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If you are reading this article, you have certainly heard about Forex. Nowadays, Forex is the youngest foreign exchange market; however its popularity is going beyond all the well-known currency markets. What is the secret of such attraction? Forex advantages are obvious: it is liquid and it is available 24 hours 5 days a week. Also traders emphasize such important aspects as low deal price, absence of restrictions, margin-based trading, a great deal of trading instruments, and high dynamics.
A trader pursuing superior performance and efficiency on Forex should be good at basic factors and economic indicators which influence currency rates.
To achieve the highest possible result on Forex, a trader should well aware of basic factors and economic indicators that affect the currency rates. Today we are going to talk about the EUR rate.
Work on the foreign exchange market embraces purchase of one currency and sale of another. Forex market is the largest financial market worldwide; its daily turnover exceeds one of the stock market by many times. People trade on Forex 24 hours a day 5 days a week.
In this article we will cover such an important factor as news and their influence on the currency market. We will also get acquainted with the calendar of the main expected events relevant when analyzing the current market situation.
The bi-currency basket was introduced by the Central Bank of Russia in 2005 with the aim to outline the operational benchmark of the bank’s exchange policy. At the moment the bi-currency basket was put into action, it consisted of 0.1 Euros and 0.9 US dollars. Starting from February 2007 the figures have been changed, and presently the bi-currency basket contains 0.45 Euros and 0.55 US dollars.
As soon as you decide to work on the currency market you should realize that being a successful trader requires an effective system of controlling your funds. Steady and smooth money management ensures safe margin trading. The balance between average profit and loss should be kept strictly. Only in this case playing turns into working on the market. The main criteria of money management on the market are given below.
While a trading novice on Forex market starts facing some hurdles in trading, the first thing coming to mind is that for having a complete success on the market it is required to learn forecasting the price movement. Having investigated the market fundamentals he will understand that a fundamental analysis should be used for long term suppositions and the technical one – for short term outlooks. Puzzling out the market history where the trader works he will notice that there are repeated time periods. During a long period of time the markets have been moving up and down in long cyclic periods.
If you strive to become a successful Forex trader, you need to create your personal trading strategy. In the trading practice there is no trading strategy, which could be equally suitable for all traders. Every trader should create a trading strategy by himself, which would be suitable for the trading conditions by all parameters.