Archive for December, 2011
RV Financing: Make A Wise Choice
RV financing goes hand in hand with purchasing a new or used recreational vehicle. You will definitely need to take a look at your RV financing options prior to purchasing. RV financing can either help or hurt you in your RV purchase by saving you or costing you maybe hundreds of dollars down the road. In general, when looking at different RV financing terms, you will want to find the best monthly payment. This payment should have you paying the least amount of interest over the life of the RV financing loan. You will have the option to self-finance, dealer finance, online RV financing, or through a bank loan.
Types Of Financing
1. Many people first think of a bank or credit union as the best source of RV financing. If you have been working or have a close relationship to such an institution, you may receive a good deal. It is important to note that this type of RV financing institution may not offer you a wide range of flexibility to the terms, and they typically do not have specific financing for RV buyers.
2. Self-financing is another popular RV financing tool for purchasing an RV. You can use cash, CDs, a retirement policy, life insurance policy, or even a home equity line. Beware of capital gains tax, or early withdrawal penalties for money and the funding base you plan on using for your recreational vehicle purchase. You can also consider your new RV as a second home, if it has sleeping, bath, and kitchen areas. Self-financing can be one of the best, most rewarding ways to finance your motor home purchase.
3. You also have the RV financing option to finance through your RV dealer. Dealers will have access to lending companies and/or loan products that regular corner banking services do not have or are able to offer. Dealers have competitive, flexible terms and rates, which may be more beneficial to you. Typical dealer loans will range from 10, 15, or 20 years, depending on the RV itself. Make sure you read between the lines before signing anything, and make sure you understand all of the terms.
4. A recreational vehicle club can also offer your quality financing for your motor home purchase. These RV clubs have financing lenders and companies they work with on a regular basis. You may find these motor home club financing lenders offer low rates and good terms. If you are thinking about buying a specific manufacturer’s make or model of RV, double check to see if the manufacturer offers financing before making your final spending decision.
5. Online options are a great way for you to cost compare different lending options. There are online tools, such as an online RV calculator, which can assist you in figuring out a monthly payment with interest rate, loan amount, and length of term. Loans can also be secured online.
Most importantly, look at the total cost of the loan throughout its life. There are simple interest loans, balloon payments, pre-payment penalties, and more. Do research on your own to ensure you make the wisest, most education decision when financing your recreational vehicle.
By Eriani Doyel. Read more RV [http://www.dscrvs.com] finance resources from dscrvs.com [http://www.dscrvs.com]
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Careers in Finance – An Overview
Finance is a very broad subject. Speaking in terms of employment doesn’t narrow the term much. There are a wide variety of careers and job positions available in the Finance field. Education requirements and salary expectations depend on the area of interest, as well as the geographical position.
Several careers opportunities are available in Finance. Banking is probably the more common position that comes to mind. Commercial Banking, Corporate Finance, Financial Planning, Insurance, Investment Banking, Money Management, and Careers in Real Estate are all related to the field of Finance. Studies done recently have shown that the need for people in the Finance field is growing. Incidentally, as long as there is money involved, there is a need for finance. Some characteristics of Finance professionals include; Strategic thinking, and the ability to comprehend complicated matters fairly quickly, a new, fresh perspective, and candor. If you are interested in a career in finance, you should also possess some leadership qualities, have a firm understanding of risk management, and have strong analytical and problem solving skills.
Keeping in mind that Finance is a global industry, a second or even third language would be a very helpful skill in this field. Education requirements vary, depending on the career path that you have chosen. An Associates Degree would be beneficial for a few minor career choices, but most companies require at least a Bachelor’s Degree for jobs such as accounting, investment banking, commercial banking, and so forth. You can opt to pursue your Master’s Degree, and expect to earn a much higher annual income. Income ranges with a Bachelor’s Degree start around $25,000 per year and top out at over $40,000. Starting salaries with a Master’s range from $30,000 to $80,000 annually. Incidentally, if you choose a Bachelor’s degree, your starting title would probably be “Junior Financial Analyst”, as with a Master’s it would be “Financial Analyst”. So, besides the annual income being higher, with a Master’s Degree, you can expect to have more responsibility and a much higher “clout” with companies than if you simply pursue a Bachelor’s Degree.
