Forex Social Networks - What Are They and Are They Useful-Forex Social Network Useful,iphone forex,iphone forex app,iphone forex chart
Forex Social Networks - What Are They and Are They Useful-Forex Social Network Useful
Within the last year, there has been an increase in the number of Forex social networks in existence, potentially as a result of the incredible success of the likes of Facebook. Whilst many people wil know of a Forex social site, most of these people never sign up.
Do you know any Forex social sites? Are you currently a member? Chances are that the answer to the first is "yes" and the second is "no". This is not surprising. Let's take a look at why Forex social networks are having a hard time gathering members whilst looking at the reasons why joining one might actually be an extremely good idea in the longer term.
What is a Forex Social Network?
Unlike Facebook or MySpace, a Forex social network is a dedicated network of Forex traders, all of whom share their trades for their friends to see. There are a number of different iterations and formats - but in general, the idea of a FX social network is to increase transparency and provide a medium by which you are able to share your trades and trading knowledge with likeminded people.
One FX social network has even gone as far as allowing you to "follow" a particular trader, which automatically places trades on your account when they make a trade. This is an interesting feature - bit also quite a dangerous one at the same time.
Why FX Social Sites Might be Useful
Despite the hassle of setting up yet another social profile and going through all of the steps to link your FX social account to your FX broker account (so that all of your trades can be recorded) - there are a few benefits to being part of a social network.
Take a look at the list below. This list is a number of benefits that people see from joining an FX social network:
- Able to verify that the majority of traders are on the same side of a particular currency pair as you are
- See what other likeminded people and likeminded traders (those using similar strategies) are doing with their trading accounts
- Filter through top trades and see which accounts are making the most money
Another great reason to join an FX social network is that it allows you to surround yourself with people who enjoy doing the same things as you do. Unlike Facebook and MySpace, where your "friends" might think you are a bit "nerdy" for continuously talking about FX trading, a specialty FX network will accommodate you and be on the "same page" as you are.
Forex Social Networks - What Are They and Are They Useful-Forex Social Network Useful
What is the Next Big Technological Step in Forex Trading,iphone forex,iphone forex app,iphone forex chart
What is the Next Big Technological Step in Forex Trading?
FX trading utilizes some of the most complicated financial trading mechanisms and software in the entire financial world. It has been argued a number of times that facilitating the retail FX trading environment takes up more resources throughout the world than any other financial market - and we absolutely believe that this is true.
Each and every day, over 5 trillion USD worth of currency changes hand. To keep track of all these millions of transactions, technology needs to continue to evolve to make trading faster, more reliable, and of course - fairer.
So where is FX technology heading? Are we in for a revolution in the way that we trade Forex in the next few years, or are things currently sailing along a nice course smoothly?
The Next Big Thing in Forex
We've already seen the addition of Forex trading apps for iPhone and Android devices. The iPad has also revolutionized the way that we trade Forex. But are there any other technological developments which could take place in the near future?
Yes! However, they are more behind the scenes changes than ones which are actually practical to use from a customer standpoint.
One of these changes will be the way that Forex transactions are processed behind the scenes. At the moment, most transactions are routed through a dealer before actually being executed. Whilst this is still a very fast method of trading - it does lack the speed and ability that "non-dealer" trading has. Essentially, non dealer trading is where trades go straight to the trading floor, so that you broker doesn't even have a chance to view the trade before it is executed.
There are a number of positive features to having this take place. Trading times are increased, and the following things are minimized:
- Slippage
- Re-quotes
- Intervention and trade cancellation by the FX broker
- Trading errors arising from Forex broker error
As you can see, once all Forex brokers begin using this new system, trading times will be chopped in half, and the industry as a whole will operate much more fluidly.
Other Enhancements to Forex Trading
A few other enhancements include trading from the charts. This is utilized currently by just a few Forex brokers, but there are still a number out there which do not allow this functionality. This should change within the next 2 to 3 years, as chart trading becomes much more important to technical traders.
