May Oil Prices and Forex Bulls

Friday's historic high in the price of oil had a tremendous effect on the forex currency market. As we have been riding the inflation fears for weeks, this additional increase in oil prices moved the currency markets sharply on Friday. Shortly after the early morning announcement that oil had reached a record breaking $137 dollars USD a barrel, the rise in currencies against the dollar was breath-taking. Both the cable and euro rose sharply. The EUR/USD currency pair went from a low of 15431 to a high of 1.5601. The GBP/USD had a low of 1.9441 and a high of 1.9598. For forex traders that were in the market at the time, profited from the oil price angst. As the Japanese Yen is also quite sensitive to the price of oil, the GBP/JPY consequently dropped sharply with the news.

For more information about forex trading for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.

For weekly economic indicators for other country's currencies, consult this Forex Calendar.


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Forex USD impact of Fed Rate Cut

In the Forex market, the US Dollar fell sharply against the Euro after the Fed Rate cut of the key interest rate by 50 basis points on Wednesday. This was a huge rate cut and there is widespread belief that more cuts will come. The currency market can be very sensitive to news. Forex traders should pay close attention to the major currency pairs traded against the dollar in the coming weeks.

For more information about forex trading for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, and trading systems. Stay informed; boost your forex trading knowledge.


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Forex Trading for the currency trader whose only goal is to make money!

Top Forex Currency Pairs

In foreign exchange, forex traders analyze currency pairs to benefit from small movements in exchange rates between currencies. The top currency pairs traded in forex are:

1. EUR/USD - Euro/U.S. Dollar
2. GBP/USD - Great British Pound/U.S. Dollar
3. USD/CHF –- U.S. Dollar/Swiss Franc
4. USD/JPY –- U.S. Dollar/Japanese Yen
5. USD/CAD –- U.S. Dollar/Canadian Dollar
6. AUD/USD - Australian Dollar/U.S. Dollar
7. EUR/GBP - Euro/Great British Pound
8. EUR/JPY - Euro/Japanese Yen
9. EUR/CHF - Euro/Swiss Franc
10. GBP/CHF - Great British Pound/Swiss Franc
11. GBP/JPY - Great British Pound/Japanese Yen
12. CHF/JPY - Swiss Franc/Japanese Yen
13. NZD/USD - New Zealand Dollar/US Dollar
14. EUR/CAD - Euro/Canadian Dollar
15. AUD/CAD - Australian Dollar/Canadian Dollar
16. AUD/JPY - Australian Dollar/Japanese Yen
17. EUR/AUD - Euro/Australian Dollar

For more information about forex trading for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, and trading systems. Stay informed; boost your forex trading knowledge.


Technorati tags : forex, forex trading, currency, currency trader, currency pairs, learn forex, make money, forex trading essentials, global currency exchange, trade currencies, forex broker, forex trading systems

Forex Trading for the currency trader whose only goal is to make money!

Forex Top Ten Traded Currencies in 2007

2007 was an interesting year for the global financial markets. Forex or foreign exchange was no different. In a year where we saw unprecedented highs and unprecedented lows for currencies. Some things remained consistent.

The USD Dollar remained the most traded currency in the world in 2007. However, the Euro gained slight ground, but remains a strong second. A newcomer to third place over the past few years is the Japanese Yen. Forth place now belongs to the British Pound.

Note: The number one forex currency pair for 2007 was the EUR/USD - a currency pair consisting of the number one and number two most traded currencies in global currency exchange.

As trends and statistics are tools for forex traders, this top ten list is presented to provide additional information to use in your overall forex arsenal.

Top 10 Traded Forex Currencies in 2007

1. USD
2. EUR
3. JPY
4. GBP
5. CHF
6. CAD
7. AUD
8. SEK
9. HDK
10. NOK

For more information about forex for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


Technorati tags : forex, forex trading, currency, currency trader, currency pairs, learn forex, make money, forex trading essentials, global currency exchange, trade currencies, forex broker, forex trading systems

Forex Trading for the currency trader whose only goal is to make money!

