Even the best Forex traders need to regularly refresh their knowledge and gain new information that is related to the currency trading. There are on-line Forex resources that provide information, news, books, communities, tools and other important advantages to the traders for free. Here is the list of the most useful Forex resources that are worth to be visited daily by every trader:

Bloomberg.com — business and currency news that create the fundamental background for the Forex market. I prefer to browse these news everyday before making any trading decisions.

Forexfactory.com — apart from the usual Forex tools, there are forums that are actually visited by many new and professional traders that share their experience with different trading systems, Forex brokers, expert advisors, etc.

Forex-tsd.com — a large Forex community focusing mainly on the technical tools for trading — such as expert advisors and indicators for various platforms (usually, MetaTrader 4).

Earnforex.com — a lot of useful and free information for all Forex traders, including books, brokers’ descriptions, reviews, articles and other goodies with the new updates almost everyday.

Talkgold Forex Forum — a very popular forum in the past, it still remains a place where many «old school» Forex traders share their knowledge and discuss Forex related issues.

Those are the resources that I visit everyday. If you know some other popular and useful sites for the Forex traders, you can mention them in the comments to this post.

Trading on the Forex news is a popular strategy that is generally adopted among both professional and barely experienced traders. Apart from the standard high volatility accompanying important economic releases, Forex traders try to earn by predicting the outcome of the news, successfully forecasting the market’s reaction. However there are three important points every news trader should know before reacting on the Forex news:

1. Generally it’s a good idea to set the entry orders before the actual news release. Use stop and limit orders to make the entry to trigger automatically and at the desired levels even on a very volatile market.
2. Setting stop and limit orders for entry is a good way to automate the news trading, but it’s also a good idea to stay near your trading platform during the news release. Sometimes the market demands your personal reaction and your own understanding of the current situation to bring you profits and save you from losses.
3. You should know beforehand if your broker allows news trading. Many Forex brokers forbid trading during the news of the high importance to the Forex market. They can do it either via their terms of service or via some technical obstacles. Some brokers widen their spreads to extreme values during the news, while the others just stop reacting to the trader’s orders. Don’t even try earning from the news trading if your broker doesn’t allow it.

Don’t be scared to trade on the Forex news. It’s a good tactic for every kind of trader and will work on the most Forex brokers. Just try to avoid the common mistakes associated with this trading strategy.

Sterling dropped to a record low versus the euro on concern that the Bank of England may lower its interest rates again in the beginning of next year. The greenback is soft across the board as momentum market participants took profits.

The BOE rate cut speculation arose last week when the Bank of England released its December monetary policy meeting minutes, which showed a unanimous vote for a 25-bp rate cut this month. Also, the bank heightened the impact of recent financial market turmoil and the consequent credit market tightness on the economy and inflation. The BOE and Fed are both likely to have a couple of rate cuts in the coming year, which weigh on their currencies.

In contrast, the European Central Bank may keep its benchmark rate unchanged. The euro rose to 0.7311 versus the sterling, and tested a resistance level at 1.45 against the dollar.

Financial markets in Australia, Hong Kong and the UK are closed for the Boxing Day. Currency trading will remain very light towards the end of this year.

Tomorrow will see US durable goods orders report, weekly job report and consumer confidence. Durable goods orders are seen to rise 2.0% in November, compared with a 0.2% decline in the previous month. Core durable goods orders are likely to increase 0.3%, versus a prior month¡¯s reading of ¨C0.4%. Weekly initial claims are expected to change from 346k to 342k. US consumer confidence is estimated to fell from 87.3 to 86.5.

EURUSD will face interim resistance at 1.45, followed by 1.4530 and 1.4550. Additional ceilings will emerge at 1.4580, backed by 1.46. Support starts at 1.4470, backed by 1.4430, 1.44 and 1.4380. Subsequent floors are eyed at 1.4350.

GBPUSD encounters interim resistance at 1.98, backed by 1.9850 and 1.9870. Subsequent ceilings will emerge at 1.99, followed by 1.9930 and 1.9980. On the downside, support begins at 1.9760, followed by 1.9730 and 1.97. Additional floors are eyed at 1.9670, backed by 1.9650 and 1.9620.