Whatever degree you decide to obtain, there will be specific courses of study that you must take. Actual course titles will, of course, vary by institution, but an example of your required courses would be: Developing Business Perspective, Management and Leadership, Fundamentals of Business, Marketing and Sales, Human Resource Management, Organization and Communication, Finance and Accounting, Financial Markets and Institutions, Investment and Portfolio Management, Business Ethics, Public and Nonprofit Finance, and Risk Management. Keep in mind that these courses are not the only ones that you will be required to take, depending on your choice of degree, and the institution that you attend.
The Government Finance Officers Association has information, news, and helpful links to help you whether you are in the Finance industry, or just thinking of entering finance. You can find lists of companies that are hiring, as well as their salary requirements and educational requirements. There are also links to local training events, as well as general news that affects the finance industry in the United States and Canada.
A look at some current job openings in the finance field, shows that the need for financial advisors is very much in demand. In California, an Assistant Chief Fiscal Officer, for a county government office, with only 1 year of experience, has a salary range of $81,765 to $99,424 annually. There are many opportunities in the government, if you have a finance degree, and you can expect the salary to be very competitive. Other, non-government companies, such as AIG, American Express, and local banks are a good place to get your start in the finance world. Also, private firms such as Deloitte & Touche Corporate Finance Canada, Inc., Chapman and Cutler, and William Blair & Company, all which serve the US and Canada, and other private firms hire periodically for new positions, and offer competitive salaries.
If you are inclined to seek your career in the finance industry, research companies well to find the best one for you. Educationally speaking, most colleges and institutions offer a wide range of courses, depending on the focal point of your finance choice. You would need to delve into the path of finance that you are planning to pursue, and with a little research and a good head for business, you could well be on your way to a very lucrative career in the ever-growing Finance World.
Find finance careers and finance jobs at Seek4Jobs.net.
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2010 Dodge Journey in Columbus, OH 43228
The delusion conceptually propounds that intraweek and intraday FOREX currency quotes movement is governed by either improvement or by deterioration of the state’s economic situation. But in reality, even in case the actual Forex news is superior to the estimated one, the FOREX quotes up/down movement is of 50/50 probability.
This statement is thoroughly important. Once the job of Forex trader is gambling on FOREX exchange rates differential (FOREX pairs up/down movement), the following is to be realized to obtain faultless profit:
FOREX pairs pricing mechanism (say at point X where you are completing the market analysis)
Factors imparting growth/decline to FOREX rates (up/down from point X).
Thus, having understood the FOREX rates factors effective at the extra-exchange (book-maker) FOREX market and the given currency motive factors, a trader must possess distinct knowledge of whether to buy or to sell the given currency pair.
So, what are these factors?
FOREX student suggest unambiguous interpretation of factors responsible for the price formation and the fluctuations there of:
Forex rate constitutes a demand-supply balance for a given goods (currency).
Any violation of this balance, (for instance, in case where the estimated news is in disagreement with the issued official one), results in the FOREX rates reciprocation in chase of a new demand-supply balance. Poor demand brings about decline in a certain currency rate, with a high demand leading to the growth of the latter. The situation continues as long as the currency buy/sell demand comes to balance at another level or at another point.
Referring to the B. Williams (“Trading Chaos 2″ Chapter 1 “The market is what you are thinking of it”):
Each world market is dedicated to distribute or share limited amount of something… among those desirous to obtain it most of all. The market affects it by way of finding out and identifying the exact price? Underlying the buyer’/sellers’ power absolute equilibrium point.
The above point is readily established by stock, futures, bonds, FOREX and options markets, be it either via an open auction or by virtue of a computerized facility. Markets spot this point prior to any misbalance being detectable by you or by me or even by traders at the exchange floor.
With this scenario holding true – and it really does – we are in position to jump at certain simple yet important conclusions as regards the information being circulated through the market and enjoying doubtless acceptance”.
Thomas Demark was more laconic in “Technical analysis – an emerging science”:
“Price movement is governed by demand and supply. Should demand exceed supply, there’s a price rally and if visa versa, there’s a price decline. All economists do share these underlying principles”.
Hence, the role of fundamental analysis for FOREX market is readily apparent.
