By Carley Garner
Currency buying and selling deals giant power to inventory and futures traders looking new speculative possibilities. although, there are numerous how you can exchange in currencies, and lots of unsuspecting investors were burned via competitive advertising campaigns and gimmicks luring them into detrimental buying and selling environments. during this e-book, best-selling buying and selling writer Carley Garner covers every thing new forex investors want to know to prevent these pitfalls and begin incomes great gains. Currency buying and selling within the foreign money and Futures Markets starts via demystifying all of the necessities, from fees and calculations to the original language of foreign currency trading. Readers study all they should learn about opting for buying and selling systems and brokerage agencies; operating with leverage; controlling transaction charges; handling liquidity, margins, and hazards; and masses extra. Garner completely explains the foreign money spot marketplace (Forex); foreign money futures traded at the Chicago Mercantile alternate (CME); and foreign money ETFs. She candidly discusses the benefits and drawbacks of every, slicing throughout the "smoke and mirrors" usually linked to forex. Readers also will discover a complete part on forex industry hypothesis, together with a transparent advent to primary and seasonal research in forex markets. together with her assistance, new foreign money investors can establish the markets and techniques that most sensible healthy their ambitions, and steer clear of the pitfalls that experience frequently victimized their predecessors.
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Additional info for Currency Trading in the Forex and Futures Markets
Dollar, he wouldn’t be able to sell a USD/EUR pair, but he could buy the Euro against the Dollar and accomplish the same feat (that is, go long the EUR/USD). Again, when buying the EUR/USD, the trader is purchasing the Euro and selling the Dollar simultaneously. Chapter 2 Making “Cents” of Currency Pairs 21 In the case of the yen versus the Dollar, traders are able to speculate on currency valuations through the USD/JPy pair, or simply the Dollar/ yen. Later in the book, we discuss the unique nature of the yen in regard to quoting and calculating.
However, as a broker who makes a living through commission in both futures and FX, I can tell you that traders are always paying transaction costs in one way or another; nobody works for free. The manner in which transaction costs are charged by brokers and paid by FX traders is highly dependent on the type of brokerage firm 26 The goal of trading is to make money, not to save it! If the pennies you are pinching aren’t helping your bottom line enough to keep your account in the black, you should rethink your strategy.
FOREX Simplified Imagine the chaos in the financial markets if asset classifications weren’t standardized. For the sake of time, convenience, and clarity, equities and mutual funds are identified with standardized ticker symbols, futures with contract symbols and months, and, finally, FX with standard threeletter identifiers. As a result, traders around the globe, regardless of origin, ethnicity, or language, know exactly what they are buying or selling through a FOREX trading platform. In the case of FX, we can thank the ISO (International Organization for Standardization) for assigning each currency, or country, with a three-letter abbreviation.