Emerging Market Currencies in 2011

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Emerging market assets/currencies registered some unbelievable gains in 2010 as the global economy emerged from recession and investor risk appetite picked up. In the last few months, however, emerging market currencies gave back some of their gains as the EU sovereign debt crisis flared up and the currency wars began to rage. Given that neither of these uncertainties is likely to be resolved anytime soon, 2011 could be a tumultuous year for emerging markets.

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IPOs Raise Questions about the Future of Retail Forex

It has been said before, but now I think it’s official: retail forex has entered the mainstream. In the month of December, two retail forex brokerages – Forex Capital Markets (FXCM) and Gain Capital Holdings (GCAP) – went public on the New York stock exchange. Combined with some juicy information revealed in their regulatory filings, I think this event raises some interesting questions about the future of forex.

Some background: both FXCM and Gain Capital operate trading platforms and news/analysis websites (DailyFX.com and Forex.com, respectively). FXCM has a current market capitalization of $850 million, compared to $250 million for Gain Capital. The former earned net income of $98 million last year on revenue of $339 million, and it has 135,000 active clients. The latter earned $36 million net income on $188 million revenue, and its client base totals 52,000. (For the sake of comparison, consider that ETrade has more  than $4 million and its ttm revenues exceeded $2.5 Billion).

If you do some simple arithmetic, you will discover that revenue per account is substantially higher for forex brokers than for stock brokers: $2,500/account for  FXCM versus $100-200 that I’ve been told is standard for retail stock brokers. Of course, some of that disparity is natural, given that the average forex account-holder trades at a higher frequency and higher volume than the average stock investor, who apparently only makes one round-trip trade per month, on average. However, the bulk of that discrepancy is probably due to a lack of transparency/competition.

Although information on average account size was not released, it nonetheless stands to reason that a significant portion of forex account-holder equity is being “transferred” to brokers every year. (Interestingly, FXCM loses money on the majority of its accounts.  Accounts worth more than $10K – which presumably do the most trading – generate the most revenue, and yet more than half of them are still unprofitable for FXCM).

I think this raises some serious questions about transparency in forex commissions. While other brokers make money from the bid/ask spread (which also suffers from a lack of transparency) and by taking offsetting positions, FXCM boasts that it “makes an identical amount of money in the form of pip markups (which are really commissions) regardless of whether the customer made or lost money on the account.” Basically, FXCM matches up buyers/sellers with banks and financial institutions, and takes a cut for facilitating the transaction. While this is somewhat less opaque than filling orders directly for customers, the fact that it doesn’t disclose its commissions should be cause for concern. For the sake of comparison, consider that when you buy/sell stock, the commission that you pay the broker is clearly disclosed.

Someone recently asked me if trading commissions (i.e. spreads) in forex were fair/stable, and in the context of this data, I think it shows that there are is still room for commissions to fall. As the number of retail forex traders grows, you would expect spreads to tighten further, and profit/account to decline from the current level of $700

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A Breakdown Of Today’s GBP/USD Breakout Trade – December 2010

I said I wouldn’t be trading forex again this year, but there was a set-up earlier today that was simply too good to turn down. It was on the GBP/USD and was a perfect example of an early morning breakout trade.

I switched on my computer at about 8.00 today (UK time), which is a lot later than usual because I usually trade the Forex Morning Trade system at 6.30, but I wasn’t intending to open any forex positions. Anyway I noticed that in the previous 8 hours before the London market opened, the GBP/USD had been trading in an incredibly narrow range of just 28 points.

This can sometimes happen when one of the major markets is closed for a bank holiday, but this wasn’t the case today, so I thought this was an excellent opportunity to trade a possible breakout. When you consider that the average daily range for the GBP/USD pair is around 116 points at the moment (according to the Average True Range indicator), there were potentially lots of points on offer should the price break strongly out of this overnight trading range.

As you can see from the chart below (which I’ve had to squash up a little bit), at around 8.25 the price did break below this trading range (where the previous low had been around 1.5776) and created a perfect sell signal. Not only was there a price breakout, but we also saw the Supertrend indicator switch from green to red, the Smoothed Repulse indicator cross down through the 0 level (indicating a new bearish trend), and the ADX rising, indicating a strengthening trend.

It was basically a very strong signal to go short and this pair duly obliged, moving rapidly down to S1, the first support level, where I closed half the position for a profit of around 24 points (after deducting the spreads).

I was waiting for the range for the day to hit 80 points because I figured the price was likely to fall a bit further giving a perfectly reasonable range of 80 points out of an average of 116. This gave me an exit price of 1.5724, and purely by luck the price did go on to reach 1.5720 before bouncing back upwards again. So I was able to close the second half of my position for a profit of 45 points (after deducting the spreads).

