Useful Daily Forex Articles (Brought to you by HiWayFX)

What Drives the Price of Gold?

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Gold holds a paramount importance since ancient times and the proportion of gold a family possessed was the measure of their wealth. Today, things haven’t changed much. Gold is being used in a lot of industrial processes such as metallurgy and electroplating. As of March 2011, the price of gold reached a record high of 1420 dollars and there were some factors which caused this rapid ascension. These are as follows:

Gold Mining

The major players who extract the most gold are India, China and Australia. The world’s gold production has a causal effect with the prices of gold. All around the globe, gold mining increased by a staggering three percent since 2010 which is an enormous value. Moreover, the predicaments associated with mining gold have also increased. The gold which was easy to extract has already diminished and the environmental factors which may be hazardous for miners are much more than they were before. They have to dig deeper in order to find some valuable reserves of gold. All this comes at a high cost and therefore, as the expenditures related to gold mining increase, so does the market worth of gold.

Central Reserves for Gold

The central Banks are responsible for the hoarding of gold and other currencies. They have built reserves for this purpose. It was discovered that central banks have been hoarding more gold than they were actually selling by the World gold council. The banks are also bringing about a revolution by encouraging a paper free culture which is also a really big problem. This is one of the main reasons because of which the gold prices have soared.

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How to make money trading Forex while being lazy



An obese guy sprawled out on a couch, in old worn out pajamas, a drooling mouth, a fat bag of cheese pops, a stash of expired super hero comics, a can of soda, zero ambition and minus one achievement, is the very first picture a common mind associates with the word 'lazy'. But what if I tell you to shift the image of lazy from this stereotype to that of a successful sharp suited prototype? Hard to imagine, right? But let me tell you folks, that depending on what exactly you are being lazy for, this my friends is not a probability, but a very much occurring reality. My personal observation, over the years has taught me that a no-stress approach tends to prove best by making more money in trading and investing, in comparison to serious over-thinking and a workaholic approach.

Making a decision and letting the circumstances determine the outcome of the market, without constant vigilance is what some might call 'lazy' but in fact, this in my opinion is what makes a trader 'smart'. Keeping a 24/7 watch on the market might seem to be the right thing but this really achieves you nothing except for perhaps suddenly causing you to doubt your own position and closing it before it even gets moving or jumping altogether to a new position etc.

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How to spot a forex trading fraud



Are you sure that a recent promise by someone to help you get filthy rich in a day wasn’t a scam? Or that your unguided approach hasn’t led you in to a well-planned hoax? You’ve been the subject of a fraudulent scheme? And let’s just face it; a lot of people have been inflicted by such plights. With the market growth sprouting like fungi on the global fronts nobody wants to lag behind in their material success and why should they? But as this race falls into sync with the hoax business preying on the naivety of new investors in the market; chaos finds its place, dreams fall apart and hard earned money is thrown around like confetti. And by the time the victimized amateur sees the devil horns under the fake halo of the seductive sharp suited lure, it is usually too late. Money has already gone down the drain with no return factor.

We here at Forex have taken up the initiative to educate our clients and make them aware of the foreign currency scams being carried out shamelessly in the forex industry.

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How to Improve Your Forex Trading Routine



If your trading routine is plagued by lack of sleep and a gallon of espresso shots to down its after affects, then these tips given below should be considered nothing less than a holy grail, to make your eye bags finally disappear along with granting you an active mindset for efficient trading.

Sufficient sleep is the number one prerequisite for a sound mind. Get at least 7 hours of sleep a night as nothing can ‘compensate’ for the lack of sleep. Your body will ultimately give up on you and your reasoning abilities will be impaired. So hence, if it is not already, then it is finally the time for your sleep cycle to fall in to the cleft of the maxim "early to bed, early to rise makes a man HEALTHY, WEALTHY and WISE."

After proper sleep comes a proper diet and specifically a proper breakfast.

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What I Learned About Forex Trading from Professional Poker Players



If you observe a poker game you would realise that there are plenty similarities in poker and trading. One can actually learn a lot from poker players about the trading world. It is a well-known fact that most of the best candidates for trading jobs at Wall Street are professional poker players. And this fact has been justified by the Department of Economics in Harvard University.

