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A consequence of that is that unless you look carefully into the reputation of the forex broker you select, you may be defrauded. There are two ways of avoiding this. Incidentally, many forex brokers will take your credit or debit card in lieu of cash. So, you really don't need to deposit any money at all—not that this is a good idea. If you don't have the cash now, how will you pay for losses later? Credit card debt carries high-interest rates.

Why you need a forex account to trade

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A foreign exchange account, or forex account, is used to hold and trade foreign currencies. Typically, you open an account, deposit money denominated in your home country currency, and then buy and sell currency pairs.

Your purpose, of course, is to make money on your trades. Unfortunately, the majority of beginning forex traders lose money; they generally spend less than four months reaching the point where they have lost so much that they will close their trading account.

It doesn't mean that the forex market is a scam, as some critics have maintained, but forex scams do abound. Making money on highly leveraged currency trades is harder than it looks and, at a minimum, requires developing expertise that many novice traders fail to acquire.

How you open a forex trading account

The requirements for opening a forex account have become simpler since the growth of online forex trading. Today, opening a forex account is almost as simple as opening a bank account.

First, of course, you'll need to find a forex broker. All retail forex trading goes through and is managed by a brokerage. Some may be specialized forex brokers, or they might be the same brokerage you use for stock market investing and trading.

You'll need to fill out a brief questionnaire about your financial knowledge and trading intentions. You'll also need to provide an ID, and the minimum deposit your forex account institution requires. That's it. You're now free to trade.

Incidentally, many forex brokers will take your credit or debit card in lieu of cash. So, you really don't need to deposit any money at all—not that this is a good idea. If you don't have the cash now, how will you pay for losses later? Credit card debt carries high-interest rates.

Forex brokers

One of the aspects of currency trading that makes it riskier than trading in the stock market is that the entire currency trading industry is either lightly regulated or—as with some trades—not regulated at all. A consequence of that is that unless you look carefully into the reputation of the forex broker you select, you may be defrauded. There are two ways of avoiding this.

The first is to avoid specialized forex traders entirely and to trade with a general stock brokerage active in the U.S. And therefore regulated by the U.S. Securities and exchange commission (SEC).

The other way to avoid inadvertently connecting with a fraudulent broker is to proceed very carefully when considering a specialized forex brokerage. Only open an account with a U.S. Broker with a membership in the national futures association (NFA). Use the NFA's background affiliation information center to verify the brokerage and its compliance record.

Even then, it's a good idea to choose a large, well-known forex broker like forex capital markets (FXCM). FXCM—like almost all of the largest U.S. Forex brokers—offers a free practice account where you can try out potential trades without risking your capital. Some other well-known U.S. Forex brokers are citifx PRO, an affiliate of citibank, and thinkorswim. Don't be put off by the cute name, thinkorswim is a division of tdameritrade.

Before finalizing your search, compare commission rates between brokers. Transaction costs are an important factor in the profitability of trading activity.

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Top 10 forex strategies for profitable trading in 2021

The estimated trading volume of the foreign exchange (forex) market stands at $6.6 trillion, a figure that exceeds even the volume traded across all stock markets. That is one of the primary reasons why the profit-seekers are flocking to forex day after day. But the statistics have it that the overwhelming majority of traders are losing money. Obviously, that happens due to the lack of time-tested forex trading strategy and money management skills. The year 2020 has proven to be tough on forex and all other financial markets, but it has also given an opportunity to revise many trading systems and approaches and come up with a list of the best forex strategies for 2021 that have proven their efficiency even at such turbulent times.

VWAP - a solid foundation for an intraday trading strategy

VWAP stands for the volume-weighted average price - it’s an indicator that we deem to be superior to many other charting tools because it takes into account both the trading volume and the price of a currency. It is calculated by multiplying the sum of price by trading volume and then dividing that number by total volume.

The inclusion of volume in calculations is the trait that makes VWAP a very powerful indicator - and in our opinion, often underused - alternative to the 9-day and 25-day moving averages since VWAP is considerably slower, thus providing far less false forex trading signals. The indicator’s other significant feature is that it’s often used as a guiding landmark for big market players like institutions and pension funds, whereas retail traders often disregard VWAP when devising the intraday forex trading strategy while focusing on popular indicators that often lead them astray.