This was a classic example of a high probability breakout trade, but sadly these really good set-ups do not come along every day. Very often the overnight trading range is already quite large before the London market opens, making trading these positions very difficult unless you trade them a lot earlier.

For example last week the trading range between the hours of 12.00 and 8.00 were 43, 73, 96, 53 and 79 points for the GBP/USD, which presented a few opportunities, but none as good as today’s where the range was just 24 points.

Incidentally if you’re wondering how the Forex Morning Trade system performed today trading this pair, it too managed to bank the full 40 point profit as the two indicators both gave a sell signal at 6.30 this morning. However, as I say, I didn’t trade this set-up as I wasn’t planning to trade this system any more this year and was still in bed.

silicone mold – Learning Forex Trading The eToro Way

The eToro platform was founded with the notion that forex-trading is not as complicated as it may seem. With the ingenious use of visual trade representations, eToro gives traders the chance to learn forex trading as they trade. The visual animations show novice forex traders how the forex market works and how their positions react to market movements in a creative and educational way. By practicing with eToro’s demo platforms, novices can learn forex trading from experience without having to pay for expensive and extensive forex trading courses.

That however is not all. In order to complement their educational forex trading platform, eToro puts a wide array of educational tools at their clients’ disposal. The eToro forex trading guide, for example, teaches traders the basics of the forex market using simple terminology that requires no previous forex knowledge. The guide explains the basic concepts of forex trading, lays out useful facts about the forex market, and lays out common trading strategies and market analysis techniques.

Recently, eToro has developed a more advanced learning tool in the shape of the eToro forex e-course. The eToro Forex Matador course is built in the shape of individual weekly lessons that tackle forex trading from the ground up. The lessons are designed to help novice traders evolve their trading skills from the basic beginner level to more a more advanced stage of trading and market analysis. Like the eToro forex guide, the eToro e-course explains all trading concepts with clarity and simplicity so as to make sure that are traders are able to understand the most advanced theories without any prior forex education. The eToro Forex Matador e-course is available for free to new eToro real trading account holders. For specific terms and conditions please contact the eToro support team.

Finally, to complement their structured educational tools, eToro also invites traders to participate in forum discussions and live chats with other members of eToro’s diverse and fast growing community. The knowledge of other traders is a priceless informational resource that traders can easily tap into by using eToro’s community tools. With this large array of educational opportunities, the eToro platform eliminates the need for any external aid in learning forex trading, which can be both costly and time consuming. The eToro platform is an open invitation to anyone who’s interested in financial trading and would like to learn the ropes quickly and painlessly.

Достъпна е най-добрият

In recent years, over consuming has been a very USA. hot topic and enjoyed high favor among people. And the American economic crisis was closely related with this phenomenon. Although over consuming has some benefits for the consumers, I still firmly believe that the affordable is the best and people should look before they leap when they need over consuming.

Actually I love shopping very much. I always spent all my money on buying luxuries, designer handbags, designer shoes, clothes, cosmetics, and so on. But the result is that I am often in moneyless at the end of a month. And sometimes I must use my credit card to pay my bill so that I was always in debt. Due to my over consuming, I was always moneyless and led a very uncomfortable life. I decided to change this situation.  So I began to buy replica handbags when I was really in love with the designer handbags. Gradually, I found that I enjoyed shopping and my life very much and I am no more in debt. From this experience, I knew that only the affordable is the best. Although I bought replica handbags, I can afford it and I am never being over consuming. Life is more enjoyable and relaxed.Therefore, I’d like to share my experience and ideas with more people so that more people can enjoy their life. Believe me: the affordable is the best. in this way, you can lead a more enjoyable and happily relaxed life.

anyhow, for a rational buyer, he must estimate his payal ability before buying something. In this way, we can buy what we want and meanwhile learn to manage our finance problems.

telephone psychic – Learning Forex Trading The eToro Way

The eToro platform was founded with the notion that forex-trading is not as complicated as it may seem. With the ingenious use of visual trade representations, eToro gives traders the chance to learn forex trading as they trade. The visual animations show novice forex traders how the forex market works and how their positions react to market movements in a creative and educational way. By practicing with eToro’s demo platforms, novices can learn forex trading from experience without having to pay for expensive and extensive forex trading courses.

That however is not all. In order to complement their educational forex trading platform, eToro puts a wide array of educational tools at their clients’ disposal. The eToro forex trading guide, for example, teaches traders the basics of the forex market using simple terminology that requires no previous forex knowledge. The guide explains the basic concepts of forex trading, lays out useful facts about the forex market, and lays out common trading strategies and market analysis techniques.