In poker, its all about managing your risk properly and executing your play with consistency, this wont be gambling, this will be basically playing the odds. Its the emotions that throw a player off his game and he starts to gamble with his money.

So what are the important things a trader can learn from poker?

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HiWayFX Forex Trading Accounts



HiWayFX is a global broker and acts as the medium between a trader and a network of banks. Before you start trading with HiWayFX, you need to consider certain guidelines to ensure efficient management of your trading account.

The first step requires you to register a forex trading account. Opening an account is actually very simple and is quite similar to opening a bank account. The types of trading accounts offered by HiWayFX are variable depending on your preferences. All of the trading accounts here give you a personal account manager, free economic calendars and educational videos. Also, for all accounts, the currency used for depositing is Euros.

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Learning Currency Trading – Part 9: NZD/USD



The symbol stands for New Zealand Dollar/United States Dollar. It tells the reader about the amount of US dollars needed to buy one New Zealand Dollar. In this particular pair, the NZD is the base currency and the USD is the counter currency.

General facts and information

The New Zealand Dollar/US Dollar pair is also referred to as the Kiwi. The NZD is one of the three major commodity currencies, the other two are AUD and CAD. New Zealand was crowned in the year 2005 as the world’s most favourable country for businesses by the World Bank. This small, scenic Island is not only politically peaceful and economically strong, but is also one of the most investment-friendly countries. Lately, it has made sure that it serves as a hub for businesses and investments by being extremely lenient in the regulations it places over business activities.

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The Pros and Cons of a Forex Demo Account



Many amateur traders these days are advised by brokers and pros to prepare themselves and practice their skill on a demo account before getting into the mainstream trade. A demo Forex account is a sort of an indirect 'virtual training program' where you get to practice your trading skills, in a completely risk free atmosphere, only to get you familiar with the factors that a successful trading demands and to help you develop some basic strategies.

Traders over the time have had much divided opinions about its applications. Some consider it a good start, while others think of it as a waste of time. So in order to help you choose whether or not you should get involved in the trading process of a demo account, below are some major pros and cons of this virtual trade:

Major Weighty Advantages of a Demo Account:

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In Trading, Less is more



We can witness the rise and fall in markets commonly. It is crucial in some ways, but it may also result in excessive loss of money if we try to trade everything.

There are some errors quite common like trading intra-day price variations or withdrawing a cost-effective trade simply because the market started retracing against your situation. These kind of faults result because of giving unnecessary importance and effort to the regular price variations in a market.

It is well known that less is more in trading. We can emphasize on the importance of this fact by notifying few key points about market dynamics, price action and how not to react at every fluctuation in the market.

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And you thought it was just Gambling with Suits



If you were presented with a person that is engaged in an activity that can either indulge him or her with buckets of riches or complete loss of belongings your instant guess on what the activity is would be gambling. That is usually the image portrayed when someone outside the online trading industry hears how the forex world works, however this is not the case. Sure, gamblers and traders may share some very striking characteristics but their core difference is analysis.

One of the things that gambling and forex trading have in common is the way the foreign exchange or stock market works in relation to poker table. What drives both people to these two area is ideally the opportunity to earn money, and usually a small amount of money is barely enough, if you’re in it you are in to win big or else you should pack up before you even get started. Even the procedures can be related to each other, in a casino filled with countless tables the gambler will choose the one that feels right to him. The same way a trader will choose the right broker after going through a stunning number of prospective brokers in order to settle on one.

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Learning Currency Trading – Part 10: EUR/CHF



The symbol stands for Euro/Swiss Franc. It tells the reader about the number of Swiss Franc that one needs to have in order to buy one Euro. The Euro in this case is the base currency, while the Swiss Franc is the counter currency.

Facts and Information

To anyone new to the world of forex, the EUR/CHF currency pair might seem to be confusing. This relationship is often regarded as one of the most important currency relationships in the forex market. The reason lies in the fact that the EUR and CHF share a relationship which is the strongest in the market.

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Top 5 Habits of Unstoppable Traders



To become a professional and successful trader, you don’t only have to possess the knowledge, be patient and have a game plan but a positive attitude towards your work and a certain protocol are also essential. Obviously every trader is different and has different qualities but there are a couple of habits and traits that are in common in those professional traders that you must have to become an unstoppable trader.

The following are 5 behaviours and traits that big-time traders share, and if you are able to follow these, there’s nothing much out there that can stop you from becoming like one of these traders.

