Learn Forex

Mortgages Guide

2005-12-08T11:12:00.000Z

A Guide to Mortgages
There are many different types of mortgages to choose from. The following will help you decide which mortgage will best suit you.

General Things to Consider

Minimum and maximum borrowing – some providers will only lend certain amounts.
Loan to value – This is the ratio between size of loan and value of property. So, for example if you require a £90,000 mortgage on a property valued at £100,000 the loan-to-value you require is 90%. Some lenders have specific limits on these.
High Lending charges - This is a fee that is used to buy insurance to protect the mortgage lender if you borrow more than a given amount. Many mortgage lenders will lend you up to, say, 90% of the value of a property without this fee. But if you want to borrow more, the lender usually requires you to pay for insurance to ensure that it will recover all its money if the property has to be sold for less than the amount of the mortgage. It must be noted that the insurance company will take recourse against the home owner even though the provider is compensated for the shortfall.poor credit .
Rate – it is worthwhile shopping around to ensure you are getting a good rate to prevent paying over the odds for your mortgage.
Wage criteria – some lenders will have minimum salary requirements. For any mortgage,payday loans the lender will assess how much they are willing to lend you based on your income and outgoings.
Early repayment charges - If you repay (redeem) your mortgage at any time prior to the end of the mortgage term you may have to pay certain fees or an interest penalty (redemption penalty). If the mortgage is repaid in the early years there may be a heftier penalty, a product penalty. An extended redemption tie-in means that this penalty will continue to be payable beyond the initial term of the mortgage.
Portability - A mortgage which can be transferred between properties with the same lender when you move house.
Overpayments - This is when monthly repayments to a mortgage are increased, meaning that the mortgage is repaid before the end of the mortgage term.
Insurance - Lenders insist that the property is adequately insured with a suitable buildings insurance policy, covering against the usual risks. In addition to this you will need contents insurance to cover theft, fire, damage etc. Another form of insurance is a mortgage payment protection plan that is designed to offer income protection against unemployment, sickness and redundancy.
Life assurance – It is prudent for life assurance to be taken out to cover the value of the loan, allowing the mortgage to be repaid should you die.
Legal costs - Usually a solicitor or licensed conveyancer needs to be appointed to deal with the legal aspects of purchasing a property which will incur costs. You should ask for an estimate of these costs before you instruct the legal expert.
Valuation / surveys – It is a legal requirement that the lender has the property valued to ensure that the property is an acceptable security. The mortgage lender's surveyor will need to inspect and value the property. The cost, if any, of this valuation depends upon which lender you choose and the value of the property.
Arrangement fees - Most lenders charge an arrangement or application fee for a mortgage. Some lenders will allow you to add this to the mortgage and the fee varies depending on the lender chosen and the mortgage offer.
Stamp Duty - This is a government tax based on the property's purchase price and is calculated as follows: Up to £120K = Nil, £120,001 - £250,001K = 1%, £250K - £500K = 3%, £500,001K+ = 4%.

Fixed Rate Mortgage
If you choose a fixed Rate Mortgage your monthly repayments will not change for the period of the fixed rate, regardless of the interest rate in the marketplace. This may be important to you if you have a limited budget as you are protected from rising interest rates. However, if the variable rate falls below the fixed rate level, your repayments will not fall. At the end of the fixed rate period your mortgage will usually be converted to a variable rate.

Fixed rate deals are available over varying periods. Some are as short as a few months and other over many years. Often with fixed rate deals there will be a penalty if you change your mortgage or pay it off before the fixed term ends. This is known as a redemption tie in. The amount of the penalty is usually a percentage of the outstanding mortgage. The earlier you opt out of the mortgage, the more you will have to pay. This can equate to thousands of pounds. Some fixed rate deals have extended tie ins, meaning the penalty extends past the initial fixed rate period. There are products available without these penalties.

Capped Rate Mortgage
A capped Rate Mortgage has a maximum interest rate for a given term. The interest rate you pay cannot go higher than the agreed capped rate; thus you know the maximum amount your monthly repayments could rise to. However, if the basic interest rate falls below the capped rate, repayments will also reduce.

Sometimes these capped Rate Mortgages also have a ‘collar’. This means the lender has set a minimum level below which the rate you pay will not fall.

Discounted Rate Mortgage
A discounted mortgage offers you reduced repayments for a given term. The lender gives a discount from their standard variable rate. For example, the variable rate may be 5% with a discount of 1%, making your initial interest repayment rate 4%. If the variable rate on which your discount rate is based falls, your repayments will fall. However, if the lender's standard variable rate rises, so will your repayments. Whilst a discounted rate may be helpful initially, you should consider how much your repayments will be when the discounted period ends.

Often with discounted rate deals there will be a penalty if you change your mortgage or pay it off before the term ends. This is known as a redemption tie in. The amount of the penalty is usually a percentage of the outstanding mortgage. The earlier you opt out of the mortgage the more you will have to pay. This can equate to thousands of pounds. Some fixed rate deals have extended tie ins meaning the penalty extends past the initial deal rate period.

100% Mortgage
A 100% mortgage offers you a borrowing of 100% of the value of the property, i.e. no deposit is required. Rates may be fixed, variable, discounted or capped (see these product guides for more information). Opting for a 100% mortgage means that you could risk facing a negative equity situation if house prices fall. You may also be charged an above-average interest rate and a mortgage indemnity premium.

Self-certification mortgage
Self-certification mortgages are available for clients who cannot verify their income as it may come from a number of sources, or they may not have been trading for long enough to have the required number of years accounts, or they may have a low basic salary but achieve bonus or commission payments or a regular second income. The lender will ask for details of the borrower's income, but they will not require to see proof of total earnings. Other terms will depend upon the lender's requirement at the time and in accordance with the rates prevailing in the market place.

It is a criminal offense to lie about your income.

Variable Rate Mortgage
A variable Rate Mortgage is one in which the amount you repay increases or decreases in line with any interest rate changes. This means that you cannot predict the monthly cost of the borrowing, which could cause financial concerns within the mortgage period. In times of falling interest rates, variable Rate Mortgages are beneficial as your mortgage repayments will reduce. However, if interest rates rise, then so will repayments.

Buy-to-Let Mortgage
Buy-to-let mortgages are provided for property purchases or remortgages for investment in the private rental sector. Assessment of borrower affordability can be based on projected rental income and/or earnings, dependent on the lender's individual policy. Some lenders may also take the applicant’s existing mortgage or other loans into consideration.

Buy-to-let mortgages can be fixed, capped, discounted or variable. Some may be base rate trackers, or have cashbacks or flexible features.

Current Account and Offset Mortgages
A current account mortgage allows you to operate your mortgage borrowing through a current account. In effect, it is like having a large overdraft. Thus, if you had a mortgage of £100,000 and £1,000 credit in your account your balance would show as £99,000 in the red. You may be required to pay your salary into these accounts.

These mortgages can allow you to pay off your mortgage early as any cash going into the account, such as salary, reduces your outstanding debt. Therefore, if you are disciplined you can save on the amount of interest you repay and the length of your mortgage. Many lenders show you on a regular basis whether you are ‘on track’ or above / below track with your payments.

Some providers also allow loans to be attached to these mortgage accounts, with interest charged at the same rate as the mortgage. This means all your debts are held centrally in one account.

With an offset mortgage you keep your balances e.g. mortgage, savings, current account etc in separate accounts but all balances are offset against each other. This means that the credit balances allow that much of the mortgage not to accrue interest.

With some of these mortgages you can make underpayments – this means if in one month you have an unexpected expense you can pay less off your mortgage. Payment holidays may also be available whereby you pay nothing for a month or so; over-payments can also be made.

Most current account and offset mortgages are variable Rate Mortgages whereby the amount you repay increases or decreases in line with any interest rate changes.

Base Rate Tracker Mortgage
A base rate tracker mortgage will be based on the Bank of England base rate and a possible loading for a set period or for the term of the loan. The rate payable will alter in line with any change to the Bank of England base rate.

This means that you cannot predict the monthly cost of the borrowing, which could cause financial concerns within the mortgage period. In times of falling interest rates variable Rate Mortgages are beneficial as your mortgage repayments will reduce. However, if interest rates rise, then so will repayments.

Cashback Mortgage
A cashback mortgage provides a cash rebate on completion of the purchase. The sum is either a percentage of the advance or fixed. This cashback could help you to cover some of the expenses of setting up home, but this bonus is often subject to higher repayment rates and may include penalties for repaying the loan early.

Cashback may be offered on fixed, variable or capped Rate Mortgages. See these guides for more information.

Flexible Mortgage
The main feature of a flexible mortgage is the facility to make extra payments when you have extra money. You may also be able to reduce monthly repayments or even take repayment holidays, although you will normally have to build up a reserve through making overpayments before this arrangement is allowed. Such mortgages are usually offered on a daily interest basis. Flexible mortgages usually provide a loan drawdown facility that allows you to borrow extra funds at a set predetermined rate.