In scholar fiction one will discover roughly the following explanation, persistently wandering from book to book, from site to site and suggesting attaining successful trading at FOREX market by way of scrutinizing the country’s economic fundamental data, viz. by tracking the factors reflective of the country’s economy condition as below:
State economy condition dynamics indicators (GDP, trade & payments balance, current account, industrial production, etc. It is knowledge, that the higher the above indicators – the faster the economic and the currency price growth);
Stock indices, via average arithmetic index of the country’s securities market condition and dynamics. E.g.: 0.3% daily DJI growth in the USA means that this certain day the shares of 30 leading US companies, being pictured by DJU, went 0.3% more expensive. By similarity, DAX30 is the major German index, incorporating the price of shares of the country’s 30 leading companies.
The country’s interest rate, since the higher the rate, the greater number of investors is eager to invest into the country’s economy and hence into national currency strength.
Rate of inflation (the higher the rate, the quicker the National Bank will hike the interest rate). With this assumption, the CPI constitutes a key factor.
Money supply growth in domestic market, which fact brings about the inflation, leading to the interest rate hike.
The country’s gold and currency reserve assets.
Variation dynamics correlation of: balances of payment, trade balance, state budget, gross domestic product (GDP), etc.
Trade and industry dynamics (industrial production, industrial orders, DGO, capacity utilization, retail sales, etc.)
Construction statistics (construction spending, new home sales, housing under construction, building permits, etc.)
Labor statistics (unemployment rate, new jobs, etc.)
Society investigations (consumer confidence, consumer sentiment, purchase managers and service managers sentiment, etc.)
To be considered additionally are the country’s political stability and tranquility (clearly, any political, natural and other cataclysms are sure to turn investors nervous making them withdraw the investments from the country, thus weakening its national currency). And with the currency being the national economy derivative, changes in economic data will inevitably result in the above currency rate movement.
Conclusions:
Progress in economy results in the currency exchange rate rally.
Decrease in economic indicators leads to the national currency rate decline.
To sum it up, critical economic and political news (whose calendar is issued in advance and is familiar to any trader) constitute a standing factor giving rise to misbalance and causing the currency rate fluctuations.
In anticipation of important economic and political news FOREX pair crawl to the rates as inspired by the estimates (“rumored trade”), whereas upon actual news there occurs a pulse motion of FOREX pairs in accordance with the scheme below;
Forex rate grows if actual news are better than the estimated one;
Forex rate declines if actual news are worse than the estimated one.
ARE YOU FAMILIAR WITH THESE ABC BASICS OF STUDYING FOREX?
Do you accept that one can earn money by way of using these basics, known to every trader?
Then why, having absorbed these economic axioms, 90% of Forex traders in the world are losers rather than winners.
Where is the delusion of the above ABC truth, nudging traders towards losses? Let us perform sort of point-by-point analysis.
The currency exchange FOREX market is a book-makers one. It is gambling on rates difference without direct money delivery to the exchange market, except for hedging of traders’ funds by Forex brokers, via buy-sell difference especially during strong trends). Then, http://www.forexite.com reads: “Trading is performed without actual currencies supply, which fact cuts overheads and enables Forexite to go long and short on the currency” http://www.forexite.com/forexite_advantages/forex_advantages.html.
Comment: Have you ever met any book-makers;
- whose logics was coincident with that of THEIR clients (traders),
- whose stakes were being made in accordance with THEIR technical analysts forecasts, economic laws and common sense?
And what extent of doubt and skepticism should be attached to THEIR free “recommendations”, “advice”, “surveys” and “forecasts”, laid out at THEIR sites through THEIR analysts?
As a regular result, over 90% of the world traders are still loosing their deposits at FOREX each time they follow Thomas Demark stereotype that “All the economists share these underlying principles”.
Comment No.1. In as much as the above underlying principles are 90% contradictory to practice, it gives rise to the following question. Might these “underlying principles, shared by all economists including Thomas Demark” have possibly turned into dogma, alien to life and practice?
Comment No.2. What should a trader lean on: practice or dogma even if supported by great names, provided that the trader is purported at earning money?
FOREX analysts issuing their daily bulky market reviews are not FOREX traders in the overwhelming majority (see detailed discussion below). And on bringing together pairs 1, 2 and 3 there appears certain regularity.
