Forex Blog

Today Forex was a very unlucky place for U.S. dollar as the EUR/USD rallied to its two months high at 1.3630. Even good ISM index data (56% - a 1% rise - against 55% expected) couldn’t help U.S. currency after last week losses. It is almost certain now that EUR/USD has broken the down-trend and is now heading north. Probable point of strong resistance can be seen at 1.3650 level, which if broken can mean a rally to 1.3800. While, stopping at 1.3650 will probably for a double-peak pattern with a new correction wave.

Welcome to the July 1, 2007 edition of Carnival of Forex trading.

Jimmy Atkinson presents How Does Terrorism Affect Your Trading? posted at Forex Blog.

George Courtney jr presents Go Global by Investing in Foreign Currencies posted at The Authentic Bartender Blog.

Mark25 presents Forex Exchange Rate - How Does It Get Calculated? posted at HotStrategies.com.

Ralph Morgan presents Enough Wealth: Adventures in Day Trading - 12 posted at Enough Wealth.

Bryan Moore presents How to Create Synthetic FOREX Currency Pairs posted at TheFinancialWhiz.Com, saying, “This article explains the principles behind creating synthetic Forex currency pairs. The problem a lot of traders run into is that they sometimes cannot directly trade a particular currency pair from their broker, this explains how you can dissect two currency pairs to create the one you need.”

That concludes this edition. Submit your blog article to the next edition of Carnival of Forex trading using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Oh, God! Fifth Forex broker with ‘Markets’ in its name! And it doesn’t offer any other market for trading except Forex. They got to love this word to insert it the broker’s title. IFC Markets is good Forex broker if you want to start with a little money (deposits from just $1) and want to deposit it via e-gold or WebMoney. They offer their own trading software which has some professional features (like multicharting) but has nod custom indicators or expert advisors. Their site is quite informative – Forex market news, IFC Markets broker news, financial calendar – all in nine different languages.

Choosing a right Forex broker is not an easy task, I’ve trade a lot of before I found several brokers that I can rely on. If your broker isn’t fast enough you can miss profitable opportunities, or even lose money due to slippage. David Thorpe’s articles is dedicated to this topic - how to chose a Forex broker that will satisfy your trader’s needs and won’t be to abusive or costly in its services:
Choosing the Right Forex Broker - by David Thorpe

General trend: ranging.

Today some important macroeconomic data came out in United States - final data on GDP and final chain deflator for the first quarter of the 2007. Though this data is very important for Forex markets its neutrality prevented any large affect on the market. GDP came out inside the expected borders - 0.7% which is by 0.1% better than previous value. Chain deflator was slightly higher than expected - 4.2% against 4.0%. Today data on initial jobless claims were also released - 313,000 against 315,00 expected - not much surprise here too. FOMC policy statement will be released today - maybe there will be something in it, that will move Forex market out if its flat condition.

FXcast Forex broker announced today that new accounts created on their Pro trading platform are now will have a basic currency USD. Existing accounts will stays as EUR accounts, but all newly created will be held in USD. All deposits are getting exchanged at the current daily rates.

CMC Markets is an international Forex broker based in U.S. which offers its own advanced trading platform. This platform is somewhat similar to Metatrader 4 in its main features, but is generally different software incompatible with Metatrader. To start trading with this hi-end software you’ll have to deposit a minimum $2,000 with no e-currency support for deposit/withdrawal. Demo accounts are available, but are limited to 14 days – a rather short term.

FXcast Forex broker announced that starting from today the minimum account size to use their FXcast Pro trading platform (based on Metatrader 4) is $10. The previous minimum amount was $100.

Dear Partner, we are glad to tell you that we have decreased the minimum deposit for our FXcast Pro platform to 10 USD. Please have in mind that the base currency for this platform is EUR. Due to customer inquiries we plan to change this to USD and we will inform you about the process.

Sinerely Yours,
FXcast Team

It is a good chance for the new traders to get the taste of real Forex without risking hundreds of dollars.

IFX Markets is another broker with a ‘Markets’ in its name (strangely, such brokers offers only Forex market trading, without CFD or stocks). IFX Markets offers their clients a custom trading platform which is slightly above average, but can’t be compared to Metatrader 4 in any way. Financial side is quite poor – bank wire and checks for transfers and $500 minimum, with the rudimental trading fees – $1.25 for every 10,000 lot traded (overnight interest is also applied) – are rare thing in modern on-line Forex world. The good side is Forex trading contests which are available for demo accounts – prizes are usually quite generous.