Forex Hedging Strategy

Forex Hedging Strategy is developed in four parts, including an analysis of the forex trader’s risk exposure, risk tolerance and preference of strategy. These components make up the forex hedge:

1. Analyze risk: The trader must identify what types of risk (s)he is taking in the current or proposed position. From there, the trader must identify what the implications could be of taking on this risk un-hedged, and determine whether the risk is high or low in the current forex currency market.

2. Determine risk tolerance: In this step, the trader uses their own risk tolerance levels, to determine how much of the position’s risk needs to be hedged. No trade will ever have zero risk; it is up to the trader to determine the level of risk they are willing to take, and how much they are willing to pay to remove the excess risks.

3. Determine forex hedging strategy: If using foreign currency options to hedge the risk of the currency trade, the trader must determine which strategy is the most cost effective.

4. Implement and monitor the strategy: By making sure that the strategy works the way it should, risk will stay minimized.

The forex currency trading market is a risky one, and hedging is just one way that a trader can help to minimize the amount of risk they take on. So much of being a trader is money and risk management, that having another tool like hedging in the arsenal is incredibly useful.Not all retail forex brokers allow for hedging within their platforms. Be sure to research fully the broker you use before beginning to trade.

Work for FOREX

Would you like to be the face of Scandinavia’s biggest foreign exchange bureau?
Welcome to a company that focuses on personal service! FOREX is Scandinavia’s biggest foreign exchange bureau. Over 37 years, we have built up a clear picture of how we should treat our customers and how the company should be run.
Are you reliable, trusworthy and thorough? Do you find it easy to work in a team? Do you enjoy providing service for others, and do you have skills in foreign languages? Then we need YOU.
We would prefer you to be at least 23 years old and have completed upper secondary school, preferably with an accounting or social studies focus, and have a couple of years of work experience.
Write to or e-mail us today
If you think you might be the kind of person we are looking for, don’t hesitate to contact us. Send an e-mail to: saija.i@forex.fi. Application forms can be picked up from your nearest FOREX branch. Send your application to:

FOREX OY
Rekrytointi
PL 1139
00101 Helsinki
If you have any questions, you are welcome to call Harri Andersson on 020 751 2511

Forex Forecasting

Basic Forex forecast methods: Technical analysis and fundamental analysis

This article provides insight into the two major methods of analysis used to forecast the behavior of the Forex market. Technical analysis and fundamental analysis differ greatly, but both can be useful forecast tools for the Forex trader. They have the same goal - to predict a price or movement. The technician studies the effect while the fundamentalist studies the cause of market movement. Many successful traders combine a mixture of both approaches for superior results.


Technical analysis

Technical analysis is a method of predicting price movements and future market trends by studying charts of past market action. Technical analysis is concerned with what has actually happened in the market, rather than what should happen and takes into account the price of instruments and the volume of trading, and creates charts from that data to use as the primary tool. One major advantage of technical analysis is that experienced analysts can follow many markets and market instruments simultaneously.
Technical analysis is built on three essential principles:
1. Market action discounts everything! This means that the actual price is a reflection of everything that is known to the market that could affect it, for example, supply and demand, political factors and market sentiment. However, the pure technical analyst is only concerned with price movements, not with the reasons for any changes.
2. Prices move in trends Technical analysis is used to identify patterns of market behavior that have long been recognized as significant. For many given patterns there is a high probability that they will produce the expected results. Also, there are recognized patterns that repeat themselves on a consistent basis.
3. History repeats itself Forex chart patterns have been recognized and categorized for over 100 years and the manner in which many patterns are repeated leads to the conclusion that human psychology changes little over time.
Forex charts are based on market action involving price. There are five categories in Forex technical analysis theory:

• Indicators (oscillators, e.g.: Relative Strength Index (RSI)
• Number theory (Fibonacci numbers, Gann numbers)
• Waves (Elliott wave theory)
• Gaps (high-low, open-closing)
• Trends (following moving average).


Some major technical analysis tools are described below:
Relative Strength Index (RSI):
The RSI measures the ratio of up-moves to down-moves and normalizes the calculation so that the index is expressed in a range of 0-100. If the RSI is 70 or greater, then the instrument is assumed to be overbought (a situation in which prices have risen more than market expectations). An RSI of 30 or less is taken as a signal that the instrument may be oversold (a situation in which prices have fallen more than the market expectations).
Stochastic oscillator:
This is used to indicate overbought/oversold conditions on a scale of 0-100%. The indicator is based on the observation that in a strong up trend, period closing prices tend to concentrate in the higher part of the period's range. Conversely, as prices fall in a strong down trend, closing prices tend to be near to the extreme low of the period range. Stochastic calculations produce two lines, %K and %D that are used to indicate overbought/oversold areas of a chart. Divergence between the stochastic lines and the price action of the underlying instrument gives a powerful trading signal.
Moving Average Convergence Divergence (MACD):
This indicator involves plotting two momentum lines. The MACD line is the difference between two exponential moving averages and the signal or trigger line, which is an exponential moving average of the difference. If the MACD and trigger lines cross, then this is taken as a signal that a change in the trend is likely.

Number theory:

Fibonacci numbers: The Fibonacci number sequence (1,1,2,3,5,8,13,21,34...) is constructed by adding the first two numbers to arrive at the third. The ratio of any number to the next larger number is 62%, which is a popular Fibonacci retracement number. The inverse of 62%, which is 38%, is also used as a Fibonacci retracement number.

Gann numbers:

W.D. Gann was a stock and a commodity trader working in the '50s who reputedly made over $50 million in the markets. He made his fortune using methods that he developed for trading instruments based on relationships between price movement and time, known as time/price equivalents. There is no easy explanation for Gann's methods, but in essence he used angles in charts to determine support and resistance areas and predict the times of future trend changes. He also used lines in charts to predict support and resistance areas.

Waves

Elliott wave theory: The Elliott wave theory is an approach to market analysis that is based on repetitive wave patterns and the Fibonacci number sequence. An ideal Elliott wave patterns shows a five-wave advance followed by a three-wave decline.

Gaps

Gaps are spaces left on the bar chart where no trading has taken place. An up gap is formed when the lowest price on a trading day is higher than the highest high of the previous day. A down gap is formed when the highest price of the day is lower than the lowest price of the prior day. An up gap is usually a sign of market strength, while a down gap is a sign of market weakness. A breakaway gap is a price gap that forms on the completion of an important price pattern. It usually signals the beginning of an important price move. A runaway gap is a price gap that usually occurs around the mid-point of an important market trend. For that reason, it is also called a measuring gap. An exhaustion gap is a price gap that occurs at the end of an important trend and signals that the trend is ending.

Trends

A trend refers to the direction of prices. Rising peaks and troughs constitute an up trend; falling peaks and troughs constitute a downtrend that determines the steepness of the current trend. The breaking of a trend line usually signals a trend reversal. Horizontal peaks and troughs characterize a trading range.
Moving averages are used to smooth price information in order to confirm trends and support and resistance levels. They are also useful in deciding on a trading strategy, particularly in futures trading or a market with a strong up or down trend.
The most common technical tools:
Coppock Curve is an investment tool used in technical analysis for predicting bear market lows.
DMI (Directional Movement Indicator) is a popular technical indicator used to determine whether or not a currency pair is trending.
Unlike the fundamental analyst, the technical analyst is not much concerned with any of the "bigger picture" factors affecting the market, but concentrates on the activity of that instrument's market.

Fundamental analysis

Fundamental analysis is a method of forecasting the future price movements of a financial instrument based on economic, political, environmental and other relevant factors and statistics that will affect the basic supply and demand of whatever underlies the financial instrument. In practice, many market players use technical analysis in conjunction with fundamental analysis to determine their trading strategy. One major advantage of technical analysis is that experienced analysts can follow many markets and market instruments, whereas the fundamental analyst needs to know a particular market intimately. Fundamental analysis focuses on what ought to happen in a market. Factors involved in price analysis: Supply and demand, seasonal cycles, weather and government policy.
The fundamentalist studies the cause of market movement, while the technician studies the effect. Fundamental analysis is a macro or strategic assessment of where a currency should be trading based on any criteria but the movement of the currency's price itself. These criteria often include the economic condition of the country that the currency represents, monetary policy, and other "fundamental" elements.
Many profitable trades are made moments prior to or shortly after major economic announcements.

