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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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The British pound finished the week with a flourish, making gains against other popularly traded currencies such as the euro and the US dollar. At eToro (your capital is at risk) and other leading trading sites, Forex traders saw the British pound soar, following the news that the Bank of England was to keep the base level interest rate unchanged.

There were a number of factors that contributed to the pound’s high-flying finish to the week’s trading sessions, many of which surrounded the Bank of England’s monetary policy meeting on Thursday. After the meeting, incoming Bank of England Governor, Mark Carney did sterling no harm by saying that the current position of the bank’s policy may be just what the UK economy needs.

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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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Online Forex trading at sites such as eToro (your capital is at risk) is becoming more and more popular by the day, with casual gamblers from the spread betting sites and online casinos, gamblers that are simply looking for another opportunity, finding their way onto the virtual trading floors. So, we thought we’d put together some start up advice for new traders, in a bid to guide all of you newbies in the right direction.

  • First and foremost is to forget your instincts and rely on the facts. When choosing black or red on a roulette table or when betting on punto or banco at the baccarat table, you have no control over and very little insight into the outcome of the bet. However, when trading Forex online, the currency pairs that you’re ‘betting’ on have very real influences that affect their prices. Smart traders will use these facts to establish trends, whereas the casino gambler will simply take a punt, a tactic that could become very expensive. You will find a number of news feeds and analysis pages in eToro’s community section that will offer informative facts and figures.

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As one of the most ferocious hurricanes ever to hit New York landed, millions of US citizens have been left without power, 15,000 flights have been cancelled, at least 40 people have lost their lives, an estimated $40-50 billion is needed to clear up the destruction that Hurricane Sandy has left in its wake and, this giant storm has caused the closing of the New York Stock Exchange for two days straight – the first time since 1888! Unsurprisingly, nobody is shocked to hear that the closing of the New York Stock Exchange slowed trading both on the world’s trading floors and at leading online Forex brokers such as eToro (your capital is at risk).

It’s not just the New York Stock Exchange that has been forced to close for two days following the devastation left behind by Hurricane Sandy. The NASDAQ also closed operations and it will also be out of action until Wednesday, just like the NYSE. Traders at eToro and other leading online Forex brokers witnessed many currency pairs becoming stagnant thanks to the closing of the NASDAQ and the New York Stock Exchange.

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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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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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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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The coming week is going to be filled with a number of events, releases and publications that will shape the fortunes of the world’s Forex markets, but it’s the news from the UK and the US that we’re focussing on. The week ahead for traders of dollars and pounds will be filled with key events that will shape the fortunes of the USD and GBP at eToro (your capital is at risk) and across the world’s Forex markets.

On Monday, the most notable event will be the release of the UK’s industry data on house price inflation, which is a leading indicator of demand in the housing market and a good indicator of the strength of the British economy as a whole. Also on Monday, the US will release a host of reports that include data on retail sales, manufacturing activity in New York and government data on net long-term securities transactions, all of which will shape the fortunes of the US dollar at Forex markets across the globe.

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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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