The rule of thumb for using VWAP is rather simple: a trader must give preference to long trades when the price action occurs above the indicator and consider taking short trades when the price dives below the line. But remember that it should be included in the currency trading strategy only for a single day of trading as it reboots every day prior to the market open, so avoid building the mid-term, and especially long-term trading strategies on forex, on the basis of VWAP showings.

However, VWAP works best when used in combination with the actual volume indicator, the 9-period moving average, and a momentum oscillator like MACD since they provide sufficient confirmation for entering a trade. The EUR/USD chart above provides an example of how the forex strategy that incorporates VWAP can be applied. Here we see the price dropping below 9MA and VWAP, signifying a strong selling pressure, which is confirmed by the bearish MACD and the mounting bearish volume. According to this trading strategy, you should make the first sell at 1.2175 and keep on selling if 9MA dives below VWAP, a move that is called the VWAP cross.

Support/resistance and two stochastics - a powerful combo for successful forex trading

Trading forex using support and resistance (S/R) zones is probably the oldest play in the book. Nevertheless, they remain one of the most efficient tools for building profitable forex strategies around. We are ce draw these lines rather frivolously, which ultimately leads to losing trades. Rtain that there’s no need to teach you the basics of finding and plotting the lines of support and resistance, but we will give you some tips since many traders - even some seasoned ones - tend to

Always consider the trading volume when plotting S/R lines. The price action zones on the charts that saw the largest volume spikes should always be taken into consideration as they indicate the areas of increased supply or demand;

Remember that the horizontal support is considered more reliable than the diagonal one, especially when it comes to determining the pivot points.

When determining S/R for your trading strategy, remember to start from the macro time frames (monthly, weekly) and gradually move down to the lower ones.

For this forex trading strategy, we will employ horizontal support and resistance, combined with two stochastics: the fast one, set at 9-3-3, and the slower version of the same indicator with the settings of 21-9-9. The idea behind this strategy is the following: determine a strong S/R level by analyzing the trading volume and then use the showings of stochastics to determine the immediate and mid-term momentum and plan the trades accordingly. In this example, the fast stochastic is bullish while the slow one is obviously bearish, so we might be looking at a spike to 1.369, followed by the pullback to 1.313. For this currency trading strategy, it’s immensely important to understand where the momentum is taking the price when it approaches the area of intense price interaction, as it hints at whether the S/R line would be able to hold.

Employing parabolic SAR and MACD to maximize the profits

The forex strategy that utilizes the parabolic SAR and MACD is fairly simple and applicable to all timeframes higher than 15M, and to many currency markets. Besides, these two indicators are available on all forex trading platforms for free, thus making it even more useful. It comes to show that your strategy doesn’t have to be overly complicated in order to be profitable. Oversaturating your strategy with complex trading tolls would oftentimes result in total discordance. At the same time, throwing SAR and MACD on top of candlesticks would keep the chart clean while providing enough signals for successful trading on forex.

Please keep in mind that the SAR/MACD forex strategy works best only in trending markets, whereas its efficiency tends to decrease when the price gets into the range since SAR is the trending indicator.

In our experience, EUR/USD and GBP/USD are the most suitable markets for this strategy since they are more volatile than some low-volume exotic pairs. In this instance, the MACD settings should be 12- 26-9, while the parabolic SAR must be set at 0,02 -2.

According to this strategy, a trader should go long when the dots of parabolic SAR are located below the price action while the MACD is crossing the zero line to the upside while three SAR dots are forming. If the SAR dots have already appeared while MACD is still below the zero line, such a signal should be considered false. For short trades, the parabolic must be above the forming candlesticks while MACD should be crossing the zero line to the downside.

Grid trading on forex

Arranging the buy/sell order in a grid with equal intervals has long been considered as one of the best forex strategies, as well as a universal one since it can be applied to trading currencies on all timeframes and in both trending and ranging markets. The gist of this approach to trading is also rather simple. A trader has to place the corresponding orders above and below the predetermined price level at the same distance, ultimately creating a grid of orders, hence the name of the forex trading strategy.

For instance, you can start the grid by placing the corresponding orders 20 pips higher for buy orders and 20 pips lower the set price for sell orders in the trending market conditions. This forex strategy is also applicable to ranging markets, but in that case, a trader should set the buy orders underneath the price level - the buy order will go above the said zone.

