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| | | | Welcome to the latest issue of EarnForex.com newsletter — December 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. We increased the font size. Like it? Hate it? Tell us! | | EDITORIAL: Trading education tips | | Although there is no way to get something equivalent to a formal degree in Forex, the education is very important for traders. With so many options available online and offline, traders should know how to get the right type of education and not to overpay for it. Here is the list of tips that will help you acquire skills in an optimal way: - One-on-one mentoring is the most effective way of getting knowledge from someone else. It is also the most expensive way because you have to pay for the time of a very skilled person. If the price for one-on-one mentorship is low, it is a big signal that something is not right here.
- Group training is the most popular option because it is affordable and is widely available both offline and online. When joining such a group, make sure their goals and overall skill level is well-aligned with yours.
- With so many free courses available, it is important to remember that while they are worth going through for new traders — they are rarely sufficient to transform a bad trader into a good trader.
- An option to quickly get some hands-on experience from professional traders is to participate in live trading webinars. Unlike mentorship, it does not really cost much time to the trainer as he or she just needs to stream live their normal trading session.
- Books — free and paid — can serve as a great source of knowledge to those traders who like reading and need to gain theoretical base in Forex. When choosing a book, it is important to make a choice according to your current level of knowledge.
- If you are planning to become a student at college or university, choose Financial Analysis major. It will be of great help in spot Forex trading. But even if you fail as an independent currency trader, you will still have an opportunity to get a job in the financial trading industry.
- Corporate learning is the process of acquiring knowledge from the people you work with. It is a great way for the individuals to gain skills and for the companies to preserve the expertise inside the business entity. Getting a job at some trading company (investment bank, for example) is also a good step towards becoming a Forex trader, even if the job is not directly connected with trading.
- Whichever path of learning you choose, make sure it is result oriented education you are subscribing for. You have to set some specific goals you want to reach with this specific program. The teacher has to work with you specifically towards this goal. Ideally, the said educational program does not end until you reach that goal.
- Know when to stop! You do not want to spend a lot of money and time on something that you are bad at. It is completely normal that some people are not apt for Forex trading. If you are one of them, it is better to realize that earlier than later.
| | Overview of the major currency pairs' performance in November | | EUR/USD — was in a straight downtrend in November. It was at the maximum at 1.1052 on November 2, at its minimum at 1.0557 on November 30, finishing the month at 1.0564. GBP/USD — showed a classic downtrend with lower lows and lower highs but was rather volatile. The highest monthly rate was at 1.5497 on November 2, while the lowest — at 1.4994 on November 30. GBP/USD finished November trading at 1.5054. USD/JPY — shoot up during the first few days of the month, then turned to sideways trading. The pair rose to as high as 123.75 on November 18, reaching a bottom at 120.25 on November 2 and closing the month with the 123.09 rate. EUR/JPY — declined through the month. The monthly high was at 133.20 on November 2, the monthly low — at 129.66 on November 27. Trading ended at 130.01 for this currency pair. GBP/JPY — rose until November 19, then fell below opening and continued sideways. The maximum level for this pair was 188.80 on November 19, while the minimum — 184.24 on November 27. The month's trading ended at 185.28 for GBP/JPY. | | Fundamental background of the past month | | November was good month for the US dollar, which was supported by the outlook for an interest rate hike from the Federal Reserve in December. The overwhelmingly positive non-farm payrolls backed such outlook. On the flip side, the euro struggled due to expectations of stimulus from the European Central Bank. The Great Britain pound lost support from the outlook for monetary tightening from the Bank of England. Talks about the Brexit were also affecting the sterling. Bank of Japan's decision to not expand monetary accommodation benefited the Japanese yen. Yet it was hard to believe that the central bank would be able to refrain from stimulating the economy, which has slipped into recession. The Swiss franc suffered from speculations that Swiss National Bank would follow the European Central Bank if the latter decides to ease its monetary policy. The Canadian dollar continued to suffer from the falling prices for crude oil, though the currency received some support from Canada's positive employment data. The Australian dollar demonstrated surprisingly strong performance during November, sometimes outright ignoring negative news. The currency gained strength after the Reserve Bank of Australia did not reduce interest rates and the bank's chief signaled that he would not consider changing monetary policy before Christmas. The New Zealand dollar had a share of negative factors, like the outlook for monetary easing, falling dairy prices and negative jobs data. November was a bleak month for gold, which suffered expectations of monetary tightening from the Fed and concerns about China's economic slowdown. | | Interest rate changes in November | | Iceland | 7.25% | +0.25% | 7.50% | | South Africa | 6.00% | +0.25% | 6.25% | | | 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. | | Two MetaTrader indicators have been updated since the last issue of the newsletter: You can always view the all the free Forex indicators available on EarnForex.com. | | One Forex strategy has been updated on EarnForex.com since the last issue of the newsletter: You can always browse other Forex strategies. | | One new interview has been published on EarnForex.com since the last issue of the newsletter: You can always read the previous interviews published on EarnForex.com. | | Top 5 Forex brokers of the last month | | Three new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - WSSolution — a Russian broker with offshore registration in Saint Vincent and the Grenadines. It offers rather standard MT4 trading conditions. WSSolution is also very new — it has been launched this year.
- ForexMart — another Russian broker but this time with Cyprus registration and CySEC regulation. It is a brand new online broker too. Smallest account is $1, the maximum leverage is 1:1000, and the only available trading platform is MetaTrader 4.
- Trade12 — a new offshore company registered on Marshall Islands MT4 and Sirix Station platforms. They offer Standard accounts from $250 and ECN accounts from $10,000. 1:400 leverage is available on Forex instruments.
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: - Darwinex launches trading in commodities and indexes.
- CySEC reaches settlement of €335,000 with IronFX in relation to breaches of regulations. The regulator also fined FXGM's operator for €233,000 for numerous violations and non-compliances. A fine of €123,000 was also imposed on Reliantco Investments Limited, a company behind UFXMarkets.
- RoboForex launched a German version of their website and ceased offering Currenex Viking trading platform.
| | Until the next newsletter issue! | | That is all for the December 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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