What is the Next Big Technological Step in Forex Trading?
Do Any Brokers Offer Free Rollover for Open Forex Trades,iphone forex,iphone forex app,iphone forex chart
Do Any Brokers Offer Free Rollover for Open Forex Trades?
One of the features of the Forex market is that you are able to leverage trades to a high degree. For example, whilst you may only have $500 to invest in the Forex markets, you will be able to trade up to 200 or even 400 times this amount, thanks to the power of leverage. Taking a $500 account size with 400:1 leverage, you will be able to trade up to $200,000 worth of currency at any one time.
However, for this to be possible, you need to borrow money from somewhere. The $200,000 doesn't simply appear from nowhere.
In addition to borrowing the money, you also have to pay to borrow it. This is considered to be the rollover cost or premium - and it is usually charged to your account at the end of each business day.
Rollover Costs as Expenses
Rollover costs can accumulate to be quite expensive in the long run. This is especially the case for traders who hold positions for a longer term - i.e. more than a month. If a trade, for example, is held for 45 days before it is closed out, it will accumulate 45 days worth of rollover charge. At $2 to $3 per day - depending on the position size, this presents quite a significant cost to a trader.
To work out the cost of rolling a position over to the next day, you need to look at two things:
- Size of the position
- Currency pair being traded
Both of these variables will cause the rollover amount to be different.
For example, if you have a position which is of $20,000 size, you will probably be paying only a few cents to roll it over. Contrast this to the position size of $200,000 or more above, and the cost of rolling over becomes significantly more.
Additionally, the currency pair you are trading matter to a great extent. When calculating rollover amounts, the difference between the official cash rates in both correspondent countries is taken in to account.
I.e. if you are trading the EUR/USD, the official cash rate in the Eurozone will be compared to the official cash rate in America - and the difference will represent the rollover amount. Hence, if you choose a currency pair with a very small difference between official country cash rates, you are able to minimize the rollover cost on a long term trade.
Brokers without Rollover Costs
Unfortunately, because of the cost to brokers of providing additional leverage to you to use in the Forex markets, there is no such thing as a broker which doesn't charge rollover interest. This would be like trying to find a bank which didn't charge any interest on a loan - it is simply not ever going to happen because it would generate a loss for the lender.
Do Any Brokers Offer Free Rollover for Open Forex Trades?
What are the Risks of Trading Forex Autopilot Systems,iphone forex,iphone forex app,iphone forex chart
What are the Risks of Trading Forex Autopilot Systems?
Trading foreign exchange is a risky business - even for the most educated of traders. However, when it comes to trading Forex autopilot systems, the risks are magnified even further.
Let's take a brief look at the things you need to keep in mind when trading with autopilot systems (and robot trading systems) so that you can ensure that you account balance is protected at all times.
Running the Forex Autopilot Server-Side
Probably the most important consideration that you need to think about before trading or running a Forex autopilot system is how you are actually going to run it. Are you going to simply run it from your computer, or will you run it on a third-party server?
Hopefully, you have picked the latter option. The problem with running a Forex autopilot script or program from home is that home based internet connections are relatively unreliable. Just imagine what would happen if your internet connection failed at a pivotal moment when a trade was about to be placed?
Alternatively, think of an even worse scenario where you have an open trade on the market, the Fore autopilot system indicates that the trade should now be closed, but your internet connection is temporarily down!
As you can see, running a Forex autopilot or Forex system on your home computer is never a good idea. You should always look to a third party - which has a speciality in running such scripts, to ensure consistent reliability of the program.
Finding a Server to Run the Forex Autopilot System
Once you have found the right Forex autopilot system, you will now want to look for an appropriate server to run the script on. There are a number of options out there - but we would highly recommend that you speak to your Forex broker to discuss what server they believe would be best for the program. If you have a technologically advanced Forex broker, it might even be that they have their own server that you can run the program on.
Ultimately, this is the only risk to running a Forex autopilot system (other than the risk that the system presents on the whole).