The best thing about this method is that it rarely requires an extensive analysis of where a particular forex market is going, making it one of the most automatable strategies of average complexity. Grid trading allows market participants to increase the position size while the market is either trending or ranging. But beware that this approach to forex trading is most effective when the price is moving in a sustained direction. If the price action is volatile and choppy, it might travel up and down between the grid levels, while the trader incurs losses due to price hitting orders on both sides. That’s why it’s advisable to limit the grid to several orders; otherwise, it would require less position management and help mitigate the risks.

Monday open - trade forex one day a week

Littering the trading panel with indicators might make a forex trader look smart, but it would definitely do more harm than good for his performance since most of these tools are lagging and flashing false signals. However, there is a forex strategy for positional trading that requires no indicators as it uses only a clear bar or candlestick chart. This method relieves traders of the necessity to stare at the screen throughout the weekdays as it implies the execution of one or a few trades a week on monday, shortly after the market opens. Understandably, this strategy is suitable only for the daily time frame, and it probably works best in the EUR/USD market.

The concept behind this strategy for trading on forex isn’t that complicated: on monday, approximately 15 minutes after the market gets busy (this time interval is required to normalize the spreads), a trader should open the position in the direction opposite to the candlestick from last friday. For example, if a trader had taken a long position on monday in the EUR/USD market (as shown on the chart above), he or she would have scooped a profit of 125 to 205 pips the next monday. For this strategy, use the highs or the lows of the last week’s candle to set up the stop-loss, but make sure that it’s located no closer than 30 pips and no further than 50 pips away from the buy/sell area, depending on the present volatility in the market. Also, this currency trading strategy requires meticulous money management and position sizing. Refrain from entering a trade if the market is in a state of uncertainty, which could come in the form of a candle with a small body and large wicks.

The forex strategy built upon momentum oscillators and bollinger bands

Volatility is one of the key characteristics of the foreign exchange market. It causes large price swings during which time a trader must seize an opportunity for profit-making when the price is pulling back or reversing after a strong impulse to the upside or the downside. Apart from the average true range (ATR) indicator, bollinger bands (bbs) are the most reliable tool for gauging market volatility. The basic principle of trading forex with bbs is simple: the expansion of the bands signals that the price action in the particular currency pair is growing increasingly volatile, whereas the contraction of the bands occurs during the consolidation period when the price is in the range. There is also the bollinger bands squeeze, the period when the bands are drawn very close to each other that usually precedes large price swings.

However, bbs are not a standalone element of this trading strategy for forex because the only reversal signal it provides is when the price action stretches beyond the boundaries of a band. However, that particular signal always requires confirmation from a non-correlated forex trading indicator - in our case, it’s the moving averages divergence/convergence (MACD) momentum oscillator. Here, when the MACD line crosses the signal line and/or the zero line to the downside, it’s considered a sell signal, and vice versa. The idea behind this forex strategy is the following: a trader must assess the situation on the market with the help of MACD or other momentum indicators (RSI, stochastic) to see whether there’s a bullish or a bearish bias to it. Then he could trade the price action within bbs or wait for a squeeze and take the trade in the direction of the momentum. This strategy can also be used for trading reversals. In that case, the perfect setup for a trade is when the price penetrates the bbs while the momentum oscillator makes a bullish of a bearish crossover.

The daily GBP/USD chart provides a perfect example of how this forex strategy can be applied. Here we see that the price is heading to the upside, stretching the bbs, which implies the increased volatility in buyers’ favor. MACD has just made a bullish crossover on the back of a growing green histogram. Moreover, the price had broken the resistance line at 1.3485 to the upside, which gives even more puff to the bullish momentum. Here one can enter a long trade immediately or upon the retest of the resistance line, with the stop-loss set around 1.34. Exit the trade when the price starts being pulled back inside the bands, confirmed by the bearish crossover on MACD.

Who to trade forex successfully with ichimoku cloud

For some reason, not a lot of forex traders are using the ichimoku cloud, or the ichimoku kinko hyo,an indicator to develop trading strategies, probably because this tool is relatively new to mainstream and appears to be overly complicated at first. It might look like a total mess when you first plot it on the chart, but we reckon that it’s probably the only all-around useful technical indicator that allows traders to assess the momentum and the area of support/resistance at a glance. By the way, the japanese word ‘ichimoku” literally means “a single glance.” this indicator consists of five elements, but it can do without the conversion and base lines, leaving only a lagging span, which provides confirmation, and two leading mas that form that cloud.

