What is forex benefit?
Posted by Ryanita
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Sunday, February 23, 2014
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forex usd/jpy
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What is a good forex broker!?
Posted by Ryanita
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forex broker reviews
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Helloyomam
There are hundreds of reviews online for hundreds of brokers. Some say the broker is a scam, while others say it isn't. Some say to go with an ECN, while others say that an ECN has much higher spreads.
Who do you listen to? I'm not about to drop $10,000 into an account where there is a possibility of being scammed. But then again I'm trying to make money to support my family and searching for a "decent" broker is taking me weeks.
Too bad forex isn't like the stock market, where there are actual REGULATIONS!
Any help would be appreciated. Thank you.
Answer
With Online brokers its hard to find out about their validity/registration.That said, where does it leave shareholders of the AIG, Walmart and presently GM? The risk is everywhere.
The solution is that while we do trade through a broker, we are constantly and actively aware and "manage our accounts" and finance on our own.
I have been trading forex and stock for close to four years now.
With Online brokers its hard to find out about their validity/registration.That said, where does it leave shareholders of the AIG, Walmart and presently GM? The risk is everywhere.
The solution is that while we do trade through a broker, we are constantly and actively aware and "manage our accounts" and finance on our own.
I have been trading forex and stock for close to four years now.
How to select forex broker?
Madison
I want to know what things are necessary to check before going to open an account with Forex broker? Please also suggest me some good forex broker.
Answer
Here's a good article of things to consider when considering a forex broker.
http://www.forexf1.com/forex-broker-comparison.php
Comparison of Forex brokers
http://www.forexbrokercomparisons.com/
http://www.goforex.net/forex-broker-comparison.htm
http://www.forex-learning-site.com/forex-broker-comparison-reviews.php
Just type "forex broker comparison" into Google and you'll get lots of answers.
Here's a good article of things to consider when considering a forex broker.
http://www.forexf1.com/forex-broker-comparison.php
Comparison of Forex brokers
http://www.forexbrokercomparisons.com/
http://www.goforex.net/forex-broker-comparison.htm
http://www.forex-learning-site.com/forex-broker-comparison-reviews.php
Just type "forex broker comparison" into Google and you'll get lots of answers.
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What does the “pip “represents in the Forex market?
Posted by Ryanita
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forex 0.01 lot
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Paul
Answer
A "pip" is the last "percentage in point" quoted for the exchange rate.
Example: Canadian / US exchange rate
1.0553...if the rate changes to 10554 it has increased "one pip".
FYI - here $1USD buys 1.0553 $Canadian
Some currencies are quoted to 5 (or more) places after the decimal point, the last place is the pip.
E.g. The Hong Kong dollar: 0.136082, and the Yen is quoted differently, see below.
consider this from: http://madmin.hubpages.com/hub/What-is-Pip-in-FOREX-Trading
A âpipâ stands for âPercentage in Pointâ. A pip is the smallest price movement of a traded currency. It is also referred to as a âpointâ.
For most currencies a pip is 0.0001 or 1/100 of a cent. You may think it is a ridiculously low value. However, take into account that most currencies are traded in lots of $100 000. For that amount a pip is $10.
When a currency moves from a value of 1.4511 to 1.4514, it moved 3 pips. When a pip has a value of $10, you have gained $30.
There is an exception for quotations for Japanese Yen against other currencies. For currencies in relation to Japanese Yen a pip is 0.01 or 1 cent. Then if you are trading USD/JPY in $100 000 lots, one pip will be equivalent to $1000.
A "pip" is the last "percentage in point" quoted for the exchange rate.
Example: Canadian / US exchange rate
1.0553...if the rate changes to 10554 it has increased "one pip".
FYI - here $1USD buys 1.0553 $Canadian
Some currencies are quoted to 5 (or more) places after the decimal point, the last place is the pip.
E.g. The Hong Kong dollar: 0.136082, and the Yen is quoted differently, see below.
consider this from: http://madmin.hubpages.com/hub/What-is-Pip-in-FOREX-Trading
A âpipâ stands for âPercentage in Pointâ. A pip is the smallest price movement of a traded currency. It is also referred to as a âpointâ.
For most currencies a pip is 0.0001 or 1/100 of a cent. You may think it is a ridiculously low value. However, take into account that most currencies are traded in lots of $100 000. For that amount a pip is $10.
When a currency moves from a value of 1.4511 to 1.4514, it moved 3 pips. When a pip has a value of $10, you have gained $30.
There is an exception for quotations for Japanese Yen against other currencies. For currencies in relation to Japanese Yen a pip is 0.01 or 1 cent. Then if you are trading USD/JPY in $100 000 lots, one pip will be equivalent to $1000.
How to change the leverage in metatrader from 1:100 to 1:10 ?
