Interview With The Senior Markets Expert - What Makes An Effective Forex Trader?
Interview With The Senior Markets Expert - What Makes An Effective Forex Trader?
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In practically every introductory post on Forex ("FX") Trading I read, the author would begin by saying that based on the data from the Bank for International Settlements ("BIS"), the FX market is the largest monetary market on the planet and because of that, he would attempt to convince his readers to trade FX. Undoubtedly, based on the BIS' data in April 2010, the everyday trading volume in the FX market was US$ 4 Trillion. I am confident that this number will increase when the BIS releases the next study sometimes in 2013 given that more people are coming on board to trade FX.
The trading hours for the ISE FX Choices begin with 7:30 am EST, 2 hours ahead of the US stock market opening. A variety of essential economic announcements from the United States (e.g. the month-to-month employment report and the weekly unemployment claims numbers) and from Europe (e.g. the ECB interest rate statement and the subsequent ECB Interview) are made between 7:30 am to 9:30 am EST. Accordingly, if you have an interest in trading the news around this duration, you can consider using the ISE FX Alternatives to produce your position before the alternatives on CurrencyShares Products are open for trading at 9:30 am EST. Naturally, you will have to consider the liquidity and open interest when utilizing the ISE FX Choices.
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Trading round the clock 24/5 is not possible for a human trader. But a forex robotic can trade round the clock 24/5 without tiring out and tiring keeping track of the market all the time and only trading when the conditions are ideal for a high possibility trade. With the passage of time, these robots are improving and much better.
The CurrencyShares Products are provided by Rydex-SGI. At the time of composing this post, 10 CurrencyShares Products are readily available, the most recent one being the CurrencyShares Chinese Renminbi Trust (Ticket Symbol: FXCH) in April 2011. All CurrencyShares Products are International Trade on the NYSE Arca. Here is fortunately for you and me. There are CurrencyShares Products offered on the major currency pairs such as EUR/USD, USD/JPY, gbp/usd and aud/usd. They are FXE, FXB, FXA and FXY and all are optionable.
In Between the ISE FX Options and the choices on CurrencyShares Products, it is my observation over the last few years that the choices on CurrencyShares Products are more popular than the ISE FX Alternatives in terms of the liquidity and open interest. As a retail trader, It makes good sense to trade options on CurrencyShares Products for a much better fill and trade execution. Having stated that, it does not imply that the ISE FX Alternatives should be totally ignored. Here is why.
Hire a trusted and truthful broker. This may not be as easy as you may think. You require to be able to trust this individual; interact with him; count on his expertise and experience; and question him when you are confused or unpredictable about his recommendations. This is why "employ" is a recommendation to bear in mind. He is working for you, and international trade now requires to provide, not the other around. Of course, the business relationship must always be amicable but professional, wise however entirely ethical.