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International Business Machines Corporation

2005-11-27T14:46:00.000Z

IBM

(International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and personal computers. At the end of 2004, IBM sold its desktop PC line to Lenovo, China's largest computer manufacturer.
It all started in New York in 1911 when the Computing-Tabulating-Recording Company (CTR) was created by a merger of The Tabulating Machine Company (Hollerith's punch card company in Washington, DC), International Time Recording Company (time clock maker in NY state), Computing Scale Company (maker of scales and food slicers in Dayton, Ohio), and Bundy Manufacturing (time clock maker in Auburn, NY). CTR started out with 1,200 employees and a capital value of $17.5 million.
In 1914, Thomas J. Watson, Sr., became general manager. During the next 10 years, he dispensed with all non-tabulating business and turned it into an international enterprise renamed IBM in 1924. Watson instilled a strict, professional demeanor in his employees that set IBMers apart from the rest of the crowd.
IBM achieved spectacular success with its tabulating machines and the punch cards that were fed them. From the 1920s through the 1960s, it developed a huge customer base that was ideal for conversion to computers, and Watson's son, Thomas J. Watson, Jr., was an enthusiastic supporter of computers.
IBM launched its computer business in 1953 with the 701 and introduced the 650 a year later. By the end of the 1950s, the 650 was the most widely used computer in the world with 1,800 systems installed. The 1401, announced in 1959, was its second computer winner; and by the mid-1960s, an estimated 18,000 were in use.
In 1964, it announced the System/360, the first family of compatible computers ever developed. The 360s were enormously successful and set a standard underlying IBM mainframes to this day.
During the 1970s and 1980s, IBM made a variety of incompatible minicomputer systems, including the System/36 and System/38. Its highly successful AS/400, introduced in 1988 and renamed the "iSeries" in 2000, provides a broad family of compatible machines in this segment.
In 1981, IBM introduced the PC into a chaotic personal computer field and set the standard almost overnight. IBM is still one of the largest PC manufacturers, but the majority of PC sales come from the PC industry at large, from companies such as Dell and HP to mom-and-pop shops by the hundreds.
Like everyone else, IBM includes the Windows operating system on its PCs. In the mid 1990s, it tried to compete with its OS/2 operating system. Although highly praised and still used,offered in for desktop and server use, OS/2 never gained significant market share.
The early 1990s were gut-wrenching years for IBM. It experienced major losses for the first time due mainly to slowing sales of high-profit mainframes as companies embraced PCs and small servers by the millions. As a result, IBM reduced its workforce by more than 100,000.
In 1991, IBM teamed up with Apple and Motorola to produce the PowerPC chip, a single-chip version of IBM's RS/6000 workstations (see Apple-IBM alliance). Introduced in 1995, the PowerPC systems had little impact as stand-alone PCs, but the chips breathed new life into IBM's RS/6000 and AS/400 lines. In 1995, IBM purchased Lotus Development Corporation, publisher of Lotus 1-2-3 and the popular Notes groupware.
In the late 1990s, IBM embraced the Linux operating system and supports it on all of its product lines. This is a major shift for a company that is known for proprietary software for half a century. However, IBM is never a company to be underestimated. Under the astute leadership of Louis Gerstner, who took command in 1993, the company rebounded and returned to the profits it had been accustomed to (2000 revenues of $88 billion; $8 billion profit). Gerstner focused IBM on its core capabilities and removed many bureaucratic policies that kept the company from responding to a rapidly changing world.
Today, IBM mainframes still flourish as the bulk of data in most large enterprises still resides in machines that are the successors to System/360, dating back more than four decades. As each year goes by, more electronic history piles up, creating massive databases that IBM mainframes handle with ease. However, IBM derives most of its revenue from software and services and is, in fact, the largest software and services company in the world.

FOREX-Dollar hits 27-mo high vs yen on US rate view
By John Parry
NEW YORK, Nov 25 (Reuters) - The dollar rose to a new 27-month high against the yen in holiday-thinned trade on Friday, bolstered by the market's return to the view that rising U.S. interest rates will give the greenback a lift for some time yet.
The dollar also rose against the euro.
These gains showed the U.S. currency "has continued to recover from Tuesday's minutes of the November 1 Fed meeting which introduced some uncertainty into the longer term outlook for U.S. interest rates and triggered the notion the Fed may be less aggressive (in raising interest rates)" said Alex Beuzelin, foreign exchange market analyst with Ruesch International in Washington DC.

The central bank's minutes from its Nov 1 meeting revealed some policy-makers were concerned about the risk of going too far with the Fed's rate-rise campaign.
"But the market has digested those minutes and the reality remains that in the near term the Federal Reserve will continue to outpace its central bank counterparts in Europe and in Japan, which means the dollar's rate advantage will get better," Beuzelin added.
In 2005, the dollar has rallied as rising U.S. interest rates and yields have burnished the appeal of dollar-denominated deposits to foreign investors.
Midmorning in New York, the dollar gained against the yen to new 27-month highs at 119.69 yen, up 0.6 percent from late Thursday, according to Reuters data. The euro traded at $1.1733, down 0.4 percent.

Against the Swiss franc, the dollar traded up 0.3 percent at 1.3186 francs. Earlier, the Swiss currency rallied against the euro and dollar after stronger-than-expected Swiss data.
The moves took place in thin trading conditions, U.S.-based traders said, with desks having only skeleton staffing in the wake of Thursday's U.S. Thanksgiving holiday. With little U.S. economic data to speak of, major currencies were rangebound as analysts braced for next week's array of potentially market moving U.S. economic reports.
Next week brings a data on gross domestic product for the third quarter, the core PCE price index -- an inflation gauge the Fed watches closely -- the Institute for Supply Management November manufacturing report and the November non-farm payrolls report, for which economists' median forecast is a rise of 210,000 jobs.

The currency market has high expectations for the jobs report, ISM manufacturing survey and inflation data, "which all point towards continued strength in the economy and favor the U.S. dollar," said Tim Mazanec, director and senior currency strategist with Investors Bank & Trust in Boston.
The U.S. Federal Reserve's credit-tightening campaign, with expectations for further increases, has helped drive the dollar up more than 15 percent against the euro and yen this year.
The Federal Reserve is expected to raise rates next month to 4.25 percent from the current 4 percent, while the European Central Bank is seen increasing its refi rate by 25 basis points to 2.25 percent next Thursday.

The yen was also knocked against the dollar in thin post-Thanksgiving trade as mixed Japanese inflation data cemented expectations that interest rates in Japan won't rise soon.
"The yen remains the weakest link due to the benign rate outlook in Japan," said Niels Christensen, senior currency strategist at Societe Generale in Paris.
China disappointed offshore investors with a one-year, $6 billion currency swap that priced the yuan at a weaker level than had been expected in the one-year forward markets.
(Additional reporting by Veronica Brown in London)

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Facts About Forex Market

2005-11-23T06:17:00.000Z

FOREX Facts

The FOREX market has been the sole domain of major banks, large financial institutions and central banks, such as the U.S. Federal Reserve Bank. The substantial profits made annually by these institutions from trading in the Foreign Exchange market are now offered to you.
The increase in global trade and foreign investments has made the economics of all countries more dependent upon one another.

A country's currency fluctuates as a result of economic activity. Economic factors usually affect a currency by altering the interest rate structure. These will either appreciate or devalue the currency and reflect the monetary health of that country.
Some banks allocate as much as 20-30% of funds into FOREX making 40-60% of all their profits trading currencies. In the August 1994 issue of International Finance Magazine, Charles Sanford, Chairman of Bankers Trust, expressed his opinion that by the year 2020, banks will cease their loan transactional business, and focus on currency trading as their primary revenue source.
The American public have been oblivious to FOREX for one simple reason, and that is until recently, the currency market was simply financially inaccessible for the general population of investors and traders, and the minimum account requirements were beyond the resources of the average individual investor. Since then, the situation has changed, instead of a minimum of $200K; accounts can be opened for $10k.

World Currencies

The FOREX market is dominated by five major currencies: US Dollar, Euro, Japanese Yen, British Pound and the Swiss Franc. By nature of their popularity and activity these five account for over 70% of North American trading. The other tradable hard currencies include the Canadian, Australian, New Zealand Dollars, and the French Franc. These minor currencies account for 3% - 7% of the total market volume. Together, the five majors and minors constitute all hard currencies that are currently traded on the FOREX market.

The FOREX market is dominated by five major currencies:
US Dollar, Euro, Japanese Yen, British Pound and the Swiss Franc. By nature of their popularity and activity these five account for over 70% of North American trading. The other tradable hard currencies include the Canadian, Australian, and New Zealand Dollars, the French Franc. These minor currencies account for 3% - 7% of the total market volume. Together, the five majors and minors constitute all hard currencies that are currently traded on the FOREX market.

US Dollars (USD)
The US Dollar Index gives the relative strength of the Dollar. The Index is a statistical index that reflects the strength or weakness of the trend of the US Dollar. The larger the index figure, the stronger the Dollar, or vise-versa. The weakness of the Dollar over the last two decades is mostly attributable to the world's low opinion of fiscal policies resulting in large budget deficits.

Euro (EUR)
Europe has taken its first irrevocable steps towards what economists call "Euroland" and its single currency - the Euro. The eleven nations are: France, Italy, Spain, Portugal, Belgium, Luxembourg, the Netherlands, Austria, Finland, Ireland and most importantly Germany. The original 11 nations are comprised of approximately 300 million people and account for nearly 20% of the global economy. The European Union represents America's largest foreign market (twice the size of Canada and Japan combined). Trade-flows between the US and Europe have been roughly in balance for a quarter of a century, unlike Asia where the US runs huge trade deficits.

