"those Darn Market Makers" And Better Trades
I just finished a training session on the internet and I answered a question that I have answered 100 times before or more. It got me a bit worked up because there is far too much mythology out there about the market and how it works and who does what to whom. I am going to attack one of the straw men of trading myths.
It is widely thought among beginners and sadly many veterans alike that there is a boogey man in the closet; a little man behind the green curtain that pulls strings and levers and takes my trade away from me. This misperception was generated in the early days of the NASDAQ electronic trading platform. In the early days when electronic (versus open outcry face to face) trading was just getting started there were instances of market makers adjusting order flows to stretch spreads. They would delay market orders so they filled at higher or lower prices when the prices were moving fast. There were also some instances of prices being manipulated to hit pockets of stop loss orders that were visible on the screens. A number of lawsuits and firings and license revocations stopped that very quickly, but myths prevail and it seems that people need to have demons to explain calamities and excuse their shortcomings. The calamity is that trading skills often do not match the market conditions. When that happens please have the sense not to blame the mean nasty conniving market maker.
Fact: The market maker does not know or care much about you, at least not in a negative way. A market maker wants you to be there because with out you they are out of business. But you are not a target to abuse. You are a number, you are a single trade in a day of hundreds it not thousands of trades and the five to thirty cents your trade makes will not be more than a drop in a bucket to them. They want your trade and will compete with other market makers to get your business. When you place an order in the spread the market makers may debate whether to meet your request, and if it is reasonable some hungry market maker will take it even if the others don t want to. You represent their livelihood but you are not FOOD!
Fact: Except in a few extraordinary cases, prices have to move incrementally. That means the idea of market makers jumping up or down to grab your stop bogus. It is illegal and would get picked up by the regulatory process. The exceptions are as follows; a gap in over night trading can give the market maker a right to gap prices. A Fast Market (wild irregular trading) condition gives some leeway for market makers to catch up. Market makers can in certain cases also move prices with out corresponding price action. If volatility changes in the market and there are no active orders on the book they can adjust option prices. In that case they can adjust prices to actual changing conditions. Otherwise they can not just move prices around to look for your stop. They can push a price up or down by manipulating the bid and ask but generally there has to be stock movement and or volatility movement before prices can be adjusted.
Fact: Your stop is not visible to the market maker. Even if it is an actual order, if it is away from the price it is invisible to them. Until the price action approaches your stop (close to the money) they can not see it. Once it is close to the money it is visible but the above rules apply.
Fact: A market maker can not skip your order either. They are required to trade 100 shares or one contract before moving a price so if you place an order of 100 shares or 10 contracts and you don t get filled they did not skip you and if you had only one or two contracts fill it would be perfectly legal. If your 10 contract order was an All or Nothing and you got nothing, they they were not obligated to fill it for you. However if no orders had yet been traded at that price and it was not an All or Nothing , they would be obligated to take part of your order because they can not back away from a trade. At least 100 shares or one contract must be traded before prices can be moved if there are legitimate orders in line. So, if there is a Bid and Ask showing and you place an order here is what can happen
1. You get filled (probably there is some volume and you are part of it)
2. You get partial fill and the price moves (they are reading volume and momentum and decide to move the price; orders can be partially filled and market orders can be spilt up and filled at the next price)
3. You get no fills and the price goes up (one hundred shares had already been traded before your order showed up and your order prompted them to raise the price)
4. No trades go through but the price goes up and you do not get filled (you offered in the spread and they have no obligation to bargain- they can move it and hope you come after it).
Games:
There is definitely an element of gamesmanship that is legal. Generally the market maker will have more experience and will be better at it than you. That is not illegal but definitely painful to the rookie who may feel cheated, but if a rookie takes on the pros and loses it is not because of cheating.
Fishing:
Option trading is where most fishing goes on. Slow volume means orders come through one at a time and so there can be an electronic face off between you and the market maker. They are not trying to cheat or hurt you and generally it is the trader that pushed the button that starts the game. As stated earlier, if you hit the Bid or Ask, your order will almost always go through but, if you offer in the spread and there is light volume, it can be like poking a wasp s nest with a stick. It s like offering some one ten dollars for their twenty dollar chair. You started it. So you send in the order and it is not filled and the price goes up. Whoa, you think Cool. It s moving my way, I ll try again but I still want to get a discount, so you offer in the spread again. Same thing happens so you quickly raise your price to the Ask and buy before it gets away from you. Now the price settles back down and you are frustrated. If you were to check out the volume you would find that you were the only order and you were played. If you had offered at the Ask the first time it would have probably been filled but, your offer allowed them to move the bait which you hungrily chased. At the other end, a market maker smiles, nods their head and is thankful you came to play at their house today.