What’s great about the ichimoku cloud-based forex trading strategy is that this indicator pinpoints the high probability trades, and has proven to be reliable when determining trend reversal and entry/exit points. The market is considered to be in the bullish trend when the price action takes place above the kumo cloud and bearish if the price descends below it. If the price is stuck inside the cloud, the market is indecisive, so refrain from taking any trades. The reason why no trades should be taken when inside the cloud is that this indicator is most accurate in a trending environment. Here’s a quick forex strategy tip: in order to have an even clearer picture, it’s advisable to combine ichimoku cloud with a momentum oscillator like MACD.

Since this trading system is suitable for all time frames higher than 15M, let’s break it up on the 15-minute chart in the EUR/USD market. According to this strategy, a trader must make the first long entry once the price breaks the kumo cloud to the upside and tests this level - 1.21982 in our instance. The second entry should be on the retest of that area at 1.21942.

In this particular example, the third entry was made after the bullish flag (continuation pattern) has been broken to the upside at 1.22096. Notice that all these entries were made after MACD entered the bullish control zone on the backdrop of a growing green histogram. Also, don’t forget to always confirm with the lagging span that accurately gauges the trend direction. According to this forex strategy, the first exit point lies at 1.22364 (40 points profit); the second one should be at 1.22580 for a 61-pip profit.

New tricks for an old breakout trading strategy

Trading a breakout is as old as the hills, but it still remains one of the best forex trading strategies for 2021. In a nutshell, trading on a breakout implies placing a long or short order when the price of a currency moves above (below) the support (resistance) level, and outside the previously established range on the back of the rising bullish (bearish) volume. But while the essence of this forex strategy isn’t too complicated, its execution requires a lot of skill because of a large number of fake-outs that is characteristic of most forex markets. So, the gist of this strategy is to minimize the time when a trader gets caught in a fake-out and avoid being stopped-out before the market starts going the right way.

For the breakout strategy to work and result in profitable trading on forex, you need to have these attributes present in order to consider taking a long or a short trade.

Let’s assume we have a break of a trendline with a hint at a trend reversal or a breach of a long-standing resistance with multiple test points, or a fall through the long-term support level on an increasing bearish momentum that is very common in forex at times when markets are entering new territories, and the re-pricing occurs.

The first thing that a trader needs to see before considering a trade is a surging volume on the breakout. And even though it’s a rule of thumb for this particular trading strategy, many forex traders tend to disregard it, being blinded by the desire for the breakout to happen. But in addition to growing volume, there also has to be an extension of the day’s range, which implies the participation of other traders in that move.

Always look for fundamental catalysts that can potentially impact the valuation of a certain nation’s currency, such as a sudden cut of interest rates or the release of important economic data. The presence of a catalyst drives new money to the particular forex market and adds significant weight to the move, thus increasing the chances of a successful breakout.

Pay attention to the speed at which the price retests the previous support or resistance - it should happen quickly; otherwise, the move is most probably a fake-out. This rule is especially relevant for a more dynamic intraday forex trading. A quick retest signifies that the momentum is on the trader's side and that the move carried a lot of weight. And never forget to confirm the move on higher timeframes.

Playing the exhaustion gap trading strategy

In forex markets, the gaps occur during the large jumps in currency prices that often signifies that little to no trading took place in that area. Oftentimes, the gaps occur at the market open or under the impact of various technical or fundamental factors. A quick reminder that there are four types of gaps: breakaway, exhaustion, continuation, and common gaps. Please remember about the importance of proper gap identification because each type requires a specific forex trading strategy to be applied. This particular strategy is suited for trading exhaustion gaps on the short side.

Here we see the 4H EUR/USD chart where the price gapped up by 40 pips after having tested the resistance at 1.13572, thus turning this area into support. It is of the utmost importance to confirm that the gap is of the exhaustion kind, which in our case is done via a huge bearish divergence on stochastic and the presence of a protracted bullish move with the predominance of shallow retracements.

According to this foreign currency trading strategy, a trader can either try and catch the top of the move and then open a short position, which is a very aggressive approach, or he can wait until the gap gets filled and the price tests the previous support and fails (less profitable but with the higher probability of success). The first take-profit area lies in the zone of bullish accumulation that occurred during the rally. In our case, it’s 1.11. The second profit taking is made when there are clear signs of a trend reversal. Here it’s the established support above 1.06 and the exit of stochastic from the oversold area.