Hence, you should take steps to mitigate this risk from the outset, so that you do not learn this lesson the hard way in the future.
What are the Risks of Trading Forex Autopilot Systems?
Is a Forex Demo Account Exactly the same as a Live Forex Account,iphone forex,iphone forex app,iphone forex chart
Is a Forex Demo Account Exactly the same as a Live Forex Account?
When you first start trading the Forex markets, you will most likely receive a number of recommendations from Forex brokers and FX courses to start with a Demo Account. Essentially, Demo accounts are those in which you can use fake money instead of fronting up with real money - so that you can get a sense of what Forex trading is all about.
There are two major benefits to using Demo accounts. They are:
- Ability to use the brokers software and Forex platform without committing any money
- Ability to try out strategies and systems without risking real money
Both of these benefits have huge implications for Forex traders in the long run. However, many people often ask whether or not trading on a Demo account is a genuine representation of what Live account trading is like. After all, Demo accounts are sometimes delayed by 20 minutes with their data, and trade times are significantly reduced because of the fact that real money is not being processed.
Let's take a look at whether or not Demo trading provides a fair representation of Live trading.
Demo Accounts Are Almost Identical
Aside from the fact that currency quotes are often delayed with Demo accounts, the reality is that trading on a Demo platform is almost an identical experience to trading in real life.
The only major difference, obviously, is that you are not using real money.
Many people still believe however that because the money you are using on a Demo Forex account is fake, the processing times for trades are significantly improved from before. This is simply not the case. The reality is that the amount of time it takes for a Demo trade to be executed is almost on par - if not exactly the same as that of a Live account.
Do not forget, just as a live trade needs to be routed to an exchange through the Forex broker - demo trades also need to be routed through the system and executed in the same fashion (albeit on the Demo database). Therefore, this should actually give you a very good idea of how long it will take for a real Forex trade to be place, sent, and executed on the system.
Switching to Live Platforms
After a few weeks of demo trading, most traders in the FX markets feel comfortable enough to switch to live account trading. Usually, you will simply have to alter the username and password that you log in to the system with - and everything else will remain exactly the same (except your account will obviously reflect the actual real account balance, not the demo balance).
Is a Forex Demo Account Exactly the same as a Live Forex Account?
Can I Dispute a Trade with my Forex Broker,iphone forex,iphone forex app,iphone forex chart
Can I Dispute a Trade with my Forex Broker?
On the whole, Forex trading is a smooth operation. In many cases, trades are executed within milliseconds of being sent through to the exchange - and the same is true for orders which are being placed.
However, on the odd occasion, things can go wrong. This is usually confined only to Forex brokers who do not route trades directly to the Forex trading floor, and instead execute trades manually or with their own systems.
If you feel that your trade has been executed unfairly, as a result of Broker error, you might want to dispute a particular trade and try to seek reimbursement for the money you lost. If this is the case, you will need to submit a dispute form on the Forex broker's website.
Submitting a Trade Dispute Form
Whilst this doesn't happen very often (brokers try to minimize errors and mistakes as much as possible) - we have heard of a number of cases where traders needed to submit a dispute form as a result of a trade being placed or closed incorrectly. Whether the trade was opened at the wrong price, or closed at a price far away from the actual quote price - just be aware that everything you do on a FX trading platform is recorded, and therefore there are records of trades and orders as they are placed.
To submit a trade dispute form, simply follow the steps listed on the Forex broker's website. These will usually require the following information:
- The currency pair you placed the trade on
- The time of the trade
- The ID number of the order or trade
- The reason why you are wanting to dispute the trade
- The reason why you believe that it was the broker's fault instead of your own error
There will obviously be spaces on the forms for you to put all of this information. We recommend that you be as comprehensive and detailed as you possibly can, so that the broker is able to look at as much information about the case as possible.
Dispute Resolution
Following the submission of your complaint, it could take up to 30 days for the Forex broker to review your dispute form and take action. They will need to go back in their own system and check to see what actually happened, and therefore why you feel that you were hard done by.
