EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — April 2017. 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: Do Not Be Afraid of Your Broker 😱 | | Full of get-rich-quick promises, the whole Forex industry looks like one big scam. As a new trader, you have probably been reading about dishonest brokers who ignore funds withdrawal requests, hunt stops, change chart data, and illegally modify positions to ruin traders and enrich themselves. Although it pays to be careful with brokers, one of the useful traits of a successful trader is to trust a broker. There are following advantages to having trust in your brokerage: - Less stress. There is a huge difference in doing business with someone you trust versus someone you do not trust. In a latter case, you need to focus your thoughts on one thing: "Am I being cheated?" And because there are limitless possibilities for fraud, you would desperately need to focus on too much of that stuff. With trust in your counterparty, you can focus on an important thing instead — trading profitably.
- Personal accountability. Accepting your trading failures as your own mistakes and acting on them in a proper way is only possible if you accept personal accountability of what is happening in your trading account. If you do not, you will continue blaming your broker and getting the same results in the end. Getting better at trading starts with getting to trust your broker.
- Focus on trading. Removing the fear factor from trader-broker relations, allows you to concentrate on your trading activity. After all, it is the very reason you are dealing with the broker in the first place. Think of the time and efforts you spent on checking if your broker mispriced your entry or deducted too much deposit commission. It could have been used more productively.
- Real support. If you are afraid of your own broker, you will not be able to benefit from its educational and informational support. Of course, some brokers provide subpar analysis information and just teach traders to deposit and trade more, but reputable companies that are interested in long-term customers help their traders learn and perform better. Trust is a key point here.
That being said, it does not mean that you should be trusting crooked brokers or outright scams. If you have legit doubts about your Forex broker's credibility, the best solution is to change your broker. However, if you are changing them too often, perhaps, the reason lies not within brokers. | | Overview of the major currency pairs' performance in March | | EUR/USD — rallied strongly in March but corrected significantly during the final week of the month. It was at the maximum at 1.0906 on March 27, at its minimum at 1.0494 on March 2, finishing the month at 1.0650. GBP/USD — after initial fall, it rallied but then stagnated. The highest monthly rate was at 1.2615 on March 27, while the lowest — at 1.2109 on March 14. GBP/USD finished March trading at 1.2548. USD/JPY — initial rise was followed by a sharp fall with a minor correction during the last day of March. The pair rose to as high as 115.50 on March 10, reaching a bottom at 110.11 on March 27 and closing the month with the 111.37 rate. EUR/JPY — rose rapidly during the first half of the month and then declined with the same speed during the remaining half. The monthly high was at 122.88 on March 13, the monthly low — at 118.62 on March 31. Trading ended at 118.77 for this currency pair. GBP/JPY — was slowly declining in a rather tight channel during the month. The maximum level for this pair was 140.74 on March 2, while the minimum — 137.52 on March 29. The month's trading ended at 139.81 for GBP/JPY. | | Fundamental background of the past month | | The US dollar was mainly driven by expectations of an interest rate hike from the Federal Reserve in March. Yet the actual hike did not result in a rally for the dollar as traders considered the Fed not as hawkish as they had anticipated. Another blow to the dollar came from the inability of US President Donald Trump to fulfill his promise of dismantling the so-called Obamacare. That led to concerns that Trump will not be able to achieve his other goals that would be beneficial to the US economy. Political uncertainty due to this year's elections in various European countries was the main driver for the euro in March. The currency got a boost from hawkish comments of European Central Bank President Mario Draghi, which were interpreted by markets as a sign that the central bank is going to tighten monetary policy in the near future. Yet according to some reports, such interpretation was wrong. Brexit fears remained a major factor driving the Great Britain pound down, though the currency gained after Britain had actually initiated the formal process of separation from the European Union. The hawkish stance of the Bank of England also helped the sterling to end March relatively strong. The Japanese yen was generally strong, getting boost from risk aversion on the markets, though the policy statement from the Bank of Japan and the comments from the BoJ Governor Haruhiko Kuroda suggested that Japanese policy makers are not in a hurry to remove monetary stimulus, and that hurt the currency. As it usually happens, the Canadian dollar followed moves of crude oil, though news from the United States also had impact. Gold started March poorly, logging a big weekly loss after the speech of Donald Trump, which was well-received by markets. Yet the "dovish rate hike" by the Federal Reserve helped the commodity to bounce, and the subsequent weakness of the dollar continued to push the metal higher. Gold ended the month basically flat while political uncertainty in the United States and Europe resulted in the best quarter for the metal in a year. | | Interest rate changes in March | | Chile | 3.25% | -0.25% | 3.00% | | Mexico | 6.25% | +0.25% | 6.50% | | Russian Federation | 10.00% | -0.25% | 9.75% | | United States | 0.625% | +0.25% | 0.875% | 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 | | There were the following important Forex industry news since the last issue of the newsletter: - The Australian Parliament has passed a bill that would require the Australian Forex brokers to treat traders' deposits as segregated funds. Currently the company may use the funds as its operating capital. The brokers have one year to fix this.
- More brokers, including XM.COM and FIBOGroup, launched MetaTrader 5 accounts as the platform's popularity grows.
- ThinkMarkets (ex-ThinkForex) joined the few brokers who work with PayPal for deposits and withdrawals.
- Forex Broker Inc. has been delisted from our Forex broker directory as it no longer offers brokerage services.
- Whaleclub became one of the few Forex brokers that also offer trading in Ether — a cryptocurrency based on the Ethereum technology.
- On March 31, the Cypriot regulatory authority CySEC has suspended the license of TTCM Traders Trust Capital Markets Ltd., the parent company of Traders Trust broker. On April 3, the regulator removed the suspension as the company has brought its capital adequacy ratio back to compliance.
- Malta Financial Service Authority, which regulates several prominent Forex/CFD brokers (such as Binary.com and FXDD for example), has announced that stating from October 3, the regulated companies will be required to have at least €730,000 in capital and to limit the leverage for retail traders to 1:50 and to retail professional traders to 1:100.
| | Until the next newsletter issue! | | That is all for the April 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. | | |
--
If you do not want to receive any more newsletters, please click this link: Unsubscribe
To update your preferences and to unsubscribe visit this link
Forward a Message to Someone this link 
|
ليست هناك تعليقات:
إرسال تعليق