Please, think over A. Elder words, that: “FOREX rates and the fundamental analysis are tied together with a mile-long rope. The fundamental analysis is ultimately decisive. But anything is likely to happen prior to this eventuality”. Another, yet no less renowned trader and analyst, Bill Williams underlines the same mental regularity of an experienced professional trader (level 3 of his trader’s skill rating as per “Trading Chaos 2″): “On attaining level 3 you emerge as a self-provided pro trader. You are always familiar with the market’s basic, usually invisible structure. You no longer need to refer to others’ opinions. You needn’t read “Wall Street Journal”, watch market-oriented TV programs, and subscribe to information bulletins, waste money on information channels”.
Comment: Logically, there is a counter-implication, that if You are eager to become a successful trader, You are to restrict the influence of various surveys and recommendations on yourself even in case they originate from the world famous “Wall Street Journal”, to say nothing of crude gurus in analyst skins who use to know ahead of time where currencies will go.
Forex news is a scheduled issue of fundamental data, which as a rule impairs FOREX rates a sharp pulse of motion. But then, why the currency rates movement vector is only 50% coincident with the ABC truism logics as to where the rate should rush in case of actual news being much better or worse than the estimate. And, please, make an attempt to answer the following question, stirring for every trader: why with the new being worse than expected (say, on US economy), the USD currency would initially fall by 40 pips (news work-off) but in 5 to 10 minutes it would swivel back and would display a 200-point rally, with no account to either the issued news or to common sense.
Below are some examples:
Fig. 1. GBPUSD chart as of April 1, 2005 after the news, positive for the GBP and negative for the US economy.
See Note below
In March the CIPS manufacturing index amounted to 52.0 (with the previous data revised from 51.8 to 51.6). Oil price in NYC has grown by USD 2.40 up to USD57.70 per bbl (new record of the latest 21 years). Non-farm payrolls in the USA was minimum since last July (previous data revised towards lower values). There has been a decline in the Michigan sentiment index to 92.6 (median estimate was 92.9, with 92.9 previously).
All the US indices faced a fall down. DJI at NYSE has fallen by 99.46 pips (-0.95%) towards closing at 10404.30. NASDAQ declined by 14.42 pips (-0.72%) to 1984.81. S&P500 slipped by 7.67 pips (-0.65%) to 1172.92. 30-yr US Bonds yielded 4.729 (0.037 lower as compared to the previous close). By contrary, FTSE100 has grown by 19.60 pips (+0.40%) to 4914.00.
Now, the question is to certified economists: what will happen to the GBPUSD within one day or even several hours upon publication of these data? You are right, USD should not simply fall down, it should collapse. Powerfully, swiftly. Well, well…
And this time, the same question to experienced traders. By FOREX news headlines You might have guessed that the events are taking place at the Friday American session. Correct. Initially, anyway, the GBPUSD chart will go up by 100 pips (news wok-off), followed by a pullback. Then Forex chart starts a new rally.
It is now to be tracked whether the GBP will breach the latest rally high or not. If affirmative, it will rush up by approximately 160 pips (Elliott wave 1 was 100 pips, while EW 3 is 60% longer). But if the high is not breached? The GBP currency quote will in no way come to a standstill, moreover on Friday afternoon. Hence, – down, to the starting point! And, if breached, similar situation takes shape but the counting is performed in a “down” direction (EW1, being the same 100 pips plus 187 pips from 1.8826 to 1.8759 being EW 3).
The FOREX day trading tactics will be given scrutiny in a separate chapter. A still separate chapter will be dedicated to Friday trade at American session due to its inherent specifics and to strong seemingly inappropriate movement. The movement is, of course, appropriate. To say nothing of Friday. But it will be touched upon later.
Now, getting back to the currency chart. As apparent, the GBPUSD pair movement on Friday, April, 01, 2005 is in no way in conjunction with the US economy fundamental data. Each forex trader can provide from tens to hundreds of similar instances, where the news are of a certain vector, whereas, after a fraudulent rush along the news vector, a currency applies reverse thrust.
Thereafter, the next day, in daily currency surveys, certified economists are sure to explain all to us by way of inventing another undisguised nonsense, like: “in spite of certain data, traders decided that the currency has already worked-off this side”. But! How could this occur on Apr, 01, 2005, provided that the currency has been staying flat in a narrow range in the course of the whole of the European session?