Recently, eToro has developed a more advanced learning tool in the shape of the eToro forex e-course. The eToro Forex Matador course is built in the shape of individual weekly lessons that tackle forex trading from the ground up. The lessons are designed to help novice traders evolve their trading skills from the basic beginner level to more a more advanced stage of trading and market analysis. Like the eToro forex guide, the eToro e-course explains all trading concepts with clarity and simplicity so as to make sure that are traders are able to understand the most advanced theories without any prior forex education. The eToro Forex Matador e-course is available for free to new eToro real trading account holders. For specific terms and conditions please contact the eToro support team.

Finally, to complement their structured educational tools, eToro also invites traders to participate in forum discussions and live chats with other members of eToro’s diverse and fast growing community. The knowledge of other traders is a priceless informational resource that traders can easily tap into by using eToro’s community tools. With this large array of educational opportunities, the eToro platform eliminates the need for any external aid in learning forex trading, which can be both costly and time consuming. The eToro platform is an open invitation to anyone who’s interested in financial trading and would like to learn the ropes quickly and painlessly.

Learning Forex Trading The eToro Way – portable steel buildings

The eToro platform was founded with the notion that forex-trading is not as complicated as it may seem. With the ingenious use of visual trade representations, eToro gives traders the chance to learn forex trading as they trade. The visual animations show novice forex traders how the forex market works and how their positions react to market movements in a creative and educational way. By practicing with eToro’s demo platforms, novices can learn forex trading from experience without having to pay for expensive and extensive forex trading courses.

That however is not all. In order to complement their educational forex trading platform, eToro puts a wide array of educational tools at their clients’ disposal. The eToro forex trading guide, for example, teaches traders the basics of the forex market using simple terminology that requires no previous forex knowledge. The guide explains the basic concepts of forex trading, lays out useful facts about the forex market, and lays out common trading strategies and market analysis techniques.

Recently, eToro has developed a more advanced learning tool in the shape of the eToro forex e-course. The eToro Forex Matador course is built in the shape of individual weekly lessons that tackle forex trading from the ground up. The lessons are designed to help novice traders evolve their trading skills from the basic beginner level to more a more advanced stage of trading and market analysis. Like the eToro forex guide, the eToro e-course explains all trading concepts with clarity and simplicity so as to make sure that are traders are able to understand the most advanced theories without any prior forex education. The eToro Forex Matador e-course is available for free to new eToro real trading account holders. For specific terms and conditions please contact the eToro support team.

Finally, to complement their structured educational tools, eToro also invites traders to participate in forum discussions and live chats with other members of eToro’s diverse and fast growing community. The knowledge of other traders is a priceless informational resource that traders can easily tap into by using eToro’s community tools. With this large array of educational opportunities, the eToro platform eliminates the need for any external aid in learning forex trading, which can be both costly and time consuming. The eToro platform is an open invitation to anyone who’s interested in financial trading and would like to learn the ropes quickly and painlessly.

steel building construction – Learning Forex Trading The eToro Way

The eToro platform was founded with the notion that forex-trading is not as complicated as it may seem. With the ingenious use of visual trade representations, eToro gives traders the chance to learn forex trading as they trade. The visual animations show novice forex traders how the forex market works and how their positions react to market movements in a creative and educational way. By practicing with eToro’s demo platforms, novices can learn forex trading from experience without having to pay for expensive and extensive forex trading courses.

That however is not all. In order to complement their educational forex trading platform, eToro puts a wide array of educational tools at their clients’ disposal. The eToro forex trading guide, for example, teaches traders the basics of the forex market using simple terminology that requires no previous forex knowledge. The guide explains the basic concepts of forex trading, lays out useful facts about the forex market, and lays out common trading strategies and market analysis techniques.

Recently, eToro has developed a more advanced learning tool in the shape of the eToro forex e-course. The eToro Forex Matador course is built in the shape of individual weekly lessons that tackle forex trading from the ground up. The lessons are designed to help novice traders evolve their trading skills from the basic beginner level to more a more advanced stage of trading and market analysis. Like the eToro forex guide, the eToro e-course explains all trading concepts with clarity and simplicity so as to make sure that are traders are able to understand the most advanced theories without any prior forex education. The eToro Forex Matador e-course is available for free to new eToro real trading account holders. For specific terms and conditions please contact the eToro support team.

Finally, to complement their structured educational tools, eToro also invites traders to participate in forum discussions and live chats with other members of eToro’s diverse and fast growing community. The knowledge of other traders is a priceless informational resource that traders can easily tap into by using eToro’s community tools. With this large array of educational opportunities, the eToro platform eliminates the need for any external aid in learning forex trading, which can be both costly and time consuming. The eToro platform is an open invitation to anyone who’s interested in financial trading and would like to learn the ropes quickly and painlessly.

rtv silicone – Learning Forex Trading The eToro Way

The eToro platform was founded with the notion that forex-trading is not as complicated as it may seem. With the ingenious use of visual trade representations, eToro gives traders the chance to learn forex trading as they trade. The visual animations show novice forex traders how the forex market works and how their positions react to market movements in a creative and educational way. By practicing with eToro’s demo platforms, novices can learn forex trading from experience without having to pay for expensive and extensive forex trading courses.