Japanese Yen (JPY)
Japan is an undisputed Global Economic Power in today's marketplace. Japanese products are being consumed all over the world, and Japanese foreign investments are immense. Since the Second World War, Japan has been focusing all its energy and resources in developing its economy. With Unique traditions and management skills, Japan has turned out to be one of the biggest economic powers in the world. The Japanese Yen is the third most traded currency in the world. The Yen is theoretically sensitive to the fortunes of the Nikkei Dow, the Japanese stock market, and the real estate market. The currency is very liquid around the world, practically around the clock.

British Pound Sterling (GBP)
The British economy has been in a downtrend for some years. It has been affected by inflation, high unemployment and union strikes. All of these have a significant impact on the exchange rate of the Pound Sterling. Sterling Pound, nicknamed "cable", has only 14% of the worlds market currently. The currency is heavily traded against the US Dollar and Euro, but has a minimal presence against other currencies. In the recent past, the Pound has behaved like a roller coaster, due to British inflation and labor problems. Whereas excellent in London, the currency's liquidity in the other markets is less deep. Therefore, in the New York market, many banks have to stop quoting this currency at noon. Although not obvious, the British Pound is a petrocurrency. Traders are somewhat more sensitive to trading the Pound as it is sensitive to oil price gyrations.

Swiss Franc (CHF)
Switzerland is the neutral country amidst an area of many different political rivals. It has a prosperous tourism industry and the world's most advanced banking system. During international turmoil or unrest involving non-European countries, the Swiss Franc becomes the second "safe haven" in choice next to the US Dollar. In 1990, the Swiss Franc broke its historically high exchange rate against the US Dollar several times. In 1991, it suffered the most during adjustments periods. The trend in Swiss Franc depends on the political reform in the Eastern Block, international economic stability, and the strength of the US Dollar.

Australian Dollar (AUD)
The currency of the "Land Down Under" is the 6th most-traded currency in the world's foreign exchange markets. The Australian dollar accounts for 4% - 5% of worldwide foreign exchange transactions. Currency traders utilize the Australian dollar in their portfolio due to the limited government intervention in the FOREX market, the general stability of the country and the economy and the fact that it gives exposure to the Asian markets.

Canadian Dollar (CAD)
During the 1970s, the Canadian dollar was more valuable than the USD, but it's never regained that level. For more than a decade, inflation in the Canadian dollar (also known as the "loonie") has been relatively low.

Advantages of trading online

Multiple ways of carrying out orders: by phone or over the Internet. Both services are available 24-hours a day during normal market hours (Sunday 7 p.m. through Friday 3 p.m. EST).
Market information is readily available upon demand. The trading system allows one to trade currencies, view account information, pull up charts, read real-time news and participate in research and analysis.
Implementation or execution of trade orders are simple and basic. One does not have to speak with a broker to make trades over the Internet, eliminating any confusion or misplaced orders.
Confirmations of trades are immediate and are also available upon request.
Safest form of investing, offering elevated standards in computer system firewalls to protect all information and eliminate any risks associated with transacting business via the internet.

Why the FOREX market is the perfect place for investments ?

1. FOREX is smooth, liquid, voluminous world-wide market
2. FOREX is the cheapest market for participants with narrow spreads
3. FOREX is the fair market without insiders

Three myths about the FOREX market

Myth 1- FOREX investments are very risky
Myth 2- There is no passive strategy for investors on the FOREX market
Myth 3- The FOREX market is not covered by analysts

Three little known facts about the FOREX market
1. Currencies are less volatile than stocks
2. Including FOREX investments in your asset allocation will decrease the risk of your portfolio
3. You can achieve any conservatism on your FOREX investments by simply choosing your leverage from 1 to 10

Forex Market - Recent Citations

ECB's President Jean-Claude Trichet told to the Davos Economic Forum (Switzerland) "the euro's recent strength was hurting growth in the 12-nation euro zone... "The sharp moves upward of the euro are unwelcome and counter-productive."

The founder of Microsoft Bill Gates said in Davos that he "is expecting the dollar to fall further".

Warren Buffett (the world’s second richiest man, Berkshire Hathaway Inc. chairman) said on CNBC televesion "Over time unless we have a major change in trade policies, I don’t see how the dollar avoids going down… I don’t have any idea whether it will be this month or this year or next year, but we are force-feeding dollars on to the rest on to the rest of the world at the rate of close to a couple [1.8] billion dollars a day, and that’s going to weigh on the dollar."

Europe has already carried too much of the burden of recent foreign exchange adjustments and Asia must do its share, ECB chief economist Otmar Issing said at the Conference on liquidity organized by SNB. "In terms of foreign exchange developments we see at the European level the adjustment is completed and has even gone too far.
"The key to this problem ... lies in Asia and above all in China's hands, but China is not addressing this because of its internal problems."

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"The Rapid Forex e-Course 7"

2005-11-05T14:20:00.000Z

LESSON #7:

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Technical Analysis: Or, How to Predict the
Future by Studying the Past (even if the
"past" was 15 minutes ago).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
As you've probably guessed by now, the reason we touched
upon TECHNICAL analysis in yesterday's lesson, but saved its
DETAILED discussion for today (last, behind the discussion
of FUNDAMENTAL analysis), is twofold:

#1) to ensure you know they're mutually-inclusive. The best
traders don't discount one or the other but understand that
having a grasp on how the fundamentals influence market
sentiment gives him/her an edge over those traders who
don't.

#2) to ensure you know that TECHNICAL analysis is the
easiest and most precise way of trading the FOREX market.

Before we tell you more about technical analysis,
understanding the philosophical assumptions on which
technical analysis is based, and why it's ideally-suited for
the FOREX market, would be a good start:

#1) "The number's don't lie" - all available information and
its impact on traders, and the market, are already reflected
in a currency's price.

#2) Prices move in trends - the foreign exchange market is
mostly composed of trends and is, therefore, a place where
technical analysis can be very effective.

#3) History repeats itself - over time, certain chart
patterns become consistent, predictable and very reliable.
The catch is SEEING them. There's always more than meets the
eye at first glance.
===================================
The Magic Bullet, the Holy Grail,
the Secret Sauce:
==================================
While we're not claiming that you'll become wealthy by
diving deep and hard into FOREX technical analysis,
techniques, methods, etc., we WILL go on the record and say
that all wealthy FOREX traders DO perform technical
analysis.

Why ?

Because, like us, they have unyielding B-E-L-I-E-F in one
simple TRUTH:

*** PRICES MOVE IN TRENDS ***

The traders who don't believe this obviously have no need to
implement a trading methodology on technical analysis. But,
over 100 years of research has shown that those who trade
"with the trend", more often than not, greatly improve their
changes of winning (i.e., making a profitable trade).

Many times finding the prevailing trend will help you become
aware of the overall market direction and offer you better
visibility--especially when shorter-term movements tend to
clutter the picture. And many times following the trend will
bail you out of an initially less than great entry point.

So, how does technical analysis help you to determine what
the trend is and HOW to trade *with it* versus against it?

Okay good question Sandeep and, yes, we'll
answer that, but before we do, let us first make sure you
understand one very IMPORTANT POINT:

Even though, through our courses, we teach you how to use
and read various technical indicators to identify a long-
term trend, spot predictable chart patters and use certain
rules to enter and exit a high-probability trade -- and even
though all this involves sound logic, parameters, proven
methods, processes, formulas, data, and research, these
technical indicators, by themselves, are not the Holy Grail
of FOREX trading. But, they're not some passing fad or
hyped-up secret black box either. Beyond the mere rules, the
human element is core to the strategy. It takes discipline
and emotional control to stick with trading Following
through the inevitable market ups and downs. Keep in mind
though, good technical traders expect ups and downs. They
are planned for in advance.

Okay, so now that you know that we're not claiming technical
analysis is the Magic Bullet of trading (we often get asked,
"Of the indicators you teach us how to use, which ones are
better?" and we reply: NONE - technical indicators should
simply be components of your overall customized /
personalized trading system and not systems in and of
themselves. They are like tools in a tool kit, not the kit
itself!) let's talk about what technical analysis helps you
look for:

The objectives - As a FOREX Technical Trader, your goals
are:

#1) To figure out the price action of the currency pair.
Price is the main concern. If the EUR/USD is at 1.3224 and
goes to 1.3220, 1.3114, 1.3010 - the market is in a down
trend. Despite what every technical indicator might predict,
if the trend is down, stay with the trend. Indicators
showing where price will go next or what it should be doing
are useless. A trader need only be concerned with what the
market is doing, not what the market might do. The price
tells you what the market is doing.

#2) To always remember that technical indicators are only
giving you confirmations based on what the market is telling
you. So listen to the market and let it dictate which method
you will use and which tool you will pull out of your bag of
strategies and techniques. For only by listening to the
markets will you ever be able to conquer it successfully!
============================
Indicators: Their Uses
===========================
Here are just a few of the most popular indicators and their
purposes as they relate to the Currency Markets.

