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Best Rated Forex Brokers: Guide for 2024
The forex market is one of the largest and most liquid financial markets in the world, with an estimated daily trading volume of over $6 trillion. For traders, selecting the right forex broker is a crucial decision that can significantly impact their trading experience and success. A reliable broker offers competitive spreads, robust trading platforms, excellent customer support, and a strong reputation.
In this article, we will delve into the best-rated forex brokers of 2024. We will explore the features, benefits, and overall ratings of each broker to help you make an informed decision. Whether you’re a beginner or an experienced trader, this guide will provide you with insights into the top brokers that are leading the industry this year.
1. IG Markets
Overview
IG Markets is a UK-based forex broker and one of the oldest players in the market, established in 1974. It is well-regulated by the Financial Conduct Authority (FCA) and other top-tier financial bodies, making it a highly trusted broker. IG Markets is known for its comprehensive trading platform, competitive spreads, and vast array of tradable instruments.
Key Features:
Regulation: FCA (UK), ASIC (Australia), CFTC (USA), and more.
Trading Platforms: MetaTrader 4, IG’s proprietary platform, and ProRealTime.
Minimum Deposit: $250
Spreads: Starting from 0.6 pips on EUR/USD.
Leverage: Up to 1:30 (retail traders), 1:200 (professional traders).
Available Assets: Forex, indices, commodities, cryptocurrencies, shares, and bonds.
Why Traders Like IG Markets:
User-Friendly Platform: IG Markets offers a highly intuitive and customizable trading platform, suitable for both beginners and advanced traders.
Extensive Educational Resources: With webinars, courses, and articles, IG provides extensive resources to help traders stay informed.
Low Spreads: IG Markets is known for its low spreads and competitive pricing, making it an excellent choice for traders focused on minimizing costs.
Customer Service:
IG Markets is highly rated for its responsive customer service, available 24/7 via phone, email, and live chat.
Final Verdict:
IG Markets stands out as one of the best-rated brokers due to its robust regulatory framework, advanced trading tools, and excellent customer service. It is ideal for both beginners and seasoned traders looking for a reliable broker.
2. CMC Markets
Overview
Founded in 1989, CMC Markets is another well-established broker with a global presence. It is regulated by multiple top-tier financial authorities and provides a rich trading experience through its proprietary trading platform and access to over 10,000 financial instruments.
Key Features:
Regulation: FCA (UK), ASIC (Australia), MAS (Singapore).
Trading Platforms: MetaTrader 4 and Next Generation Platform.
Minimum Deposit: No minimum deposit requirement.
Spreads: From 0.7 pips on EUR/USD.
Leverage: Up to 1:30 for retail traders.
Available Assets: Forex, shares, indices, commodities, cryptocurrencies, and treasuries.
Why Traders Like CMC Markets:
Extensive Range of Assets: CMC Markets provides access to an impressive range of tradable assets, including 330+ forex pairs, making it a great choice for diversification.
Next Generation Platform: Their award-winning proprietary platform, Next Generation, is packed with advanced charting tools, technical indicators, and risk management features.
Competitive Spreads: CMC Markets offers tight spreads and low commission fees, making it ideal for cost-conscious traders.
Customer Service:
CMC Markets offers 24/5 customer support through live chat, phone, and email, with prompt and professional service.
Final Verdict:
CMC Markets excels in terms of the variety of assets, low trading costs, and a highly functional trading platform. Its broad product offering and innovative platform make it a top-rated choice for experienced traders.
3. Saxo Bank
Overview
Saxo Bank is a top-tier broker known for catering to high-net-worth individuals and professional traders. Based in Denmark, Saxo Bank has established itself as a premium forex broker with access to over 40,000 financial instruments. It is regulated by several leading authorities and offers a sophisticated trading experience.
Key Features:
Regulation: FCA (UK), FINMA (Switzerland), ASIC (Australia), MAS (Singapore).
Trading Platforms: SaxoTraderGO and SaxoTraderPRO.
Minimum Deposit: $2,000 (for standard accounts).
Spreads: From 0.4 pips on EUR/USD (for VIP accounts).
Leverage: Up to 1:30 for retail clients.
Available Assets: Forex, stocks, bonds, ETFs, options, futures, and commodities.
Why Traders Like Saxo Bank:
Institutional-Grade Trading Platforms: Saxo Bank’s proprietary platforms, SaxoTraderGO and SaxoTraderPRO, offer sophisticated features like multi-screen functionality, in-depth charting tools, and algorithmic trading.
Extensive Market Access: Saxo Bank provides access to a vast array of markets, including niche assets like government bonds and cryptocurrency derivatives.
Premium Services for VIP Clients: High-net-worth traders can enjoy personalized account management, ultra-tight spreads, and exclusive market insights.
Customer Service:
Saxo Bank is praised for its premium-level customer service, available via phone and email in multiple languages, and exclusive support for VIP clients.
Final Verdict:
Saxo Bank is a premium broker ideal for professional traders and those with significant capital. Its advanced trading platforms, rich asset selection, and high-quality services make it one of the best brokers for serious traders.
4. eToro
Overview
eToro is a unique forex broker known for its social trading features, which allow users to copy the trades of successful traders. Founded in 2007, eToro is ideal for beginners who want to benefit from the expertise of professional traders. With its user-friendly platform and a vast social trading community, eToro has become one of the most popular brokers globally.
Key Features:
Regulation: FCA (UK), CySEC (Cyprus), ASIC (Australia).
Trading Platforms: eToro’s proprietary platform (web-based).
Minimum Deposit: $200.
Spreads: From 1.0 pips on EUR/USD.
Leverage: Up to 1:30 for retail traders.
Available Assets: Forex, stocks, commodities, indices, and cryptocurrencies.
Why Traders Like eToro:
Social Trading: eToro’s standout feature is its CopyTrader tool, which allows users to automatically replicate the trades of successful traders.
User-Friendly Interface: eToro offers an intuitive, web-based platform that’s perfect for beginners. The platform’s design is simple and easy to navigate, even for first-time traders.
Cryptocurrency Access: eToro provides access to a wide range of cryptocurrencies, making it a great choice for traders looking to diversify into digital assets.
Customer Service:
eToro offers customer support via an online ticketing system, as well as live chat for account holders.
Final Verdict:
eToro’s innovative social trading features make it one of the best-rated brokers for beginners. Its ease of use, combined with the ability to copy seasoned traders, offers a unique trading experience that appeals to those new to the forex market.
5. Pepperstone
Overview
Pepperstone, an Australian-based broker, is known for its fast execution speeds, competitive spreads, and excellent customer support. Founded in 2010, Pepperstone has grown into one of the most trusted forex brokers globally, thanks to its transparent pricing model and focus on providing a reliable trading environment.
Key Features:
Regulation: ASIC (Australia), FCA (UK), BaFin (Germany).
Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader.
Minimum Deposit: $200.
Spreads: From 0.0 pips (on Razor accounts) with commission fees.
Leverage: Up to 1:30 for retail clients.
Available Assets: Forex, indices, commodities, shares, and cryptocurrencies.
Why Traders Like Pepperstone:
Low Spreads: Pepperstone is known for offering some of the lowest spreads in the industry, especially for forex pairs.