Taking out stops:
This is classic misrepresentation. First of all, as stated above, price movement is controlled. Secondly, they are invisible especially if you use contingent stops which technically don t even exist. Thirdly if you are doing card tricks with three year olds, you don t have to hide the cards really well. Look, market makers learn from experience that people are basically lazy and creatures of habit. If a stock dips to seventy dollars and rises a bit, it may indicate that buy stops kicked in. If volume increases it may indicate stops were present as stops do tend to be set at whole numbers. Well that kind of sets a precedent for the next trip to support. If you set your stop at seventy and get hit only to see it bounce you may feel violated and cheated, but remember three year olds are easily impressed and offended. When a pheasant hunter goes into a field they look for stands of tall grass. They send the hunting dog over to rustle the grass and if birds fly up, were the hunters cheating? No, they are just good hunters. Folks, this is their business and it is a competition but not a war. Businesses may fight each other but not their customers. Now salesmanship will dictate that they try to get the customer to pay the best price but they are not out to get you! If you make it easy for them by your lack of skill it is not their fault and they are not the bad guys.
I train my students to use contingency stops so that they are completely invisible to the market but not because I am afraid of market makers. I want the student to set up If Then scenarios that keep them neutral in their trading. I also show them where the traps and land mines may be and where stops make the most sense. It is simply learning to play the game and a big part of that is learning the competition. The retailer is not your enemy, they want your business and they do provide a service but you must learn to not overpay or fall for that flashy lure because the pros are not going to dumb down the game for you.
There are effectively floor cops for the exchanges and very strict rules. The Floor Governors committee has over 20 checks and balances to monitor and regulate ALL trades. No one can operate in a vacuum or under the wire. Time stamps record every action and if you suspect foul play you have the right to request a time stamp and proof that your order was handled to the letter of the law. If there is a mistake it is corrected in your favor. If foul play was uncovered it could cost the market maker their license. By the way in 1999 a seat on the NYSE sold for 2.6 million dollars. Currently a NYSE seat goes for 1.1 million dollars and the Chicago Board Options Exchange (CBOE) seats go for $590,000. Try to imagine a market maker risking that investment over a fifteen cent spread. FOLKS, listen to me it does not happen. Manipulation happens and games are played but not like the myths and stories suggest.
So please let go of the blame, the rhetoric and epitaphs that so conveniently hide our own deficiencies as traders. Step up and own your skill level and do something about it. I invite you to come and spend two days with me in the Trader s Forge. I will put you through ten months of actual trading drills and you can learn to set stops and read price charts and flow with the trades by actually trading. I will make you work like a coach makes the players work until you begin to own the new skills and gain confidence in a realistic
Sunday, January 18, 2009
Day Trading Success All Facts You Need To Know
Day Trading Success All Facts You Need To Know
Before you attempt to day trade or buy a day trading system, there are 3 facts that you need to know, as they are critical for your day trading success so let s look at them.
1. The Logic Of Day Trading Is Flawed
The logic of day trading is flawed and doesn t work.
Sure you see lots of people claim to make money at forex day trading but they don t and you will never find a real time track record of gains - we will come back to this point in a moment, for now lets look at why day trading cannot work.
The answer is simple:
FACT:
All short term volatility is random and prices can and do go anywhere in a day, so if this is true it s impossible to win.
Of course its common sense, there is no order to the markets in a just a few hours.
Think about it:
Millions of traders trade trillions of dollars and to say that you tell what this mass of people is going to do in a few hours is laughable.
You can never win longer term day trading so let s look at all those wonderful track records, that tell you to give up the day job and trade for a living..
2. Where is The Track Record?
You will see people present track records in day trading and they all have hypothetical or simulated written on them which means yep you guessed it there done in hindsight knowing the closing prices How hard is that?
A child could do it and these track records are not worth the paper their written on.
You never see a real one!
The vendor knows it doesn t work so he is not going to risk his money trading he can sell the system to you, make a guaranteed profit and you take the loss in the market. The above is what happens as these vendors trick traders with simulated track records and clever marketing copy.
Scams on the net
The internet has bought lots of great information to forex traders - but also a lot of scams and cons and the biggest con of all is anyone who tells you day trading works it doesn t.
Try and find a track record if you dont believe me - you wont find a real one if you do tell me about it, I have been searching for 20 years.
Finally...
If you want to make money forex trading, you need to trade in time frames that mean you can get the odds on your side and this means trading longer term - leave day trading to investors who are naive, lazy or just dreamers. If you want to win - get the odds on your side and do your homework and avoid forex myths such as day trading.