Forex System Software

An overview into modern Forex software systems and the Forex Trading First

Foreign Exchange (Forex) software is designed to allow end users to trade currencies online in a real time, secure, private and efficient manner.
The major issues that a foreign exchange software platform should address are:
• Real-time- providing constantly up-to-date exchange rates in increments of a few seconds. These rates, in contrast to traditional bank rates, are actual, tradable Forex quotes. Once you decide to trade on a currency you can "lock" in a rate and this will be the actual rate at which the transaction will take place.
• Security, privacy and data integrity- for any user performing financial transactions over the Internet, this is a main issue. This point is further emphasized with Forex trading software, where the amounts traded may be significant. Forex trading software must be designed with the highest level of data security, integrity and privacy. Most systems use at least one layer of at least 64-bit SSL encryption, as well as various data backup and recovery methods and procedures.
• 24x7 availability - providing updated Forex quotes 24x7 and allowing a trade any time of the week.
Web-based versus downloaded Forex software
Forex software comes in two main forms - web-based and client-side Forex software:
Web-based Forex software system
Web-based Forex software means that all the operations are performed on the vendor's website, pending user verification. That means that users are offered a familiar, web-based interface, to perform their desired operations. The advantages of such a system are:
• No need to download and install proprietary software
• Log in anywhere, anytime. A web-based system allows instant access to a user account, from any Internet connected computer.
• Familiar and friendly, web-based user interface.
Client side Forex software system
Client-side Forex software is a program that a user downloads and installs to gain access to the Forex markets. The software communicates with the vendor's server offering Forex services.

Forex Trading First

Forex Trading First offers a web-based Forex trading system. We believe in making foreign exchange easy, thus we offer a friendly, fast, secure, no-download, web-based Forex system to allow even the novice Forex investor easy access to the Forex markets.
With regard to our backend, Forex Trading First has two different server farms in different locations to ensure backup and recovery. Each server farm uses load-balancing software to balance the load handled by each node and to ensure an immediate, real time response to any user operation.
We accept credit cards, pending approval by the credit card company. Please read more about the robustness of our system in the sections describing the security and real-time aspects of our Forex software.

Forex Risk Managment Srtategies

Learn about the basic strategies for controlling risks while trading Forex


The Forex market behaves differently from other markets! The speed, volatility, and enormous size of the Forex market are unlike anything else in the financial world. Beware: the Forex market is uncontrollable - no single event, individual, or factor rules it. Enjoy trading in the perfect market! Just like any other speculative business, increased risk entails chances for a higher profit/loss.

Currency markets are highly speculative and volatile in nature. Any currency can become very expensive or very cheap in relation to any or all other currencies in a matter of days, hours, or sometimes, in minutes. This unpredictable nature of the currencies is what attracts an investor to trade and invest in the currency market.

But ask yourself, "How much am I ready to lose?" When you terminated, closed or exited your position, had you had understood the risks and taken steps to avoid them? Let's look at some foreign exchange risk management issues that may come up in your day-to-day foreign exchange transactions.
• Unexpected corrections in currency exchange rates
• Wild variations in foreign exchange rates
• Volatile markets offering profit opportunities
• Lost payments
• Delayed confirmation of payments and receivables
• Divergence between bank drafts received and the contract price
There are areas that every trader should cover both BEFORE and DURING a trade.


Exit the Forex market at profit targets

Limit orders, also known as profit take orders, allow Forex traders to exit the Forex market at pre-determined profit targets. If you are short (sold) a currency pair, the system will only allow you to place a limit order below the current market price because this is the profit zone. Similarly, if you are long (bought) the currency pair, the system will only allow you to place a limit order above the current market price. Limit orders help create a disciplined trading methodology and make it possible for traders to walk away from the computer without continuously monitoring the market.

Control risk by capping losses

Stop/loss orders allow traders to set an exit point for a losing trade. If you are short a currency pair, the stop/loss order should be placed above the current market price. If you are long the currency pair, the stop/loss order should be placed below the current market price. Stop/loss orders help traders control risk by capping losses. Stop/loss orders are counter-intuitive because you do not want them to be hit; however, you will be happy that you placed them! When logic dictates, you can control greed.

Where should I place my stop and limit orders?

As a general rule of thumb, traders should set stop/loss orders closer to the opening price than limit orders. If this rule is followed, a trader needs to be right less than 50% of the time to be profitable. For example, a trader that uses a 30 pip stop/loss and 100-pip limit orders, needs only to be right 1/3 of the time to make a profit. Where the trader places the stop and limit will depend on how risk-adverse he is. Stop/loss orders should not be so tight that normal market volatility triggers the order. Similarly, limit orders should reflect a realistic expectation of gains based on the market's trading activity and the length of time one wants to hold the position. In initially setting up and establishing the trade, the trader should look to change the stop loss and set it at a rate in the 'middle ground' where they are not overexposed to the trade, and at the same time, not too close to the market.
Trading foreign currencies is a demanding and potentially profitable opportunity for trained and experienced investors. However, before deciding to participate in the Forex market, you should soberly reflect on the desired result of your investment and your level of experience. Warning! Do not invest money you cannot afford to lose.
So, there is significant risk in any foreign exchange deal. Any transaction involving currencies involves risks including, but not limited to, the potential for changing political and/or economic conditions, that may substantially affect the price or liquidity of a currency.
Moreover, the leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as well as for you. The possibility exists that you could sustain a total loss of your initial margin funds and be required to deposit additional funds to maintain your position. If you fail to meet any margin call within the time prescribed, your position will be liquidated and you will be responsible for any resulting losses. 'Stop-loss' or 'limit' order strategies may lower an investor's exposure to risk.
Forex Trading First foreign exchange technology links around-the-clock to the world's foreign currency exchange trading floors to get the lowest foreign currency rates and to take every opportunity to make or settle a transaction.


Avoiding/lowering risk when trading Forex:

Trade like a technical analyst. Understanding the fundamentals behind an investment also requires understanding the technical analysis method. When your fundamental and technical signals point to the same direction, you have a good chance to have a successful trade, especially with good money management skills. Use simple support and resistance technical analysis, Fibonacci Retracement and reversal days. Be disciplined. Create a position and understand your reasons for having that position, and establish stop loss and profit taking levels. Discipline includes hitting your stops and not following the temptation to stay with a losing position that has gone through your stop/loss level. When you buy, buy high. When you sell, sell higher. Similarly, when you sell, sell low. When you buy, buy lower. Rule of thumb: In a bull market, be long or neutral - in a bear market, be short or neutral. If you forget this rule and trade against the trend, you will usually cause yourself to suffer psychological worries, and frequently, losses. And never add to a losing position. On Forex Trading First the trader can change their trade orders as many times as they wish free of charge, either as a stop loss or as a take profit. The trader can also close the trade manually without a stop loss or profit take order being hit. Many successful traders set their stop loss price beyond the rate at which they made the trade so that the worst that can happen is that they get stopped out and make a profit.

Dollar - Euro Currency Exchange

This article provides an overview of the factors affecting the leading currency pair: euro-dollar exchange, commonly expressed as EUR/USD.

The euro to dollar exchange rate is the price at which the world demand for US dollars equals the world supply of euros. Regardless of geographical origin, a rise in the world demand

Factors affecting exchange rates

Four factors are identified as fundamental determinants of the real euro to dollar exchange rate:
• The international real interest rate differential
• Relative prices in the traded and non-traded goods sectors
• The real oil price
• The relative fiscal position

The nominal bilateral dollar to euro exchange is the exchange rate that attracts the most attention. Notwithstanding the comparative importance of euro to US dollar bilateral trade links, trade with the UK is, to some extent, more important for the Euro zone than is trade with the US. The dollar and the euro have a strong predisposition to run together in the very short run, but sometimes there can be significant discrepancies. The very strong appreciation of the dollar against the euro in 2003 is one example of these discrepancies.
In the long run, the correlation between the bilateral dollar to euro exchange rate, and different measures of the effective exchange rate of Euroland, have been rather high, especially if one looks at the effective real exchange rate. As inflation is at very similar levels in the US and the Euro area, there is no need to adjust the dollar to euro rate for inflation differentials, but because the Euro zone also trades intensively with countries that have relatively high inflation rates (e.g. some countries in Central and Eastern Europe, Turkey, etc.), it is more important to downplay nominal exchange rate measures by looking at relative price and cost developments.