Fast Execution: With their ECN (Electronic Communication Network) execution model, Pepperstone ensures lightning-fast trade execution, which is essential for day traders and scalpers.
Multiple Trading Platforms: Offering MT4, MT5, and cTrader allows traders to choose the platform that best suits their trading style.
Customer Service:
Pepperstone offers 24/5 customer support via phone, email, and live chat. Their customer service is frequently praised for its responsiveness and helpfulness.
Final Verdict:
Pepperstone’s ultra-low spreads, fast execution, and solid customer support make it one of the best-rated brokers for both beginner and advanced traders. It’s an ideal choice for those who prioritize speed and cost-efficiency in their trades.
6. XM
Overview
XM is a globally recognized forex broker known for its low deposit requirements, diverse account types, and excellent educational resources. Established in 2009, XM offers over 1,000 financial instruments, making it a popular choice for traders seeking variety.
Key Features:
Regulation: CySEC (Cyprus), ASIC (Australia), IFSC (Belize).
Trading Platforms: MetaTrader 4, MetaTrader 5.
Minimum Deposit: $5.
Spreads: From 0.6 pips on EUR/USD.
Leverage: Up to 1:30 for retail traders.
Available Assets: Forex, commodities, indices, shares, metals, and energies.
Why Traders Like XM:
Low Minimum Deposit: With a minimum deposit of just $5, XM makes it easy for beginners to start trading.
Diverse Account Types: XM offers multiple account types, including Micro, Standard, and Zero accounts, catering to a wide range of traders.
Educational Resources: XM provides excellent educational materials, including webinars, tutorials, and market analysis, making it a great choice for novice traders.
Customer Service:
XM provides 24/5 customer support via live chat, email, and phone. Their multilingual support team ensures global traders can get help in their preferred language.
Final Verdict:
XM is a top-rated broker for beginners, thanks to its low minimum deposit, user-friendly platform, and comprehensive educational resources. It’s also a great option for traders who want access to a wide variety of financial instruments.
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Forex Brokers Comparison: Find the Best Platform for You
Forex Brokers Comparison: Find the Best Platform for You In the fast-paced world of forex trading, choosing the right broker can make all the difference. With numerous options available, it can be overwhelming to find the platform that best suits your needs. This article aims to provide a comprehensive comparison of forex brokers, helping you make an informed decision.To get more news about forex broker, you can visit our official website.
Understanding Forex Brokers Forex brokers act as intermediaries between traders and the forex market. They provide platforms that allow traders to buy and sell currencies. The right broker can offer competitive spreads, advanced trading tools, and robust customer support, enhancing your trading experience.
Key Factors to Consider When comparing forex brokers, several key factors should be taken into account:
Regulation and Trustworthiness: Ensure the broker is regulated by reputable financial authorities. This provides a level of security and trust. For instance, brokers regulated by the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC) are generally considered reliable. Trading Platforms and Tools: The quality of the trading platform can significantly impact your trading experience. Look for brokers that offer user-friendly platforms with advanced charting tools, real-time data, and automated trading capabilities. Commissions and Fees: Different brokers have varying fee structures. Some charge commissions on trades, while others make money through spreads. It’s essential to understand these costs and how they can affect your profitability. Range of Tradable Instruments: A diverse range of tradable instruments allows you to diversify your portfolio. Check if the broker offers a wide variety of currency pairs, commodities, indices, and cryptocurrencies. Customer Support: Reliable customer support is crucial, especially for new traders. Ensure the broker provides timely and effective support through various channels such as live chat, email, and phone. Top Forex Brokers in 2024 Based on extensive research and user reviews, here are some of the top forex brokers in 2024:
1. IG IG is renowned for its comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradable markets. Founded in 1974, IG is publicly traded and regulated in multiple jurisdictions, making it a highly trusted broker.
2. CMC Markets CMC Markets offers a robust trading platform with competitive pricing and a wide range of tradable instruments. It is well-regarded for its advanced charting tools and educational resources. CMC Markets is also regulated by several top-tier financial authorities.
3. FOREX.com FOREX.com is a popular choice among traders for its extensive range of tradable instruments and competitive fees. It provides a user-friendly platform with advanced trading tools and is regulated in multiple countries.
4. eToro eToro stands out for its social trading features, allowing traders to copy the trades of successful investors. It offers a wide range of tradable instruments and is regulated by reputable financial authorities. eToro is particularly popular among beginner traders.
Conclusion Choosing the right forex broker is a critical step in your trading journey. By considering factors such as regulation, trading platforms, fees, and customer support, you can find a broker that aligns with your trading needs. The brokers mentioned above are some of the best in the industry, offering a combination of reliability, advanced tools, and excellent customer service. Take your time to compare and choose the platform that best suits your trading style and goals.
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Why is the ‘Modify button greyed-out when I try to set stop-loss or take profit levels for an existing order with Grand Finance?
Why is the ‘Modify button greyed-out when I try to set stop-loss or take profit levels for an existing order with Grand Finance? Read More http://fxasker.com/question/fca5f3fbb838d63e/ FXAsker
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COVID19 UPDATES 04/06/2020
SEMI-REAL-TIME COVID19 NUMBERS: LINK
MORNING:
UK: Chilling photos reveal new morgue built to hold 5,000 coronavirus victims LINK
RUMINT (Missouri): Good night all, I'm off to bed. Before I go, some familial intel from the medical world. Things are picking up in the St Louis, MO area, increasing numbers of hospital admissions every day. One hospital has already reached its limit on vents available, more will quickly follow. I'm sorry I can't give more details, but you know the drill. Take it or leave it.
RUMINT (New York): As someone living in NY and knowing an unfortunate amount of people who are sick I believe hospitalizations are down because positive Covid patients are staying at home as long as they possibly can. It’s not until they can’t breathe AT ALL that they are going to the hospital. They are also sending patients home with oxygen instead of keeping them hospitalized.
Andorra: The small nation of Andorra will now test all 77.000 citizens for the #COVID19-virus - Will also give a good indication how many people in Southern Europe are infected by now
Ivory Coast: Crowd in Ivory Coast destroys coronavirus testing center in residential area LINK
Russia: Breaking. A big jump in cases overnight in Russia - 954 overall - despite 8 days of strict lockdown. This is up from 658 yesterday
World: Mysterious Heart Damage, Not Just Lung Troubles, Befalling COVID-19 Patients LINK
Iran: There are more than 60,000 cases of infection with the new coronavirus in Iran, which makes it the country in the Middle East most affected. In the last 24 hours alone, 2,274 more cases of contagion emerged, bringing the total to 60,500. The data were released this Monday by the spokesman of the Minister of Health of that country. The same source confirmed the existence of another 136 deaths, bringing the number of deaths to 3,739. So far, 24,237 patients have recovered from the disease.
China: Here Comes Round Two: China Just Reported The Most New Covid Cases In A Month LINK
NYC: NEW: Chair of #NYC City Council health committee suggesting that temporary mass graves -- "10 caskets in a line" -- will be dug in "a NYC park."
