Traders Looking Forward to a New Bond Age
We’ve heard a lot about the troubles in Europe over the past few weeks and this has brought trading opportunities in the European Currency (EC-Spotv in ProfitSource software) into sharp focus.
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Foreign Exchange – A Rare Gap
Last Monday morning (19 September, 2011) we saw a rare gap on the Euro/US Dollar currency pair (code FXEUUS in ProfitSource trading software). The Euro opened significantly lower than its Friday close on news that ratings agency, Standard and Poors had downgraded Italy’s credit rating. The Euro rallied during the day but did not get back up to Friday’s closing price. This is shown in Chart 1 below. The yellow rectangle shows the ‘price gap’, at which the market did not trade on the Monday.
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Getting an Edge with Forex Trading
Few markets can lure a trader in like the Foreign Exchange market can. Currencies trade around the clock, are highly liquid and can be traded on extremely high leverage. A $10,000 account can see you trading a $1 million position on the Australian Dollar, so fortunes can be made and lost in as little as fifteen minutes. No wonder so many traders are attracted to currencies – they offer everything we could ever ask for.
I remember my first FX trade. I had just opened my account that day, and I was eager to place my first trade. I remember sitting down and putting on a small trade in the evening, placing my stop loss order, then going away to eat dinner. I came back half an hour later to find a 50% return on my investment. This was certainly a lot more exciting than trading shares!
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Forex-Futures Trading Opportunities Abound
Looking for opportunities in the market is the constant search for any trader. In the seminars that I present at, I always aim to broaden people’s awareness of “other” markets and the interesting trading opportunities that exist. David Bowden, the founder of Safety in the Market, made a point of focusing on individual markets to understand them inside and out. This allows the trader to better understand how a market will perform as a result of the deed knowledge acquired.
Looking at a limited number of markets might make you think you are missing opportunities. To an extent this is true as we realise we cannot monitor all markets in an in-depth manner or trade all the strong opportunities at any one time.
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Trading the Australian Dollar
On everybody’s lips at the moment is the strong performance of the Australian dollar. Its fantastic if you are travelling, giving you more purchasing power in overseas countries. If you are an exporter however, it is now making your goods and services more expensive to your overseas clients.
That’s where most people‘s view of currencies stops, but to the trader, currencies represent extraordinary opportunities to make large profits in an interesting market. Some of you may be aware that there are futures contracts over currencies e.g. the Australian Dollar, US Dollar, Euro to name a few.
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