Forex Currencies | ForexGen

Most forex currencies can be traded on the currency market. However, some currencies are more liquid than others.

The most commonly traded currencies traded are:

The EURO – Today this is the world’s most powerful currency. It is now used by over 300 million people in twenty counties:

These countries are:

Andorra, Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Portugal, San Marino, Slovenia, Spain, Vatican City.

The British Pound – Used in the United Kingdom, the Isle of Man, the Channel islands, British Antartic Territory and the British ocean Territory. More information can be found about these locations by following the links.

The US Dollar – The currency of the United States of America. The US Dollar is also used in East Timor, British Virgin Islands, Ecuador, El Salvador, Marshall Islands, Federated States of Micronesia, Palau, Panama, Turks and Caicos Islands, Bermuda.

The US Dollar is also pegged by 22 currencies:

Aruban florin, Bahamian dollar, Bahraini dinar, Barbadian dollar, Belize dollar, Belarusian ruble, Bermudian dollar, Cayman Islands dollar, Cuban convertible peso, Djiboutian franc, East Caribbean dollar, Eritrean nakfa, Hong Kong dollar, Jordanian dinar, Lebanese pound, Maldivian rufiyaa, Netherlands Antillean gulden, Omani rial, Qatari riyal, Saudi riyal, Salvadoran colón, United Arab Emirates dirham.

The Japanese Yen - This is the currency of Japan

The Swiss Franc – The Swiss Franc is the currency of Switzerland. It is also used in Lichtenstein. It is also used in the Italian exclave Campione d’Italia .

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Currency Exchange Rates | ForexGen

No particular individual or organisation determines foreign exchange rates. Forces of supply and demand for currencies determine these rates. The variance in supply and demand is in turn caused by several other factors such as interest rates, global trade, inflation, and political influence. Below are a few of these and how they affect exchange rates. INTEREST RATES If interest rates are higher in, say, the US than other countries, investors will choose to invest in the US money market because of higher returns This increases demand for the dollar. If interest rates are lower in the US than in other countries the reverse becomes true.

GLOBAL TRADE: Strong economies import fewer goods than they export. This is known as trade balance. If world prices for what a country exports rise in comparison with the cost of that country’s imports, that country will be earning more for its exports than it pays for its imports. The greater the demand for a country’s exports the more demand there will be for that country’s currency.

INFLATION: If a country’s inflation rate is high, investors are less likely to invest there, even with higher interest rates.The expectation is that the value of that currency (hence investment) will be eroded by inflation. A lower inflation rate attracts investors hence drives up demand for that country’s currency because there will be no expectation that the value of the investment will be eroded by inflation.

POLITICAL STABILITY: Political governance is a major factor in how a country’s economy performs. Bad politics drives away investment. Government must implement effective monetary policies to control inflation and interests rates. Excessive Government spending drives inflation therefore reduces the demand for a particular currency.

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Concepts of Forex Trading | ForexGen

This tutorial is about:

Currency Pairs.
How to read Forex qoutes(Bid / Ask)
Pip.
Lot.
Leverage.
Day Trading \Rollover.

Currency Pairs

Different currencies are priced together in pairs.

The most commonly traded currency pairs are :

· EUR/USD - Euro/Dollar
· USD/CHF - Dollar/ Swiss Franc
· USD/JPY - Dollar /Yen
· GBP/USD - Pound /Dollar
· USD/CAD - Dollar/Canadian Dollar

The first currency is called the base currency and the second currency is the qoute or counter currency.
A quote figure shows how much the base curreny is worth in the counter currency .

For example if EUR/ USD is quoted 1.023 it means that 1 Euro is worth 1.023 USD

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How to Read Forex Qoutes (Bid/ Ask)
A complete quote would have two figures the bid and the ask.

The bid is the amount the broker is willing to buy the base currency in terms of the counter currency. The amount which I can sell the base currency to the broker in terms of the base currency.

The ask is the amount the broker is willing to sell the base currency in terms of the counter currency. The amount that I can buy base currency in terms of the counter currency.
A qoute is therefore made up of two figures the Bid/ and the sell.

For example
IF the ABC Forex quotes me 1.023 / 1.020 for EUR/USD

It means I can either
Buy 1 EUR from ABC for 1.023 USD
Or

Sell 1 EUR to ABC and get 1.020 USD
The above is the core to forex trading IF you do not understand the above please do not continue. Read it repeatedly if need be.
Pip
This is the smallest increment or unit of a currency quotaion. This varies from currency to currency
A pip is the last decimal place of a quotation. The PIP or POINT is how we will measure profit or losses made on trades.

Example:
If EUR/USD is quoted 1.023 the pip size is therefore 0.001.
If the value of EUR/USD moves to 1.027 the movement would hence be calculated as
1.027 – 1.023 = 0.004 = 4 Pips.

USD/JPY is quoted to two decimals e.g if USD/JPY is quoted 116.73 therefore pip size would be 0.01

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Is Fibonacci is Good for Forex Trading or Not… | ForexGen

We all know how complicated Forex trading can be. Forex traders are constantly searching for the perfect tool to help them get that advantage over the currency market. Leonard Pisano or better known as Fibonacci was one of the greatest mathematicians. Around 1202 he introduced the Hindu-Arabic number system to Europe – the number system we use today. This system is based on ten digits with its decimal point and a symbol for zero: 1 2 3 4 5 6 7 8 9 0 “The Fibonacci Series” is when the first 2 numbers in the series are one and one. To get each number of the series, you simply add the 2 numbers that came before it.

For example: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987 The Fibonacci mathematical series can be found in almost every aspect of our daily lives. Therefore there are many who feel that the Fibonacci series can assist us in trading Forex. You might be scratching your head and wondering how this series of mathematical numbers can be of any use in Forex trading? It comes down to the “Golden Ratio”. This is the key part of Fibonacci that is used in Forex trading. Choose a number from the series and divide it by its immediate predecessor in the sequence and you will always end up with 1.618 or what is known in mathematics as Phi. There are 4 ways the Fibonacci series is applied to finance, retracements, arcs, fans and time zones.

In financial analysis the “Golden Ratio” is translated into 3 ratios, 38.2%, 50% and 61.8%. Traders believe that when a retracement has started to move, prices will begin to turn to the direction of one of these 3 percentages. If it doesn’t turn then it goes from being a retracement to a reversal.

This is all very fascinating, but does it really work in Forex trading? The success of the Fibonacci theory largely depends on its popularity within the market at that given time. Let’s say a currency pair has gone up from 1.5282 to 1.5670 and then starts to retrace. If the majority of Traders who are working this currency pair are using the Fibonacci theory then the price will probably spring at one of our three percentages, 38.2%, 50% and 61.8%. If the Traders are not into Fibonacci then chances are the price will not reach these percentages and will simply come in at the recognized market value.

There is no guarantee that the Fibonacci series will work or that it is a strong aid for Traders. Many believe in it and many follow the market according to it. Only you can decide for yourself if this is the tool for you.

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