Before you attempt to day trade or buy a day trading system, there are 3 facts that you need to know, as they are critical for your day trading success so let s look at them.
1. The Logic Of Day Trading Is Flawed
The logic of day trading is flawed and doesn t work.
Sure you see lots of people claim to make money at forex day trading but they don t and you will never find a real time track record of gains - we will come back to this point in a moment, for now lets look at why day trading cannot work.
The answer is simple:
FACT:
All short term volatility is random and prices can and do go anywhere in a day, so if this is true it s impossible to win.
Of course its common sense, there is no order to the markets in a just a few hours.
Think about it:
Millions of traders trade trillions of dollars and to say that you tell what this mass of people is going to do in a few hours is laughable.
You can never win longer term day trading so let s look at all those wonderful track records, that tell you to give up the day job and trade for a living..
2. Where is The Track Record?
You will see people present track records in day trading and they all have hypothetical or simulated written on them which means yep you guessed it there done in hindsight knowing the closing prices How hard is that?
A child could do it and these track records are not worth the paper their written on.
You never see a real one!
The vendor knows it doesn t work so he is not going to risk his money trading he can sell the system to you, make a guaranteed profit and you take the loss in the market. The above is what happens as these vendors trick traders with simulated track records and clever marketing copy.
Scams on the net
The internet has bought lots of great information to forex traders - but also a lot of scams and cons and the biggest con of all is anyone who tells you day trading works it doesn t.
Try and find a track record if you dont believe me - you wont find a real one if you do tell me about it, I have been searching for 20 years.
Finally...
If you want to make money forex trading, you need to trade in time frames that mean you can get the odds on your side and this means trading longer term - leave day trading to investors who are naive, lazy or just dreamers. If you want to win - get the odds on your side and do your homework and avoid forex myths such as day trading.
Learn Forex Trading
Learn Forex Trading
Almost all internet marketers have heard of forex trading or online currency trading as it is sometimes referred to and many are curious about how the forex trading system works and where they can go to learn forex trading.
In order to become a successful forex trader you need to know what forex trading is and how to successfully trade forex. In order to achieve sufficient knowledge it is vital to learn forex trading from experts. This can be done in the form of a forex tutorial and there are literally hundreds of forex companies offering online tutorials and guides.
An online forex tutorial will explain how the foreign exchange market works and will also explain the types of forex orders that are available to you as a forex trader. A forex tutorial will also explain about technical indicators and what they mean, the economic indicators you will need to be aware of and the various options and strategies that are available to you as a forex trader.
If you are new to forex trading then it is essential that you learn forex trading before parting with any of your hard earned cash. Many online forex companies offer free training and demonstrations that resemble that of real time forex trading. There are also forex trading courses available and these are also a valuable way to learn forex trading as you can refer to these course time and time again.
The most important aspect when it comes to forex trading is to learn forex trading so that you understand how to trade and how to trade successfully. The more you learn forex trading the more understanding you will have and the more success. Finding a forex tutorial or forex trading course is simple. All you need to do is a brief internet search and you will have a great deal of tutorials and courses to choose from. If you are serious about succeeding as a forex trader, then it s down to you, learn forex trading now and learn to succeed.
The Importance Of A Solid Forex Trading System
The Importance Of A Solid Forex Trading System
Said to be one of the largest exchange markets, the Forex market is gaining immense popularity. The possibility of earning large profits adds to the appeal. Although trading in this market is not easy, it can be, provided you find a proven and profitable Forex trading system.
Even a planned investment can often take a wrong turn. The investor has a bad day even after planning his actions. Nevertheless, this is of little concern to the Forex trader. Every trader in the Forex market knows that to keep the losses to a minimum the trader will have to follow their forex trading strategy and use proper money management. In this way, he will learn to survive the volatile investment market and make profitable trades in the long term.
The Forex market allows traders to conduct their transactions in a rather emotionless manner. This is because the pre-determined guidelines that form a forex trading system can make it easier for traders. Executing actions is now easy as there are fixed price levels of initial stop loss and trailing loss. Apart from this, there already exists a computed price profit, which is projected in the trader’s interests. This computation allows the trader to know what his level of loss or profit is and even the risk to reward ratio before he even begins to trade for the day.
Using the proper forex trading system, the trader plans his trade and makes a profit with the right moves. But on the other hand, if the trader makes a wrong move and is more likely to make a loss than a profit, the Forex trading system will show the trader that he is making a wrong move. In this way the trader is able to move out of the situation quickly and the huge losses he would have otherwise incurred is no more a worry. Trading in this way protect the trader from large losses and helps lock in higher profits for winning trades.