Otherwise, another explanation may emerge, that forex traders were expecting still more inferior news on the US economy… But! By how much more inferior, if according to DJ, the US non-farm payrolls MA was equivalent to 180K, with actual being +110K, estimate being +225K and prior being +243K? And in what manner do these economists count up world traders: by capita, by countries or by the funds, lost by those, who continued staying long in a holy belief in renowned academic scholars postulate of FOREX rates being tied up to countries’ economy statistics.
I wonder if I’ll ever chance to witness legal procedures to be instituted against any of those famous scholars, so that no one would dare claim that fundamental data trigger rate spikes.
The same pertains to economists, writing about the way, hundreds of thousands traders throughout the globe have conspired to conclude that it is time to reverse the trends with absolutely no grounds. Is it really feasible?
Such reading-matter is, but hammering a single question into one’s head: is it lie or is it stupidity of those cooking daily reports for taking traders for a ride, fooling them up and keeping them from the truth, which might be of great avail to them in daily trading. Traders are not a decisive factor, thus rates movement is in no way dependent on their will. Practically in no way.
Wanna check? Negotiate with tens of traders of the trading floor and arrange for a simultaneous entry long on some exotic FOREX pair. In so doing, try to push up either the NZDHKD, or the NZDCAD, or the HKDCAD. No need? I think so. You’ll certainly suffer failure with the above, to say nothing of the EUR, GBP, CHF.
Another example:
Fig.2. GBPUSD movement as of May 13, 2005.
See Note below
This is an M15 chart of the American session, where the USD pair has grown by over 100 pips from 1.8583 to 1.8481 against the news, negative for the US economy:
Most indices have dropped down: DJI at NYSE – by 49.36 pips (-0.48%) to close at 10140.12; S&P500 – by 5.31 pips (-0.46%) to 1154.05. NASDAQ has grown by 12.92 pips (+0.66%) to1976.80. 30yr US Bonds yielded 4.484 (0.047 drop from previous close)
There is a fall in Michigan sentiment index. In May UMich was 85.3 with med est 90.0 and prior 87.7. So it was worse than the estimate, reaching the low since March, 2003. The index decline was being observed for the fifth month.
The April US export price index was +0.6% with prior of +0.7%.
Below are other similar examples of that same day.
Fig. 3. EURUSD chart as of May 13, 2005.
See Note below
Hundreds of examples may be offered, where the Forex news vector is opposite to that of the currency movement. Practically, actual news may happen to be superior or inferior to the estimate. FOREX quotes up/down movement is also of 50/50 probability irrespective of the above.
Why does it happen and what is the way for a trader to pinpoint entries and exits? This is going to be discussed in ensuing chapters of this book.
Note:
Full text of this article and pictures of examples http://www.masterforex-v.su/
If you wish to be trained on Trading System Masterforex-V – one of new and most effective techniques of trade on Forex in the world visit http://www.masterforex-v.su/
Professional Trader from 2000 year.
President of Masterforex-V Trading Academy.
Author of Books:
1. Trade secrets by a professional trader or what B. Williams, A. Elder and J. Schwager not told about Forex to traders.
2. Technical analyses in Trading System MasterForex-V.
3. Entry and Exit Points at Forex Market
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The economic outlook for 2008 remains suspect as the tumultuous conditions afflicting the financial markets have created a turbulent business climate for middle market companies that is likely to continue unabated well into 2009. Commercial banks and Investment banks recently the paragon of the financial services industry have become pariahs in less than a year.
Adversity, however, creates opportunity and indeed many companies have been successful in obtaining financing amid the melt down of the credit markets. Middle market companies looking to grow and needing capital to do so need not panic as banks pull back on financing and credit tightens. Money is still available for companies with solid business prospects – you just need to know where to find it and how to get it.
Mezzanine finance can play an important role in funding the growth of privately owned “middle market” companies in good times and bad. This type of debt financing, however, isn’t really understood by many outside of the industry.
Often called subordinated debt, mezzanine debt is often viewed as quasi equity. As such it is a hybrid of debt and equity financing that is often used to finance acquisitions, product development, plant expansion and new equipment purchases. Company owners also use it to diversify or invest in other opportunities.