Following this, they may or may not offer you compensation, based on the individual claim.
Can I Dispute a Trade with my Forex Broker?
2 Alternatives to the Spot Forex Market,iphone forex,iphone forex app,iphone forex chart
2 Alternatives to the Spot Forex Market
What many Forex traders do not know is that there is actually more than one type of Forex market to trade on. Yes - most brokers will only offer one (the spot Forex market) - but there are a few Forex brokers out there who have flexibility as to the market that you are able to trade on.
In this article, we will take a look at the other Forex markets, and try to examine the difference between them and the spot market. This should provide you with a better idea of exactly which market is best for your style of trading.
The Forward Market
The Forex forward market is an entirely separate market from the spot. You will find that when looking at currency pairs in the forward Forex market, the quotes are completely different to those found on the spot rates.
This is a function of what the market is actually providing. As you might have gathered from the name of the forward market - this particular arena is offering rates to buy foreign currencies in the future. There are a number of different quotes for different time frames. For example, the following time scales might offer different rates to trade at:
- 1 month
- 3 months
- 6 months
- 12 months
Many spot Forex traders utilize forward rates to help them predict the future movements of a particular currency pair. The reality is that a 12 month forward Forex rate is the price that traders expect the currency pair to be trading at on the spot market in 12 months time, and therefore this is often a good measure of the future moves of the market.
Swap Rates
Another market entirely separate from the spot and forward Forex markets is the Swap Market. This market is used in complex currency trades, which are often far beyond the needs of mainstream retail spot traders.
Swap rates are those which are used when transferring real currency from one country to another, without the need to actually convert the currency. Whilst the swap rates are often similar to spot market Forex rates, the swap market also has time scales just like the forward market.
Swap rates are used by large corporations trying to hedge their overseas exposure, or by importers and exporters who do not want to trade a particular currency pair at the current time, but still need to pay their counterpart in another country. Often, the swap market doesn't even get a mention by Forex brokers because of its complexity.
2 Alternatives to the Spot Forex Market
What is the relevance of Currency Trading Basics,iphone forex,iphone forex app,iphone forex chart
What is the relevance of Currency Trading Basics?
To be aware about the basics of currency trading is not only relevant for a neophyte Forex trader but also equally important for those who have been in the business for quite some time now. Even though currency trading basics might perplex you at times, you can not deny that they are necessary for you to survive and flourish in Forex trading.But the problem lies in finding articles that might help you to get equipped with these basics. Even though, the internet is flooded with such information, the problem lies in identifying the information that is relevant for you. You can get so much information on the web that it becomes a challenge for you to narrow down your search. Here are a few things that might help you to use the web judiciously while you want to learn about Currency trading basics:- Choose for Forex articles that enhance your intelligence rather than underestimating it.
- If you are an experienced trader, it is important for you to not begin with a stand-alone site. In fact, you must make a start with a Forex portal as the articles there will be geared towards your needs.
- Carefully examine the titles of the Forex articles. The title indicates a lot about the content of the article and they are actually self-explanatory.
The Bottom Line-
Currency trading basics play an extremely important role in helping you make profits out of your Forex Trade. Novice traders use these basics to know more about the Forex world while experienced traders can treat these basics as a referring point for progress and avoid mistakes that might prove disastrous for their business.The only thing that you need to look at is some sources that can provide you with trusted information which is relevant for your needs. Just because a Forex article deals with basics doesn’t necessarily mean that it can not be advanced and challenging to your intelligence.Whether you are looking forward to strengthen your technical analysis or you want to focus on analysis that is more fundamental in nature, you need to refer back to your currency trading basics.Not only this, your knowledge of the currency trading basics can also help you to break free of any bad habits that you might have formed over the period of your Forex trading experience. It can help you to start afresh.Therefore, never discard the importance which the knowledge about currency trading basics plays in the Forex world. To get success here, you need to be well- informed.
What is the relevance of Currency Trading Basics?
What is the relevance of Currency Trading Basics?