The fall of the dollar

The steady and orderly decline of the dollar from early 2002 to early 2004 against the euro, Australian dollar, Canadian dollar and a few other currencies (i.e., its trade-weighted average, which is what counts for purposes of trade adjustment), while significant, has still only amounted to about 10 percent.
There are two reasons why concerns about a free fall of the dollar should not be worth consideration. The first is that the US external deficit will stay high only if US growth remains vigorous. But if the US continues to grow strongly, it will also retain a strong attraction for foreign capital, which should support the dollar. The second reason is that the attempts by the monetary authorities in Asia to keep their currencies weak will probably not work.
The basic theories underlying the dollar to euro exchange rate:
Law of One Price: In competitive markets free of transportation cost barriers to trade, identical products sold in different countries must sell at the same price when the prices are stated in terms of the same currency.
Interest rate effects: If capital is allowed to flow freely, exchange rates become stable at a point where equality of interest is established.
The dual forces of supply and demand determine euro vs. dollar exchange rates. Various factors affect these two forces, which in turn affect the exchange rates:
The business environment: Positive indications (in terms of government policy, competitive advantages, market size, etc.) increase the demand for the currency, as more and more enterprises want to invest there.
Stock market: The major stock indices also have a correlation with the currency rates.

Political factors: All exchange rates are susceptible to political instability and anticipations about the new government. For example, political or financial instability in Russia is also a flag for the euro to US dollar exchange because of the substantial amount of German investments directed to Russia.
Economic data: Economic data such as labor reports (payrolls, unemployment rate and average hourly earnings), consumer price indices (CPI), producer price indices (PPI), gross domestic product (GDP), international trade, productivity, industrial production, consumer confidence etc., also affect fluctuations in currency exchange rates.

Confidence in a currency is the greatest determinant of the real euro-dollar exchange rate. Decisions are made based on expected future developments that may affect the currency. A EUR/USD exchange can operate under one of four main types of exchange

rate systems:

Fully fixed exchange rates
In a fixed exchange rate system, the government (or the central bank acting on its behalf) intervenes in the currency market in order to keep the exchange rate close to a fixed target. It is committed to a single fixed exchange rate and does not allow major fluctuations from this central rate.
Semi-fixed exchange rates
Currency can move inside permitted ranges of fluctuation. The exchange rate is the dominant target of economic policy-making, interest rates are set to meet the target and the exchange rate is given a specific target.

Free floating

The value of the currency is determined solely by market supply and demand forces in the foreign exchange market. Trade flows and capital flows are the main factors affecting the exchange rate. A floating exchange rate system: Monetary system in which exchange rates are allowed to move due to market forces without intervention by national governments. For example, the Bank of England does not actively intervene in the currency markets to achieve a desired exchange rate level. With floating exchange rates, changes in market demand and supply cause a currency to change in value. Pure free floating exchange rates are rare - most governments at one time or another seek to "manage" the value of their currency through changes in interest rates and other controls.
Managed floating exchange rates
Governments normally engage in managed floating if not part of a fixed exchange rate system.
The advantages of fixed exchange rates are the disadvantages of floating rates:
Fixed rates provide greater certainty for exporters and importers and, under normal circumstances, there is less speculative activity - although this depends on whether the dealers in the foreign exchange markets regard a given fixed exchange rate as appropriate and credible.

Advantages of floating exchange rates

Fluctuations in the exchange rate can provide an automatic adjustment for countries with a large balance of payments deficit. A second key advantage of floating exchange rates is that it gives the government/monetary authorities flexibility in determining interest rates

What is Forex Trading?

An overview of the foreign exchange (Forex) market

The Forex market is a nonstop cash market where currencies of nations are traded, typically via brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders' investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.
The main enticements of currency dealing to private investors and attractions for short-term Forex trading are:

• 24-hour trading, 5 days a week with nonstop access to global Forex dealers.
• An enormous liquid market making it easy to trade most currencies.
• Volatile markets offering profit opportunities.
• Standard instruments for controlling risk exposure.
• The ability to profit in rising or falling markets.
• Leveraged trading with low margin requirements.
• Many options for zero commission trading.

Forex trading

The investor's goal in Forex trading is to profit from foreign currency movements. Forex trading or currency trading is always done in currency pairs. For example, the exchange rate of EUR/USD on Aug 26th, 2003 was 1.0857. This number is also referred to as a "Forex rate" or just "rate" for short. If the investor had bought 1000 euros on that date, he would have paid 1085.70 U.S. dollars. One year later, the Forex rate was 1.2083, which means that the value of the euro (the numerator of the EUR/USD ratio) increased in relation to the U.S. dollar. The investor could now sell the 1000 euros in order to receive 1208.30 dollars. Therefore, the investor would have USD 122.60 more than what he had started one year earlier. However, to know if the investor made a good investment, one needs to compare this investment option to alternative investments. At the very minimum, the return on investment (ROI) should be compared to the return on a "risk-free" investment. One example of a risk-free investment is long-term U.S. government bonds since there is practically no chance for a default, i.e. the U.S. government going bankrupt or being unable or unwilling to pay its debt obligation.

When trading currencies, trade only when you expect the currency you are buying to increase in value relative to the currency you are selling. If the currency you are buying does increase in value, you must sell back the other currency in order to lock in a profit. An open trade (also called an open position) is a trade in which a trader has bought or sold a particular currency pair and has not yet sold or bought back the equivalent amount to close the position.
However, it is estimated that anywhere from 70%-90% of the FX market is speculative. In other words, the person or institution that bought or sold the currency has no plan to actually take delivery of the currency in the end; rather, they were solely speculating on the movement of that particular currency.

Exchange rate

Because currencies are traded in pairs and exchanged one against the other when traded, the rate at which they are exchanged is called the exchange rate. The majority of the currencies are traded against the US dollar (USD). The four next-most traded currencies are the euro (EUR), the Japanese yen (JPY), the British pound sterling (GBP) and the Swiss franc (CHF). These five currencies make up the majority of the market and are called the major currencies or "the Majors". Some sources also include the Australian dollar (AUD) within the group of major currencies.
The first currency in the exchange pair is referred to as the base currency and the second currency as the counter or quote currency. The counter or quote currency is thus the numerator in the ratio, and the base currency is the denominator. The value of the base currency (denominator) is always 1. Therefore, the exchange rate tells a buyer how much of the counter or quote currency must be paid to obtain one unit of the base currency. The exchange rate also tells a seller how much is received in the counter or quote currency when selling one unit of the base currency. For example, an exchange rate for EUR/USD of 1.2083 specifies to the buyer of euros that 1.2083 USD must be paid to obtain 1 euro.

At any given point, time and place, if an investor buys any currency and immediately sells it - and no change in the exchange rate has occurred - the investor will lose money. The reason for this is that the bid price, which represents how much will be received in the counter or quote currency when selling one unit of the base currency, is always lower than the ask price, which represents how much must be paid in the counter or quote currency when buying one unit of the base currency. For instance, the EUR/USD bid/ask currency rates at your bank may be 1.2015/1.3015, representing a spread of 1000 pips (also called points, one pip = 0.0001), which is very high in comparison to the bid/ask currency rates that online Forex investors commonly encounter, such as 1.2015/1.2020, with a spread of 5 pips. In general, smaller spreads are better for Forex investors since even they require a smaller movement in exchange rates in order to profit from a trade.

Margin


Banks and/or online trading providers need collateral to ensure that the investor can pay in case of a loss. The collateral is called the margin and is also known as minimum security in Forex markets. In practice, it is a deposit to the trader's account that is intended to cover any currency trading losses in the future.

Margin enables private investors to trade in markets that have high minimum units of trading by allowing traders to hold a much larger position than their account value. Margin trading also enhances the rate of profit, but has the tendency to inflate rates of loss, on top of systemic risk.

Leveraged financing

Leveraged financing, i.e., the use of credit, such as a trade purchased on a margin, is very common in Forex. The loan/leveraged in the margined account is collateralized by your initial deposit. This may result in being able to control USD 100,000 for as little as USD 1,000.
Five ways private investors can trade in Forex directly or indirectly:
• The spot market
• Forwards and futures
• Options
• Contracts for difference
• Spread betting


A spot transaction

A spot transaction is a straightforward exchange of one currency for another. The spot rate is the current market price, also called the benchmark price. Spot transactions do not require immediate settlement, or payment "on the spot." The settlement date, or "value date," is the second business day after the "deal date" (or "trade date") on which the transaction is agreed to by the two traders. The two-day period provides time to confirm the agreement and arrange the clearing and necessary debiting and crediting of bank accounts in various international locations.

Risks

Although Forex trading can lead to very profitable results, there are risks involved: exchange rate risks, interest rate risks, credit risks, and country risks. Approximately 80% of all currency transactions last a period of seven days or less, while more than 40% last fewer than two days. Given the extremely short lifespan of the typical trade, technical indicators heavily influence entry, exit and order placement decisions

Forex Trading First Foreign Exchange (FOREX) Knowledge Base

Basic FOREX trading terminology and background provided to our customers
Forex Trading First provides you with the basic information, knowledge, tools and training in order to start your online FOREX trading

Welcome to our forex knowledge base. We at Forex Trading First aim to make foreign currency exchange easy and accessible to individuals who may not have any prior knowledge or experience in currency exchange. As part of this policy, we would like to provide you with the basic tools that enable you to start taking an active part in the largest, and most liquid market in the world - the forex market.
Feel free to use the navigation bar to your left to browse parts of this section. These include overviews of the forex market, foreign currencies of the dollar, euro and pound, forex day trading, forex software, forex forecast, forex training and forex strategy including risk management and tips.
Once you actually register, our 24x7 online trading system provides you with additional financial tools, such as charting, enabling you to stay on top of your investment at anytime throughout the entire process. Contact us for further details.

