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No matter which online Forex broker you use, whether it’s HY Markets, AVAFX or eToro (your capital is at risk), many of your fellow traders will be basing many of their decisions to open and close trades on Forex signals. ‘What exactly are Forex signals?’ I hear you say. Simply put, they’re calculations made by experienced individual and corporate traders that specify a number of prices, limits and values regarding a currency pair, offering the best prices to open and close trades, in theory. ‘Why should I use Forex signals?’ This is a common question posed by many ‘a new trader but a conundrum not so often queried by seasoned vets of the virtual Forex trading floors online.

Successful producers of Forex signals will have a proven track record of making the right calls and they will have many followers who employ their strategies to good effect. Likewise, poor performances will be highlighted. However, any fool can make a lucky trade. In fact, ‘beginners’ luck’ has carried new online Forex traders some distance before they have returned to terra firma with a bump. But the successful producer of Forex signals will have years of long term profit behind them, taking losses, but out weighing them with bigger profits.

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Etoro

We’re often telling you about the GBP/USD or the EUR/USD currency pairs being traded online at sites such as eToro (your capital is at risk) but we don’t often mention the AUD/NZD. However, with an interest rate decision to be made by the Reserve Bank of New Zealand and continued high unemployment in the country, the New Zealand dollar has been losing ground across the board during the first two days of the trading week, especially against its Australian counterpart.

For the past 8 months or so the AUD/NZD currency pair has been losing ground but many observers and market insiders believe that the Aussie dollar will have somewhat of a resurgence, as it has been experiencing over the past couple of days, even though the Reserve Bank of New Zealand is expected to keep to the current 2.5% base interest rate. This is because much of the discussion and language coming from officials at Reserve Bank of New Zealand has led many to believe that the central bank is in a more hawkish mood, backed by rising house prices and an increase in private sector credit and, even though no interest rate hike is on the cards, the Kiwi has still felt the pressure recently.

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When many new Forex traders first hit the virtual trading floors they are full of confidence and they have often already spent the profits they anticipate making that day in their heads on mansions and yachts. However, trading Forex at sites like eToro (your capital is at risk) is a skill that requires experience, the right mental attitude and strong discipline. There is very rarely quick and easy money on offer, you have to work for it, which is where the three golden rules for new Forex traders come in.

  • ONE – Understand what you’re doing: Many new online Forex traders have barely grasped the concept of markets and their movements before they are throwing big chunks of money at risky trades due to inexperience. Study other traders, which can be done with great effect using the CopyTrader at eToro (your capital is at risk). Utilise the free practice account available that they offer too.

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Etoro

For some new online Forex traders, predicting the fortunes of currency pairs seems like a simple way to make some big bucks. However, this couldn’t be further from the truth. Even though online Forex trading sites such as eToro (your capital is at risk) have opened up this once exclusive investment opportunity, there are still many professional traders and financial institutions out there trading against you. This is why practice accounts are perfect for novice Forex traders.

All too often new Forex traders deposit their funds and start trading without the necessary skills and experience to trade successfully. This can lead to serious financial loss. However, practice or demo accounts, like the ones found at eToro (your capital is at risk) and other leading online Forex brokers, can offer you the necessary experience and market familiarity that’s required to get ahead.

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Etoro

The euro has seen some tough times over the past couple of years, as the economies of member states such as Greece, Spain and Italy have struggled. However, currently the euro is holding its own at Forex markets across the world, thanks to speculation that the European Central Bank (ECB) will be taking measures to ease the debt crises in Spain and Italy, where the cost of borrowing has become massively high.

During the early Monday trading sessions, Forex traders at eToro (your capital is at risk) saw the euro climb by 1 per cent against the US dollar, up to $1.2290. Last Monday the euro climbed to a one-month-high of $1.2444 against its US counterpart but the rally was short lived, as the euro tumbled for the rest of the week. However, Monday once again looks like a good day for the euro.

