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EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — November 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: Checklist for going live | | New traders prefer to transit from demo account to live trading as soon as they feel confident enough. Usually, it happens right after their first few profitable weeks or even days on demo. But are they really ready to be risking their hard-earned money? The following checklist will help you to prepare and increase your chances for a successful demo→live shift: - Do you know when the market open hours are?
- When each trading session starts and ends?
- Do you have some strict conditions for entering and exiting a trade?
- Do you understand what a risk/reward ratio is and how does it affect your probability for recovery from losses?
- Do you understand how leverage, used margin, and stop-out level work?
- Do you understand the purpose of the main position sizing techniques?
- Do you know what a rollover interest rate is?
- Do you know when slippage or spread widening can occur?
- Can you reliably detect trend's existence and direction?
- Do you understand how various fundamental factors affect currency pairs?
- What does each of the popular technical indicators actually mean? For example, what happens with the exchange rate if the RSI is rising?
- Do you have a clear goal when to make your first withdrawal?
- Do you have some set threshold for losses that will tell you that your trading strategy is no longer working?
If you cannot answer definitely and positively to all those questions, then you have to spend some more time reading online, learning from books, and asking questions on forums. Forex trading is a very difficult business due to its reliance on probabilities. Starting without the necessary qualification will decrease your likelihood to succeed. | | Overview of the major currency pairs' performance in October | | EUR/USD — after an attempted rally during first two weeks, the pair went down significantly. It was at the maximum at 1.1495 on October 15, at its minimum at 1.0896 on October 28, finishing the month at 1.1002. GBP/USD — demonstrated an uptrend during the first half of the month, then lost half of the gains but quickly returned close to the top during the final two days. The highest monthly rate was at 1.5509 on October 15, while the lowest — at 1.5107 on October 1. GBP/USD finished October trading at 1.5427. USD/JPY — managed to rise overall after a noticable spike down in the middle of the month. The pair rose to as high as 121.48 on October 30, reaching a bottom at 118.05 on October 15 and closing the month with the 120.64 rate. EUR/JPY — showed some increase during the first several days but entered a downtrend after that. The monthly high was at 136.95 on October 9, the monthly low — at 131.58 on October 29. Trading ended at 132.74 for this currency pair. GBP/JPY — was in a steady bullish trend during the whole month. The maximum level for this pair was 186.72 on October 30, while the minimum — 180.65 on October 2. The month's trading ended at 186.12 for GBP/JPY. | | Fundamental background of the past month | | Speculations about possible timing of an interest rate lift-off by the Federal Reserve was the main driving force for the US dollar in October, though the outlook for monetary easing from the European Central Bank was also helping the greenback. The currency got a significant boost by the end of the month from the hints made by the Fed about the possibility of a December rate hike. Obviously, prospects for additional stimulus made the euro very vulnerable. The Great Britain pound was yet another major currency driven by the policy outlook, though slowing economic growth was also an important factor for the currency. The Japanese yen was no different from its other major peers in that it felt influence of its central bank's policy decision, even though it just left monetary policy unchanged (the same of other central banks). Saying that, chances for an expansion of monetary accommodations remain high. As usually, the Canadian dollar was following moves of crude oil, though not all the time. As for other factors, the currency has been hurt by the lowered growth projections from the central bank and the falling consumer inflation. Australia's central bank helped the Australian currency by keeping interest rates unchanged but hurt it by the Financial Stability Report that voiced concerns about economic growth of China. Talking about the Asian nation, it had noticeable influence on the performance of the Aussie, both good and bad. The New Zealand currency received support from rising dairy prices and good news from China. At the same time, the currency has been hurt by prospects for lower interest rates. Gold has started October on a strong note due to the lackluster nonfarm payrolls and the dovish Fed policy meeting minutes. Yet the metal lost about half of its gains after the US central bank confirmed that December monetary tightening remains in the cards. | | Interest rate changes in October | | One new Forex book has been published on EarnForex.com since the last issue of the newsletter: You can always browse the previously uploaded books. | | Top 5 Forex brokers of the last month | | Four new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - FxGrow — an ECN Forex broker regulated by CySEC. It provides services via MT4 and NetStation platforms. The broker offers ECN (from $100) and ECN Plus (from $1,000) account types. The latter has lower spreads but goes with commission.
- Core Spreads — an FCA-regulated MT4 broker based in the United Kingdom. They offer standard MT4 accounts and a custom spread betting platform. The minimum is just $1 and the spreads are also very low.
- TradeKing — a US-based Forex broker with a proper NFA registration. They offer currency trading via proprietary ForexTrader Pro platform and also provide brokerage services in other types of financial instruments (like stocks and ETFs). The minimum to start trading with this company is $500.
- One Financial Markets — a UK FX broker with a strong focus on Arabic market. They are licensed by FCA and provide fixed-spread accounts starting with $250. The maximum leverage on currencies is 1:400.
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: - MB Trading closed down its retail Forex business, transferring all customers to TradeKing, an introducing broker for GAIN Capital Group, LLC (the owner of Forex.com).
- US NFA adopts new rules regarding broker's information security policies. The aim is to make traders' accounts and data more secure.
- MXT Global (an Australian regulated broker) has moved its traders to Vantage FX and is now out of retail currency trading business.
| | Until the next newsletter issue! | | That is 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. | | |
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