There are many types of forex traders from position traders to swing traders to day traders. Forex traders who buy and sell their currencies or open and close their markets on the very same day are considered day traders. There are many traders who believe that the day trading system is not worthwhile and do not give it much importance, but with the right forex trading strategy, day trading can be very profitable. When researching a forex trading strategy, what you need to do is review it by finding out the reactions of other Forex traders. You can ask any existing Forex traders about their trading experience and how they like their trading system and if they consider it to be a profitable one. Trading forums are another way of receiving reviews about Forex trading systems. As there are a number of forums, you will have no difficulty in getting the information you require. However, many professionals feel that day trading is quite profitable though it is not the easiest way to trade. If this wasn’t a profitable method of investing then how does one explain the large number of day traders who earn their income solely from this source? Therefore, if you wish to be part of any system that relates to day trading then it is necessary that you have sufficient knowledge about many Forex trading systems and strategies.
Many sites let you in on the Do’s and Don’ts of Forex trading. There are no secrets but there are things you do need to be aware of. These sites provide you information on Forex trading strategies, forex trading techniques and all other information that you may be in need of. You can also find a number of helpful forex trading tools, information and techniques are made available to make Forex trading easier for the trader.
Said to be one of the largest exchange markets, the Forex market is gaining immense popularity. The possibility of earning large profits adds to the appeal. Although trading in this market is not easy, it can be, provided you find a proven and profitable Forex trading system.
Even a planned investment can often take a wrong turn. The investor has a bad day even after planning his actions. Nevertheless, this is of little concern to the Forex trader. Every trader in the Forex market knows that to keep the losses to a minimum the trader will have to follow their forex trading strategy and use proper money management. In this way, he will learn to survive the volatile investment market and make profitable trades in the long term.
The Forex market allows traders to conduct their transactions in a rather emotionless manner. This is because the pre-determined guidelines that form a forex trading system can make it easier for traders. Executing actions is now easy as there are fixed price levels of initial stop loss and trailing loss. Apart from this, there already exists a computed price profit, which is projected in the trader’s interests. This computation allows the trader to know what his level of loss or profit is and even the risk to reward ratio before he even begins to trade for the day.
Using the proper forex trading system, the trader plans his trade and makes a profit with the right moves. But on the other hand, if the trader makes a wrong move and is more likely to make a loss than a profit, the Forex trading system will show the trader that he is making a wrong move. In this way the trader is able to move out of the situation quickly and the huge losses he would have otherwise incurred is no more a worry. Trading in this way protect the trader from large losses and helps lock in higher profits for winning trades.
There are many types of forex traders from position traders to swing traders to day traders. Forex traders who buy and sell their currencies or open and close their markets on the very same day are considered day traders. There are many traders who believe that the day trading system is not worthwhile and do not give it much importance, but with the right forex trading strategy, day trading can be very profitable. When researching a forex trading strategy, what you need to do is review it by finding out the reactions of other Forex traders. You can ask any existing Forex traders about their trading experience and how they like their trading system and if they consider it to be a profitable one. Trading forums are another way of receiving reviews about Forex trading systems. As there are a number of forums, you will have no difficulty in getting the information you require. However, many professionals feel that day trading is quite profitable though it is not the easiest way to trade. If this wasn’t a profitable method of investing then how does one explain the large number of day traders who earn their income solely from this source? Therefore, if you wish to be part of any system that relates to day trading then it is necessary that you have sufficient knowledge about many Forex trading systems and strategies.
Many sites let you in on the Do’s and Don’ts of Forex trading. There are no secrets but there are things you do need to be aware of. These sites provide you information on Forex trading strategies, forex trading techniques and all other information that you may be in need of. You can also find a number of helpful forex trading tools, information and techniques are made available to make Forex trading easier for the trader.
Forex Trading - Blackjack And Poker Players Make Great Forex Traders Why?
Forex Trading - Blackjack And Poker Players Make Great Forex Traders Why?
There are numerous poker and blackjack players who have made the transition from professional card playing to forex trading and made millions. Why are they so successful? Because the skills needed are very similar.
There is an old gamblers saying:
"There's a time to hold them a time to fold them and there's a time to get out of town fast"
If you think about this saying, it's the perfect introduction to succeeding in card playing and forex trading.
Forget the gurus and the mentors (most who have never traded in their lives) who tell you that you can predict forex prices in advance or that they move to a scientific theory - they don't.
Just like card playing forex is a game of odds not certainties - but just like the professional card player, you can play the odds and win.