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How Effective is an Automated Forex Trading Software?



You too, like many others must have found yourself scrolling on a page advertising these terms, for any automated forex trading system. Haven't you? I know you have. So, the pipe dream being offered must have gone something like this, “If you log on to our system, you will reach the heights of profit without even moving a single finger." Didn't it? And it sounded tempting right? But the real question is, is it really that good under the surface too? Well, a little underground digging as we do it, might surface a whole clan of epidemics that will surely repel you away from the offer that seemed too alluring just a while ago.

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How to Trade Successfully with Small Trading Accounts



Every experienced trader knows that profit has to be measured over a longer period of time, whereas, a novice trader believes that the bigger the trading account: the more money.

The fact of the matter is; if you don't know what you're doing then your account balance won't matter because you'll lose it all anyway. A good trader can make a big profit on any account whether big or small.

Trading can be quite tricky at times and you might find yourself wondering how you went wrong with the most basic of all things because you don't have the proper strategy in mind. Having a lot of money in hand and no trading experience is as good as having no money at all.

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Stop Repeating the Same Forex Trading Mistakes



This is probably the most important article regarding trading because this is where you'll learn how to achieve the goal: making money. Now, this might not be what you were expecting to read about because it won't necessarily be 'fun'. However, if you follow through on these tips, you'd assuredly get maximum profits.

When it comes to trading, you need to do what is best (generally) not what you think is best. Trade isn't 'the wheel of fortune' where you might go big or you might go home. Here, you can either go big if you have a good mindset or you'll go home.

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Advantages of Trading with ECN Brokers



The Electronic Communications Network is regarded as one of the ways of trading in the future. Most people who trade in the Forex market often have difficulty in making the right trades because of the delay between placing an order and the actual execution. The Electronic Communications Network was designed to facilitate seamless trading between traders. In simple terms, the Electronic Communications Network is designed to create a link between brokers, high liquidity providers and small scale traders.

The Electronic Communications Network is regarded by many as one of the best ways of trading in the forex market. If you are interested in trading in the forex market, you should seriously consider signing up with a broker that offers ECN trading. The concept of trading on the Electronic Communications Network is simple. The broker first asks the high liquidity providers for liquidity. Once the broker has liquidity for small market participants, this is passed on down to the small market participants. Then, when a small market participant places an order, the order is passed on down to the forex market.

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Trading Forex for a Living - What You Must Practice



To become a trader, you need to have the knowledge, trading strategy, understanding of market and charts and etc. Now these are the necessary things that you need to have in order to become a trader, but to become an expert at what you do, you need to have a little more than that.

Let’s discuss five of the most important things you must possess if you ever hope to be able to make a living as a trader.

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The Forex Industry – Uncut Version



This article might possibly shock you and make you question everything you've ever been told personally by a 'professional' trader, as well as potentially offend many (if not all) of the experienced forex traders. The purpose of this article is to 'expose' everyone in your life who's told you everything against this article.

I'm pretty sure that what initially inspired many people to pursue trading was all the hype that the media created regarding the simplicity and luxury that comes with being in this industry. Traders you personally know might have showed-off their new car or huge house in an attempt to 'encourage' you to begin trading. The truth is that all of that was a lie.

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Live Vs. Demo Trading Accounts



There are numerous forex trading platforms that allow you trading through them and in order to start trading you have to create an account. Now there are different types of accounts that can be categorized as live and demo accounts. Demo accounts are basically for beginners to learn about trading without risking any money.

Now obviously it is good to practice one’s trading strategy with a demo account but the problem is that people stay on their demo accounts too long. A time comes when the trader has mastered the screen time and has all the relevant knowledge but when he/she starts trading with a real account, they start to lose their money.

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Practice Forex Trading on a Free Demo Account



HiWayFX is a global broker providing forex services to clients worldwide. It provides a trading platform that enables traders to trade currencies or commodities 24/5.

How to Start Trading

The first step is registering an Online Forex account. It is not a baffling process and is quite similar to opening a bank account. There are a number of different trading accounts one can have access to using HiWayFX and they are designed to meet your preferences. All of the trading accounts here give you a personal account manager, free economic calendars and educational videos. Also, for all accounts, the currency used for depositing money is Euros.

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