South Korea: Fifty-one recovered coronavirus patients test positive AGAIN in South Korea amid fears the deadly infection may be able to hide in human cells and reactivate. Patients were put in quarantine in Daegu after being diagnosed with coronavirus. Tested positive again days after being released, according to Korean officials. Health chiefs in South Korea believe the virus may lay dormant in cells in body
AFTERNOON:
India: Paper detailing similarities between COVID19 and HIV. LINK
Italy: ITALY DEATH TOLL FROM CORONAVIRUS OUTBREAK RISES BY 636 TO 16,523 -OFFICIAL. TOTAL NUMBER OF CONFIRMED CASES OF CORONAVIRUS IN ITALY RISES TO 132,547 FROM 128,948 ON SUNDAY - OFFICIAL
New York: CUOMO: DEATHS 'EFFECTIVELY FLAT' FOR TWO DAYS, SUGGESTING POSSIBLE FLATTENING OF THE CURVE
World: BREAKING: WHO says the coronavirus can spread one to three days before symptoms start LINK
New York: NEW: @NYGovCuomo says drug trials in the hospitals of hydroxychloroquine and Zithromax have has positive results, anecdotally, but not conclusive.
UK: UK exceeds 5,000 deaths and 50,000 infected. For every 1000, 104 (10.5%) died
France: France registers 833 new coronavirus deaths, bringing total deaths to 8,911
China: Travelers who fail to reveal real personal health conditions will be deemed as untrustworthy and blacklisted from accessing financial markets along with traveling by air or train amid the #COVID19 pandemic: Chinese customs
New Jersey: New Jersey: Governor UPDATE: We’ve received 3,663 positive #COVID19 test results since yesterday, bringing the statewide total to 41,090. Sadly, we must report another 86 deaths due to #COVID19 related complications. Our statewide total has now eclipsed 1,000, and sits at 1,003.
UK: URGENT: BBC's POLITICAL EDITOR TWEETS PM BORIS JOHNSON HAS BEEN TAKEN INTO INTENSIVE CARE
India: Breaking: PROTESTS AGAINST CORONAVIRUS TAKING PLACE IN INDIA
UK: Downing Street spokesperson: "Over the course of this afternoon, the condition of the Prime Minister has worsened and, on the advice of his medical team, he has been moved to the Intensive Care Unit"
Michigan: 110 new deaths from #COVID19 in Michigan. The death rate among confirmed cases is now 4.2%. 41% of deaths are African Americans. They make up 14% of Michigan's population 193 deaths in Detroit (29% of total cases; 26.5% of deaths) 185 in Oakland 153 in suburban Wayne County
France: France has reported 833 deaths in 24 hours, its highest since the outbreak began.
Spain: Two million masks and medical supplies stolen in #Santiago de Compostela #Spain
Illinois: Illinois has confirmed more than 1,000 additional cases of COVID-19 in statewide, including 33 more deaths as of Monday.
UK: Pound sterling PLUNGES after PM Johnson moved to ICU due to Covid-19
US: Trump Admin considering another stimulus plan in mid May for approximately $1-$1.5 trillion - FBN
US: Hospitals report severe shortages of #coronavirus testing supplies and extended waits for test results that limited their ability to monitor health of patients and staff, according to @HHSGov IG.
EVENING:
World: Coronavirus Deaths “Top 10″: Italy: 16,523 Spain: 13,169 US: 10,662 France: 8,911 UK: 5,373 Iran: 3,739 China: 3,331 Netherlands: 1,867 Germany: 1,695 Belgium: 1,632
World: HIDDEN KILLER Fears, that coronavirus can HIDE in cells and reactivate later after 51 recovered patients test positive again The 51 cases were identified as part of a study conducted in Daegu, the epicentre of the outbreak in South Korea, by a team of epidemiologists from the Centers for Disease Control and Prevention. The center said it did not believe the patients had been reinfected, but that the virus had remained at undetectable levels in their cells and later "reactivated". The claim runs contrary to the bulk of current evidence about how the virus works.
NYC: DOD confirms that several patients on the USNS Comfort hospital ship turned out to have COVID-19 - medics on the ship are taking care of those patients now
UK: BREAKING - 'Very likely' PM Boris Johnson will go on a ventilator, says Derek Hill, professor of medical imaging at UCL, due to the worsening #COVID19 symptoms.
California: LA County's Dr. Christina Ghaly emphasizing how important this week will be: "We'll work closely in watching the numbers of COVID-19 this week as this is a critical week in helping to understand what the curve and the trajectory of this pandemic will be." The reason this week is so worrisome is because there are now over 6,000 confirmed cases in L.A. County, so there's just a lot of people who could get other people sick, Ferrer said. "Without everyone taking every possible precaution, our numbers can start skyrocketing."
Canada: TOTAL OF 3.18 MILLION CANADIANS HAVE APPLIED FOR ALL FORMS OF EMERGENCY UNEMPLOYMENT ASSISTANCE SINCE MARCH 16TH - RTRS
US: “Major supermarket chains are beginning to report their first coronavirus-related employee deaths, leading to store closures and increasing anxiety among grocery workers as the pandemic intensifies across the country
Egypt: Egypt reported 149 new cases of coronavirus infection, the highest number in a single day since it confirmed the country's first Covid-19 case in February.
Singapore: Main airport terminal suspends operations for next 18 months. LINK
New Jersey: US PRESIDENT TRUMP: SAYS NEW JERSEY IS ALSO GOING TO USE THE HOSPITAL SHIP BECAUSE NEW JERSEY IS ALSO A HOT SPOT. "IT'S A BIG SHIP, AND IT'S NOW COVID, IT'S SET FOR COVID, AND...HOPEFULLY...THAT WILL BE VERY HELPFUL TO BOTH STATES."
Brazil: Brazil has 553 dead and 12,056 confirmed cases. The death toll in Brazil in the last 24 hours as a result of the Covid-19 pandemic was 67, thus bringing the total number of deaths to 553 since the outbreak began, the Brazilian government said today.
Iowa: Iowa Tyson pork plant shut down. Over 20 workers tested positive.. LINK
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New Post has been published on Forex Blog | Free Forex Tips | Forex News
!!! CLICK HERE TO READ MORE !!! http://www.forextutor.net/eurusd-pushes-toward-november-high-on-merkels-too-weak-comment/
EUR/USD Pushes Toward November High on Merkel’s ’Too Weak’ Comment
Talking Points:
EUR/USD eyes November high of 1.13 thanks in part to Merkel’s “too weak” comment
Crude oil trades at one-month highs with risks tilted higher into Thursday’s OPEC meeting
GBP volatility on the rise as a reduction in the Conservatives’ polling
Sentiment highlight: US Crude traders getting bold (and short) ahead of OPEC
If you’d like to see these ideas presented live, join Tyler’s FX Closing bell webinar at 3pm ET.
Merkel took an approach to the Euro’s value that we have not heard in a while. German Chancellor Angela Merkel described the EUR as “too weak,” which gave traders yet another reason to bid up the common currency. Outside of Merkel’s comments, there has not been a lot of volatility, but the trend remains in favor of EUR strength. A key risk worth watching into the June 8 ECB meeting where updated economic projections will be provided is a closing of the monetary policy divergence gap. The monetary policy divergence gap began widening in 2014 as EUR/USD made its well-publicized decent from 1.39 to 1.04 in less than a year. Since then, traders have been anticipating parity (1.00) in EUR/USD only to remain disappointed.