<<<>>>

If you believe in the "trend-in-your-friend" tenet of
technical analysis, moving averages are very helpful. Moving
averages tell the average price in a given point of time
over a defined period of time. They are called moving
because they reflect the latest average, while adhering to
the same time measure.

A weakness of moving averages is that they lag the market,
so they do not necessarily signal a change in trends. To
address this issue, using a shorter period, such as 5 or 10
day moving average, would be more reflective of the recent
price action than the 40 or 200-day moving averages.

Alternatively, moving averages may be used by combining two
averages of distinct time- frames. Whether using 5 and 20-
day MA, or 40 and 200-day MA, buy signals are usually
detected when the shorter-term average crosses above the
longer-term average. Conversely, sell signals are suggested
when the shorter average falls below the longer one.

There are three kind of mathematically distinct moving
averages: Simple MA; Linearly Weighted MA; and Exponentially
Smoothed. The latter choice is the preferred one because it
assigns greater weight for the most recent data, and
considers data in the entire life of the instrument.

<<<>>>

Moving Average Convergence Divergence: MACD is a more
detailed method of using moving averages to find trading
signals from price charts. Developed by Gerald Appel, the
MACD plots the difference between a 26-day exponential
moving average and a 12-day exponential moving average. A 9-
day moving average is generally used as a trigger line,
meaning when the MACD crosses below this trigger it is a
bearish signal and when it crosses above it, it's a bullish
signal.

As with other studies, traders will look to MACD studies to
provide early signals or divergences between market prices
and a technical indicator. If the MACD turns positive and
makes higher lows while prices are still tanking, this could
be a strong_buy signal. Conversely, if the MACD makes lower
highs while prices are making new highs, this could be a
strong bearish divergence and a sell signal.

<<<>>>

The basic interpretation of Bollinger Bands is that prices
tend to stay within the upper and lower bands. The
distinctive characteristic of Bollinger Bands is that the
spacing between the bands varies based on the volatility of
the prices. During periods of extreme currency price changes
(i.e., high volatility), the bands widen to become more
forgiving. During periods of low volatility, the bands
narrow to contain currency prices. The bands are plotted two
standard deviations above and below a simple moving average.
They indicate a "sell" when above the moving average (or
close to the upper band) and a "buy" when below it (or close
to the lower band). The bands are used by some forex traders
in conjunction with other analyses, including RSI, MACD,
CCI, and Rate of Change.

<<<>>>

Fibonacci retracement levels are a sequence of numbers
discovered by the noted mathematician Leonardo da Pisa
during the twelfth century. These numbers describe cycles
found throughout nature and when applied to technical
analysis can be used to find pullbacks in the currency
market.

Fibonacci retracement involves anticipating changes in
trends as prices near the lines created by the Fibonacci
studies. After a significant price move (either up or down),
prices will often retrace a significant portion (if not all)
of the original move. As prices retrace, support and
resistance levels often occur at or near the Fibonacci
Retracement levels.

In the currency markets, the commonly used sequence of
ratios is 23.6 %, 38.2%, 50% and 61.8%. Fibonacci
retracement levels can easily be displayed by connecting a
trend line from a perceived high point to a perceived low
point. By taking the difference between the high and low,
the user can apply the % ratios to achieve the desired
pullbacks.

<<<>>>

RSI stands for Relative Strength Index. The RSI measures the
markets activity as to whether it is over bought or over
sold. It gives a trader an indication as to which way the
Market is moving. It is important to note, that this is a
leading indicator and thus allows one to see what the market
is ABOUT to do and then act accordingly. The higher the RSI
number, the more over bought it is and conversely the lower
the RSI number, the more over sold it is. It is a great
leading indicator for the micro and macro reversals in the
market. By using an RSI on the 1 minute chart set at a
period of 18 and overlaid on the bottom of your charts tend
to give the best entry signals. This can also be applied to
the 5-minute chart as well. The two significant entry
numbers are 25 and 75.
===================
Technical Traders use some of these indicators, all of them,
or a combination of them (our course packages tell you HOW
we use various indicators to trade successfully) to confirm
that they really do have a high-probability trade signal. A
consistently winning FOREX trader will use 3 or 4 indicators
to provide a DEFINITIVE signal to get in a trade.

Always remember: missed money is always better than lost
money !

The GOLDEN RULE is this: Technical trading should be
primarily systematic with a touch of "gut check" (see Ed
Seykota's interview excerpt from yesterday's lesson).

Price and time are pivotal at all times. Technical methods
are not based on an analysis of fundamental supply or demand
factors, political news, or a countries economic profile.

Rather, to our pleasure, Technical Trading, gives us a good
handle on how to answer these critical questions:

- How and when to enter the market.
- How many lots to trade at any time.
- How much money to risk on each trade.
- How to exit the trade if it becomes unprofitable.
- How to exit the trade if it becomes profitable.

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"The Rapid Forex e-Course 6"

2005-10-03T16:12:00.000Z

LESSON #6:

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Economic Fundamentals: Or, What influences
Prices In the FOREX market
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Before we tell you a little about what this form of market
analysis is and why you should, at least, know about it, use
it some (but not necessarily focus on it), let us give you a
few excerpts from two Traders being interviewed by Jack
Schwager in the now-famous book MARKET WIZARDS.

Once you're through reading these beliefs, from two
legendary market wizards, you'll have a good understanding
on where our ideas lie when it comes to using one
(fundamental analysis) or the other (technical analysis) or
both to predict future currency pair price movement.
=====================
[From page 161 - interview with Ed Seykota]:

QUESTION: What are your thoughts about using fundamental
analysis as an input in trading?

ED'S RESPONSE: Fundamentals that you read about are
typically useless as the market has already discounted the
price, and I call them "funny-mentals." However, if you
catch on early, before others believe, then you might have
valuable "surprise-a-mentals."

QUESTION: You answer is a bit facetious. Does it imply that
you only use technical analysis?

ED'S RESPONSE: I am primarily a trend trader with touches of
hunches based on about twenty years of experience. In order
of importance to me are: (1) the long-term trend, (2) the
current chart pattern, and (3) picking a good spot to buy or
sell. Those are the three primary components of my trading.
=================================================
Now, let's look at Bruce Kovner, who has a
less pronounced one-sided belief on this issue:
=================================================
[From page 60 - interview with Bruce Kovner]:

QUESTION: Do you always use fundamental analysis in forming
your trading decisions?

BRUCE'S RESPONSE: I almost always trade on a market view; I
don't trade simply on technical information. I use technical
analysis a great deal and it is terrific, but I can't hold a
position unless I understand why the market should move.

There is a great deal of hype attached to technical analysis
by some technicians who claim that it predicts the future.
Technical analysis tracks the past; it does not predict the
future. You have to use your own intelligence to draw
conclusions about what the past activity of some traders say
about the future activity of other traders.

For me, technical analysis is like a thermometer.
Fundamentalists who say they are not going to pay any
attention to the charts are like a doctor who says he's not
going to take a patient's temperature. But, of course, that
would be sheer folly. If you are a responsible participant
in the market, you always want to know where the market is--
whether it is hot and excitable, or cold and stagnant. You
want to know everything you can about the market to give you
an edge.

Technical analysis reflects the vote of the entire
marketplace and, therefore, does pick up unusual behavior.
By definition, anything that creates a new chart pattern is
something unusual. It is very important for me to study the
details of price action to see if I can observe something
about what everybody is voting for. Studying the charts is
absolutely crucial and alerts me to existing disequilibria
and potential changes.
==========================
So, by now,  you've probably figured out one of the unspoken
truths of trading: there is a tendency to pigeonhole traders
into two distinct schools of market analysis - fundamental
and technical.

For forex traders, the fundamentals are everything that
makes a country tick. The release of economic & inflation
indicators (i.e., consumer spending, employment cost index,
government spending, producer price index, etc.), political
factors, government policy or an individual event can set
the market in a frenzy. These have to be considered when
making the decision weather to trade or not.

Technical analysis, which we will cover more in tomorrow's
lesson, simply put is a way of using historical price data
(via the charts) in different ways to predict the future
price of a currency pair.

Charts are needed, but the reality is...

Fundamental analysis is a very effective way to forecast
economic conditions, but not necessarily exact market
prices. Or, said another way: as a general rule, while you
DO need to have a handle on the most influential
contributors for the cause of a currencies price to move up
or down, you MUST trade in agreement with the supporting
technical indicators.

The reason foreign exchange traders put the most emphasis on
technical analysis is because traders around the world use
similar charts and tools in predicting market trends. The
reason the FOREX market can be so predictable some times is
that if the majority are using the same graph for
determining patterns and trends, then it is highly likely
that they will act in a similar manner. So several thousand
traders who have all charted the same resistance line, for
example, will most likely either set their trades and
direction to conform to that line.
=======================
Since we'll be teaching you, via our courses, to become
sound TECHNICAL TRADERS, we'll cover it more in detail
tommorrow; however, we still wanted you to know what
FUNDAMENTAL analysis is and what it does.

Here's a little more background.

When fundamental data is made available to the public there
is a reaction from investors and speculators.  Information
in the form of news and economic indicators is more vague
than that of technical indicators.  There is a lot of gray
area in this type of analysis. The market will ultimately
react to how people think the economic data compares to the
current market situation.