Lenders that provide mezzanine financing, for the most part, lend based upon a company’s cash flow rather than a business’ assets. Since there is little or no collateral to support the borrowing, this type of financing is priced significantly higher than secured bank debt. Mezzanine financing is advantageous because it is treated like equity on a company’s balance sheet and may make it easier to obtain standard bank financing. It is also very attractive to a business owner as it reduces the amount of equity dilution, which increases the equity’s expected return.
Mezzanine financing has many of the debt features associated with traditional term debt including interest payments, covenants, and in some cases amortization. But it also has an upside in the form of an equity interest. Mezzanine debt is typically secured by the equity of the company rather than its tangible assets and is subordinated to the debt provided by banks and commercial finance companies.
Mezzanine debt is more expensive than secured debt or senior debt because of the increased credit risk assumed by the subordinated lender. The debt holders receive a higher interest rate than senior debt as well as a quasi-equity stake in the company to compensate for the increased risk. It is a much less expensive source of capital than equity financing; perhaps more important, existing equity holders are subject to significantly less dilution.
On a balance sheet mezzanine debt is found between the senior debt and equity. It is subordinate in priority of payment to senior debt, but senior in preference to common stock if a company is liquidated. It can take the form of convertible debt, senior subordinated debt or debt with warrants.
In the middle market, mezzanine lenders look for a fixed current coupon rate of 11% to 15%, which equates to a spread of 5% to 9% above the prime rate, plus the additional return from the equity stake in the company. This compares to a rate of 1% to 4% above the prime rate for term loans from senior debt lenders.
While most equity investors look for returns of between 30 to 45 percent, mezzanine investors look for annual returns of between 20 and 30 percent. Lenders tend to be flexible in tailoring the structure of the investment to meet the borrower’s operating and cash flow needs, which makes mezzanine debt a useful form of financing.
Most mezzanine loans last from five to seven years with the possibility of early repayment. Unlike bank debt, which usually requires amortization, mezzanine repayments are often not required until maturity. This allows a business owner to reinvest cash flow in growth opportunities rather than paying back senior debt.
Because their return is largely driven by their equity upside, mezzanine lenders are more accommodating during difficult business conditions. While a business owner may lose some independence, he rarely loses outright control of the company or its direction. Owners don’t usually encounter much interference from a mezzanine lender as long as the company continues to grow and prosper. Amounts raised through mezzanine financing can be substantial. A company can leverage its cash flow and obtain senior debt between 2 and 3.5 times cash flow. With mezzanine debt, it can raise total debt to 4 to 5 times cash flow depending on the risk appetite in the debt markets.
Mezzanine lenders are usually paid off through a recapitalization of the business with less expensive senior debt or through the accumulated profits generated by the growth of the business. For years, mezzanine debt has proven to be a viable source of growth capital to finance privately owned “middle market” companies whether the economy is going full bore as well as when it is in the tank.
Franz von Bradsky, CPA is Chairman of the Northwest Growth Financing Conference and a director of the Seattle chapter of the Association for Corporate Growth. He is also the president of Green Tree Capital. Reach him by phone at 707-251-0994 or by e-mail at Green Tree Capital.
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General Guides for FOREX Trading Newbie
Being new to FOREX trading? Don’t worry, getting started in FOREX trading is easy and you can always test your skills first in a demo account before you go ‘live’ with real money. To get started in FOREX trading, we have to get to know what FOREX is. For the inexperienced, FOREX trading involves buying and selling the different currencies of the world. A FOREX deal is made when one buys one currency and sells another at the same time. It is always traded in pairs, Euro/USD, CHF/USD, USD/JPY…you get ‘short’ in a currency every time to buy another and the profit is made when you buy-low and sell-high.
FOREX market is the largest trading market in the world. It yields an average turnover of $1.9 trillion daily and the figure is nearly 30 times larger than the total volume of equity trades in United States. FOREX trading is very unique as the trades are done between two counterparts via electronic network or telephone connections. There is no centralized location as stocks or futures markets and trades are done around the clock. Everyday FOREX trade begins when the financial centers in Sydney start their day, and moves around the globe to Tokyo, London, and then New York. Traders can always response to the market regardless of the local time.
