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EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — November 2016. 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: Best Way to Start Learning Forex | | Readers who have just acquainted themselves with the concept of FX trading often ask me: what is the best way to start learning Forex? The answer is quite simple — you start learning to trade by trading! My own learning of Forex started with a demo account. Trading is not only knowledge, but also a skill, and like any skill, it requires practice. Demo account is an indispensable tool for practicing trading. Of course, demo account is useless if you cannot understand how to buy, how to sell, or what a currency pair is at all. Although you may open a demo account as a first thing in your studying process, you need to spend some time on getting yourself fluent in Forex terminology and the trading platform's interface before proceeding to practical steps. Especially so if you are still confused even by the most basic concepts. When you are equipped with basic concepts and have taken up for habit to trade on a demo account, you may proceed to the next step in your learning curve — reading books and talking with other traders, preferably finding a mentor — someone who would be interested in tutoring you. As time goes by, you will be able to hone your skills on a demo account (or a small live account), you will learn the basic trading strategies, and you will become good at reading other people's analysis (and perhaps, even at performing your own). The process of learning will continue as you read, communicate, practice, and assess your own performance using a trading journal. In Forex, learning never stops and it is never too late to start! | | Overview of the major currency pairs' performance in October | | EUR/USD — continued its decline in October but managed to recover significantly during the last week of the month. It was at the maximum at 1.1243 on October 3, at its minimum at 1.0851 on October 25, finishing the month at 1.0976. GBP/USD — fell sharply during the first days of the month and then consolidated in a narrow range. The highest monthly rate was at 1.2946 on October 3, while the lowest — at 1.1946 on October 7. GBP/USD finished October trading at 1.2238. USD/JPY — was on a rise during the whole month. The pair rose to as high as 105.53 on October 28, reaching a bottom at 101.19 on October 3 and closing the month with the 104.77 rate. EUR/JPY — posted a nearly symmetrical V-pattern in October. The monthly high was at 116.28 on October 6, the monthly low — at 112.60 on October 21. Trading ended at 115.00 for this currency pair. GBP/JPY — after an initial sharp drop, demonstrated a steady albeit limited growth. The maximum level for this pair was 132.22 on October 5, while the minimum — 122.36 on October 7. The month's trading ended at 128.23 for GBP/JPY. | | Fundamental background of the past month | | The US dollar continued to receive support from the outlook for an interest rate cut from the Federal Reserve in December. There were a few problems for the currency, though, like weak non-farm payrolls and the reopened investigation of Hillary Clinton's emails. The euro had problems like concerns about the Brexit and the health of the European economy. The dovish stance of the European Central Bank was not helping either. Talking about the Brexit, fear of the so-called hard Brexit made the Great Britain pound the biggest loser among major currencies. The currency was so soft that the Bank of England signaled that it cannot ignore the low exchange rate, leading to speculations that the BoE may refrain from additional monetary easing this year, which had looked all but certain previously. The Japanese yen did not fare that well either as Bank of Japan Governor Haruhiko Kuroda continued to talk about monetary stimulus (again and again). The Australian dollar was also not particularly strong, but the situation was improving for the currency in the second half of the month as minutes of the Reserve Bank of Australia suggested that the central bank is not in a hurry to make another interest rate cut, and the strong inflation data supported the idea that the Australian economy is robust and does not need even more accommodative monetary policy. New Zealand inflation was also better-than-expected, meaning lower chances for a rate reduction from the Reserve Bank of New Zealand as well. Gold has started October with a huge drop, though it was recovering afterwards. | | Interest rate changes in October | | Brazil | 14.25% | -0.25% | 14.00% | | Republic of India | 7.00% | -0.25% | 6.75% | You can see the current interest rates by the world's central banks in our interest rate table. | | 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. | | Two new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - CIBFX — an offshore broker (Vanuatu) with MT4 platform and a great number of markets available for trading. Accounts start at $50.
- Formax — an FCA-regulated Forex broker with MT4 platform and ECN only account types. Their minimum account size is $1,000.
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: | | 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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