USDJPY encounters interim resistance at 114.50, backed by 114.80 and 115. Subsequent ceilings will emerge at 115.30, followed by 115.50 and 116. On the downside, support begins at 114.20 and 114, followed by 113.80. Additional floors are eyed at 113.50, backed by 113.20 and 113.

Hey all,

I have been on a forex books posting spree for quite a while. Now, going back to whats actually happening in our Fx Market, The yen has suffered a major setback against all major currencies on Friday trading session. The greenback managed its best against the Yen since the 7th of November.

Sterling Goes in deep waters

The sterling continued to drift lower, falling to a record low versus the euro at 0.7254 as market sentiment anticipates the increased likelihood for additional BoE rate cuts in the coming year. With recent economic data from the UK remaining soft, combined with dovish commentary from the BoE – we expect the Bank to cut rates by another 25-basis point in January and possibility for further easing in the first half.

Retail sales were largely unchanged at 4.4% y/y, while slightly higher on the monthly reading to 0.4%.

Now, focussing on more statistics

Cable holds steady near 1.9830, with support seen at 1.98, backed by 1.9765 and 1.9720. Additional floors are eyed at 1.97, followed by 1.9650 and 1.96. On the upside, resistance begins at 1.9875, followed by 1.99 and 1.9930. Subsequent ceilings will emerge at 1.9960 and 2.

Figures and statistics supported by forexnews

Now, if you liked this story, you might like to give us a digg or a stumble or check out the Forex Books in our FOREX BOOKS SECTION

Or simply check out our homepage for the latest forex books we added including Forex Conquered, How I traded for a living, Mastering the Elliot Wave and much more.

Enjoy and do leave your comments back!

Hey guys,,,

Here are the following important events in the forex world that have already elapsed in the month of october and the rest that are going to happen.. and new readers pls check out over forex ebooks section

1 Monday
2 Tuesday
3 Wednesday	RBA Interest Rates Decision. (09.30 Local Time).
4 Thursday	BOE MPC announces interest rates decision. 13.00 CET. ECB Governing Council meeting. Interest rates decision at 13.45 CET. News conference at 14.30 CET.
5 Friday	US Employment situation. 14.30 CET. US Consumer Credit. 19.00 CET.

8 Monday	US, CA and JP market holiday.
9 Tuesday	US FOMC Minutes. 20.00 CET.
10 Wednesday	BOJ starts two-day monetary policy meeting. (to oct 11). Discussion group on Euorpean monetary policy. 20.15 CET. US Whole sale Trade. 16.00 CET.
11 Thursday	BOJ monetary policy meeting (final day). Release of monthly economic report. 08.00 CET, BOJ Governor Fukui to holds news conference at 08.30 CET. ECB publishes its monthly bulletin. 10.00 CET. ECB Pres Trichet and Bank of Russia Chairman Ignatyev news conference. 11.15 CET. The European Commission issues its quarterly growth forecast for the euro zone. US International Trade. 14.30 CET.
12 Friday	US PPI and Retail Sales. 14.30 CET. Fed Chairman Bernanke speaks on "John Taylor's Contributions to Economics". 15.10 CET.

15 Monday	Fed Chairman Bernanke speaks before the Economic Club of New York.
16 Tuesday	BOC Key interest rates policy announcement. 13.00 CET. US Industrial Production. 15.15 CET.
17 Wednesday	BOE to publish minutes of its oct 3-4 MPC meeting. US PPI and Housing Starts. 14.30 CET. US Beige Book. 20.00 CET.
18 Thursday	BOC releases Monthly Policy report. 16.30 CET. News conference at 17.15 CET. US Leading indicators. 16.00 CET.
19 Friday

22 Monday
23 Tuesday
24 Wednesday
25 Thursday	RBNZ Official Cash Ratio (OCR) announcement. ECB Governing Council meeting. No interest rates announcements scheduled. US Durable Goods Orders. 14.30 CET. US New Home Sales. 16.00 CET.
26 Friday	US Consumer Sentiment. 16.00 CET.

