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Forex Brokers
By Simon Harris, Thu Dec 8th
Most FOREX traders use a broker to handle their transactions.What exactly is a broker? Strictly speaking, a broker is anindividual or a company that buys and sells orders according theinvestor's decisions. Brokers earn money by charging acommission or a fee for their services. A FOREX broker needs to be associated with a large financialinstitution such as a bank in order to provide the fundsnecessary for margin trading. In the United States a brokershould be registered as a Futures Commission Merchant (FCM) withthe Commodity Futures Trading Commission (CFTC) as protectionagainst fraud and abusive trade practices. Before trading FOREX you need to set up an account with a FOREXbroker. You may feel overwhelmed by the number of brokers whooffer their services online. Deciding on a broker requires alittle bit of research on your part, but the time spent willgive you insight into the services that are available and feescharged by various brokers.
The best advertising is word-of-mouth advertising, and this isjust as valid in FOREX trading as it is for any other type ofbusiness. Talk to friends and associates to see who they aredealing with and find if they have any complaints ordifficulties in dealing with a particular broker. You could try selecting a few online brokers and contact theirInternet help desks to see how quickly they respond to enquiriesand whether or not they answer questions to your satisfaction.Keep in mind, however, that pre-sales service may be better thanafter sales service. This can be true for any online business,not just FOREX brokers. Customer satisfaction and safety are just part of the story. Youwant to find a broker who executes orders quickly and withminimum slippage. All online brokers should offer
Euro May Drop Below 100 Yen on Ichimoku Cloud Trends: Technical Analysis
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<a href="http://www.bloomberg.com/news/2010-09-09/euro-may-drop-below-100-yen-on-ichimoku-cloud-trends-technical-analysis.html" style="font-size:1.2em">Euro May Drop Below 100 Yen on Ichimoku Cloud Trends: Technical Analysis</a>
<br> <span style="color:#888888;">Bloomberg</span> - <span style="white-space:nowrap">2 hours ago </span>
<div style="width:80%;">By Yoshiaki Nohara - Thu Sep 09 21:59:04 GMT 2010 The euro may fall below 100 yen to a nine-year low, Ueda Harlow Ltd. said, citing trading patterns. A weekly ichimoku chart shows the common ...</div>
<a href="http://www.businessweek.com/news/2010-09-09/euro-may-drop-below-100-yen-on-ichimoku-technical-analysis.html">Euro May Drop Below 100 Yen on Ichimoku: Technical Analysis</a> - <span style="color:#888888">BusinessWeek</span><br>
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Dollar and precious metals at a glance
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<a href="http://www.businessweek.com/ap/financialnews/D9I4JI200.htm" style="font-size:1.2em">Dollar and precious metals at a glance</a>
<br> <span style="color:#888888;">BusinessWeek</span> - <span style="white-space:nowrap">3 hours ago </span>
<div style="width:80%;">Key currency exchange rates Wednesday, compared with late Tuesday in New York: Dollar vs: Exchange Rate Pvs Day Yen 83.90 83.98 Euro $1.2700 $1.2724 Pound $1.5430 $1.5480 Swiss franc 1.0156 1.0118 ...</div>
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Euro Steadies As US Jobs Picture Brightens
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<a href="http://www.rttnews.com/Content/ForexTopStory.aspx?Node=B3&Id=1413994" style="font-size:1.2em">Euro Steadies As US Jobs Picture Brightens</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">9 hours ago </span>
<div style="width:80%;">(RTTNews) - The euro was stable versus the dollar and yen on Thursday, as another mildly encouraging US jobless claims report raised hopes the world's largest economy can escape a double-dip ...</div>
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Euro Rises as US Jobless Claims Drop, Easing Recovery Concern
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<a href="http://www.bloomberg.com/news/2010-09-09/euro-rises-as-u-s-jobless-claims-drop-easing-recovery-concern.html" style="font-size:1.2em">Euro Rises as US Jobless Claims Drop, Easing Recovery Concern</a>
<br> <span style="color:#888888;">Bloomberg</span> - <span style="white-space:nowrap">11 hours ago </span>
<div style="width:80%;">By Catarina Saraiva - Thu Sep 09 23:12:30 GMT 2010 Sept. 9 (Bloomberg) -- Robert Sinche, chief strategist at Lily Pond Capital Management LLC, talks about China's policy on the yuan. Sinche ...</div>
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Dollar Mixed, Consolidates Vs. Euro
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<a href="http://www.thestreet.com/offers/omnisky/html/markets/currency/10855987.html" style="font-size:1.2em">Dollar Mixed, Consolidates Vs. Euro</a>
<br> <span style="color:#888888;">TheStreet.com</span> - <span style="white-space:nowrap">12 hours ago </span>
<div style="width:80%;">By BBH FX Strategy The US dollar was mixed Thursday as it consolidates against the euro and Swiss franc, remains heavy against the yen and is performing best against sterling, especially following ...</div>
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? Euro posts losses as worries over Irelands finances spread
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<a href="http://www.propertywire.com/news/currency-watch/euro-posts-losses-as-worries-over-irelands-finances-spread-201009094483.html" style="font-size:1.2em">? Euro posts losses as worries over Irelands finances spread</a>