Economic indicators usually reveal information that "Should
cause a currency to go up in price" or "May cause a currency
to go down".  The words 'should' & 'may' in the quotes above
reveal the ambiguity of the fundamental data.

Here is an example of what analyzing fundamental data is
like.  Let's suppose there are six economic indicators
(there are a lot more).  Let's call our six indicators
A,B,C,D,E, & F.  Now we wait for the data from our
indicators to be published in a financial magazine or at an
online source.  We manage to get the readings for our
economic data for the EURO:

Indicator A: is in a range where the Euro may go up
Indicator B: is in a range where the Euro should go up
Indicator C: is in a range where the Euro could go down
Indicator D: is in a range where the Euro usually goes down
Indicator E: is in a range where the Euro could go up
Indicator F: is in a range where the Euro may go down

By looking at the above indicators, you don't know what the
Euro is going to do.  Furthermore, currencies are always
traded in pairs (as was explained in Lesson #3).  So you
would have to get the fundamental data for another currency
pair and compare it with the EURO.  We think you can
appreciate that this is no simple task.

We do not want to discourage you away from fundamental data.
The best way to learn is to learn about one piece of
economic data at a time.  Eventually you will build a puzzle
from all of the fundamental and technical data and make more
informed trading decisions.

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"The Rapid Forex e-Course 5"

2005-09-11T12:23:00.000Z

LESSON #5:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Charting Your Way to Success: FOREX Price
Charts, What They Mean and How to Use Them
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"What's the difference between the speculative winner and
the ignorant loser in FOREX?" my silver-tongue friend asked.

When I thought about it, numerous things came to mind - such
as discipline, trading rules, not being greedy etc., but
what came out of my mouth was really no big surprise:

"Understanding the charts... they represent so, so much. Ya
gotta know they represent the lifeblood of the market. Know
them well and you'll be head-and-shoulders above the rest."

We at RapidForex.com will be the first to admit that reading
charts, and interpreting patterns, are more an art form than
a skill; however, knowing you'll have to be personally in-
tune and subjectively-creative with the charts (basing your
entry and exit decisions on YOUR OWN combined methods of
technical analysis) doesn't mean you should run-for-the-
hills.

Nope, don't be scared...

The beauty of FOREX charts, as opposed to charts used for,
say, daytrading stocks, is that they are pretty easy to
interpret and use. They're a reflection of a slower-moving,
stable economy (the one of a country) compared to the future
and daily drama of company reports, Wall street analysts and
shareholder demands.

And, don't forget...unlike stocks, currency charts rarely
spend much time in tight trading ranges and have the
tendency to develop strong trends (even though the FX market
may be volatile, it's more predictable). And, rather than
tens of thousands of stocks to analyze, you only have a few
mayor currencies to trade.
===================
The complimentary charting software provided by any one of
our recommended brokers will be absolutely sufficient for
you to put your finger (eye) on the pulse of the market for
any one currency pair.

Understanding just a few basic points, below, of the
technical analysis of currency chart reading can lead to
increased profit potential that far exceed the hazards of
other markets.
===============
Pricing - Price reflects the perceptions and action taken by
the market participants. It is the urgency between buyers
and sellers in the Over-The-Counter (OTC) or 'interbank'
market that creates price movement. Thus, all fundamental
factors are quickly discounted in price. Therefore, by
studying the price charts, you are indirectly seeing the
fundamental and market psychology all at once - after all
the market is fed by two emotions - Greed and Fear - and
once you understand that, then you begin to understand the
psychology of the market and how it relates to the chart
patterns.

Data Window - Most FX online charting stations ,when you
click on a price bar or candlestick, will display a small
box of data usually called a display window which will
contain the following items:

H = Highest_Price
L = Lowest_Price
O = Opening_Price
C = Close_Price (or Last_Price)

The most common types of price bars, used in FOREX trading,
are the Bar Chart and the Candlestick chart:

Bars Charts - Price bars are a linear representation (a line)
of a period of time. This enables the viewer to see a graphic
representation summarizing the activity of a specific time
frame. As an example, we use one minute and five-minute time
intervals for our system. Each bar has similar
characteristics and tells the viewer several important
pieces of information. First, the highest point of the bar
represents the highest price that was achieved during that
time period. The lowest point of the bar represents the
lowest price during the same period. Regular bars display a
small dot on the left side of the bar which represents the
opening price of the period and the small dot on the right
side represents the closing price of the period.

Candlesticks - Japanese Candlesticks, or simply Candlesticks
as they are now known, are used to represent the same
information as Price bars. The only difference is that the
difference between the open and close form the body of a box
which is displayed with a color inside. A red color means
that the close was lower than the open, and the blue color
represents that the close was higher than the open. If the
box has a line going up from the box it represents the high
and is called the wick. If the box has a line going down
from the box, it represents the low and is called the tail.
Many interpretations can be made from these "candlesticks"
and many books have been written on the art of interpreting
these bars (you'll find a few links in our Resources
Section).

So, the main thing to keep in mind between the two types of
price charts is this:

Candlestick charts are similar to bar charts in that the top
tip of a vertical line represents the high and bottom tip
represents the low. However, market activity between the
OPEN and the CLOSE is represented differently by the use of
candlestick bodies.

Because of their colored bodies, candles provide greater
visual detail in their chart patterns than bar charts. Which
is why we recommend you become intimately familiar with
Candlestick charts or, as we like to call them, "bar charts
on steroids."
===============================
Chart Intervals & Time Frames:
===============================
A chart Time Scale & Period, or timeframe, basically refers
to the duration of time that passes between the OPEN and the
CLOSE of a bar or candlestick.

While most of our trading methods, outlined in our course
packages, will have you viewing the 5-min and 1-min candle
charts, it is often useful to look at larger time frames
(like the 1-hour or Daily chart).

For instance, with your broker software, you will be able to
view a currency pair, in a 1-hour timeframe over a 2-day
period, 5-day period, 10-day period, 20-day period and 30-
day period.

Most of the short-term time intervals (5-min and 1-min
charts) are used for entry and exit points and the longer-
term time intervals (1-hour and daily charts) are used to
gauge where the CORRECT trend is (we teach this extensively
in our course titled "Rapid Forex Surfing").

"The Rapid Forex e-Course 4"

2005-09-06T15:52:00.000Z

LESSON #4:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Buying (going "long") and selling (going
"short") in the FOREX market. How to do it
and calculate your profit or loss (you
won't win ALL the time, but most of the time,
YES, if you've got a good trading method).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Here's TWO timeless rules of Investing as they relate to
today's lesson:

RULE #1) ~ Cut your losers; let your winners ride.

Let's be frank (we never promised any rose-colored glasses
here did we? Well, at least not the ones you can wear ALL
the time): YOU WILL HAVE LOSING TRADES.

We do. Every FOREX trader does. The key to being a
consistent, predictable, reliable trader is to, at the end
of the day, add up more wins than losses. And, when you KNOW
(based off your trading rules), without a doubt, that YES,
indeed you are, in a losing trade, don't keep losing money
(lowering your stop loss) just to *prove you are right* or
your rules are wrong (however you want to look at it).

Let's face it - you can't turn a sow's ear into a silk
purse. You can't change the spots of a leopard and you can't
turn chicken poop into chicken salad. The best trades are
usually "right" immediately (the techniques, rules, methods
and strategies we teach at RapidForex.com will be your best
indicator for just what a "right" trade really is).

Remember, people have been trading the markets for a hundred
and sixty years. The smart traders know there's going to be
another trade. Cut your loses short and compound those
winning positions.

RULE #2) ~ Thou Shalt Not Trade the FOREX Without the
Placing of a Stop Loss Order.

When you place a STOP order, right along with your ENTRY
order, via your online trade station, you've just
automatically prevented a potential loss from "running" too
far.

Before initiating any trade, if you haven't already figured
out at what point you would be wrong and would want to cut
your loses or, at the very least, reevaluate your position
from the sidelines, then you shouldn't be putting on the
trade in the first place.

Show us a FOREX trader who doesn't use stop loss orders and
we'll show you someone who loses a lot of m.oney.
=================
To make a profit, in the FOREX, a trader (possibly YOU
soon?) can enter the market as a *buy position* (known as
going "long") or a *sell position* (known as going "short").

For discussion, let's assume you've been studying the EURO
(which, if you remember from yesterday's lesson, is paired
first with the U.S. dollar or USD. Since it is paired first,
it is the base currency).

Your trading methods, rules, strategies, etc., tell you that
prices will rise during a particular timeframe. So you buy
the EUR/USD pair (or, technically, you will simultaneously
buy euros, the base currency, and sell dollars).

You open up your handy trading station software (provided to
you for fr^ee by the online broker), which resides on your
desktop, and you see that the EUR/USD pair is trading at:
<<>>

REMEMBER: the quote to the left of the / (1.3242) refers to
the bid or "sell" price (what you obtain in USD when you
sell EUR). The quote to the right of the / (1.3245) is used
to obtain the ask or "buy" price (what you have to pay in
USD if you buy EUR).

So, since you believe that the market price for the EUR/USD
pair will go higher, you will enter a *buy position* in the
market. For simplicities sake, let's say you bought one lot
at 1.3245. As long as you sell back the pair at a higher
price, then you make money.