Forex Metal

Main advantages of trading with us: Tight spreads starting from 2 pips. Many currency pairs to choose from - perfect opportunity for those who like cross-currency trading. Liquid market. FX is the biggest financial market in the World, with so many participants it is also the most liquid market open 24 hours a day 6 days a week. Unlike with stock exchanges, you do not need to wait for the FX market to open. It is open 24 hours , at any time during the day there would be a live trading taking place in one of the major financial centers. This allows traders to quickly respond to news and events that may affect the currency rates.

You can trade forex-mini contracts starting with $500 or you can trade $100,000 contracts with 100:1 leverage , which means that you need to use only small amounts of money to trade large contracts. You have access to live quotes and rates and your orders are executed instantly. Your account can be denominated in USD or EUR .


Supported Languages: English, Russian
WebSite Languages: Arabic, Chinese, English, German, Russian
Markets Except Forex : spotFX, forwards, gold and silver, futures, warrants
Supported Services: forums, manuals, newsletter, online, phone, chat Foundation Year: 2005 Forex Foundation Year: 20

Analysis of Hybrid Soft and Hard Computing Techniques for Forex Monitoring Systems

Abstract: In a universe with a single currency, there would be noforeign exchange market, no foreign exchange rates, and no foreignexchange. Over the past twenty-five years, the way the market hasperformed those tasks has changed enormously. The need for intelligent monitoring systems has become a necessity to keep trackof the complex forex market. The vast currency market is a foreignconcept to the average individual. However, once it is broken downinto simple terms, the average individual can begin to understand the foreign exchange market and use it as a financial instrument forfuture investing. In this paper, we attempt to compare theperformance of hybrid soft computing and hard computingtechniques to predict the average monthly forex rates one monthahead. The soft computing models considered are a neural networktrained by the scaled conjugate gradient algorithm and a neuro-fuzzy model implementing a Takagi-Sugeno fuzzy inference system.We also considered Multivariate Adaptive Regression Splines (MARS), Classification and Regression Trees (CART) and a hybridCART-MARS technique. We considered the exchange rates ofAustralian dollar with respect to US dollar, Singapore dollar, NewZealand dollar, Japanese yen and United Kingdom pounds. Themodels were trained using 70% of the data and remaining was usedfor testing and validation purposes. It is observed that the proposedhybrid models could predict the forex rates more accurately than allthe techniques when applied individually. Empirical results alsoreveal that the hybrid hard computing approach also improvedsome of our previous work using a neuro-fuzzy approach

Is this month over yet? Forex is Hard!

Everyone’s surprised by the US earnings and how strong they’ve been so far. The questions of course are they sustainable given that they are largely a result of cost cutting. One gets the feeling that US equities are just treading water and marking time while other bourses like the emerging markets lose traction. When commodities puke and the USD rally’s it’s a surprise to see US equities floundering in ‘never-land’. Yes, historically this is the height of the silly season for markets. The time when most participants take holidays and desks are understaffed with juniors who’s decision making process is limited for various reasons. But, this day over day theme of the recession is on, now it’s off again is like having root canal without anesthetic! Volatility is wonderful. It gives us all the opportunity to make money. But, lack of liquidity and nonsensical moves is detriment to anyone’s health. Get us out of this month and back to some normalcy. Oh no, August, Europe’s on holiday!

The US$ is mixed in the O/N trading session. Currently it is higher against 8 of the 16 most actively traded currencies in a ‘subdued’ O/N session.

The headline was a bit of a mess for US Durable goods yesterday (-2.5% vs. +1.3%), but the core managed to beat expectations (+1.1% vs. +0.8%). In reality durables are so volatile that anything within a 1-2% should be considered as spot on. The market will however focus on the ‘core’ announcement. As per usual the auto plant shutdowns and aircraft orders deeply affect the headline print. Analysts believe that the negative variables will reverse in the 3rd Q as factories once again start up production. Digging deeper (but be aware of volatility), and a pleasant surprise was the inventory-to-shipment (IS) ratio declining. Despite it being an upbeat component, historically, it tends to record large revisions month over month, and low volumes can exaggerate the results (its worth noting that Apr. and May’s IS readings were revised down). The issue of excess capacity remains a concern across different business segments, perhaps we should interpret that it’s foreign orders (like China restocking during the ‘slump’) and not domestic demand that’s been driving the recent strength. Some of the noted break-down: Transportation fell -12.8%, m/m, on the back of a -1% decline in autos and parts orders, Non-defense aircraft orders fell -38.5%, computers (-2.5%). On the plus side we had seen gains for electrical equipment (+0.9%), machinery (+4.4%) and primary metals (+8.9%).

The USD$ currently is lower against the EUR +0.10%, GBP +0.66% and higher against the CHF -0.00% and JPY -0.02%. The commodity currencies are stronger this morning, CAD +0.36% and AUD +0.63%. Same story board, just a different day. The loonie has underperformed in the last 2-sessions and I am sure BOC is ‘perversely’ happy. After printing a 9-month high this week, the currency has managed to do a U-turn (similar to other G10 currencies) and give up 2-cents to its largest trading partner. The loonie fell for the 2nd consecutive day on the back of global indices falling, especially emerging markets and on commodity prices tumbling. Investors have once again gone into risk adverse trading mode as we approach month-end. Currency liquidity actually sucks with dealers desks half manned by junior traders with limited risk tolerance. Despite the currency being the best performer vs. the greenback this month (+6.6%), investors are willing to take some profit off the table. The currency had been getting ahead of its fundamentals. Tomorrow we have GDP numbers, investors have had little data to feed off this week. If the currency manages a weekly close above the 1.0925 level, it will want us to explore the 1.1200 handle again.

RBNZ kept O/N lending rates on hold for a 2nd consecutive month (2.25%). However, Governor Bollard said he may cut borrowing costs further as a rising currency threatens a recovery from the worst recession in 3-decades. The NZD managed to fall the most in 3-weeks after his comments. Signs that this global recession is ending is again encouraging risk taking in the market. Fundamental data out of Australia continues to impress. Last night the AUD managed to pare some of this week’s losses on the back of building permits which increased +9.3%, m/m. Traders are now beginning to bet that Governor Stevens will be the 1st CBanker to hike rates (0.8229).

Crude is lower in the O/N session ($63.27 down -8c). Wow! Bulls get out of the way. We will see you down at the $60 a barrel soon. Oil collapsed yesterday, the most in 3-months after a staggering surprise in the weekly EIA inventory numbers. They reported a whopping +5.1m barrel increase to +347.2m, w/w. The market had anticipated an average decline of -1.2m barrels. Refiners cut operations by -1.2% to +84.6%, relative to capacity, while imports climbed +8.9% to +10m barrels a day last week (the highest since Jan.). The US durable good headline print added to crude price pressures, as well as the Chinese indices managing to retreat the most in 8-months coupled with a stronger green back. Healthy demand destruction is viral so it seems. Month end profit taking and risk adverse trading is undermined investor’s need to use commodities as an inflation hedge. Earlier this week, crude managed to print its highest level in over a month and looked set to break through the $70 resistance level. Commodities had been advancing on future expectations and not on fundamentals. The CFTC has started its debate on speculation in the commodity markets, which they believe has contributed to the ‘asset bubble’. Some dealers think that any attempts to curb speculation may be ‘disruptive’ to markets, and it is this factor which is contributing the most to ‘spook investors to push the market lower’. Demand destruction cannot and will not support higher fuel prices! Gold prices fell close to a 2nd consecutive -2% decline yesterday, as the USD index advanced on risk adverse trading, thus eroding the demand for the ‘yellow metal’ as an alternative investment ($927).

The Nikkei closed at 10,165 up +52. The DAX index in Europe was at 5,296 up +26; the FTSE (UK) currently is 4,582 +35. The early call for the open of key US indices is higher. The 10-year Treasury’s backed up 3bp yesterday (3.69%) and is little changed in the O/N session. The plethora of US product this week, a record $150b, have managed to push shorter yields higher and in doing so increased borrowing costs for the US government as it pays for its economic rescue package. Similar to the 2-year auction, direct demand was weak for yesterday’s 5-year offering (36.2% vs. 62.6%-conspiracy theorists will say that the Chinese did not get involved on purpose). This does not bode well for today’s final $28b 7-year auction.