Jesse livermore’s wisdom to enhance every forex trading strategy

As you may know, jesse livermore is an icon trader who earned his reputation by making $100 million in a single day in the 1920s. His biography called “reminiscences of a stock trader” is a bedside book of every successful forex trader, and the market wisdom that this prominent trader had given us, modern-day traders, should be applied to literally every forex trading strategy that you plan on using in 2021.

According to livermore, patience is key to profitable trading, whether it’s forex, stocks, or cryptocurrencies. Traders must wait for all favorable signs to align before entering the market. After all, it’s the game of probabilities, and being able to wait for an opportune moment that brings about a high-probability trade setup is a cornerstone of every fruitful trading strategy in 2021, and years to come.

Remember that price action always comes first, but if your strategy relies on indicators, make sure to give preference to the leading ones like ichimoku cloud.

Take the emotional factor out of the equation. Once again, have patience and let the strategy prove its worth, without discarding it after a few bad calls.

Don’t hesitate to close losing trades. If you let the losers run, even a time-proven trading strategy would fail eventually.

Author: alex paulson for forex-ratings.Com

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What is forex and how does forex trading work?

Forex trading (also commonly known as foreign exchange, currency or FX trading) is a global market for trading one country’s currency in exchange for another country's currency. It serves as the backbone of international trade and investment: imports and exports of goods and services; financial transactions by governments, economic institutions or individuals; global tourism and travel – all these require the use of capital in the form of swapping one currency for a certain amount of another currency.

When trading forex cfds, you are essentially speculating on the price changes in their exchange rate. For example, in the EUR/USD pair the value of one euro (EUR) is determined in comparison to the US dollar (USD), and in the GBP/JPY pair the value of one british pound sterling (GBP) is quoted against the japanese yen (JPY).

If you think the exchange rate will rise you can open a ‘buy’ position. Conversely, if you think the exchange rate will fall you can open a ‘sell’ position.

To see a full list of currency pairs offered by plus500, click here.

What economic factors may affect forex rates?

Forex rates are impacted by an array of political and economic factors relating to the difference in value of a currency or economic region in comparison to another country's currency, such as the US dollar (USD) versus the offshore chinese yuan (CNH) – these are the currencies of the two largest economies in the world.

Among the factors that might influence forex rates are the terms of trade, political relations and overall economic performance between the two countries or economic regions. This also includes their economic stability (for example GDP growth rate), interest and inflation rates, production of goods and services, and balance of payments.

To learn more, use our economic calendar to find real-time data on a wide range of events and releases that affect the forex market.

How is trading forex different from trading the stock market?

The 4 main differences between trading forex and shares are:

Trading volume – the forex market has a larger trading volume than the stock market.

Instrument diversity – there are thousands of stocks to choose from, as opposed to several dozen currency pairs.

Market volatility – stock prices can fluctuate wildly from one day to the next, and their fluctuations are generally sharper than the ones found in forex markets.

Leverage ratios – the available leverage for forex cfds on the plus500 platform is 1:30, while the leverage for shares cfds is 1:5.

Please note that when trading forex or shares cfds you do not actually own the underlying instrument, but are rather trading on their anticipated price change.

What are the risks involved in forex trading?

Foreign exchange trading has a number of risks that you should be aware of before opening a position. These include:

Risks related to leverage – in volatile market conditions, leveraged trading can result in greater losses (as well as greater capital gains).

Risks related to the issuing country – the political and economic stability of a country can affect its currency strength. In general, currencies from major economies have greater liquidity and generally lower volatility than those of developing countries.

Risks related to interest rates – countries’ interest rate policy has a major effect on their exchange rates. When a country raises or lowers interest rates, its currency will usually rise or fall as a result.

We offer risk management tools that can help you minimise your trading risks.

If you're ready to start trading forex with plus500, click here.

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Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

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Forex trading: A beginner's guide

Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or tourism. According to a recent triennial report from the bank for international settlements (a global bank for national central banks), the average was more than $5.1 trillion in daily forex trading volume.

Key takeaways

The foreign exchange (also known as FX or forex) market is a global marketplace for exchanging national currencies against one another.

Because of the worldwide reach of trade, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world.

Currencies trade against each other as exchange rate pairs. For example, EUR/USD.

Forex markets exist as spot (cash) markets as well as derivatives markets offering forwards, futures, options, and currency swaps.