Now, it appears that the monetary policy divergence gap is tightening, which would be validated if the Fed pulls back their expectations, which can be seen through a bear flattening of the US yield curve while the ECB begins to shift their rhetoric toward tightening. The strength may be slow, but strong and a trend of this magnitude is likely not worth fighting. Another way the trend can be validated is through looking at 1-yr 25 delta risk reversals on EUR/USD, which helps to show the premium that is being paid by options traders to protect against EUR weakness. As of this week, the 1-year premium for puts (downside protection) is at the lowest level in 9-years. Put differently, not since 2009 have traders been this at ease or unwilling to pay for downside EUR protection.
Another story that seemed alarming, but did not cause traders to sell aggressively was a report that the U.K. may walk away from Brexit negotiations should the bill surpass EU100 billion. Naturally, the EU is set to progress with negotiations by taking a rather demanding stance as is expected in any divorce where both parties work to get what they believe to be rightfully theirs. A look at sterling will likely have traders watching Cable above 1.3000, where it has had a difficult time finding new buyers, while also looking to see if EUR/GBP can break higher. A further closing of the gap in polling by the Labour Party ahead of the June 8 election could cause sterling weakness as it may indicate a likely unstable negotiating stance for the UK. Should Oil strength continue, traders may also want to keep an eye on GBP/CAD & GBP/NOK downside.
Would you like to know what our top minds are watching over the long-term in markets?
Speaking of Crude Oil, markets are in the shadows of an encore as OPEC meets on Thursday to discuss how best to extend the production cuts. While markets are currently pricing in an optimistic 18-month extension of production cuts through March 2018, there remains a possibility for deeper cuts to be a cause for surprise that keeps Crude pushing higher. Over the last five trading days, Crude Oil is up nearly 4%, and support near $48/bbl looks to be an appropriate focal point such that traders will have a hard time me finding Bearish momentum above this level.
With everything OPEC is doing, what do our analysts think will happen with oil? Find out here!
Closing Bell’s Top Chart: May 22, 2017, what happens if EUR/USD trades > 1.1450?
Tomorrow’s Main Event:EUR Markit Eurozone Composite PMI (MAY P)
IG Client Sentiment Highlight:US Crude traders getting bold (and short) ahead of OPEC
The sentiment highlight section is designed to help you see how DailyFX utilizes the insights derived from IG Client Sentiment, and how client positioning can lead to trade ideas. If you have any questions on this indicator, you are welcome to reach out to the author of this article with questions at [email protected].
Oil – US Crude: As of May 22, retail trader data shows 56.4% of traders are net-long with the ratio of traders long to short at 1.3 to 1. In fact, traders have remained net-long since Apr 19 when Oil – US Crude traded near 5312.5; theprice has moved 3.7% lower since then. The percentage of traders net-long is now its lowest since Apr 17 when it traded near 5301.8. The number of traders net-long is 5.5% lower than yesterday and 32.2% lower from last week, while the number of traders net-short is 3.5% higher than yesterday and 20.9% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil – US Crude prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Oil – US Crude price trend may soon reverse higher despite the fact traders remain net-long. (Emphasis mine)
—
Written by Tyler Yell, CMT, Currency Analyst & Trading Instructor for DailyFX.com
To receive Tyler’s analysis directly via email, please SIGN UP HERE
Contact and discuss markets with Tyler on Twitter: @ForexYell
EUR/USD Pushes Toward November High on Merkel’s ’Too Weak’ Comment EUR/USD Pushes Toward November High on Merkel’s ’Too Weak’ Comment https://rss.dailyfx.com/feeds/forex_market_news $inline_image
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IG Review – Trade with the Best
You will come across IG when you are looking at brokerage firms that allow their clients to trade in a number of financial markets. Founded in 1974, IG Group is currently one of the world’s top CFD providers. Their competitive fees and extensive product catalog has helped them earn this spot. Plus, their excellent reputation in the industry and years of experience only add to the appeal. This trading broker review will give you an insight into what to expect when you choose IG as your partner in the trading journey.
Regulation
IG is regulated in the U.K. by the Financial Conduct Authority (FCA) and in Australia by the Australian Securities and Investment Commission (ASIC). Traders in the UK can enjoy default protection of GBP 50,000 via the Financial Services Compensation Scheme (FSCS). The broker is also known for maintaining segregated accounts for their clients, which reduces the potential of misuse of funds. Negative balance protection is available, along with guaranteed stop-losses, but a fee is applicable for the latter.
Investment Products
One of the most appealing things about IG is that they have made a rather comprehensive catalog of investment products, which includes shares, indices, currency pairs and commodities. They also provide options and futures on different instruments and you will certainly not have problems in finding something to trade. The broker has also added six cryptocurrencies to its offerings, which means it has a great variety for expanding your investment portfolio.
Desktop and Mobile Experience
A great variety of platforms is available on IG, which begin with the MetaTrader 4. It is industry standard and offers a range of trading tools that traders will find handy. There is also a web-based IG trading platform that gives traders access to basic risk management tools, which include stop-losses and price alerts. It also streams ProRealTime charts and Reuters news. Homegrown mobile apps for Android and iOS are also provided by IG. Some of the basic features they offer include price alerts, customized watchlists and technical charting. They also have a comprehensive indicator list and are more advanced that the MT4 mobile option.
Commissions and Fees
Fees, commission and spreads offered by IG are very competitive with the average spread for the EUR/USD pair at 0.75 pips. During off-market hours, the broker charges higher spreads on indices and shares and it can be expensive to place trades during these dead periods. There are some additional fees that you will find, which include commissions on share CFDs, inactivity fees, FX conversion and overnight fees. No withdrawal charges are applicable, which is a bonus. IG has chosen to be very transparent about their charges and you can easily find details on their website.
Account Types
When you are signing up for an account with IG, you can choose between a retail and professional account. Retail clients are offered low margins and spreads, extended hours for trading US stocks and Saturday and Sunday trading for indices and cryptocurrencies. The margin requirements are even lower in professional accounts, but they don’t have negative balance protection given to retail clients. Moreover, to open a professional account, there are certain requirements that have to be fulfilled, which include having at least one year experience in the financial sector, meeting certain trade volume and capital requirements. Demo accounts are also offered to traders with GBP 10,000 in virtual funds that can be used for testing your trading strategies and getting in some practice.
Education
You can find plenty of educational resources through the IG Academy on the broker’s website. You will find plenty of information about forex trading, spread betting, CFDs and more. The material is quite useful and the topics have been segmented for beginners, intermediate and advanced traders. There are also articles and courses that can be accessed via the IG Academy mobile app.
Customer Support
There is a toll free U.K. number provided for customer support that’s available for a specific time period. Live chat is offered 24 hours a day and can be used to speak to a company representative. There is a comprehensive FAQ section for finding answers to common questions. You can also use email or social media platforms for getting in touch.