29 Monday
30 Tuesday	US Consumer Confidence. 16.00 CET.
31 Wednesday	Norwegian central bank’s interest rates decision. 14.00 CET. News Conference at 14.45 CET. US Fed FOMC interest Rates decision. 20.15 CET.

Hey guys,

Its article time again. Worked on this for a while.

I compiled the most frequently asked questions with regard to the Forex market. Here it is. feel free to put it on your blog or site but just make sure you mention where you got it from.

MOST FAQ about the FOREX MARKET

With over $1.4 Trillion traded daily, the Forex market stands out as the largest financial market in the world currently. Still, it is an unfamiliar territory to many common people and amateur investors. If you are a fresher or a pro and would like to refresh your knowledge on the Forex market, you are on the right page. In this article, I will cover the most commonly asked questions related to the Forex market. For free ebooks and guides on getting started with Forex trading, Go here! And also check on the same site, the article “Why Forex?” (Its in the blog archive and gives you some awesome reasons why you really must invest in the forex market) And to enlighten yourself on the FAQ regarding the Forex market, please continue reading this article.

How does this market differ from other markets?
It differs from other markets like stock market in the simple fact that its not regulated by a central governing body. There exists no clearinghouses to guarantee the trades and there is also no arbitration panel to resolve and decide upon disputes. Credit agreements are what the trading is based on. So, truthfully speaking, business in the largest liquid market depends simply on a metaphorical handshake.

This might seem out of the world or plain weird to investors used to structured exchanges like the NYSE or CME. But this arrangement actually works out pretty well in practice as investors and brokers must compete and co-operate with each other at the same time.

The FX market is so different from other markets in some ways that are sure to raise eyebrows. If you feel that the EUR/USD is going to spiral downwards in near future? Feel free to short the pair at will( Selling short is the opposite of going long. That is, short sellers make money if the stock goes down in price. This is an advanced trading strategy with many unique risks and pitfalls. Novice investors are advised to avoid short sales.)

There is no limit to the size of the position you can gain. Theoretically speaking, you could sell $100 million of currency if you had the capital to do so. If you could some how manage to gain information on the immediate future of a particular currency, you could well be a millionaire in no time. The Fact is European economic data, such as German employment figures, are often leaked days before they are officially released.

Before we leave you with the wrong impression that Forex or Foreign exchange is the Wild West of finance, we must also note that this is the most liquid market in the world. Forex is a 24 Hours trading opportunity. It’s not going be like you wait for the Forex shop down the street to open. As a Forex Trader, you get the opportunity to trade 24 hours from Sunday 5:00 pm (ET) to Friday 4:30 pm.

This means you can do trading upon your convenience and based on your schedule. It also provides you the opportunity to act immediately upon golden breaking news from the market.

Where is the commission in FX?

Investors in stock market, futures or options generally use a broker who acts as an agent in the subsequent transactions. The broker does an exchange based on the investor’s instructions. For this, he gets paid a commission.

However, the Forex market doesn’t have commissions. It is a principals only market.
Forex firms are dealers, and not brokers. This is a very critical distinction that all investors must understand. Commission is not charged by them. They make their profits through the bid-ask spread (The amount by which the ask price exceeds the bid. This is essentially the difference in price between the highest price that a buyer is willing to pay for an asset and the lowest price for which a seller is willing to sell it. For example, if the bid price is $20 and the ask price is $21 then the "bid-ask spread" is $1.

What is a pip?

Pip is an abbreviation used for “Percentage in Profit” It is the smallest increment of trade in the Forex market. In the Forex market,prices are stated to the fourth decimal point. For eg: a Cadbury bar that costed $2.70 in your nearby supermarket will be quoted as $2.7000 in the Forex market. A change in the fourth decimal of that will be a pip.

We can simply put it that it is 1/100^th of 1% or 0.0001 %

What are you really selling or buying in the currency market?
Simply “NOTHING”. The Foreign exchange or Forex market is merely a speculative market. There is no physical exchanging of currencies there. All the trades are present as computer entries and netted out based on the market prices.