World Currencies

Country Co. Code Currency Curr. Code



Afghanistan AF Afghani AFA



Albania AL Lek ALL



Algeria DZ Algerian Dinar DZD



American Samoa AS US Dollar USD



Andorra AD Euro EUR



Angola AO Kwanza AOA (replacement for AON)



Anguilla AI East Caribbean Dollar XCD



Antarctica AQ Norwegian Krone NOK



Antigua and Barbuda AG East Caribbean Dollar XCD



Argentina AR Austral and Argenintinian Neuvo Peso (replacement for the Peso) ARA, ARS (replacement for ARP)



Armenia AM Dram (Russian Ruble [RUR] was formerly in use) AMD



Aruba AW Aruban Guilder (Florin) AWG



Australia AU Australian Dollar AUD



Austria AT Euro EUR



Azerbaijan AZ Azerbaijani Manat (Russian Ruble [RUR] was formerly in use) AZM



Bahamas BS Bahamian Dollar BSD



Bahrain BH Bahraini Dinar BHD



Bangladesh BD Taka BDT



Barbados BB Barbados Dollar BBD



Belarus (formerly known as Byelorussia) BY Belarussian Rouble (Russian Ruble [RUR] was formerly in use) BYR



Belgium BE Euro EUR



Belize BZ Belize Dollar BZD



Benin BJ Franc de la Communauté financière africaine XAF



Bermuda BM Bermudian Dollar BMD



Bhutan BT Ngultrum (Indian Rupee also circulates) BTN (also INR)



Bolivia BO Boliviano and Bolivian Peso BOB, BOP



Bosnia & Herzegowina BA Convertible Mark BAM



Botswana BW Pula BWP



Bouvet Island BV Norwegian Krone NOK



Brazil BR Cruzeiro Real BRR



British Indian Ocean Territory IO Pound Sterling (United Kingdom Pound), Seychelles Rupee GBP, SCR



Brunei Darussalam BN Brunei Dollar BND



Bulgaria BG Lev BGL



Burkina Faso BF Franc de la Communauté financière africaine XAF



Burma Former name for Myanmar


Burundi BI Burundi Franc BIF



Byelorussia Former name of Belarus


Cambodia (formerly Kampuchea) KH Riel KHR



Cameroon CM Franc de la Communauté financière africaine XAF



Canada CA Canadian Dollar CAD



Cape Verde CV Escudo Caboverdiano CVE



Cayman Islands KY Cayman Islands Dollar KYD



Central African Republic CF Franc de la Communauté financière africaine XAF



Chad TD Franc de la Communauté financière africaine XAF



Chile CL Unidades de Fomento and Chilean Peso CLF, CLP



China CN Yuan Renminbi CNY



Christmas Island CX Australian Dollar AUD



Cocos (Keeling) Islands CC Australian Dollar AUD



Colombia CO Colombian Peso COP



Comoros KM Comorian Franc KMF



Congo, Democratic Republic of the (formerly Zaïre) CD (formerly ZR) New Zaïre CDZ (formerly ZRZ)



Congo CG Franc de la Communauté financière africaine XAF



Cook Islands CK New Zealand Dollar NZD



Costa Rica CR Costa Rican Colón CRC



Côte d'Ivoire See Ivory Coast



Croatia (local name: Hrvatska) HR Kuna and Croatian Dinar HRK, HRD



Cuba CU Cuban Peso CUP



Cyprus CY Euro EUR



Czech Republic CZ Czech Koruna CZK



Czechoslovakia Now split into Czech Republic and Slovakia


Denmark DK Danish Krone DKK



Djibouti DJ Djibouti Franc DJF



Dominica DM East Caribbean Dollar XCD



Dominican Republic DO Dominican Republic Peso DOP



East Timor TP Timorian Escudo TPE



Ecuador EC US Dollar (superseded Sucre in 2000) USD (ECS)



Egypt EG Egytian Pound EGP



El Salvador SV US Dollar USD



Equatorial Guinea GQ Franc de la Communauté financière africaine and Ekwele XAF, GQE



Eritrea ER Eritreian Nakfa, Ethiopian Birr ERN, ETB



Estonia EE Kroon EEK



Ethiopia ET Birr ETB



European Community ?? Euro (formerly known as the ECU) EUR (formerly XEU)



Falkland Islands (Malvinas) FK Falkland Pound FKP



Faroe Islands FO Danish Krone DKK



Fiji Islands FJ Fiji Dollar FJD



Finland FI Euro EUR



France FR Euro EUR



France, Metropolitan FX Euro EUR



French Guiana GF Euro EUR



French Polynesia PF Franc des Comptoirs français du Pacifique XPF



French Southern and Antarctic Territories TF Euro EUR



Gabon GA Franc de la Communauté financière africaine XAF



Gambia GM Dalasi GMD



Georgia GE Lari (Russian Ruble [RUR] was formerly in use) GEL



Germany (West and East) DE (formerly DE for West and DD for East) Euro EUR



Ghana GH Cedi GHC



Gibraltar GI Gibraltar Pound GIP



Greece GR Euro EUR



Greenland GL Danish Krone DKK



Grenada GD East Caribbean Dollar XCD



Guadeloupe GP Euro EUR



Guam GU US Dollar USD



Guatemala GT Quetzal GTQ



Guinea GN Guinea Syli (also known as Guinea Franc) GNS



Guinea-Bissau GW Guinea-Bissau Peso and Franc de la Communauté financière africaine GWP, XAF



Guyana GY Guyana Dollar GYD



Haiti HT Gourde HTG



Heard and McDonald Islands HM Australian Dollar AUD



Holy See (Vatican City State) VA Euro EUR



Honduras HN Lempira HNL



Hong Kong HK Hong Kong Dollar HKD



Hrvatska Local name for Croatia


Hungary HU Forint HUF



Iceland IS Icelandic Króna ISK



India IN Indian Rupee INR



Indonesia ID Rupiah IDR



Iran, Islamic Republic of IR Iranian Rial IRR



Iraq IQ Iraqi Dinar IQD



Ireland IE Euro EUR



Israel IL Shekel ILS



Italy IT Euro EUR



Ivory Coast (Côte d'Ivoire) CI Franc de la Communauté financière africaine XAF



Jamaica JM Jamaican Dollar JMD



Japan JP Yen JPY



Jordan JO Jordanian Dinar JOD



Kampuchea Former name for Cambodia


Kazakhstan KZ Tenge (Russian Ruble [RUR] was formerly in use) KZT



Kenya KE Kenyan Shilling KES



Kiribati KI Australian Dollar AUD



Korea, Democratic People's Republic of (North Korea) KP North Korean Won KPW



Korea, Republic of (South Korea) KR South Korean Won KRW



Kosova and Metohia See Serbia and Montenegro


Kuwait KW Kuwaiti Dinar KWD



Kyrgyzstan KG Kyrgyzstani Som KGS



Lao People's Democratic Republic (formerly Laos) LA Kip LAK



Latvia LV Lats LVL



Lebanon LB Lebanese Pound LBP



Lesotho LS Loti, Maloti and South African Rand LSL, LSM, ZAR



Liberia LR Liberian Dollar LRD



Libyan Arab Jamahiriya LY Libyan Dinar LYD



Liechtenstein LI Swiss Franc CHF



Lithuania LT Litas LTL



Luxembourg LU Euro EUR



Macao (also spelled Macau) MO Pataca MOP



Macedonia, the Former Yugoslav Republic of MK Macedonian Dinar MKD



Madagascar MG Malagasy Franc MGF



Malawi MW Malawian Kwacha MWK



Malaysia MY Ringgit (Malaysian Dollar) MYR



Maldives MV Rufiyaa MVR



Mali ML Franc de la Communauté financière africaine and Malian Franc XAF, MLF



Malta MT Euro EUR



Malvinas See Falkland Islands


Marshall Islands MH US Dollar USD



Martinique MQ Euro EUR



Mauritania MR Ouguiya MRO



Mauritius MU Mauritius Rupee MUR



Mayotte YT Euro EUR



Mexico MX Mexican New Peso (replacement for Mexican Peso) MXN (replacement for MXP)



Micronesia, Federated States of FM US Dollar USD



Moldova, Republic of MD Moldovian Leu MDL



Monaco MC Euro EUR



Mongolia MN Tugrik MNT



Montenegro See Serbia and Montenegro


Montserrat MS East Caribbean Dollar XCD



Morocco MA Moroccan Dirham MAD



Mozambique MZ Metical MZM



Myanmar (formerly Burma) MM (formerly BU) Kyat MMK (formerly BUK)