Market participants use forex to hedge against international currency and interest rate risk, to speculate on geopolitical events, and to diversify portfolios, among several other reasons.

What is the forex market?

The foreign exchange market is where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business. If you are living in the U.S. And want to buy cheese from france, either you or the company that you buy the cheese from has to pay the french for the cheese in euros (EUR). This means that the U.S. Importer would have to exchange the equivalent value of U.S. Dollars (USD) into euros. The same goes for traveling. A french tourist in egypt can't pay in euros to see the pyramids because it's not the locally accepted currency. As such, the tourist has to exchange the euros for the local currency, in this case the egyptian pound, at the current exchange rate.

One unique aspect of this international market is that there is no central marketplace for foreign exchange. Rather, currency trading is conducted electronically over-the-counter (OTC), which means that all transactions occur via computer networks between traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of london, new york, tokyo, zurich, frankfurt, hong kong, singapore, paris and sydney—across almost every time zone. This means that when the trading day in the U.S. Ends, the forex market begins anew in tokyo and hong kong. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly.

A brief history of forex

Unlike stock markets, which can trace their roots back centuries, the forex market as we understand it today is a truly new market. Of course, in its most basic sense—that of people converting one currency to another for financial advantage—forex has been around since nations began minting currencies. But the modern forex markets are a modern invention. After the accord at bretton woods in 1971, more major currencies were allowed to float freely against one another. The values of individual currencies vary, which has given rise to the need for foreign exchange services and trading.

Commercial and investment banks conduct most of the trading in the forex markets on behalf of their clients, but there are also speculative opportunities for trading one currency against another for professional and individual investors.

Spot market and the forwards & futures markets

There are actually three ways that institutions, corporations and individuals trade forex: the spot market, the forwards market, and the futures market. Forex trading in the spot market has always been the largest market because it is the "underlying" real asset that the forwards and futures markets are based on. In the past, the futures market was the most popular venue for traders because it was available to individual investors for a longer period of time. However, with the advent of electronic trading and numerous forex brokers, the spot market has witnessed a huge surge in activity and now surpasses the futures market as the preferred trading market for individual investors and speculators. When people refer to the forex market, they usually are referring to the spot market. The forwards and futures markets tend to be more popular with companies that need to hedge their foreign exchange risks out to a specific date in the future.

More specifically, the spot market is where currencies are bought and sold according to the current price. That price, determined by supply and demand, is a reflection of many things, including current interest rates, economic performance, sentiment towards ongoing political situations (both locally and internationally), as well as the perception of the future performance of one currency against another. When a deal is finalized, this is known as a "spot deal." it is a bilateral transaction by which one party delivers an agreed-upon currency amount to the counter party and receives a specified amount of another currency at the agreed-upon exchange rate value. After a position is closed, the settlement is in cash. Although the spot market is commonly known as one that deals with transactions in the present (rather than the future), these trades actually take two days for settlement.

Unlike the spot market, the forwards and futures markets do not trade actual currencies. Instead they deal in contracts that represent claims to a certain currency type, a specific price per unit and a future date for settlement.

In the forwards market, contracts are bought and sold OTC between two parties, who determine the terms of the agreement between themselves.

In the futures market, futures contracts are bought and sold based upon a standard size and settlement date on public commodities markets, such as the chicago mercantile exchange. In the U.S., the national futures association regulates the futures market. Futures contracts have specific details, including the number of units being traded, delivery and settlement dates, and minimum price increments that cannot be customized. The exchange acts as a counterpart to the trader, providing clearance and settlement.

Both types of contracts are binding and are typically settled for cash at the exchange in question upon expiry, although contracts can also be bought and sold before they expire. The forwards and futures markets can offer protection against risk when trading currencies. Usually, big international corporations use these markets in order to hedge against future exchange rate fluctuations, but speculators take part in these markets as well.

Note that you'll often see the terms: FX, forex, foreign-exchange market, and currency market. These terms are synonymous and all refer to the forex market.

Forex for hedging

Companies doing business in foreign countries are at risk due to fluctuations in currency values when they buy or sell goods and services outside of their domestic market. Foreign exchange markets provide a way to hedge currency risk by fixing a rate at which the transaction will be completed.