Although FOREX trading involves such a big volume of trades nowadays, it is not made available for the publics until year 1998. In the past, the FOREX market was not offered to small speculators or individual traders due to the large minimum business sizes and extremely strict financial requirements. At that time, only banks, big multi-national cooperation and major currency dealers were able to take advantage of the currency exchange market’s extraordinary liquidity and strong trending nature of world’s main currency exchange rates. Only until the late 90s, FOREX brokers are allowed to break huge sized inter-bank units into smaller units and offer these units to individual traders like you and me. Nowadays with the rapid growth of Internet and communications technology, FOREX trading has become one of the hottest make-money-at-home-businesses for those who wish to avoid conventional 9-5 day job.
As a fact in FOREX trading, FOREX is mainly traded in large international bank. According to Wall Street Journal Europe, 73% of the trade volume is covered by the major ten. Deutsche Bank, topping the table, had covered 17% of the total currency trades; followed by UBS in the second and Citi Group in third; taking 12.5% and 7.5% of the market. Other large financial cooperation in the list is HSBC, Barclays, Merril Lynch, J. P. Morgan Chase, Coldman Sachs, ABN Amro, and Morgan Stanley. For market participants segment, approximately half of the transactions done were strictly between dealers (i.e. Bank, or large currency dealer); others are mainly between dealer and non-financial institutions.
To start trading on FOREX, one must first learn how to read FOREX quotes. Foreign exchange quotes are always listed in pairs (e.g. USD/JPY 109.2): the first listed currency is known as the base currency with a constant value of 1 unit; while the currency listed in the second is known as counter. In our given example, USD/JPY 109.2 means a dollar of United States Dollar is equal to 109.2 Japanese Yen. In other words, the quote shows the relative value of one currency compare to the other. It means the value USD had been increased when USD/JPY quote goes up
However, a two-sided quote (e.g. EUR/USD 1.2435/1.2440) consisting of a ‘bid’ and ‘ask’ is often seen. The ‘bid’ price is the price at which you can sell the base currency; while the ‘ask’ price is where you can buy the base currency. The different of ‘bid & ask’ price is commonly known as ‘spread’. In the example of EUR/USD 1.2435/1.2440, this means you can buy 1 Euro Dollar with 1.2440 USD or sell 1 Euro 1.2435. Currency brokers make their profit through these differences of ‘bid & ask’ price and this is how they manage to provide their services to individual investors without charging them commission fees.
You don’t need much tools to trade in FOREX market. A computer with Internet access, a funded FOREX account with foreign currency exchange broker, and a trading system should be sufficient to get things started.
To reduce the risks of losing money, some basic charting knowledge is as well recommended before you start trading FOREX. FOREX charts assist the investor by providing a visual representation of exchange rate fluctuations. Many variables affect currency exchange rates, such as interest rates, bank policies, geopolitics, and even the time of day may affect exchange rates. As stated by expert FOREX trader Peter Bain, charting is an essential tool in FOREX trading. In his newsletter, he reveals that daily charts, hourly charts, and 15-minute charts are used while trading in FOREX. As quoted from his informative newsletter — “Daily chart will help you define the overall trend from a position trading point-of-view, and the hourly (one hour) chart will give you a feel for the intraday trend. The 15-minute chart is used for entry and exit – with assistance from the five-minute chart, where price is moving quickly, and you need to be closer to the action.”
Being one of the technical method, FOREX charting is based on the principal ‘history repeats itself’. FOREX traders who study charts predict the market future by evaluating past market performance. The time frame used for charting might differs for different traders, some analyze the past one week, some prefer six months analysis, and there are also traders who analyze the market for the past five to ten years before getting involved in a FOREX trade. A huge variety of FOREX charts are available in the market. Some charting methods are very simple, using a few FOREX indicators to show trading direction; other charts may include up to forty indicators and those are mainly for advance traders that are more skillful. MACD Divergence, RSI, RSI range, and price are some of the well-known indicators in charting.
As the article is meant for FOREX rookies, you are probably one of those who are looking forward to get involved in the FOREX market. However, there is no shortcut to be success in FOREX trading. Trading in FOREX is not as simple as it seen from outside. Especially there’s margin involved in FOREX trading, you might lose a lot of money in the beginning and learn your lessons in a hard way. Take all the time you need to learn this new trading skill well — practice everything you learn with a demo account before you consider going ‘live’ with your own money. Seminars, eBooks, Internet, papers, as well as video courses are all your needs to get involved. I wish you good luck and good profit making in your FOREX trades.
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