Namibia NA Namibian Dollar and South African Rand NAD, ZAR



Nauru NR Australian Dollar AUD



Nepal NP Nepalese Rupee NPR



Netherlands NL Euro EUR



Netherlands Antilles AN Netherlands Antilles Guilder (Florin) ANG



New Caledonia NC Franc des Comptoirs français du Pacifique XPF



New Zealand NZ New Zealand Dollar NZD



Nicaragua NI Córdoba NIC



Niger NE West African Franc and Franc de la Communauté financière africaine XOF, XAF



Nigeria NG Naira NGN



Niue NU New Zealand Dollar NZD



Norfolk Island NF Australian Dollar AUD



Northern Mariana Islands MP US Dollar USD



Norway NO Norwegian Krone NOK



Oman OM Rial Omani OMR



Pakistan PK Pakistani Rupee PKR



Palau PW US Dollar USD



Panama PA Balboa and US Dollar PAB, USD



Papua New Guinea PG Kina PGK



Paraguay PY Guarani PYG



Peru PE Inti and New Sol (New Sol replaced Sol) PEI, PEN (PEN replaced PES)



Philippines PH Philippines Peso PHP



Pitcairn Island PN New Zealand Dollar NZD



Poland PL New Zloty (replacement for Zloty) PLN (replacement for PLZ)



Portugal PT Euro EUR



Puerto Rico PR US Dollar USD



Qatar QA Qatari Riyal QAR



Réunion RE Euro EUR



Romania RO Romanian Leu ROL



Russian Federation RU Russian Federation Rouble RUB (formerly RUR)



Rwanda RW Rwanda Franc RWF



Saint See also St


Saint Kitts (Christopher) and Nevis KN East Caribbean Dollar XCD



Saint Lucia LC East Caribbean Dollar XCD



Saint Vincent and the Grenadines VC East Caribbean Dollar XCD



Samoa WS Tala WST



San Marino SM Euro EUR



São Tomé and Príncipe ST Dobra STD



Saudi Arabia SA Saudi Riyal SAR



Senegal SN West African Franc and Franc de la Communauté financière africaine XOF, XAF



Serbia and Montenegro (formerly Yugoslavia) CS Serbian Dinar (Serbia), Euro (Montenegro), Euro (Kosovo and Metohia) CSD, EUR



Seychelles SC Seychelles Rupee SCR



Sierra Leone SL Leone SLL



Singapore SG Singapore Dollar SGD



Slovakia (Slovak Republic) SK Euro EUR



Slovenia SI Euro EUR



Solomon Islands SB Solomon Islands Dollar SBD



Somalia SO Somali Shilling SOS



South Africa ZA Rand ZAR



South Georgia and the South Sandwich Islands GS Pound Sterling GBP



Spain ES Euro EUR



Sri Lanka LK Sri Lankan Rupee LKR



St See also Saint


St Helena SH St Helena Pound SHP



St Pierre and Miquelon PM Euro EUR



Sudan SD Sudanese Pound (Dinar no longer used) SDG



Suriname SR Surinam Guilder (also known as Florin) SRG



Svalbard and Jan Mayen Islands SJ Norwegian Krone NOK



Swaziland SZ Lilangeni SZL



Sweden SE Swedish Krona SEK



Switzerland CH Swiss Franc CHF



Syrian Arab Republic SY Syrian Pound SYP



Taiwan, Province of China TW New Taiwan Dollar TWD



Tajikistan TJ Tajik Rouble (Russian Ruble [RUR] was formerly in use) TJR



Tanzania, United Republic of TZ Tanzanian Shilling TZS



Thailand TH Baht THB



Timor See East Timor and Indonesia (includes West Timor)


Togo TG Franc de la Communauté financière africaine XAF



Tokelau TK New Zealand Dollar NZD



Tonga TO Pa'anga TOP



Trinidad and Tobago TT Trinidad and Tobago Dollar TTD



Tunisia TN Tunisian Dinar TND



Turkey TR New Turkish Lira TRY



Turkmenistan TM Turkmenistani Manat TMM



Turks and Caicos Islands TC US Dollar USD



Tuvalu TV Australian Dollar AUD



Uganda UG Ugandan Shilling UGS



Ukraine UA Hryvna and Karbovanet UAH, UAK



Union of Soviet Socialist Republics SU USSR Rouble SUR



United Arab Emirates AE UAE Dirham AED



United Kingdom GB Pound Sterling GBP (sometimes incorrectly seen as UKP)



United States of America US US Dollar USD



United States Minor Outlying Islands UM US Dollar USD



Uruguay UY Uruguayan Peso UYU



Uzbekistan UZ Uzbekistani Som (Russian Ruble [RUR] was formerly in use) UZS



Vanautu VU Vatu VUV



Vatican City State Now known as the Holy See


Venezuela VE Bolivar Fuerte VEF



Viet Nam VN Dông VND



Virgin Islands (British) VG US Dollar (Pound Sterling and East Caribbean Dollar also circulate) USD (also GBP, XCD)



Virgin Islands (US) VI US Dollar USD



Wallis and Futuna Islands WF Franc des Comptoirs français du Pacifique XPF



West Africa XO? West African Franc XOF



Western Sahara EH Moroccan Dirham and Mauritanian Ouguiya MAD, MRO



Yemen (unified North and South) YE (formerly YE for North Yemen and YD for South Yemen) Riyal (Dinar was used in South Yemen) YER (YDD formerly in use in South)



Yugoslavia See Serbia and Montenegro



Zaïre Former name for Congo, Democratic Republic of the


Zambia ZM Zambian Kwacha ZMK



Zimbabwe ZW Zimbabwe Dollar ZWD

Unicode/ISO 10646 World Currency Symbols

General
At the time of writing, it is believed that the following are the only world currency symbols available in Unicode/ISO 10646.

Notes

There is some disagreement amongst typographers about the pound/punt and lira symbols. The Pound/Punt symbol is a stylised, cursive "L" with one or two horizontal cross-strokes (£). Around 30 years ago, the two-stroke form predominated in the UK, currently the one-stroke form predominates. The same symbol would be used in the UK to represent both Pound/Punt and Lira and whether the symbol has one or two cross-strokes is a matter of what is available in the typeface used.
It is said, although no Italian typographers have yet confirmed this, that only the two cross-stroke version is acceptable in Italy to represent the Lira. Presumably they too would use the same symbol to represent the Pound/Punt.

Unicode has separate symbols for both the Pound/Punt and the Lira, and most fonts use the single cross-stroke form for the Pound/Punt and the two cross-stroke form for the Lira. However, until Unicode is better-supported by browsers, it may be prudent to use the Pound/Punt symbol (which is part of the basic HTML character set) for the Lira rather than use the correct Lira symbol that not everyone will be able to see, even though this risks the wrath of Italian purist typographers.


The cent symbol represents $0.01.

The mill symbol represents $0.001 and is rarely used.

The florin symbol was actually intended for another purpose (a letter in an African language) but has been given a dual-rôle by the Unicode Consortium. This usage is unfortunate since the florin symbol should always be slanted even in fonts which are otherwise unslanted while the African letter should follow the slant of the font - font designers have to choose which of the two rôles to design this symbol for.
Browsers and Unicode Capability
Warning: most of the Unicode symbols here require:

That your browser is capable of displaying Unicode characters, and

That you have enabled the display of Unicode characters (with some browsers, configuring the browser to use a Unicode font automatically enables the display of Unicode characters), and

That you have a suitable Unicode font which contains the necessary characters. Although many newer browsers have Unicode capability, fonts which have the full range of Unicode characters are still rare. In fact, fonts which contain any Unicode characters other than those that are also in ISO 8859/1 or DOS/Windows CP 1252 are still rare.
On some platforms, fonts which contain Unicode characters may have the text "unicode" in their name. On other platforms, there may be no way of distinguishing from the name if the font contains Unicode characters or not (checking the size may help as a Unicode font is likely to be around 25 times the size of a non-Unicode font).

Unless all these conditions are met, one of the following may occur:
If your browser is very old and was written before HTML was extended to allow Unicode characters, it may get confused or even crash (in which case you won't be reading this explanation).

If your browser is old and was written before HTML was extended to allow Unicode characters it may use a rather simplistic method of dealing with character codes greater than 255 (the highest character code permissible without using Unicode). The most common behaviour in such browsers is effectively to repeatedly subtract 256 from the character code until the code value is less than 256 and display that. The other typical behaviours are to display nothing at all, a blank space, some form of error marker or the character numeric reference in the form Ł.