Final Thoughts IG is an excellent choice for beginner traders as well as experienced traders because it offers thousands of instruments, competitive spreads and plenty of platforms. If you are interested to read more must visit Neuer Capital Review
The post IG Review – Trade with the Best appeared first on Coinfrog.
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South African Rand: USD/ZAR, GBP/ZAR and EUR/ZAR Price Forecasts
ZAR Talking Points:
South African Rand still holds steady after dreary GDP figures.
ZAR crosses: Moving Averages (MA) may suggest impending Rand strength.
Multiple interest rate decisions next week affecting ZAR crosses.
South African Rand (ZAR) Remains Resilient
After poor GDP figures announced by Statistics South Africa (StatsSA), the Rand has made up much of the subsequent losses on USD, GBP and EUR pairs. Although the striking GDP figures were perceived to be somewhat excessive, on a relative basis to global Q2 GDP figures South Africa was largely in line. What could have sparked the initial sell-off may have been the slightly worse than initially forecasted figures.
Emerging Market (EM) currencies remain resolute as global investors seem to favor the ��risk-on’ market sentiment. This comes after easing lockdown measures globally and an increase in service and manufacturing industries. As always, future economic events and decisions can swiftly change this global sentiment so keeping up to date with forthcoming news is essential in this current economic climate.
Visit the DailyFX Educational Center to discover more on why news events are essential to FX fundamental analysis
ZAR Technical Analysis
USD/ZAR: Daily Chart
Chart prepared by Warren Venketas, IG
Over the past few weeks the Rand has proven to be resilient against the US Dollar with prices fluctuating between the 16.5000 and 17.0000 psychological levels. With a possible bearish cross looming (100-day MA crossing below the 200-day MA), the bottom end of the recent range (16.5000) may be targeted as initial support. Price has recently fallen below the 200-day MA suggesting a change in the long-term trend from bullish to bearish.
Key points to consider:
Potential bearish cross (100-day and 200-day Moving Averages)
16.5000 psychological level
GBP/ZAR: Daily Chart
Chart prepared by Warren Venketas, IG
The daily GBP/ZAR chart still trades within the multi-month triangle (blue) as it approaches trendline support. The 200-day MA (yellow) has been coarsely tracking this diagonal trendline support which as of this writing has been breached by price indicating a possible long-term trend reversal. As price breaks below this 200-MA and possibly trendline support, long-term sentiment could shift to a more bearish outlook similar to that of USD/ZAR. This outlook may be aided by marginally worse than expected UK GDP data this morning.
Key points to consider:
Trendline support
200-day MA
Keep up to date with your indicators via our Technical Indicator Toolbox
EUR/ZAR: Daily Chart
Chart prepared by Warren Venketas, IG
Keeping with the Moving Average (MA) technical theme, the EUR/ZAR pair has recently exhibited a shorter-term bearish crossover (blue) with the 20-day MA (green) crossing below the 50-day MA (black). This potentially relates to more near term downside which could see the 19.7428 50% Fibonacci level come into focus as initial support.
The 100-day MA (red) has proved to be a key level of support with the line being tested frequently this week. If price breaks through initial support (19.7428), the 100-day MA may be next.
Key points to consider:
Short-term bearish crossover (20-day and 50-day Moving Averages)
19.7428 50% Fibonacci level
100-day MA
ZAR Strategy Moving Forward
Rand strength is continuing with global factors providing the respective tailwinds. The effects of local statistics and data have been short lived of recent but this cannot be overlooked forever. Market conditions will eventually change and this could prove detrimental for the ZAR. For now, the ZAR is riding a global risk seeking wave which keeps pushing through domestic hurdles.
Upcoming interest rate decisions by both the US, UK and South African next week could spur more volatility and potential price fluctuations throughout ZAR crosses. Be aware of possible systemic effects from the Federal Reserve (Fed) as decisions taken by the FED may impact other central bank outlooks.
Stay abreast of key economic data releases with the DailyFX Economic Calendar
Wednesday September 16, 2020:
Fed Interest Rate Decision 18:00GMT
Thursday September 17, 2020:
BoE Interest Rate Decision (11:00 GMT)
SARB Interest Rate Decision (13:00GMT)
— Written by Warren Venketas for DailyFX.com
Contact and follow Warren on Twitter: @WVenketas
The post South African Rand: USD/ZAR, GBP/ZAR and EUR/ZAR Price Forecasts appeared first on Forex Trader Post.
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Key insights: Day one post COVID-19, the mobile app economy takes centre stage, the martech-scape and more
30-second summary:
Chiefmartec released the much anticipated martech supergraphic 2020, 615 Martech businesses faded away in 2019 and didn’t make it to the 2020 martech-scape graphic.
People won’t be very comfortable eating out in the post COVID-19 world but they showed an inclination towards wanting to support local restaurants and engage in more virtual get-togethers with family and friends.
Algolia’s search trend report showed that education-related sites grew over 10X and grocery sites grew over 6X. But there’s more of a surprise in the findings, read on to discover.
Consumers want ads to mention pricing, empathy, availability, and a few more.
Video ads are the hero of advertising as TV and social media advertising soar.
The pandemic sunk its teeth into the world economy but the mobile app economy has set its foot for success. Adjust’s App Trends 2020 report reveals the types of apps that are succeeding and their peak consumption hours.
Snapchat reported $462 million in revenues in Q1 and direct-response advertising now accounts for more than half of its worldwide revenues. IG Live has spiked 288% in the past month.
Despite the global pandemic, there’s a lot happening across the marketing industry. We have taken it upon ourselves to bring you all the key insights weekly, all in one place. Why scour the wide web when all you need to do is check out our weekly update!
So without adieu here are this weekly key-takeaways from the marketing world:
New avenues for martech emerged – The martech landscape supergraphic 2020 says it all
Chiefmartec released the much anticipated martech supergraphic 2020 which shows that the martech industry has grown in participant size by 13.6%.
615 Martech businesses faded away in 2019 and didn’t make it to the 2020 graphic. If you compare it to 2011, that makes it a 5,233% growth in terms of business entities!
One of the most interesting takeaways was – 1 in 5 of the solutions on this year’s martech landscape weren’t there last year. Of all data is the fastest growing category in martech.
The fate of martech in 2020 and post the COVID-19 wave
More businesses will exit the market as compared to what would’ve happened if not for the coronavirus.
Marketing operations teams will have to deal with crisis-related issues
Platform functionality will bring greater cost efficiency to martech builders and buyers
Futurescope view of day one in the “new normal” life – post COVID-19
As more countries begin to plan life after COVID-19, Mower’s new survey shines light on what day 1 post the pandemic might look like.
The marketing, advertising and public relations agency conducted a survey of a 1,000 US adults and found these common activities, that Americans will feel comfortable doing on day one of the post COVID-19 world:
46% will go to work right away
21% will send their kids back to school
28% will take a vacation (16% would fly on an airplane and a mere 12% would travel internationally.)
Habits people will continue after resuming “new regular” lives:
Practicing better hygiene (42%)
Avoiding shaking hands (40%)
Cleaning their homes more thoroughly (32%)
“Old normal” things people won’t be very comfortable doing post COVID-19:
Eating out
Visiting a museum
Working out at a gym
Going to a sporting event, theme park, casino, spa
However, there’s a silver lining for local restaurants as one in four respondents said they will continue supporting local restaurants with takeout and delivery.