Forex Trading on Iphone and Android Devices,iphone forex,iphone forex app,iphone forex chart
Forex Trading on Iphone and Android Devices
Taking the world with you is an understatement when it comes to Forex trading on an Iphone or Android device. These days, mobile trading is becoming so popular, many brokerage firms are developing their own mobile trading platform, so that you can literally trade from anywhere in the entire world, at any time.
In this article, we'll see exactly how far mobile Forex trading has come, and whether or not you can rely on the new technology to place trades and update positions on the go.
Forex Trading for Iphone
Ever since Apple released the iPhone back in 2005 / 2006, millions of consumers worldwide have entrusted the device with their sanity. Things which were once only done on a computer have now become portable and completely mobile.
For example, take a look at the following tasks which can now be done from anywhere:
- Reading email and composing new messages.
- Reading Word documents and creating Excel spread sheets.
- Chatting to friends through messenger programs, in real time.
- Checking your bank balance and transferring funds between accounts.
Each of these tasks has been simplified thanks to the "apps" which are now created by third parties, and allowed to be installed on the iPhone.
Forex trading on the iPhone is no different. Where you might once have had to sit at your computer for hours on end, staring at the screen and reviewing charts – the Iphone is now able to provide you with an alternative tool to trade.
Specialty Forex platforms allow you to make trades, review positions, and make adjustments all from the comfort of your car, lounge suite, or friend's house. If you want to get involved in mobile Forex trading, check to see if your broker has a dedicated iPhone trading platform as part of their package.
Forex Trading on Android Devices
Much like Forex trading apps for the iPhone, Android has its own range of Forex trading platforms. Android is a development from Google, which was released much later than the iPhone from Apple. Despite this, development of trading programs specifically for Android has not been slow or missing.
There are now a number of brokers which allow you to download special applications for your Android device, which allows to you trade from absolutely anywhere. Because the platforms are relatively new though, you should probably check with a broker before signing up to see whether they support these devices.
IPhone trading is almost expected these days; however Forex trading for Android devices is still a "bonus" in many cases.
Forex Trading on Iphone and Android Devices
Top 5 Forex iPhone Apps ,Forex iPhone trading App,Forex iPhone trading Software
Top 5 Forex iPhone Apps ,Forex iPhone trading App,Forex iPhone trading Software
Do you want to stay well informed of current market conditions while you are on the go?
iPhone Forex has compiled the Top 5 Forex iPhone applications to help you choose the best that meets your needs while you are on the go, of course we are filtering out the dozen other applications but here you have the 5 that keep resurfacing in our years of using Forex iPhone apps.
FOREX On the Go (Free. Premium Version $59.99). Use your iPhone to stay updated with current market rates and latest news. Place and close orders, set stop-loss and take-profit with any MT4 broker. Tick chart in real time that provides up to the second pricing directly from your MT4 broker.
ForexYard Mobile Trader (Free).ForexYard Mobile Trader is an application that features comprehensive trading, market monitoring on several mobile platforms, now including iPhone.
CMS Forex (Free). Keep yourself informed of current prices while you are on the go, deduce market movements visually with online charts. Display up to 14 currency pairs; change time periods with ease to view short and long terms charts. Simply visit iphoneforex.com directly from your iPhone.
iTradeMobile (Free subscription through referral. $7.95 USD per month). Trade with Forex Capital Markets (FXCM), FXCM Asia, FXCM Australia, FXCM France, FXCM U.K., or MF Global FX Canada with your iPhone anywhere.
FXware (Free). Keep yourself updated with your iPhone about Key Rates and Charts, Forex News, Top Movers and much more. Over 160 currencies to choose from, Rates every minute. Just visithttp://m.fxware.com from your iPhone’s browser.