If your browser understands Unicode but it is not enabled or you do not have a suitable font then it may display nothing at all, a blank space, some form of error marker or the character numeric reference in the form Ł.

Even if your browser understands Unicode, you have Unicode enabled and you have a suitable font, it may have gaps where some of the currency symbols should be in which case it may display nothing at all, a blank space, some form of error marker or the character numeric reference in the form Ł.
Here is a test to see if your browser can handle Unicode correctly: "Ł". Examine the character in quotes at the end of the previous sentence. If you see a capital L with a stroke through the vertical line then your browser handles Unicode. If you see a capital A then your browser was written before HTML was extended to use Unicode. If you see something else such as a black blob or other error marker, or no character at all, then your browser can probably handle Unicode but you don't have a suitable font. If you see two characters in the quotes, your browser is using these as a crude representation of the character.
Currency Symbols
Currency Unicode Symbol



Baht ฿



Cent ($.01) ¢



Colón ₡



Cruzeiro Real ₢



Dollar $



Dông ₫



ECU (replaced by the Euro) ₠



Euro (replacement for the ECU) €



Florin (also called Guilder and Gulden) ƒ



French Franc ₣



Generic Currency Symbol ¤



Lira ₤



Mill ($.001) ₥



Naira ₦



Peseta ₧



Pound (and Irish Punt) £



Rupee Sign (Bengali) ৳



Rupee Mark (Bengali) ৲



Rupee ₨



Shekel ₪



Won ₩



Yen ¥

How To Write A Successful Business Plan

Whether you are planning to start a brand-new business, expand an existing company, or get financing for a business venture, you will need to write a business plan. A business plan not only lends your business a sense of credibility, but also helps you to cover all your bases, increasing your chances of success.

Although writing a business plan can be a lengthy, intimidating project, it is not necessarily difficult. Here is an overview of how to write a successful business plan.

What to Include in Your Business Plan

Your business plan needs to demonstrate that you have thoroughly considered all aspects of running your business. To that end, the standard business plan has nine major sections, covering everything from your business’s mission statement to a detailed financial analysis.

Executive Summary

The first – and most important – section of your business plan is the executive summary. This section is so important that it should literally be the first thing the reader sees – even before the table of contents! However, it should also be written last, as you’ll have a better understanding of the overall message of your business plan after you’ve researched and written the other sections.

One of the most important parts of the executive summary is the mission statement. The mission statement is only three or four sentences long, but it should pack the most punch out of everything else in your business plan: Those four sentences are responsible for not only defining your business, but also capturing the interest of your reader.

The rest of your executive summary should fill in the important details that the mission statement glosses over. For instance, your executive summary should include a short history of the business, including founder profiles and start date; a current snapshot, listing locations, numbers of employees, and products or services offered; and a summary of future plans and goals.

This section is a candidate for a bulleted format, which allows you to list main points in a manner that is easy to scan. Avoid using too much detail – remember, this section is a summary. A page or two is usually sufficient for an executive summary.

Market Analysis

The next section of your business plan focuses on market analysis. In order to show that your business has a reasonable chance for success, you will need to thoroughly research the industry and the market you intend to sell to. No bank or investor is going to back a doomed venture, so this section is sure to fall under especially close scrutiny if you are looking for financing.

Your market analysis should describe your industry, including the size, growth rate, and trends that could affect the industry. This section should also describe your target market – that is, the type or group of customers that your company intends to serve. The description of your target market should include detail such as:

• Distinguishing characteristics
• The needs your company or product line will meet
• What media and/or marketing methods you’ll use to reach them
• What percentage of your target market you expect to be able to wrest away from your competitors

In addition, your market analysis should include the results of any market tests you have done, and an analysis of the strengths and weaknesses of your competitors.

Company Description

After your market analysis, your business plan will need to include a description of your company. This section should describe:

• The nature of your business
• The needs of the market
• How your business will meet these needs
• Your target market, including specific individuals and/or organizations
• The factors that set you apart from your competition and make you likely to succeed

Although some of these things overlap with the previous section, they are still necessary parts of your company description. Each section of your business plan should have the ability to stand on its own if need be. In other words, the company description should thoroughly describe your company, even if certain aspects are covered in other sections.

Organization and Management

Once you have described the nature and purpose of your company, you will need to explain your staff setup. This section should include:

• The division of labor – how company processes are divided among the staff
• The management hierarchy
• Profiles of the company’s owner(s), management personnel, and the Board of Directors
• Employee incentives, such as salary, benefits packages, and bonuses

This goal of this section is to demonstrate not only good organization within the company, but also the ability to create loyalty in your employees. Long-term employees minimize human resource costs and increase a business’s chances for success, so banks and investors will want to see that you have an effective system in place for maintaining your staff.

Marketing and Sales Management

The purpose of the marketing and sales section of your business plan is to outline your strategies for marketing your products or services. This section also plans for company growth by describing how the growth could take place.

The section should describe your company’s:

• Marketing methods
• Distributions methods
• Type of sales force
• Sales activities
• Growth strategies

Product or Services

Following the marketing section of your business plan, you will need a section focusing on the product or services your business offers. This is more than a simple description of your product or services, though. You will also need to include:

• The specific benefits your product or service offers customers
• The specific needs of the market, and how your product will meet them
• The advantages your product has over your competitors
• Any copyright, trade secret, or patent information pertaining to your product
• Where any new products or services are in the research and development process
• Current industry research that you could use in the development of products and services

Funding Request

Only once you have described your business from head to toe are you ready to detail your funding needs. This section should include everything a bank or investor needs in order to understand what type of funding you want:

• How much money you need now
• How much money you think you will need over the next five years
• How the money you borrow will be used
• How long you will need funding
• What type of funding you want (i.e. loans, investors, etc.)
• Any other terms you want the funding arrangement to include

Financials

The financials section in your business plan supports your request for outside funding. This section provides an analysis of your company’s prospective financial success. The section also details your company’s financial track record for the past three to five years, unless you are seeking financing for a startup business.

The financials section should include:

• Company income statements for prior years
• Balance sheets for prior years
• Cash flow statements for prior years
• Forecasted company income statements
• Forecasted balance sheets
• Forecasted cash flow statements
• Projections for the next five years – every month or quarter for the first year, with longer intervals for the remaining years
• Collateral you can use to secure a loan

The financials section is a great place to include visuals such as graphs, particularly if you predict a positive trend in your projected financials. A graph allows the reader to quickly take in this information, and may do a better job of encouraging a bank or investor to finance your business. However, be sure that the amount of financing you are requesting is in keeping with your projected financials – no matter how impressive your projections are, if you are asking for more money than is warranted, no bank or investor will give it to you.

Appendices

The appendix is the final section in your business plan. Essentially, this is where you put all of the information that doesn’t fit in the other eight sections, but that someone – particularly a bank or investor – might need to see.

For instance, the market analysis section of your business plan may list the results of market studies you have done as part of your market research. Rather than listing the details of the studies in that section, where they will appear cumbersome and detract from the flow of your business plan, you can provide this information in an appendix.

Other information that should be relegated to an appendix includes:

• Credit histories for both you and your business
• Letters of reference
• References that have bearing on your company and your product or service, such as magazines or books on the topic
• Company licenses and patents
• Copies of contracts, leases, and other legal documents
• Resumes of your top managers
• Names of business consultants, such as your accountant and attorney

Writing a Successful Business Plan

Despite the quantity of information contained in your business plan, it should be laid out in a format that is easy to read. Just like with any piece of business writing, it is important to craft your business plan with your intended audience in mind – and the bankers, investors, and other busy professionals who will read your business plan almost certainly won’t have time to read a tedious document with long-winded paragraphs and large blocks of text.

Business plans for startup companies and company expansions are typically between twenty to forty pages long, but formatting actually accounts for a lot of this length. A strong business plan uses bullet points throughout to break up long sections and highlight its main points. Visuals such as tables and charts are also used to quickly relay specific information, such as trends in sales and other financial information. These techniques ensure that the reader can skim the business plan quickly and efficiently.

Think of your audience as only having fifteen minutes to spend on each business plan that comes across their desks. In that fifteen minutes, you not only have to relay your most important points, but also convince the reader that your business venture merits a financial investment. Your best bet is a well-researched business plan, with an organized, easy-to-read format and clear, confident prose.

The Secrets Of How To Trade Forex Like A Professional

How often have you found yourself thinking, if only I could learn how to trade forex like the pros? If you're like I was a few years ago the answer is more than just a few times. The truth is though; you can learn to trade professionally and not be like 90% of the people who lose money in foreign exchange trading.

The secrets of trading forex are not all that difficult once you begin to put them into action. Here are a few tips that will help.