One in five respondents said they see themselves engaging in more virtual get-togethers with family and friends in their post-pandemic futures.
How people are searching online amidst COVID-19 to find and get what they need – Some surprises here
Algolia, a search and discovery solution (Search-as-a-Service platform) processed one trillion search queries to share their Q1 2020 search trends report.
The biggest winners right now and reasons why:
Education-related sites grew over 10X – People working from home, kids being home-schooled, and people looking to hone their existing skills or wanting to develop a new skill have contributed to this surge.
Grocery sites grew over 6X – People opting for home delivery and online buying of weekly staples contributed to this growth. There were higher chances of first-time buyers becoming loyal-customers at least until the pandemic prevails.
The data seen below is from January 12 to March 28 which was segmented into country and industry.
The surprise elements of search – Beauty sites grew over 3.5X
As local salons and beauty-related services remain closed, people staying indoors for longer durations are purchasing more self-grooming products, and dyeing their own hair.
The only exception – Sports equipment search grew 74%
People are actively looking for ways to stay active and in shape indoors, they’re keen on equipment such as treadmills, free weights, and stationary bikes.
Search that is sliding
69% decline in sports-related sites esp. activewear
97% decline in travel as the US, UK, China, and EU countries prohibited flights during spring break
Advertising trends
RevJet’s ‘Spring 2020 Ad Experience Sentiment Report’ gives a clear look into the consumers’ minds and preferences.
Consumers revealed they want ads to talk about:
Price
Empathy
Shipping time
Convenience in buying
Availability
Another interesting insight was that 83% of people purchase items online with their smartphones.
Video ads remain the hero for advertising
According to Omnichannel marketing intelligence and consumer insights agency, Numerator, radio and display advertising have taken the hardest YoY hit. TV, on the other hand, is on the rise for a third consecutive week.
RX: Pain Relief ad entered the top-10 in mid-March and have stayed there ever since.
A 159% increase in ad spend for Progressive YoY pushed the Consumer Property & Casualty category into the top spot for the week ending April 12.
Non-essential categories including Entertainment, Media, Department Stores and Credit Cards have dropped out of the top 10 as COVID-19 spread.
Non-skippable video ads – When did consumers drop off?
RevJet’s Spring 2020 Ad Experience Sentiment Report gave these key insights:
33% dropped off at 10 seconds
50% dropped off by 20 seconds
Email marketing is knocking it out of the park
According to the growth marketing company, Iterable email marketing is proving to be the best horse to put your business’ marketing budget on. Iterable mentioned that their clients increased their email send volume by 12.3%.
The three star statistics:
Email open rates were up by 21.2% month-over-month
Clicks were up by 14% month-over-month
Purchases attributed to email increased by 8.5% month-over-month
According to Hubspot, a big bright spot for sales teams last week was email. Both sales sequence send and response rates increased week over week with response rates rising 8%. While it’s too early to call this a definitive upward trend, it’s a promising sight after a few weeks of continuous decline.
Consumers are still engaging with marketing channels as open rates continued to rise last week. In fact, open rates were 25% higher than averages taken during pre-COVID levels.
Marketing teams are finding new ways to interact with customers and email appears to be an effective medium for attracting qualified leads. Even though send rates and contact creation dipped slightly, engagement continues to be high as people seem particularly responsive to email marketing.
The mobile app economy takes centre stage
The pandemic sunk its teeth into the world economy and has left innumerable economies suffering but the mobile app economy has set its foot for success. Adjust, a global B2B SaaS company released its App Trends 2020 report.
The app economy segmentation of sessions and installs:
Business apps’ sessions were up 105% and installs by 70% (from Q1 2019)
Revenue events are also up 75% (credits to remote work)
Food & Drink saw a significant rise in sessions by 73%, while installs increased by 21% (as compared to this time last year)
Gaming apps saw a 47% increase in sessions and 75% increase in installs
The report also showed that 30% of app installs were from paid sources, indicating that app advertising and optimization are becoming great tools for the app economy playground.
Ecommerce app usage peak hours
Lunchtime, from 12 to 2 pm
Evening, from 7 to 10 pm
Food & Drink app usage peak hours
Evening, from 5 to 8 pm – This accounted for 31% of total daily sessions
Gaming app usage peak hours
Casual gaming activity rose from afternoon to early evening, from 12 to 4 pm
Mid-core gaming activity rose from early morning to noon, from 5 am to 1 pm
Now is a good time for social media advertising
Snapchat exceeded expectations and reported $462 million in revenues in Q1 which is a 44% rise from last year’s numbers. It also shared its April 1 to April 19 revenue growth which stands at a 15% as compared to the same period last year. What’s surprising is that direct-response advertising now accounts for more than half of its worldwide revenues.
According to influencer marketing service Takumi’s study, Millenials and Gen Z trust influencers. 34% of respondents in the US and UK credited influencers for their purchase.
Instagram’s IGTV live saw the biggest jump
Klear, the leading influencer marketing platform, has released a complex study that analyzed the impact of COVID-19 on Instagram usage. The study identified that IG Live has spiked 288% in the past month.
The survey that covered over 1000 Instagram users in mid-March discovered:
UK, France, and Spain saw the most Instagram activity
6.1 million Instagram stories were posted between March 15 – March 21 (15% growth)
Story impressions increased by 21% between March 15 – March 21
Instagram Live daily mentions increased 288%, during March 14 – April 15
Instagram Live is being utilized more than ever.
These are four emerging trends:
Talk shows
Fitness sessions
Cooking lessons
Virtual parties
Video content and cooking go hand-in-hand, so it’s no surprise to see chefs, food bloggers, food content creators making use of IG Live. Brands are adapting their influencer strategies to address the current situation and convey their brand values.
Most of these social media platforms can reveal some resourceful data points that can strongly navigate how businesses spend on advertising. These include a host of metrics like conversion-tracking advertising pixel, optimization ad capabilities, bidding based on conversion events such as app installs and improved ad-targeting capabilities.
The post Key insights: Day one post COVID-19, the mobile app economy takes centre stage, the martech-scape and more appeared first on ClickZ.
source http://wikimakemoney.com/2020/04/25/key-insights-day-one-post-covid-19-the-mobile-app-economy-takes-centre-stage-the-martech-scape-and-more/
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German consumer morale darkens, adding to economic fears - business live
Rolling coverage of the latest economic and financial news, including a worrying drop in consumer confidence in Europe’s largest economy
7.56am GMT
Newsflash: German consumer confidence has taken a knock, adding to concerns that the eurozone economy is struggling.
Whilst consumers are certainly not assuming that Germany will fall into recession this year, they do see a noticeable cooling off of economic activity.
The lack of decisiveness regarding the nature and date of the UK’s exit from the EU, as well as the growing trade conflict between the EU and USA are clearly creating ever more uncertainty among consumers. Barriers to trade, such as increases in customs duties, are currently creating a burden for German exports.
7.41am GMT
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Global stock markets continue to be gripped by anxiety that we could be heading towards a recession.