To accomplish this, a trader can buy or sell currencies in the forward or swap markets in advance, which locks in an exchange rate. For example, imagine that a company plans to sell U.S.-made blenders in europe when the exchange rate between the euro and the dollar (EUR/USD) is €1 to $1 at parity.

The blender costs $100 to manufacture, and the U.S. Firm plans to sell it for €150—which is competitive with other blenders that were made in europe. If this plan is successful, the company will make $50 in profit because the EUR/USD exchange rate is even. Unfortunately, the USD begins to rise in value versus the euro until the EUR/USD exchange rate is 0.80, which means it now costs $0.80 to buy €1.00.

The problem the company faces is that while it still costs $100 to make the blender, the company can only sell the product at the competitive price of €150, which when translated back into dollars is only $120 (€150 X 0.80 = $120). A stronger dollar resulted in a much smaller profit than expected.

The blender company could have reduced this risk by shorting the euro and buying the USD when they were at parity. That way, if the dollar rose in value, the profits from the trade would offset the reduced profit from the sale of blenders. If the USD fell in value, the more favorable exchange rate will increase the profit from the sale of blenders, which offsets the losses in the trade.

Hedging of this kind can be done in the currency futures market. The advantage for the trader is that futures contracts are standardized and cleared by a central authority. However, currency futures may be less liquid than the forward markets, which are decentralized and exist within the interbank system throughout the world.

Forex for speculation

Factors like interest rates, trade flows, tourism, economic strength, and geopolitical risk affect supply and demand for currencies, which creates daily volatility in the forex markets. An opportunity exists to profit from changes that may increase or reduce one currency's value compared to another. A forecast that one currency will weaken is essentially the same as assuming that the other currency in the pair will strengthen because currencies are traded as pairs.

Imagine a trader who expects interest rates to rise in the U.S. Compared to australia while the exchange rate between the two currencies (AUD/USD) is 0.71 (it takes $0.71 USD to buy $1.00 AUD). The trader believes higher interest rates in the U.S. Will increase demand for USD, and therefore the AUD/USD exchange rate will fall because it will require fewer, stronger USD to buy an AUD.

Assume that the trader is correct and interest rates rise, which decreases the AUD/USD exchange rate to 0.50. This means that it requires $0.50 USD to buy $1.00 AUD. If the investor had shorted the AUD and went long the USD, he or she would have profited from the change in value.

Currency as an asset class

There are two distinct features to currencies as an asset class:

You can earn the interest rate differential between two currencies.

You can profit from changes in the exchange rate.

An investor can profit from the difference between two interest rates in two different economies by buying the currency with the higher interest rate and shorting the currency with the lower interest rate. Prior to the 2008 financial crisis, it was very common to short the japanese yen (JPY) and buy british pounds (GBP) because the interest rate differential was very large. This strategy is sometimes referred to as a "carry trade."

Why we can trade currencies

Currency trading was very difficult for individual investors prior to the internet. Most currency traders were large multinational corporations, hedge funds or high-net-worth individuals because forex trading required a lot of capital. With help from the internet, a retail market aimed at individual traders has emerged, providing easy access to the foreign exchange markets, either through the banks themselves or brokers making a secondary market. Most online brokers or dealers offer very high leverage to individual traders who can control a large trade with a small account balance.

Forex trading: A beginner’s guide

Forex trading risks

Trading currencies can be risky and complex. The interbank market has varying degrees of regulation, and forex instruments are not standardized. In some parts of the world, forex trading is almost completely unregulated.

The interbank market is made up of banks trading with each other around the world. The banks themselves have to determine and accept sovereign risk and credit risk, and they have established internal processes to keep themselves as safe as possible. Regulations like this are industry-imposed for the protection of each participating bank.

Since the market is made by each of the participating banks providing offers and bids for a particular currency, the market pricing mechanism is based on supply and demand. Because there are such large trade flows within the system, it is difficult for rogue traders to influence the price of a currency. This system helps create transparency in the market for investors with access to interbank dealing.

Most small retail traders trade with relatively small and semi-unregulated forex brokers/dealers, which can (and sometimes do) re-quote prices and even trade against their own customers. Depending on where the dealer exists, there may be some government and industry regulation, but those safeguards are inconsistent around the globe.

Most retail investors should spend time investigating a forex dealer to find out whether it is regulated in the U.S. Or the U.K. (dealers in the U.S. And U.K. Have more oversight) or in a country with lax rules and oversight. It is also a good idea to find out what kind of account protections are available in case of a market crisis, or if a dealer becomes insolvent.