- Get the best, most reliable forex software program you can find. Be sure if offers a demo account where you can practice and experiment with trades without using your own "real money".

The best programs offer "live" simulators to make fantasy trades in real time and monitor your results. Not only is this a great tool for newcomers, but it helps those of all levels of experience to develop and test new strategies before using your own money. This tip alone could make you more profitable than you can imagine.

- Become a calculated forex trader, not an emotional one. This is another important tip that is often overlooked unfortunately. Have you ever been at the casino and watched someone at the table who is playing only with their emotions? You watch them just throw their money away when they should have stopped. It's really no different in the forex market.

The successful traders are more often the ones who make calculated trades based on the numbers and not based on a "hunch". Use the numbers and base your strategy around making calculated trades. You'll see your profits rise as a result.

- Have a strategy and avoid the guess work. In order to succeed in any endeavor, you're going to need a plan and a strategy. This certainly holds true when it comes to trading currency. Those who rely on guess work inevitably make bad decisions and lose money. If you have a strategy and use it every day, you should make money.

Although these three tips sound so simple, it would be a mistake to underestimate how powerful they really are. I hope you'll put them into action and see your profits soar.

How To Succeed In Forex Trading

FOREX trading is fast becoming a career alternative for many individuals, as it should. It offers flexible hours, work from home option, and high income potential.


The reality?


Trading is like any other business. Did you know that 90% of all new businesses fail? The failure is typically based on just a few reasons - under capitalization, lack of a sound business plan or inexperienced management. Any one of these can cause a business to fail. However individuals still pursue business ownership.


The same holds true for trading. A trader may fail because of the same reasons - under capitalization, no clear trading plan, poor management skills, lack of discipline.


What is the right way to succeed?


Find the correct trading methodology. In other words, work off of a successful business plan. The reason new business owners are willing to pay additional dollars for a franchise is because a franchise offers a tried and true business plan.


The novice business owner with little or no experience who tries by trial and error will, statistical speaking, fail. So holds true for the novice trader who tries to develop a trading methodology with zero knowledge and experience. Did you know that most people believe they will become successful traders by using free information obtained off the internet? Trading is simply a discipline. Learning a discipline requires a specific process. Having access to a coach or mentor is critical.


With easy access to the necessary technology, FOREX trading offers a rewarding, lucrative income alternative for any individual. In comparison to brick and mortar business ownership, the start up costs are minimal. The key to success is correct training, planning and preparation.

Steve is a seasoned professional investor/trader with over twenty years of experience in the equities, futures and FOREX markets. Steve started his career as a registered representative directly out of college in the late 80's. As the Internet, online execution platforms, and technology advanced, Steve shifted his focus to e-trading. Realizing the need for individuals to be able to manage their own financial goals and not be an employee of their broker, Steve has been a pioneer in the online trading and education field. Having been an instrumental participant in the start up of what are considered some of today's leading companies in the online trading industry, Steve believes that the new leading edge companies of the financial industry will be organizations that empower the individual via training and technology to become a professional trader. That is the mission of The Trading Institute.

Two Forex Secrets Exposed That Will Be a Cornerstone of Your Success in Forex Trading

All people dream of getting rich without much effort. But there are few people who actually know the secrets of what you must do to attain wealth in a relatively short time.

Forex trading is absolutely not a system to make you wealthy soon. Actually, it can turn out to be a way that you may lose all of your money instead.

In this article, I'll touch on a couple of Forex secrets which will be essential to know well before tackling the minefield known as the foreign exchange market.

I am speaking from my past experience in which I lost quite a bit of capital before using the secrets I'm going to tell you. I recklessly started trading before even trying out any demo accounts or paper trading.

Needless to say that I lost stacks of moola and almost gave up ever trading Forex again. After doing my due diligence and uncovering some Forex secrets, I threw down the gauntlet and leaped back in to the trading arena.

With my new found knowledge I felt that I had a much greater chance of attaining a profit. If you are serious about online trading, be certain that you are in a position to lose the money you plan to trade with.

You should always be ready to take a loss. With your head full of all that money you hope to win, it's extremely easy to forget that things can go against you as well.

A safe system to use is to always trade with funds that will not cause any detrimental effect to your lifestyle if it's lost. That way, any profits realized will be much more appreciated.

If you're unable to accept the loss of any funds that you invest in Forex trading, then my advice to you is to not enter a trade in the first place.

Wild emotions are a real and unavoidable byproduct from trading. Are you devoid of emotions when plonking down cash? It is impossible not to let feeling get in the way when we're risking money.

Beware of and be aware of your emotions when trading. You will go through a whole range of feelings such as elation and disappointment when trading.

These feelings will sabotage your rational and set you up for the often fatal phenomenon of emotional trading which will affect your decision-making adversely.

This is the beauty of employing an automated trading system as it frees you (not entirely) from emotional trading.

The need to always be watching and sizing up the Forex market will no longer be as necessary if you are utilizing an automated trading system. The good news is that there are tons of software on the market that can do your trading for you.

The two Forex secrets that I hope that you have picked up today are as follows. Don't invest money that will cause you financial grief if lost and try not to involve your feelings when trading.

On the face of it, these may seem quite trivial and commonsensical but should always be the cornerstone of your trading strategy.

Forex Market Vis-a-vis Stock Market, an Analysis

In the past, all we know is the stock market. We knew of people who made millions in the bullish seasons, people who built their empires in really good times. But with recent economic slump, news of doom began to spread. Experts have grim prognosis of the stock market in the coming days. Although it may never be realistically true for all equity markets in the world, although the forecasts may sound a bit exaggerated, investors are finding other avenues to invest their capital on. Many speculators have vouched for the potential of the foreign currency market (forex market for short) as an alternative investment opportunity.
What then are the merits of investing in forex market instead of the stock market? What are proofs that indeed foreign currency trading beats stock trading?

Believers say that forex market is more predictable. It has at least more defined structure that fluctuations in currency pairs can be determined and developing patterns can easily be tracked. If you are skilled with reading charts and were able to enter at the beginning of an upward trend, you have an assurance that the trend would even build up and let you earn more substantial profits. In the past, currency pairs have followed more or less definite pattern. It is freer of erratic movements and unpredictable fluctuations. This way, a trader could actually invest in safer currencies to lock in his profits.

The stock market has been notorious for price manipulation like painting the tape, marking the close and matched orders to show that a stock has activity as well as wash sales wherein there is no real transfer of beneficial ownership. These illegal practices have tainted the image of the market and perhaps drove investors away. Corporations have all incentives to paint a good picture of them, hiding the truth from the public and when you know it, they are already in the brink of bankruptcy. In forex market, although it is as complex as the stock market, what you see what you get. Unlike in stock trading, forex market is more transparent, the market reflects true state of things. Corporations cannot just hide information for their benefit.

Since several major currencies can be used for trading (and trading is open for 24 hours), the forex market is said to be very liquid, you may enter and exit anytime, you may buy and sell in split seconds, there certainly has market if you wish to dispose of your investments. And you can do trading at the comfort of your home. With an internet connection and a few bucks, you can already participate in trading anytime of the day.
Finally, forex trading entails lesser cost. In trading equities, considerable commissions to broker should be covered with upward stock price movement in order to post net gain. Moreover, one just needs a few hundred dollars and he can already start trading in the forex market.

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The Forex Magic Machine Review

through trading the online Forex markets? In these tough economic times, I am always on the lookout for new ways to create new income streams, and one of those methods that I have looked into is the piece of automated software called The Forex Magic Machine. It opens up the possibility for everyone to be able to profit from the currencies market without having any prior experiences. It can also help traders get started making money quickly while learning how to trade at the same time.

1. What Exactly is The Forex Magic Machine All About?

Once I installed and activated this robot on my computer, I knew immediately that it was not one of those cheap and lousy trading programs that I have tried before. It has been programmed by one of the most experienced currency traders with more than ten years of experience. Users will learn how to input simple parameters into the software by reading the training manual provided in the package. Once that is done, they will attach the robot to their trading platform and the robot will be able to start making money for them automatically.

2. How Can The Forex Magic Machine Help You to Make More Money?

It is clear that this trading program is not just a random piece of charting or indicator software. It automates the process of trading and helps me save more time and earn more profits. Also, it has removed my day-to-day stress and fears of having to analyze the markets and watch my trades go from profit to loss and then back and forth again every hour. Even though I have a full time job now, I am still able to profit with this software because it almost does not require my attention at all.

3. Under What Market Conditions Can The Forex Magic Machine System Make Money?

Having testing this software for several weeks now, I have found that it has algorithms that allow it to profit from every type of market condition (regardless of whether the price is going sideways or breaking up to the upside or downside).