European Opening Calls From IG:#FTSE 7193 +0.22%#DAX 11371 +0.21%#CAC 5269 +0.15%#MIB 21096 +0.17%#IBEX 9181 +0.01%
Investors are aware the US economy is in rude health, and growth is tipped to cool in 2019, but at the same time they don’t want to ignore the moves in yield curve inversion as it been a reliable recession indicator.
Investors in equities and credit should rightly be worried. UST yield curve, as measured by the difference b/w a 3m bill and 10y UST, has turned neg, or inverted, for the 1st time since 2007, chart @michaellachlan @FT https://t.co/DXSd1oKF9X pic.twitter.com/q15m5oJIpV
Continue reading...
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I would sell this 7.8% yielder and buy the FTSE 100 instead
At the time of writing, shares in financial services group IG (LSE: IGG) offer a highly attractive dividend yield of 7.8%.
However, while this distribution might look attractive at first glance, I’m not a buyer of the shares because it seems to me as if the group is facing a revenue cliff edge.
Revising expectations
The last time I covered IG, I concluded that the stock might be worth buying as an income investment because it can use its size to consolidate the spread betting and contracts for difference markets (CFD) following the introduction of some strict regulations for the sector last year.
I still think IG will come out on top over the long term, but the company’s latest trading update seems to suggest the trading environment for the group is going to become a lot worse before it gets better.
Indeed, today IG reported that during the three months to February, the second full trading quarter following the introduction of the new rules on CFD trading, revenues slumped 29% to £108m.
This is much worse than both the company and City analysts were expecting. Just six months ago, IG’s management told investors they were expecting a 10% decline in revenues. In the first quarter after the rules were introduced, revenues slumped 23%.
Trading in these first few quarters seems to suggest IG’s profits for 2019 will decline faster than expected. Analysts had pencilled in a decline in earnings per share of 23% for fiscal 2019 off the back of a 15% revenue decline. With initial figures showing revenue is declining twice as fast, I do not think it is unreasonable to suggest that IG’s earnings per share could slump by as much as 30% and possibly more this financial year, which would put the company’s dividend in danger.
Dividend danger
A 30% reduction in earnings per share indicates dividend cover will fall to just one this year, and that is assuming profits don’t fall any further than 30%.
If earnings per share decline 40%, the payout will not be covered. And even though the company’s strong balance sheet provides some cushion (at the end of fiscal 2018 it reported £352m of net cash) with earnings set to slump over the next two years, I think IG’s dividend yield is living on borrowed time.
With that being the case, I would sell the shares and buy the FTSE 100 instead.
A better buy
The reason why I think the FTSE 100 is a better buy than the financial services group is that there is a lot of uncertainty around at the moment, which makes it difficult to pick stocks.
By investing in the FTSE 100, you do not have to worry about picking individual firms, and whatever happens to the UK at the end of March, I think the index will still provide investors with a steady return as more than 70% of its profits come from outside the country.
On top of this, there’s a 4.6% dividend yield on offer, which, because it is an average of all the companies in the index, looks much safer than the distribution offered by IG.
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More reading
Brexit: Should I avoid buying FTSE stocks?
Why the FTSE 100 is the only investment I’d buy and hold until retirement
Why I think the FTSE 100 will always be a better buy than the National Lottery
2 FTSE 250 turnaround stocks I’d buy in March
Have £5k to invest? Why I’d buy this FTSE 250 7% dividend stock today
Rupert Hargreaves owns no share mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.
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GBP/JPY Ready to Take Out December High
GBP/JPY looks ready to take out its December 15, 2016 high at 148.44 soon after a short period of consolidation that has followed a much longer period of sustained strength. As the chart below shows, the cross climbed strongly from mid-April until a few days ago but then eased back before consolidating. It is hard not to see that as a positive development.
Chart: GBP/JPY Daily Timeframe (Dec 2016 – May 16, 2017)
Chart by IG
Despite dropping from the May 10 high at 148.11, GBP/JPY has dipped only modestly to 146.40 at the time of writing and has remained well above the 20-, 50- and 100-day moving averages. Moreover, the 14-day relative strength index – a momentum indicator – has already dipped below the 70 level, suggesting the cross is no longer in overbought territory.
Meanwhile, from a fundamental viewpoint, a weaker Japanese Yen fits in with the overarching current “risk on” theme in the markets, while a firmer British Pound would be no surprise given today’s higher-than-expected inflation figures and the likelihood of a UK General Election win on June 8 by the market-friendly Conservative Party.
An obvious first target is that December 2016 high at 148.44 and if that is taken out there is little resistance until the 150 level, which could be hard to break through because of the psychological importance of round numbers in the markets.
On the downside, a drop below another round number, 145, could be a warning sign, especially as the 20-day moving average is currently at precisely the same level, so that could be a good place to put a stop if you are a short-term trader and worried about a break downwards once the current consolidation period ends.
– Check out the DailyFX Economic Calendar and see what live coverage of key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.
— Written by Martin Essex, Analyst and Editor
To contact Martin, email him at [email protected]
Follow Martin on Twitter @MartinSEssex
If you’re looking for trading ideas, check out our Trading Guides; they’re free and updated for the second quarter of 2017
If you’re looking for ideas more short-term in nature, check out the IG Client Sentiment Data
GBP/JPY Ready to Take Out December High GBP/JPY Ready to Take Out December High https://rss.dailyfx.com/feeds/all $inline_image
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BEST FOREX BROKERS FOR 2018 – LEARN TO TRADE ON OUR FREE FOREX COURSES
IG – They are certainly a 5-star company offering the most security for clients. They are regulated by the financial conduct authority (FCA) and been involved in the financial markets for more than 40 years. The spreads on the foreign exchange markets are variable for pairs like Eur/USD but very low.
Good Evening,
Today’s Article is for Beginner forex traders who are confused about which Forex Brokers to choose from. You can learn more on our beginners’ introductory forex course by filling out our online consultations here. Before we move ahead we would like to make all beginner traders aware that we are not affiliated to any brokers at all and we do not have any preference towards brokers.
BEGINNERS INTRODUCTORY COURSE
WHY IS SELECTING A FOREX BROKER CRITICAL TO A TRADER’S SUCCESS!
Platinum online trading Academy has been teaching individuals to learn to trade Forex, commodities, and indices for over 8 years and some of our forex traders have been trading the financial and forex markets for over 17 years. Every Year we teach so many individuals from all walks of life on how to trade forex, so we get our reviews first hand from day traders about their respective forex Trading brokers and Trading Platforms. Trading with the right forex brokers is one of the most essential tools of a success for trading currencies.
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It is critical in the forex market to have a broker that you can rely on, this may be a certain resource or tool you require to trade without hesitation. There are different brokers which provide their own unique services to entice the investor in.
The Platinum team has researched and produced a guide for which brokers you should look at using in the market with a brief explanation of why.
BEST FOREX BROKERS FOR TRADING
This is an average overview of Platinum Traders for the year 2018.
1. IG – They are certainly a 5-star company offering the most security for clients. They are regulated by the financial conduct authority (FCA) and been involved in the financial markets for more than 40 years. The spreads on the foreign exchange markets are variable for pairs like Eur/USD but very low.