Alex P
hi all
i downloaded and installed metatrader 4.0
after installing i enter my information into demo account with leverage 1:100
i now want to change this to 1:10
where exactly i can do that ?
i don't see any option of changing leverage in metatrader
thanks in advanced
Answer
Dear Alex!
Don't know why you would want to change that and I am not sure it can be done.
To manage your risk, both in demo and live accounts you need to do the following:
1.) decide how much you want to risk on each trade, i.e. 1 %, 2 %, 5 %,
(If you want to risk more, you probably should not be trading Forex)
2.) decide how many pips you want your stop to be (how much do you want to risk)
3.) decide how much each pip is worth, i.e. on the eur/usd paid, a 1.0 full) lot = $ 10.00 per pip
a 0.1 (mini) lot = $ 1.00 per pip, a 0.01 (micro) lot = $ 0.10 per pip.
4.) use the following formula to determine how many lots (micro - mini or full) you can trade:
Amount you want to risk i.e. $ 1,000.00 balance x 2 % = $ 20.00 per trade
divided by stop loss in pips i.e. : 0.0030 (30 pips stop)
equals position size
OK, this is how it looks:
$ 1,000.00 x 2 % = $ 20.00
$ 20,00 : 0.0030 = $ 6,700.00 rounded
$ 6,700.00 = 0.07 lots you can enter for this trade.
No worry about leverage the broker offers.
Hope this helps and good luck with trading.
Sincerely
Louis
Dear Alex!
Don't know why you would want to change that and I am not sure it can be done.
To manage your risk, both in demo and live accounts you need to do the following:
1.) decide how much you want to risk on each trade, i.e. 1 %, 2 %, 5 %,
(If you want to risk more, you probably should not be trading Forex)
2.) decide how many pips you want your stop to be (how much do you want to risk)
3.) decide how much each pip is worth, i.e. on the eur/usd paid, a 1.0 full) lot = $ 10.00 per pip
a 0.1 (mini) lot = $ 1.00 per pip, a 0.01 (micro) lot = $ 0.10 per pip.
4.) use the following formula to determine how many lots (micro - mini or full) you can trade:
Amount you want to risk i.e. $ 1,000.00 balance x 2 % = $ 20.00 per trade
divided by stop loss in pips i.e. : 0.0030 (30 pips stop)
equals position size
OK, this is how it looks:
$ 1,000.00 x 2 % = $ 20.00
$ 20,00 : 0.0030 = $ 6,700.00 rounded
$ 6,700.00 = 0.07 lots you can enter for this trade.
No worry about leverage the broker offers.
Hope this helps and good luck with trading.
Sincerely
Louis
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What is a Forex and how can I make money using it?
Posted by Ryanita
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forex nation
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SomeGuy
I am clueless on Forexes and would like to know how they work.
Answer
FOREX - the foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world.
Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates.
FOREX - the foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world.
Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates.
what is currency trading (FOREX) and how does it work?
metal m
any help is appreciated
Cheers guys, thank you for taking your time to answer the question, so basically if you dont have at least $100,000's dont even think about FOREX trading?
Answer
Forex trading is currency trading. You simply exchange one nationâs currency for another in the hope of making money when the exchange rates change. The rates are constantly changing due to market news, national events, changes in values on a countryâs stock exchange, etc.
At the most basic level, imagine you exchanged some US dollars for British pounds. You might sell $1,000 to buy £650. Within a short time the rate changes in your favor so you change them back again. Now with the new rate you get $1,010 for your £650. You just made $10 or 1% of your investment.
The best way to get started finding out how forex works, is to do some reading online and then open a demo account. A demo account is a practice account where you make trades using play money, most brokers offer a demo account.
Once you've acquired some skills, and feel you have a good tested strategy, you can move on to a live account where you trade with real money.
Do not start trading a live account until you've practiced on your demo for at least 6 months. While trading forex can be a very nice way to make a living, you can also lose big quick.
Good luck to you.
Forex trading is currency trading. You simply exchange one nationâs currency for another in the hope of making money when the exchange rates change. The rates are constantly changing due to market news, national events, changes in values on a countryâs stock exchange, etc.
At the most basic level, imagine you exchanged some US dollars for British pounds. You might sell $1,000 to buy £650. Within a short time the rate changes in your favor so you change them back again. Now with the new rate you get $1,010 for your £650. You just made $10 or 1% of your investment.
The best way to get started finding out how forex works, is to do some reading online and then open a demo account. A demo account is a practice account where you make trades using play money, most brokers offer a demo account.
Once you've acquired some skills, and feel you have a good tested strategy, you can move on to a live account where you trade with real money.
Do not start trading a live account until you've practiced on your demo for at least 6 months. While trading forex can be a very nice way to make a living, you can also lose big quick.
Good luck to you.
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