<br> <span style="color:#888888;">Property Wire</span> - <span style="white-space:nowrap">14 hours ago </span>
<div style="width:80%;">Wednesday's gains in Wall Street came after a big rally last week in stocks as investors increasingly factor in indications that the threat of a double dip recession is waning. Risk appetite has ...</div>
<a href="http://www.onefinancialmarkets.com/news/2010/09/09/euro-rising-against-dollar-but-investors-looking-to-offload/">Euro rising against dollar, but investors looking to offload</a> - <span style="color:#888888">One Financial</span><br>
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Yen Retreats From Two-Week High Versus Euro on Growth Optimism
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<a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/09/08/bloomberg1376-L8GAY307SXKX01-3REETE111OLSKDJ5V688UVIK0M.DTL" style="font-size:1.2em">Yen Retreats From Two-Week High Versus Euro on Growth Optimism</a>
<br> <span style="color:#888888;">San Francisco Chronicle</span> - <span style="white-space:nowrap">22 hours ago </span>
<div style="width:80%;">Sept. 9 (Bloomberg) -- The yen retreated from near a two- week high against the euro as optimism that a recovery in the Asia-Pacific region is gathering momentum damped demand for the safety of ...</div>
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Stocks Rise as Euro Debt Worries Ease
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<a href="http://www.thestreet.com/offers/omnisky/html/markets/marketstory/10854916.html" style="font-size:1.2em">Stocks Rise as Euro Debt Worries Ease</a>
<br> <span style="color:#888888;">TheStreet.com</span> - <span style="white-space:nowrap">Sep 8, 2010 </span>
<div style="width:80%;">By Shanthi Venkataraman NEW YORK (TheStreet) -- Stocks opened higher on Wednesday tracking a recovery in European markets after a successful Portugal bond auction helped ease concerns about the ...</div>
<a href="http://www.howestreet.com/articles/index.php?article_id=14492">European Credit Stress Returns With Vengeance - Irish, Portuguese Bond Spread at All Time High - Yen Soars - Gold Hits All Time High</a> - <span style="color:#888888">HoweStreet.com</span><br>
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China Yuan Down Slightly Late On Euro Weakness Overnight
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<a href="http://online.wsj.com/article/BT-CO-20100908-703962.html" style="font-size:1.2em">China Yuan Down Slightly Late On Euro Weakness Overnight</a>
<br> <span style="color:#888888;">Wall Street Journal</span> - <span style="white-space:nowrap">Sep 8, 2010 </span>
<div style="width:80%;">SHANGHAI (Dow Jones)--China's yuan fell slightly against the US dollar late Wednesday afternoon following the euro's drop against the dollar overnight because of renewed concerns over the health ...</div>
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FOREX-Euro rattled by bank scare, yen eyes new highs
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<a href="http://www.reuters.com/article/idUSSGE68700320100908" style="font-size:1.2em">FOREX-Euro rattled by bank scare, yen eyes new highs</a>
<br> <span style="color:#888888;">Reuters</span> - <span style="white-space:nowrap">Sep 8, 2010 </span>
<div style="width:80%;">SYDNEY, Sept 8 (Reuters) - The euro was on the defensive on Wednesday as the latest scare over the euro zone banking system slapped it to lifetime lows against the Swiss franc and Australian ...</div>
<a href="http://www.balkans.com/open-news.php?uniquenumber=69850">Euro rattled by bank scare, yen eyes new highs -euro to record lows on Swiss franc</a> - <span style="color:#888888">Balkans.com Business News</span><br>
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automaticexecution and have clear policies regarding slippage. Theyshould be able to tell you how much slippage can be expected inboth normal and fast-moving markets. Next you want to know the fees involved. What is the spread? Isspread fixed or variable according to the type of account? Aremini accounts subject to wider spreads? Are there any othercharges? Smaller spreads mean more profit for the trader, butthere may be a trade-off between spread and service. Look at theoverall picture before deciding to go with a particular broker. Margin accounts are the lifeblood of FOREX trading, so be sureyou understand the broker's margin terms before setting up anaccount. You need to know the margin requirements and how marginis calculated. Does margin change according to the currencytraded? Is it the same every day of the week? Some brokers mayoffer different margins for mini and standard accounts. Trading software is very important for the online FOREX trader.Get a feel for the options that are available by trying out ademo account at a few online brokers. Above all, you are lookingfor reliability and the ability to perform well in fast-movingmarkets. The software should offer automatic trading and mayhave special features such as trailing stops and trading fromthe chart. Some features may only be available at an extra cost,so be sure you understand what your trading needs are and howmuch the broker charges to provide them. Other information to find out about includes the broker's policyregarding minimum account balances, interest payments on accountbalances, which currencies can be traded and whether or notnon-standard sized lots can be traded. You should also find outwhether clients' funds are insured and the extent of thatinsurance. About the author:This article provided courtesy of http://www.about-forex.net
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