Pros and challenges of trading forex

Pro: the forex markets are the largest in terms of daily trading volume in the world and therefore offer the most liquidity. this makes it easy to enter and exit a position in any of the major currencies within a fraction of a second for a small spread in most market conditions.

Challenge: banks, brokers, and dealers in the forex markets allow a high amount of leverage, which means that traders can control large positions with relatively little money of their own. Leverage in the range of 100:1 is a high ratio but not uncommon in forex. A trader must understand the use of leverage and the risks that leverage introduces in an account. Extreme amounts of leverage have led to many dealers becoming insolvent unexpectedly.

Pro: the forex market is traded 24 hours a day, five days a week—starting each day in australia and ending in new york. The major centers are sydney, hong kong, singapore, tokyo, frankfurt, paris, london, and new york.

Challenge: trading currencies productively requires an understanding of economic fundamentals and indicators. A currency trader needs to have a big-picture understanding of the economies of the various countries and their inter-connectedness to grasp the fundamentals that drive currency values.

The bottom line

For traders—especially those with limited funds—day trading or swing trading in small amounts is easier in the forex market than other markets. For those with longer-term horizons and larger funds, long-term fundamentals-based trading or a carry trade can be profitable. A focus on understanding the macroeconomic fundamentals driving currency values and experience with technical analysis may help new forex traders to become more profitable.

Youtube community guidelines

Thank you for visiting kei’s youtube channel/ichimoku discord. The purpose of the services is to help traders improve their trading skills by learning my day to day livestreams and videos. To maintain the quality of the service, please read below community guidelines thoroughly.

Community guidelines

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PROFILE

Japanese forex trader kei

My name is kei (pronounced just as a letter “K”) and I am an individual forex trader as well as a mentor in tokyo, japan.

I was born in japan 1982 and went abroad after high school to the U.S and studied psychology at UCLA.

My profession has been into quite a wide variety,

・qualified japanese teacher

・financial advisor

・tour and travel guide in sedona, AZ

・human resource in IT and consulting companies in japan

Now, I am making my living by the forex trading only.

I hope you not only enjoy the videos but learn and apply the knowledge and strategy so that you improve your trading and eventually make living just like myself.

Join KIC / kei’s ichimoku community

Upon requests from ichimoku traders, a new book “ichimoku basic theories” book is now available!

You will learn the essence of ichimoku wave theory, time theory, and price theory with real chart examples in forex, stocks, and indices.

Please click a button below to see details.

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Plus500 world's trading machine

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Forex traders frequently asked questions

Forex or FX is an acronym of foreign exchange.

Forex trading, otherwise known as currency trading is when you trade different currencies against each other (forex pairs).

For example, when you believe the US dollar (USD) will rise and the euro currency (EUR) is going to weaken, you can sell the EUR/USD forex pair.

With an unlimited demo forex trading account you can practice forex trading before you open a real trading account.

When you look for a forex broker, there are some important aspects to consider:

Is the broker authorised? Check that your broker is authorised and regulated in your jurisdiction. Plus500’s subsidiaries are fully authorised and regulated in the jurisdictions in which they operate.

Does the forex broker offer 24/7 customer support? Forex trading occurs 24 hours a day, so a broker's customer support should be available at any time. Plus500 offers chat and email support around the clock (24/7).

What kind of trading platform does the broker offer? Check that your broker offers a user friendly platform which is both intuitive and easy to use. The plus500 trading platform is one of the few platforms that support ios, android and windows devices.

Does the broker charge fees? Plus500 is mainly compensated for its services through the "market spread". Unlike other service providers who also charge commissions on each trade, plus500 does not charge dealing commissions. Please refer to our user agreement for information about other fees charged.

Does the broker offer a free demo account? Using a free demo account you can get familiar with the platform, practice trading without risking real funds and plan your trading strategy. Plus500 offers a free and unlimited demo account.

Does the broker offer any additional services? A good broker is one that offers real time charts & quotes and advanced technical analysis tools. Plus500 allows placing indicators and setting free SMS alerts and notifications.

Except for forex CFD trading, plus500 provides you with the opportunity to trade cfds on the world’s most traded shares, indices, commodities, etfs and options.

So, let's see, what we have: trading foreign currency in the forex market can be risky. Here is what you need to get started and open an account. At forex id