But, no worries. This seemingly elaborate process is
handled, and even calculated for you, via the broker's
software mentioned above. The chart software and the quote
board are in agreement with all sides of the currencies.
=================
To illustrate a typical FX SELL trade, consider this
scenario involving the USD/JPY currency pair:

REMEMBER ~ Selling ("going short") the currency pair implies
selling the first, base currency, and buying the second,
quote currency. You sell the currency pair if you believe
the base currency (USD) will go down relative to the quote
currency (JPY), or equivalently, that the quote currency
(JPY) will go up relative to the base currency (USD).

NOTE: while the Profit Calculations, on the Short-sell trade
scenario below, may seem somewhat complicated if you've
never been in the FOREX market before, trust us when we say,
"this process is nearly seemless through your broker trade
station (software). We're just showing you this thought-
process below so you can SEE how a PROFIT occurs even when
SELLING a currency pair.
============================
The current bid/ask price for USD/JPY is 105.26/105.30,
meaning you can buy $1 US for 105.30 Japanese YEN or sell $1
US for 105.26 YEN.

Suppose you decide that the US Dollar (USD) is overvalued
against the YEN (JPY). To execute this strategy, you would
sell Dollars (simultaneously buying YEN), and then wait for
the exchange rate to rise.

So you make the trade: selling US $100,000 and purchasing
10,526,000 YEN. (Remember, at 1% margin, your initial margin
deposit would be $1,000.)

As you expected, USD/JPY falls to 104.26/104.30, meaning you
can now buy $1 US for $104.30 Japanese YEN or sell $1 US for
104.26

Since you're short dollars (and are long YEN), you must now
buy dollars and sell back the YEN to realize any profit.

You buy US $100,000 at the current USD/JPY rate of 104.30,
and receive 10,430,000 YEN. Since you originally bought
(paid for) 10,526,000 YEN, your profit is 96,000 YEN.

To calculate your P&L in terms of US dollars, simply divide
96,000 by the current USD/JPY rate of 104.30.

Total profit = US $920.42
=============================

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"The Rapid Forex e-Course 3"

2005-09-01T07:14:00.000Z

LESSON #3:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
How Currencies Are Traded, UnderstandingFOREX Quotes, Market Structure And How toLove a *pip* -- soon to be your best friend!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Before I get into how currencies are traded, quoted andstructured, let me tell you about one of the best advantagesof FOREX Trading.
The amount of money you need to place a trade (known as"margin") is all that can be lost !
I state it like this (in a glass-is-half-empty, negatively-presumptive kind of way) because, even though I know withproper self-taught education you're NOT going to lose asmuch as you win anyway, I want you to know that despite thesuper-high leverage associated with FOREX trading (200:1 ispossible; meaning if you put up $1 the trading vendor willallow you to trade like you really have $200), it's stillarguably less risky than futures (commodities) trading.
(And, forget stocks, you'll never get this type of LEVERAGEin the equities market)
Futures markets are often prone to sudden and dramaticmoves, against which you can't protect yourself, even bytrading with protective stops. Your position may beliquidated at a loss, and you'll be liable for any resultingdeficit in the account. But because of the FX market's deepliquidity and 24-hour, continuous trading, dangerous tradinggaps and limit moves are eliminated. Orders are executedquickly, without slippage or partial fills. And finally,there are no margin calls -- for your protection, ALL ourrecommended brokers will automatically close out some orall of your open positions if your account equity fallsbelow the level required to hold the positions. Think ofthis as a final, automatic stop, always working on yourbehalf to prevent a debit balance. In fact, if you pick fromour list of recommended brokers, we guarantee that you'llnever lose more than you have in your FOREX account!
=====================
Currencies are traded in dollar amounts called *lots* -- Onelot is equal to $1,000, which controls $100,000 in currency.This is the "margin" I talked about above. Control $100,000worth of currency for only 1,000 doll_ars. Good stuff, right?
Okay, let's move on....
Currencies are always traded in pairs in the FOREX. Thepairs have a unique notation that expresses what currenciesare being traded. The symbol for a currency pair will alwaysbe in the form ABC/DEF. ABC/DEF is not a real currency pair,it is an example of a symbol for a currency pair. In thisexample ABC is the symbol for one countries currency and DEFis the symbol for another countries currency.
Here are some of the common symbols used in the Forex:USD - The US Dollar EUR - The currency of the European Union "EURO"GBP - The British Pound JPN - The Japanese YenCHF - The Swiss FrancAUD - The Australian DollarCAD - The Canadian Dollar
There are symbols for other currencies as well, but theseare the most commonly traded ones.
A currency can never be traded by itself. So you can notever trade a EUR by itself. You always need to compare onecurrency with another currency to make a trade possible.
Some of the common PAIRS are:
EUR/USD Euro / US Dollar"Euro"
USD/JPY US Dollar / Japanese Yen"Dollar Yen"
GBP/USD British Pound / US Dollar"Cable" USD/CAD US Dollar / Canadian Dollar"Dollar Canada" AUD/USD Australian Dollar/US Dollar"Aussie Dollar" USD/CHF US Dollar / Swiss Franc"Swissy" EUR/JPY Euro / Japanese Yen"Euro Yen"
The listed currency pairs above look like a fraction. Thenumerator (top of the fraction or "left" of the / howeveryou want to SEE it) is called the base currency. Thedenominator (bottom of the fraction or "right" of the/however you want to SEE it) is called the counter currency.When you place an order to buy the EUR/USD, for instance,you are actually buying the EUR and selling the USD. If youwere to sell the pair, you would be selling the EUR andbuying the USD. So if you buy or sell a currency PAIR, youare buying/selling the base currency. You are always doingthe opposite of what you did with to base currency with thecounter currency.
If this seems confusing then you're in luck. You can alwaysget by with just thinking of the entire pair as one item.Then you are just buying or selling that one item. Thinkinglike this will still enable you to place trades. You onlyneed to be aware of the base/counter concept for FundamentalAnalysis issues.
So why is it important to know about the base/countercurrency now? The base/counter currency concept illustrateswhat is actually taking place in a Forex transaction. Someof you reading this, know that short-selling was restrictedin the stock market *(Short-selling is where you sell astock/currency/option/commodity first and then try to buy itback at a lower price later). But in the FOREX you arealways buying one currency (base) and selling another(counter). If you sell the pair you are simply flippingwhich one you buy and which one you sell. The transaction isessentially the same. This allows you to short-sell with norestrictions!
You want to be able to short-sell with no restrictions soyou can make money when the market drops as well as when itrises. The problem with traditional stock market trading isthat the market has to go up for you to make money. WithFOREX trading you can make money in all directions.
=======================
Love Your *pips*
=======================
Currencies are traded on a price interest point (pip)system. Each currency pair has its own pip value.
Since we have a listed currency PAIR (i.e., EUR/USD,EUR/AUD), we need a way to talk about its associated numberor price. When you see a FOREX price quote, you'll seesomething listed like this:
<<>>
The first component (before the slash) refers to the bidprice (what you obtain in JPY when you sell USD). In thisexample, the bid price is 118.46. The second component(after the slash) is used to obtain the ask price (what youhave to pay in JPY if you buy USD). In this example, the askprice is 118.51. The difference between the bid and the askprice is referred to as the spread (how brokers REALLY allowyou to trade commission-free). In the example above, thespread is .05 or 5 pips.
Sometimes you won't see a two-sided quote, consisting of a'bid' and 'offer'. But, rather, you'll see something like...
<<>>
When you see a Forex currency pair price quote, like the oneabove, just remember that that last digit of the price isreferred to as the *pip*. So if you see a quote (123.50)and then a qu.ote in one min (123.51), the price rose 1 pip.Similarly, if you see a price quote of 187.50 and thenafter 5 min (187.58), the price rose 8 pips. The pip isalways the last decimal place of the currency price quote.
YOUR GOAL IS TO CAPTURE AS MANY PROFITABLE pips AS POSSIBLE!
Since the US dollar is the centerpiece of the FOREX market,it is normally considered the 'base' currency for quotes. Inthe "Majors", this includes USD/JPY, USD/CHF and USD/CAD.For these currencies and many others, quotes are expressedas a unit of $1 USD per the second currency quoted in thepair.
In the example above, a quote of USD/JPY 123.50 means thatone U.S. dollar is equal to 123.50 Japanese yen.
When the U.S. dollar is the base unit and a currency quotegoes up, it means the dollar has appreciated in value andthe other currency has weakened. If the USD/JPY quote aboveincreases to 124.01, the dollar is stronger because it willnow buy more yen than before.
The three exceptions to this rule are the British pound(GBP), the Australian dollar (AUD) and the Euro (EUR). Inthese cases, you might see a quote such as GBP/USD 1.4366,meaning that one British pound equals 1.4366 U.S. dollars.
In these three currency pairs, where the U.S. dollar is notthe base rate, a rising quote means a weakening dollar, asit now takes more U.S. dollars to equal one pound, euro orAustralian dollar.
In other words, if a currency quote goes higher, thatincreases the value of the base currency. A lower quotemeans the base currency is weakening.
Currency pairs that do not involve the U.S. dollar arecalled cross currencies, but the premise is the same. Forexample, a quote of EUR/JPY 127.95 signifies that one Eurois equal to 127.95 Japanese yen.
====================
So, now that you're fully indoctrinated into how to readcurrency quotes, let us remind you one on thing:
YOUR GOAL IS TO CAPTURE AS MANY PROFITABLE pips AS POSSIBLE!
Oh yeaaaaah ... that was already mentioned, wasn't it? :-)
The point: never lose sight of your objective. While theabove lesson could go on and on for pages, it still wouldn'tmake you a world-class FOREX trader.
But, the combined power of our remaining lessons, just might.