That however is not all. In order to complement their educational forex trading platform, eToro puts a wide array of educational tools at their clients’ disposal. The eToro forex trading guide, for example, teaches traders the basics of the forex market using simple terminology that requires no previous forex knowledge. The guide explains the basic concepts of forex trading, lays out useful facts about the forex market, and lays out common trading strategies and market analysis techniques.

Recently, eToro has developed a more advanced learning tool in the shape of the eToro forex e-course. The eToro Forex Matador course is built in the shape of individual weekly lessons that tackle forex trading from the ground up. The lessons are designed to help novice traders evolve their trading skills from the basic beginner level to more a more advanced stage of trading and market analysis. Like the eToro forex guide, the eToro e-course explains all trading concepts with clarity and simplicity so as to make sure that are traders are able to understand the most advanced theories without any prior forex education. The eToro Forex Matador e-course is available for free to new eToro real trading account holders. For specific terms and conditions please contact the eToro support team.

Finally, to complement their structured educational tools, eToro also invites traders to participate in forum discussions and live chats with other members of eToro’s diverse and fast growing community. The knowledge of other traders is a priceless informational resource that traders can easily tap into by using eToro’s community tools. With this large array of educational opportunities, the eToro platform eliminates the need for any external aid in learning forex trading, which can be both costly and time consuming. The eToro platform is an open invitation to anyone who’s interested in financial trading and would like to learn the ropes quickly and painlessly.

affordable steel buildings – Easy IT wins ­– are they out there?

Collaboration tools & social media

My number one cost saving tip,’ says David Tebbutt, Programme Director at Freeform Dynamics and author of Green IT For Dummies, ‘would be cutting out travel and accommodation. You can substitute a lot of travel with seeing people or collaborating using a shared white space.’ There are a lot of ways companies can do this, from looking at unified communication tools like IP Multimedia to make collaboration with workers in other sites easier, to using SSL or IPSec VPNs to allow remote workers secure access to the internal network.

 

Tebbutt also uses social media tools also to form and maintain relationships, inverting the usual paradigm of meeting in person then communicating online, and advocates integrating these tools into the business, which can be easy for companies with younger employees for whom using these tools is now ubiquitous out of office hours. However, he explains, don’t expect those who are new to the tools to grasp them immediately, or for everyone to accept changes without question.

 

 

IP Multimedia

IP Multimedia is a fully managed, network-based service, IP based voice (VoIP) and video communication platform offering a range of messaging capabilities (from virtual whiteboards to videoconferencing), which make it the perfect choice for large or dispersed organisations looking at areas like hot desking and home working, ‘There can be an initial outlay, yes,’ admits Alistair McKinnon, Senior Product Manager at ntl:Telewest Business. However, he says, there is a real business case for the move. When the communications manager and the finance director look at the true costs of running their own system of PABX or IP PABX, and compare that with IP Multimedia, he has found, they can actually see that a networked managed service is comparable, and often cheaper. Its cost saving impact can be felt right across the organisation, for instance supporting flexible working initiatives – which can reduce staffing costs and allow you to widen your recruitment catchment area by supporting home working. It can also help a changing business to avoid relocating people, traditionally a very costly project.

 

Voice over IP (VoIP)

This has a great potential to reduce costs, and is a technology that can be embraced relatively cheaply, says Mark Neild, Managing Consultant and communications cost reduction expert at PA Consulting. As a well-established technology you’d think everyone would have already adopted it, but they don’t, he says. Time to think again. Be sure, however, to educate staff on how to use the new phones, he warns, in order to realise the true benefit.

 

CapEx control

Capital expenditure is currently an issue for some organisations, so for those customers it will be important to ensure that the payback period on any investment is very short, says Alistair McKinnon. ntl:Telewest Business will help with this if it can, he says, to ensure as little “setup CapEx’ as possible. ‘We’ll show as much flexibility as we can.’ What’s crucial is to communicate openly with your account manager about what you would like to put in place regarding telecommunications, data or convergence, as well as any restrictions you currently have regarding finance: ‘Don’t assume that you can’t afford to do whatever you would like to do. We may be able to surprise you, and help you put in place the means to make further savings.’

 

To take one example, many UK contact centres and multi site organisations could benefit by reducing their reliance on costly customer premise equipment, which is time consuming and difficult to manage, and are now moving to network based solutions, so that they can concentrate on their core business. Because managed Contact Centres are available for an affordable steel buildings monthly rental charge, you won’t tie up capital in set-u