2. Saxo Bank – Saxo has a wide range of markets offering client versatility in their trading as well as multiple regulatory licenses to provide security.
3. Forex.com – They are a multi-national broker with their parent company gain capital and one of the largest brokers in the USA. They are regulated by the SEC.
4. Dukascopy – They have a wide array of trading tools and a very good mobile platform to allow traders to trade on the go if they need too. The broker also allows access to a growing range of pairs to trade on.
5. eToro – This is a broker that allows the use of crowdsourcing to source trading ideas from a social network to copy other traders’ trades. They also allow you to trade and invest in cryptocurrencies, stocks, ETFs, currencies, indices and commodities.
6. CMC Markets – They specialise in trading currencies and would be well suited if that’s all you wanted to focus in on. They have a wide array of tools and charting software to make use of.
7. FX pro – If you like trading straight off the chart on MetaTrader then this broker ranks highly, they offer a very diverse range of pairs to trade with competitive spreads.
8. Interactive brokers – They have been around for 40 years and are based in over 20 countries. There are so many different types of markets they provide to trade on their platform.
CHOOSING THE RIGHT FOREX BROKER AND ITS IMPORTANCE:
Understanding Regulation: It is very important to understand the regulation in your country and how the laws apply. If you are in the UK, your broker must be FCA regulated. If you are unsure of this, visit the FCA register and search the broker company name. If you do open an account with a broker regulated by the FCA then you are also protected by the FSCS which is the financial services compensation scheme which covers, you for £50,000 in the event that the brokers have financial incapability’s.
Trading Tools and Platforms: Does your broker offer you charting software that is compatible with your operating system or a mobile smartphone.
The diversity of Markets offered: The broker should be offering you a diversity of markets and currency pairs to trade. You don’t want to feel limited in your options and also not to have too much choice either.
Spreads and commissions: This is important as this will be your expense when it comes to your trades, any profits you make are always after spreads and commissions are taken. Ensure you are getting competitive prices by shopping around first.
Customer Service: The quality of a good broker is always in the customer service if a broker doesn’t get back to you within a suitable period of time regarding an issue they are not the right broker to go for.
Order Types: and Execution: Some brokers when placing orders will give you excuses your trade didn’t trigger in at price due to slippage. Ensure you are not a victim of this by making sure to call and ask about this before you become a client with them.
Important Notes for beginner forex trader.
If you do not have the correct forex education or knowledge to trade the financial markets you will always have a high risk of losing money. We suggest opening a demo account to begin your currency trading journey to practice your trading strategies. CFDs are complex instruments to the untrained eye and without the correct forex trading courses risk of losses can be a hard way to learn. Also, Bear in mind that losing your money rapidly due to leverage is where 95% of retail investor accounts lose money when trading. A Golden Rule is never over leverage and risk no more than 0.5% of your account while trading.
At Platinum Lets us guide you on your Journey to Financial Freedom and teach you to make money when trading CFDs. If you are looking for a Job opportunity of a lifetime where you can earn a secondary income or looking to start a retirement plan, then speak to a senior trader today on a free consultation.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.
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Japanese PM Abe Resigns – JPY and Nikkei 225 Rattled
Japanese PM Abe Resignation, USD/JPY and Nikkei Analysis:
USD/JPY slips after resignation and eyes 105.000
Japanese stocks fall with near term momentum indicative of further downside
Japan and UK trade talks may be impacted
IG Client Sentiment (IGCS) supportive of bearish bias
This article incorporates price action to help spot that potential for capitulation. To learn more about price action, check out our DailyFX Education section
Japanese Prime Minister Shinzo Abe has resigned from his post due to health concerns. This has been brewing over the past few days but now has finally been confirmed. With almost 8 consecutive years of service Abe has been at the forefront of numerous policies, economic reform and much more for the island nation. Japan being an economic super power makes this news quite significant globally, and may well result in systemic ripples throughout financial markets. Today saw the Japanese Yen (JPY) and Nikkei 225 react quite significantly to the news which may extend further as there is still uncertainty around a successor and how this may affect current economic policies. How will the future pan out for the Japanese economy?
TECHNICAL ANALYSIS
USD/JPY Weekly Chart:
Chart prepared by Warren Venketas, IG
The US Dollar has given back much of its gains against the Yen after yesterday’s speech by Fed chair Jerome Powell at the Jackson Hole Symposium. The multi-year descending triangle is still in play as price action continues its path to support. The news of PM Abe’s resignation may result in further downside pressure as uncertainty prevails. Technically traders will look for the psychological level of 105.00 (yellow) as initial support after which the July 103.55 low may follow.
Nikkei 225 Daily Chart:
Chart prepared by Warren Venketas, IG
The Nikkei 225 reacted with a sharp sell-off in Japanese stocks. With volumes reaching new highs (yellow) as of June 2020, the near term upward trend has been disrupted. Stocks have given back much of its initial decline however, traders should proceed with caution as doubt around the future of Japan endures. Further downside may be eminent as the 22241.9 (23.6% Fibonacci) looms as initial support – Fibonacci taken from February 2016 low to October 2018 high. The 100-day Moving Average (MA) coincides with this level and support a break below this support zone may signal a bearish reversal. This potential reversal in momentum may be imminent but after a strong upward move since March 2020 lows, it may not be wise to be too decisive in judgment as the Japanese government will need to provide more clarity on the situation.
JAPAN AND UK TRADE DEAL
Japan and the UK have been in trade talks which are forecasted to conclude in September. This is a favorable deal for Japan as they are a major exporter to the UK and could allow Japan to avoid tariff increases on their goods. With Prime Minister Abe resigning, this may affect the deal with delays or even abandon the pact all together depending on what happens going forward. If the deal is aborted, Japan will see tariffs rise next year which could severely hurt Japanese exporters. Yen and Nikkei traders should keep a close eye on these negotiations as this may have substantial consequences for the country.
JPY AND NIKKEI 225: STRATEGY MOVING FORWARD
All eyes will be on Japan’s succession plan which will be the a main market driver going forward. Consensus amongst analysts and experts predict short-term uncertainty followed by a continuation of Abe’s current policies. Expansionary fiscal and monetary policy will persevere as the underlying foundation of Japanese policy as there is no real alternative to ‘Abenomics (weaker Yen with a strong stock market). Short-term downside we have seen on both the Nikkei 225 and USD/JPY may be short lived with further upside to ensue in the medium-term. A deviation from this – however unlikely, may cause a real stir in global markets.
Key points to consider:
Nikkei 225: 22241.9 23.6% Fibonacci level
USD/JPY: 105.00 psychological level
Japan and UK trade deal negotiations
Succession plan for Japan
IG CLIENT SENTIMENT DATA POINTS TO A SHORT-TERM SHIFT IN MOMENTUM TO THE DOWNSIDE
IGCS shows retail traders are currently net long on USD/JPY, with 58% of traders currently holding long positions (as of this writing). At DailyFX we typically take a contrarian view to crowd sentiment, and the fact traders are net-long is suggestive of a bearish bias on the pair.
— Written by Warren Venketas for DailyFX.com
Contact and follow Warren on Twitter: @WVenketas
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