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"The Rapid Forex e-Course 2"

2005-08-26T23:16:00.000Z

LESSON #2:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Why FOREX trading is quickly becoming oneof the investing world's hottest, mostrewarding opportunities. And, why it's our chosen 'Ideal Business.'
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
As ambitious, hungry, time freedom-driven entrepreneursourselves, before we were introduced to the concept ofTrading-For-a-Living, we had the pleasure of reviewing andseeing IN ACTION hundreds of home busine_ss plans, profit-making ideas, and ways to earn a decent income outside of aJ-O-B.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SIDENOTE: while we realize the majority of you reading thisknow J-O-B stands for "Just Over Broke" and that you'llnever become wealthy working one forever; and while weunderstand you're already determined to live your dreams andreach a level of REAL financial independence and Freedom, westill want you to know that it's NOT just all about money --it's about quality of life. It's about time freedom andself-reliance. It's about families. It's about being able tolife a live where you can achieve your recurring daydreams.
We feel FOREX Trading allows you to live the life you'vealways wanted more so than any other income vehicle. It ,inour opinion, is indeed "The World's Most Powerful Hom.e_basedBusine_ss"Read on to learn more ...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
(continued from above the SIDENOTE)But, more than just analyzing them, we've been a part ofquite a few (i.e., Direct Sales, delivery business, RealEstate, marketing consulting, risky investments, etc.).
And from meeting with, interviewing, hearing about others inbusiness, studying industries with intensity and/or readingabout all the different "gurus of the moment", we have cometo find a few SIMPLE truths:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Business Truth #1:Quite often people who have money don't have the time to enjoy it, and those that have the time don't have the money.!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Well, here's some compelling news for you ...
You don't have to sacrifice a LIFE to earn an incrediblyabove-average income!
This isn't a pipe dream. It's purely realistic andcompletely optimistic to say that, yes, if you FOCUS onFOREX trading for several months, you CAN bring your lifeinto balance.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Business Truth #2:
Before money is earned...something, somewhere, somehow has to be SOLD. And, if it's not a repeat type (consumable) product or service, as soon as you stop whipping up the sales force your incom.e comes to a screeching halt!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Listen: "money" is a medium of exchange, nothing more andnothing less. There's no magic way to acquire it. The way tobuild wealth is to exchange a value-oriented product orservice for it.
But what if, rather than hiring sales reps (or being oneyourself), a full-time accountant, an attorney,administrative staff, customer service / human resourcepersonnel (in other words, "employees"), you could work byyourself and have access to multiple thousands of"customers" (no need to advertise for them either) who areready and able to BUY from you (or SELL to you) at the dropof a hat?
And, wouldn't it be incredibly cool if your business couldjust laugh-off such traditional hindrances as competition,collection problems, changing fads, bad publicity, politicalor social events, etc?
Yes, all that and, oops, we almost forgot -- it gets evenbetter...
Trade from anywhere. If you like to travel, this is a dreambusiness. Take your laptop with you and you can trade theFOREX and make money anywhere in the world where you have aninternet connection. You have total freedom of location.
Can you now see why we call this "The World's Most PowerfulHom.e_based Busine_ss?"
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Business Truth #3:
A classic dilemma: for most, you can't get a job(or start a business) without experience(expertise) and you can't get experience(expertise) without a job (or being involved inbusiness)~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
When attempting to make more profit than losses on thefluctuation of exchange rates between major currencies(i.e., Trading the FOREX), nobody is going to ask you for adiploma, a formal license or verify the amount of hoursyou've spent studying the Foreign exchange market andbanking industry.
Nope, it just aint gonna happen!
All the training you'll need to get going smoothly isincluded IN and WITH our Rapid Forex Training Courses (and,of course, the rest of this email mini-course series willgive you more solid info. than even some books do).
----> Now that we've talked some about how FOREX TradingObliterates, like a nuclear explosion, the 3 maindisadvantageous business TRUTHS above .....
================================================
Let's discuss the many benefits and advantages of FOREX Trading over Stocks & Commodities
================================================
Here's the HIGHLIGHTS on WHY FOREX is becoming thego-to market for private and institutional traders alike:
The Main Benefits of Trading the FX Spot Market:(we'll get into some of the DETAILS after this)
- Never a 'Bear' Market!- No Separate commissions! - Low to Zero Transaction Costs / Narrow Dealer Spreads!- A 24-hour Market with Superior Market Liquidity!- It has up to 200:1 Leverage for Margin Trading!- Streaming Executable Prices!- Price Movements Are Highly Predictable!- FOREX Trading is Economical and Start-up Costs are Low!============================
Before we get into the DETAILS on the BENEFITS listed above,as a potential RapidForex.com student, trader, and all-around well-educated investor, it is important to know thedifferences between cash FOREX (SPOT FX) and currencyfutures.
In currency futures, the contract size is predetermined.
With FOREX (SPOT FX), you may trade any desired amount,typically up to $100,000 USD. The futures market closes atthe end of the business day (similar to the stock market).If important data is released overseas while the U.S.futures markets is closed, the next day's opening mightsustain large gaps with potential for large losses if thedirection of the move is against your position.
The Spot FOREX market runs continuously on a 24-hour basisfrom 7:00 am New Zealand time Monday morning to 5:00 pm NewYork Time Friday evening. Dealers in every major FX tradingcenter (Sydney, Tokyo, Hong Kong/Singapore, London, Genevaand New York/Toronto) ensure a smooth transition asliquidity migrates from one time zone to the next.
Furthermore, currency futures trade in non-USD denominatedcurrency amounts only whereas in spot FOREX, an investor cantrade either in currency denominations, or in the moreconventionally quoted USD amounts. The currency futures pit,even during Regular IMM (International Money Market) hourssuffers from sporadic lulls in liquidity and constant pricegaps. The spot FOREX market offers constant liquidity andmarket depth much more consistently than Futures. With IMMfutures one is limited in the currency pairs he can trade -Most currency futures are traded only versus the USD - Withspot FOREX, you may trade foreign currencies vs. USD or vs.each other on a 'cross' basis as well - ex: EUR/JPY,GBP/JPY, CHF/JPY, EUR/GBP and AUD/NZD (more on what thesemean in Lesson #3 tommorrow)============================
More and more savvy investor and entrepreneurs are shunningtraditional financial markets, like stocks, bonds &commodities and building their fortunes in the foreignexchange (FOREX) marketplace.
Here are 7 important reasons why:
1): FOREX is the largest financial market in the world.
With a daily trading volume of over $1.5 trillion, the spotFOREX market can absorb trading sizes that dwarf thecapacity of any other market. In fact, when compared withthe $50 billion daily market for equities or the $30 billionfutures market, it becomes quickly apparent this gives you,and millions of other FOREX traders, almost infinite tradingliquidity and flexibility.
2): FOREX is a TRUE 24-hour market.
The FOREX Market never sleeps. Trading positions can beentered and exited at any moment - around the globe, aroundthe clock, six days a week. There is no waiting for anopening bell as in the case of trading stocks. It is a 24-hour, continuous electronic (ONLINE) currency exchange thatnever closes. This is very desirable for you if you want totrade on a part-time basis, because you can choose when youwant to trade: morning, noon or night.
3): There is never a Bear Market in FOREX.
You can have access to a seamless, mutually-inclusive (two-way) exchange of currencies. Meaning, because currenciestrade in "pairs" (for example, US dollar vs. yen or USdollar vs. Swiss franc), one side of every currency pair(for example, USD/JPY - JPY = YEN) is constantly moving inrelation to the other. Thus, when you buy a particularcurrency, you are actually simultaneously selling the othercurrency in that particular pair. As the market moves, oneof the currencies will increase in value versus the other.Of course, it is up to you to choose the correct currency tobe long or short. Since currency trading always involvesbuying one currency and selling another, there is nostructural bias to the market. This means you have equalpotential to profit in both a rising or falling market.
4): High Leverage - up to 200:1 Leverage.
You are permitted to trade foreign currencies on a highlyleveraged basis - up to 200 times your investment with somebrokers. This is primarily attributed to the higher levelsof liquidity within the currency markets. Standard 100,000-unit currency lots can be traded with as little as 1%margin, or $1,000. Mini FX accounts are permitted to tradewith just 0.5% margin -- in other words, just $50 allows youto control a 10,000-unit currency position. Futures traders,who are accustomed to margin requirements generally equal to5%-8% of the contract value, will immediately recognize thatthe FOREX market provides much greater leverage, and forstock traders, who must post at least 50% margin, there's nocomparison. If you're looking for an efficient use oftrading capital, this is it!
5): Price Movements Are Highly Predictable.
Although currency prices in the FX market may be volatile,they generally repeat themselves in relatively predictablecycles, creating trends. The strong trends that foreigncurrencies develop are a significant advantage for traderswho use the "technical" methods and strategies we teach atRapidForex.com.
Unlike stocks, currencies rarely spend much time in tighttrading ranges and have the tendency to develop strongtrends. Over 80% of volume is speculative in nature and, asa result, the market frequently overshoots and then correctsitself. As a technically-trained trader, you can easilyidentify new trends and breakouts, which provide formultiple opportunities to enter and exit positions.
6:) Commission-free Trading and Low Transaction Cost
When you trade FOREX, through one of our recommended brokers(this info is in our private resources section), you'll doit totally commission-free! These brokers don't chargecommissions to trade or to maintain an account, and thatgoes for all clients trading the FOREX through them,regardless of your account balance or trading volume. EvenMini FX traders can buy and sell currencies online,commission-free.
This is worth repeating: No FX commissions!
What about trading fees? There are none of the usual fees towhich futures and equity traders are accustomed -- noexchange or clearing fees, no N_F_A or S_E_C fees. Becausecurrencies trade over-the-counter (OTC), via a globalelectronic network -- in FOREX, what you see is what youget, allowing you to make quick decisions on your tradeswithout having to worry or account for fees that may affectyour profit/loss or slippage.
In the equities markets, you must pay both a commission andexchange fees. The over-the-counter structure of the FXmarket eliminates exchange and clearing fees, which in turnlowers transaction costs.
So, if FOREX broker don't charge commissions, how do theymake money? Like all traded financial products, over-the-counter currency trading involves a bid/ask spread, whichrepresents the prices at which your counterparty is willingto trade. Because the currency market offers round-the-clockliquidity, you receive tight, competitive spreads bothintra-day and night. Stock traders can be more vulnerable toliquidity risk and typically receive wider trading spreads,especially during after-hours trading.
7): Instantaneous Order Execution and Market Transparency.
Market transparency is highly desired in any tradingenvironment. The greater the market transparency, the moreefficient the market becomes. Unlike other markets wheretransparency is compromised (like in the Enron scandal),FOREX markets are highly transparent (i.e., analyzingcountries, and having access to real-time research / news,is easier than companies).
Because of this transparency, as an FX trader, you will beable to exercise risk management strategies in accordance tothe fundamental and technical indicators we teach atRapidForex.com
The FX market offers the highest level of markettransparency out of all the financial markets. Because ofthis, order execution and fill confirmation usually occur injust 1-2 seconds. Markets that do not offer executableprices and force traders to absorb slippage obviouslycompromise the trader's profit potential considerably.
In the forex world, order execution is all-electronic andbecause you'll be trading via an Internet-based platform,instantaneous execution is routine. There are no exchanges,no traditional open-outcry pits, no floor brokers, andconsequently, no delays.
=================================
So, by now, if you haven't caught our FOREX fever -- ourbelief and interest in this market of unlimited profit-making opportunities -- well ... we're just not too surewhat else we can do with you :-)
FOREX trading truly is the "World's Most Powerful Home-basedBusiness" and we invite you to stay-tuned for tomorrow'slesson on *Currency Pairs* - how to read them, calculateprofits, recommended pairs to trade, etc.