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During today’s trading sessions, Forex traders saw the US dollar slide, with the greenback losing ground against the euro, Swiss franc and Australian dollar amidst fears of further quantitative easing measures following remarks by the chairman of the US Federal Reserve, with traders. Forex traders at eToro (your capital is at risk) and other online brokers saw the EUR/USD currency pair climb by over 0.3% following the news.

However, many of you may be asking why would the suggestion of quantitative easing in the US cause the dollar to slide? Quantitative easing is a measure used by central banks to stimulate growth in a country’s economy. This is done by the purchase financial assets, which injects a predetermined quantity of money into the economy, often used to keep interest rates at a specific level. However, this practice comes with risks.

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Etoro

For the past five weeks the price of gold has made consistent gains but many market analysts believe that this week may see the price of the precious metal retreat a little. However, this dip is believed to be a short term trend that will quickly reverse, as many traders at eToro (your capital is at risk) and other commodities trading sites are predicting that gold prices are set to rise during 2012.

The price of gold fell during Friday’s New York trading session, closing at $1,740.30 an ounce, which was down on the day but marginally up on the week once again. The main catalyst for the sudden dip in the price of gold on Friday was strong US employment figures and the news of 243,000 jobs being created, which boosted the strength of the US dollar. Because gold is traded in US dollars, the stronger the dollar is the weaker gold is. This is why gold struggled against the strong dollar on Friday.

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With all of the doom and gloom around the world such as civil unrest, global recession and natural disasters it seems bizarre to hear that online Forex trading is as popular as ever, with more and more retail investors taking investments into their own hands at sites such as eToro (your capital is at risk). Over the last few years there has been a huge breakthrough made by leading online Forex brokers in a bid to bring Forex trading to the everyman.

Not so long ago, Forex trading was an investment opportunity that was only available to banks, brokers and the privileged few. But thanks to the accessibility of online Forex trading for you and me, without the need for huge investment and with a massive amount of support, Forex trading is no longer an exclusive opportunity.

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Once again, the euro suffered as the Greece debt crisis continued to top the headlines of most financial news pages. The euro lost more than 1.5 per cent against the US dollar during Friday’s Forex trading sessions at eToro (your capital is at risk) and at other Forex markets, and today, to make matters worse, the Greek Prime Minister has said that Greece cannot meet the agreed repayment plan required to secure the IMF bailout funds on offer.

In a cabinet meeting today, the Greek Government proposed a move that would see civil servants who are approaching retirement age being put in ‘reserve’ or being suspending at reduced rate of pay. However, this, and the many other austerity measures proposed, still won’t be enough to meet the repayment quota that’s a condition of the next £1.6 billion instalment of the total £94 billion rescue plan.

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Despite disappointing US non-farm payroll numbers, the euro continued to fall against the dollar during a busy end to the Forex trading week. Forex traders at eToro (your capital is at risk) witnessed the single European currency continue its recent slide throughout Friday, only recovering slightly when the Federal Reserve released the eagerly anticipated employment figures.

Pressure has once again been mounting on the euro as further debt worries for Greece and its economy continued to make Forex traders wary of the euro. During Friday’s trading sessions the EUR/USD currency pair fell as low as 1.4185 before recovering slightly ahead of the weekend close of the world’s Forex markets.

The GBP/USD made some hefty gains as the US employment data was released, soaring to 1.6251. However, the pound’s advances were short-lived as investors dumped the pound, taking quick profits, not wanting to risk holding the UK currency over the weekend. This is because the UK is due to release its PMI numbers on Monday and analysts believe that the news won’t be good.

So, one busy week of Forex trading has drawn to a close and another one will start on Monday, and it should be a busy Monday indeed. As we’ve mentioned, the UK is due to release its PMI numbers for August, which, many believe, will show a poor performance for the UK economy. But, if the numbers are good, following today’s mass selling of the pound, the UK currency will shoot up. This may only be a short spike so be ready to act fast.

If you’re not already trading Forex you can open a new online trading account by visiting www.eToro.com (your capital is at risk). eToro is one of the internet’s leading online Forex trading sites, with many unique education and training opportunities, a wide choice of instruments and a welcome Forex bonus of up to $10,000 when you first fund your trading account.