For accounts that are denominated in dollars, all the profits and losses would be calculated in dollars and recorded on the traders account in dollars.

Which currencies are traded?

Some mind blowing and exotic options would be the Thai bath or the Czech koruna , but the majority of trading in the Forex market is based on the seven most liquid currency pairs.

They are

EUR/USD (euro/dollar) USD/JPY (dollar/Japanese yen) GBP/USD (British pound/dollar) USD/CHF (dollar/Swiss franc)

and the three commodity pairs:

AUD/USD (Australian dollar/dollar) USD/CAD (dollar/Canadian dollar) NZD/USD (New Zealand dollar/dollar)

These currency pairs, along with their various combinations (such as EUR/JPY, GBP/JPY and EUR/GBP) account for more than 95% of all speculative trading in the Forex market..

FX Jargon

Every field possesses its own jargon and the Forex market is no different as such.

Here are some terms which are worthwhile learning.

Cable, sterling, pound – the alternative names for GBP Greenback, buck - nicknames for the U.S. dollar Swissie - nickname for the Swiss franc, Aussie - nickname for the Australian dollar . Kiwi - nickname for the New Zealand dollar Loonie, the little dollar - nicknames for the Canadian dollar Figure - FX term connoting a round number like 1.2000 Yard - a billion units, as in "I sold a couple of yards of sterling."

Well Guys,

Unpredictability is an integral part of the foreign exchange market (FOREX)

So whenever you need to check the latest currency values be it USD value today or latest GBP/USD value, you can check here. The latest values are in the table and the ticker. Any more currency requests that you would like us to keep a track on will be added.

And yeah, read this article

The major currencies pared their gains versus the dollar in the Tuesday session as the upcoming G7 Finance Minister’s meeting looms. Traders pushed the Aussie beneath the 0.90-level to 0.8825 and the sterling below the 2.03-mark. With growing unease over whether the G7 communiqué will address concerns about recent dollar and yen weakness, both currencies regained footing amid unwinding of heavy shorts.

The greenback kicked off the New York session initially weaker on the heels of soft US economic data. The reports included a record net overall capital outflows (TIC) in August at $163.0 billion, compared with a $94.3 billion inflow a month prior. The new private capital outflow component hit a record $141.9 billion versus an inflow of $56.0 billion from July. Industrial output for September was in line with consensus estimates at 0.1%, down slightly from August at 0.2%. Capacity utilization was down marginally at 82.1% versus 82.2% from July. Meanwhile, the NAHB housing market index continued to suggest deteriorating conditions, falling by more than estimates to 18 for October versus 20 in September. The decline marked the fifth consecutive month the index has fallen, hitting its lowest level since initiation in 1985.

Fed Chairman Bernanke provided few clues into the FOMC policy decision at the end of the month, sounding an upbeat tone on credit conditions and saying the improvement bolsters the scope for achieving moderate growth with price stability. He reiterated uncertainties looming over the housing market, saying conditions in the mortgage markets remain difficult. Bernanke was optimistic on growth, saying some of the solid momentum from Q2 seems to have carried over into Q3. Although we expect another 25-basis point rate cut from the FOMC this year, we look for the Fed to stand pat at the end of this month, instead opting to ease at the December 11th meeting.

GBP Retreats

The sterling pulled back sharply after several failed attempts this week to break above the upper channel line near 2.0450. Cable now trades near the base of the channel around the 2.03-level, with the trendline support hovering around 2.230.

Economic data released from the UK revealed mixed inflation readings, with September CPI slightly lower than expected at 0.1% m/m and 1.8% y/y. The retail price index was also lower than expected at 3.9% y/y and 0.3% m/m while the core RPI was unchanged at 2.8% y/y and 0.3% m/m.

With increases in inflation contained at this point, we continue to anticipate the next BoE rate move to be an ease to alleviate tightening credit conditions in the UK. Traders will look ahead to UK August unemployment rate, September claimant count and the minutes from the Bank of England monetary policy meeting.

Articles original source