency market manipulation, attempted manipulations, and false reporting.
- Forex-Trend's New Zealand company Forex Trend Limited is being liquidated through the country's Financial Dispute Resolution scheme.
| | Until the next newsletter issue! | | That is 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. | | |
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