Top 10 New Years Forex Trading Resolutions

As we start a new year, now is the time to contemplate how we can improve our trading results. Below are the top 10 New Year's Resolutions Forex traders can include in their goals that can help them in their quest to dominate the forex market in 2008.

1. Resolve to simplify your forex trading strategy and stick with it.
2. Resolve to always enter a trade based on a specific plan that is part of your core forex trading strategy.
3. Resolve to analyze the performance of your forex trading tools. This includes your forex broker, platform, and signal provider. This assessment should be done on at least an annual basis.
   
4. Resolve to carefully plan your exit points as well as you do your entry points for all your forex trades.
5. Resolve to remove emotion from your currency trades. Only execute the trade after you've done your homework and the trade makes sense based on your forex trading strategy. Let the forex strategy guide your trigger points and eliminate second-guessing.
   
6. Resolve to trade the forex market only after careful analysis and research.
7. Resolve to protect your profits. Protect those pips! Don't be afraid to take profits off the table. Remember to pay attention to the pip spread. Is too frequent trading affecting your results and your profit?
8. Resolve to analyze your forex trading results on a periodic basis.
   
9. Resolve to invest in yourself by continuing your forex education and training.
10. Last, resolve to get some sleep! Just because the forex market is a 24-hour market does not mean you have to trade all of them. A better performing forex trader is a rested forex trader.

Happy New Year and happy forex trading and investing!

For more information about forex trading for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


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Yen and Swissy take center stage in forex market

Last week's Fed announcement on Wednesday sent additional ripples through the currency market. The US dollar fell to decades' lows against many other major currencies including the Euro, Canadian dollar, the Australian dollar and the British pound. However, the Yen and Swiss franc were bolstered during the week. Interestingly, the strength in the swissy and yen cross currencies, helped the US dollar cross currency pairs recover a bit by week's end.

Additional economic news in the coming week may prove interesting for forex traders. With gold and oil continually reaching new highs, global pressure on the dollar should remain strong. Those wishing to profit from forex trading may particularly want to watch the swiss franc and yen over the coming month.

For more information about forex for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


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USD - October's Profit Opportunity for Forex Traders

Yesterday's Fed announcement to cut the federal funds rate a quarter point created a terrific profit opportunity for Forex traders shorting the US dollar. The US dollar continues to fall to records lows against all of the major world currencies.

What was the impact of the news? The British pound was trading at 2.0785 before the news and soared to 2.0821 after the announcement. The euro was trading at 1.4459 before the news and then peaked to 1.4504 just after the announcement. The dollar dropped to a 23-year low against the Australian dollar and to a 40-year low against the Canadian dollar. Across all of these currencies, there continued to be major movement throughout Wednesday. Commodity linked currencies rose in parallel with gold and oil and were further supported by the Fed's action. For forex currency traders, all of this represented major pip movement. All of the USD related currency pairs provided profit opportunity if you traded it accordingly.

If you read our last blog, then you were positioned to profit and make money from this announcement. Based on the Fed's announcements additional opportunities still exist on trading the dollar for the remainder of the year as the financial markets adjust.

For more information about forex for novice to advanced traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


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Forex Trend - US Dollar at Historic Lows

The US dollar continues to trade at historic lows as compared to other currencies. This is in sharp contrast to the broader stock and commodities markets. The record high price of oil per barrel affects the dollar as well. The Fed decision this Wednesday may have a huge impact on how the dollar performs for the remainder of the year. Forex traders can benefit from this knowledge by planning their trades accordingly. Wednesday should serve as a big news days for currency traders trading the US Dollar. For those paper trading, be sure to make note of the impact of a news announcement like this on all of the majors and USD currency pairs. While most of the news' impact has already been built into the price, this remains one to watch. As always, use this knowledge to learn, make money and profit.

For more information about forex for novice to advanced traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.


Technorati tags : forex, forex trading, currency, currency trader, currency pairs, learn forex, make money, forex trading essentials, global currency exchange, trade currencies, forex broker, forex trading systems