Share-the-wealth Risk Free Home Based Business Information.
Sharing the secrets of starting a successful home business!

"The Rapid Forex e-Course 1"

2005-08-25T03:16:00.000Z

LESSON #1:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
What Is FOREX and How to Take Part in the
World's Largest, Most Liquid Trading Market
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"If you think what you do is great, you ain't seen nothing
yet. I'm an FX Trader".

Those were the words I heard over three years ago, and since
then, regardless of how confrontational, competitive, or in-
your-face they may of seemed at the time, I'm glad I heard
them.

I was just introduced to what we will affectionately call,
throughout this mini-course (seriously), "The World's Most
Powerful Hom.e_based Busin_ess" (but a lot more on that
tomorrow).

Even though you, and I, have had the opportunity to take
part in trading foreign currencies for profit (in the same
way banks and large corporations do) since 1998, it is just
now becoming the cool, hip, new "thing" to talk about at
parties, business events, and other social gatherings.

Even though it HAS been somewhat of a loosely guarded secret,
more and more investors are turning to the all- electronic
world of FOREX trading for income and profit because of its
numerous benefits & advantages over traditional trading
vehicles, like stocks, bonds and commodities (stay tuned,
for tomorrow's email, to get the inside scoop on this).

But, still, whenever something SEEMS new or is just becoming
a part of social conversation, news articles, and water
cooler gossip, misconceptions have to be overcome, the mind
has to be open and the slate has to be clear for starting
out fresh with the CORRECT information.

So, in this first Lesson, it is our attempt to give you some
solid, but not over-detailed, information on just what the
heck "FX" (FOREX) means, what it is, and why it exists.

Plus, we wouldn't want you to be the one giving the blank
stare, at the parties, when someone brings it up :-)

If you'd like to make $_200 to $_3,000 for as little as ten
minutes of work -- work that involves minimal risk, but
plenty of upside potential -- then this ongoing email mini-
course if for you.

As a friend of mine said, "Trading FOREX is like picking
money up off the floor. NOT trading FOREX is like leaving it
there for someone else to pick up." Others in the industry
have also said, "It's like having an ATM machine on your own
computer."

In this 20-part e-Course series, we will show you what they
mean.
=============
Here's the all-steak, no-sizzle explanation (one we feel
you'll appreciate) of what FOREX is and how traders, like us,
profit from it:

The Foreign Exchange Market, also referred to the "FOREX" or
"FX" market, is the spot (cash) market for currency.

But, don't mistake what we're doing as trading the futures
market, where you buy a contract to purchase a particular
currency at a future price in time.

What we do is much less risky than trading currencies on the
futures market, much more profitable, and a lot easier,
than trading stocks. [note: we'll tell you more about this,
tommorrow, in Lesson #2]

So, you're probably wondering where it's at ... or ... how
to access the FX market?

The answer is: FX Trading is not bound to any one trading
floor and is not centralized on an exchange, as with the
stock and futures markets. The FX market is considered an
Over-the-Counter (OTC) or 'Interbank' market, due to the
fact that the entire market is run electronically, within a
network of banks, continuously over a 24-hour period.

Yes, if that's the first time you've heard about an all-
electronic market, we know this may sound somewhat intriguing
to you.
And, it should be, because it certainly is.
Here's what you are actually trading when you participate in
the Foreign Exchange (FOREX) market:

Essentially, like the large banks who use the FX market to
protect themselves from the fluctuating exchange rate of
different currencies, as an investor, what we're doing is
simultaneously exchanging one countries currency for another.
So, in actuality, we're electronically trading a currency
-pair and the price that is quoted to us is the exchange rate
between the two currencies.

If you just said, "Huh?" ...no worries, we've got ya covered
with an explanation.

In other words, simply the quoted price is how many of the
one currency is worth 1 of the other currency.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Example:
EUR/USD last trade 1.2850 - One Euro is worth $1.2850 US
dollars.

The first currency (in this example, the EURO) is
referred to as the base currency and the second (/USD)
as the counter or quote currency.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Okay, okay ... let me STOP myself before I get too deep into
Currency Pair education (we'll cover that with you in Lesson
#3)

Yes, this is a lot to share with you about this relatively
new, exciting market of unlimited profit possibilities -- a
market that has so many more advantages over other
investments, and even over other businesses, that it will
blow your socks off.

And, being the curious, ambitious guy that you are, I know
you'd like to dive in. So, stay tuned for tomorrow's email
where we'll tell you why FOREX Trading is the ideal business
and what its benefits are over other investing vehicles.

But ..... WAIT !!!

I'll at least give you something to chew on overnight.

We get a lot of questions about FOREX - from folks who've
never heard of it to advanced, highly-skilled traders.

The one question that keeps popping-up from the former group
of people is this:

"If people, like you, are making so much money by trading
the FOREX, why would you share this information with
anyone?"
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SIDENOTE: a lot of courses will spend several pages
introducing the FOREX by giving a historical perspective.
In our opinion, for a trader, this is a waste of time.
Yes, it could be interesting to learn about the details
on Who,What, When, Where and Why but, just know that
historical knowledge will not help you to become a FOREX
Trader. However, we will leave you with the QUICK Info
below:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Here's the answer...

The FOREX has a DAILY trading volume of around $1.5 trillion
dollars - 30 times larger than the combined volume of all
U.S. equity markets. This means that 1,498,574 skilled
traders could each take 1 mill.ion doll_ars out of the FOREX
market every day and the FOREX would still have more money left
than the New York Stock exchange every day!

Wow !

Yes, wow indeed. The FOREX plays a vital role in the world
economy and there will always be a tremendous need for the
FOREX. International trade increases as technology and
communication increases. As long as there is international
trade, there will be a FOREX market. The FX market has to
exist so a country like Japan can sell products in the
United States and be able to receive Japanese Yen in
exchange for US Dollar.

So, before tommorrow arrives, just keep this in mind:

There's plenty of money for plenty of traders to use the
same trading techniques / tactics and profit immensely. And,
with only 5% of the daily turnover of volume coming from
banks, government and large corporations who need to hedge,
imagine what the other 95% is for -- bingo, for speculation
and profit.

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2005-08-18T20:25:00.000Z

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