Trade Forex on the iPhone, iPhone Forex,OANDA fxTrade,fxTrade Mobile for iPhon
Trade Forex on the iPhone
Put the power of OANDA fxTrade in your pocket
fxTrade Mobile for iPhone® gives you OANDA's leading forex trading technology, and standards of openness and transparency, on an intuitive, iPhone-friendly interface. The result is a mobile forex trading application that offers the flexibility and features you need to trade anywhere, any time:- One-tap execution on market trades and limit orders
- 24/7 trading on 54 currency pairs and 4 precious metal pairs
- Trade from multiple screens within the app: Rates, Buy/Sell, Positions, and Trades; close your open trades in the Trades and Positions screens
- Limit orders available: take profit, stop loss, trailing stops, lower and upper bounds
- Custom views of real-time exchange rate data
- Charts with swipe access to historical data
- Landscape color charting for optimal visualization
- Dynamic account values available any time: unrealized/realized P&L; margin used/available; net asset value
- Notification messages and sounds for order triggers and margin calls
- OANDA customer service support accessible by email from inside the app
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iTradeMobile Forex Trading on your Apple iPhone ,iPhone Forex
iTradeMobile Forex Trading on your Apple iPhone ,iPhone Forex
About iTradeMobile - Forex Trading on your Apple iPhone
Most forex account holders are only limited to trade at their computers right now. iTradeMobile gives traders the freedom to trade anywhere using their iPhones. Main features include:
- Trade real and demo accounts, up to 3 accounts
- View account summary data, and currently opened positions
- Open new (Long/Short) positions, and Close them
- Modify existing positions, change Stop Loss and Limit.
- View, Create, Modify, and Delete Entry Orders
- View Closed Transactions
- Enhanced Charting capabilities
- Support OCO Entry Orders for USA accounts
What’s New in this Version
- Support CFD and PAMM accounts
- Built-in Rates and Economic Calendars
Details
FOREXYARD iPhone,Forex iPhone
FOREXYARD iPhone,Forex iPhone
FOREXYARD understands that today's traders need a dependable solution to trading on the go. Today, our traders have it with the only devoted iPhone Forex Trading App available in the market.
The FOREXYARD Mobile Trader is an intuitive and accessible trading platform that delivers the fastest and most convenient trading service to all. The platform is offered in sixteen languages, and ties in directly to your trading platform at home, no need to sync, no need to worry!
The application allows traders the ability to trade with FOREXYARD's state-of-the art forex trading system, with the comfort and speed of the iPhone.
Live account holders can perform the following actions using a user friendly interface, with the backing of FOREXYARD's unrivaled charts and quotes:
View Account Info - See your current account status on the go
Market Orders - Buy and Sell anything, anytime
Entry Orders - Place orders directly from your phone
Stop and Limit Orders - Make sure to manage your risk on the go
Change and Remove Orders - Modify your positions using the app
Real Time Live Streaming Quotes -
Fully Functional Charts - use the mobile charts to make quality trading decisions
Charting Indicators - Use indicators to validate moves in the market
The iPhone Forex App can be downloaded directly from the iTunes app store following the link below:
Get FOREXYARD's Trading App from the App store now!
For traders with other smart phones, The Mobile trader now offers a brand new trading platform for Nokia, Windows Mobile and the BlackBerry.
* Live trading application as well as demo apps are available at the iPhone App Store.
Forex iPhone,iPhone Forex
The FOREX Mobile Trader is an intuitive and accessible trading platform that delivers the fastest and most convenient trading service to all. The platform is offered in sixteen languages, and ties in directly to your trading platform at home, no need to sync, no need to worry!
The application allows traders the ability to trade with FOREX state-of-the art forex trading system, with the comfort and speed of the iPhone.
Live account holders can perform the following actions using a user friendly interface, with the backing of FOREX unrivaled charts and quotes:
View Account Info - See your current account status on the go
Market Orders - Buy and Sell anything, anytime
Entry Orders - Place orders directly from your phone
Stop and Limit Orders - Make sure to manage your risk on the go
Change and Remove Orders - Modify your positions using the app
Real Time Live Streaming Quotes -
Fully Functional Charts - use the mobile charts to make quality trading decisions
Charting Indicators - Use indicators to validate moves in the market