"A time to hold them"
By studying the cards that come out of the deck the successful card player knows the odds of the cards coming next, he's not certain but by counting the cards he knows the probability and this is true with forex.
In card playing you hold and play in forex trading when the odds are in your favour you execute you're trading signal.
"A time to fold them"
If a card player has junk hands, he folds and passes the hand by.
Compare this to forex traders - many of them want to trade low odds scenario's because they think they will miss a move if their not in the market, while others trade when the odds are never in their favour i.e. day traders and they lose.
The card player knows his winnings are not based upon how many hands he plays - but how good the hands are and how he bets only then and it's the same in forex trading.
In forex trading you get paid for being right not how often you trade.
When you feel you have a high odds hand - bet and bet big.
You will see poker players back high odds hands with a cool head and large amounts of cash and you must do the same.
Forget about the myth of betting small 2% per trade which is a common accepted figure - this is ridiculous!
On 2% on a $10,000 account that's risking just $200.00!
You won't win much doing that- bet 10 - 20% if you have the odds on your side and have the courage of your conviction.
"A time to get out of town fast"
This applied to the old west and when your life was in danger - get out quickly!
In forex trading to preserve your equity you need to cut and run.
I heard a trader once say that if you want to win:
"You need to bet but you can't, if you're not at the table"
To stay at the table or trading, you have to preserve your equity.
That means rigid stops preferably placed before you enter the trade - no hoping a trade will turn around - if you life or position are in danger get out!
DISCIPLINE
All card players have this and you must to, as a forex trader.
Even the greatest card players have to lose hands to win longer term.
However if they can stay at the table and keep betting and play the odds, they can bet big on the high odds hands and win.
Of course you can do this to as a forex trader.
If you want to read an excellent interview with blackjack player come multi millionaire trader Blair Hull which expands on the above points get the excellent book "Market Wizards" By Jack Schwager which interviews Blair and a whole host of top traders - its essential reading for all forex traders.
Finally! Remember:
Play the odds with discipline in forex trading and you can enjoy currency trading success.
There are numerous poker and blackjack players who have made the transition from professional card playing to forex trading and made millions. Why are they so successful? Because the skills needed are very similar.
There is an old gamblers saying:
"There's a time to hold them a time to fold them and there's a time to get out of town fast"
If you think about this saying, it's the perfect introduction to succeeding in card playing and forex trading.
Forget the gurus and the mentors (most who have never traded in their lives) who tell you that you can predict forex prices in advance or that they move to a scientific theory - they don't.
Just like card playing forex is a game of odds not certainties - but just like the professional card player, you can play the odds and win.
"A time to hold them"
By studying the cards that come out of the deck the successful card player knows the odds of the cards coming next, he's not certain but by counting the cards he knows the probability and this is true with forex.
In card playing you hold and play in forex trading when the odds are in your favour you execute you're trading signal.
"A time to fold them"
If a card player has junk hands, he folds and passes the hand by.
Compare this to forex traders - many of them want to trade low odds scenario's because they think they will miss a move if their not in the market, while others trade when the odds are never in their favour i.e. day traders and they lose.
The card player knows his winnings are not based upon how many hands he plays - but how good the hands are and how he bets only then and it's the same in forex trading.
In forex trading you get paid for being right not how often you trade.
When you feel you have a high odds hand - bet and bet big.
You will see poker players back high odds hands with a cool head and large amounts of cash and you must do the same.
Forget about the myth of betting small 2% per trade which is a common accepted figure - this is ridiculous!
On 2% on a $10,000 account that's risking just $200.00!
You won't win much doing that- bet 10 - 20% if you have the odds on your side and have the courage of your conviction.
"A time to get out of town fast"
This applied to the old west and when your life was in danger - get out quickly!
In forex trading to preserve your equity you need to cut and run.
I heard a trader once say that if you want to win:
"You need to bet but you can't, if you're not at the table"
To stay at the table or trading, you have to preserve your equity.
That means rigid stops preferably placed before you enter the trade - no hoping a trade will turn around - if you life or position are in danger get out!
DISCIPLINE
All card players have this and you must to, as a forex trader.
Even the greatest card players have to lose hands to win longer term.
However if they can stay at the table and keep betting and play the odds, they can bet big on the high odds hands and win.
Of course you can do this to as a forex trader.
If you want to read an excellent interview with blackjack player come multi millionaire trader Blair Hull which expands on the above points get the excellent book "Market Wizards" By Jack Schwager which interviews Blair and a whole host of top traders - its essential reading for all forex traders.
Finally! Remember:
Play the odds with discipline in forex trading and you can enjoy currency trading success.
Forex Software - Choosing the Best
Forex Software - Choosing the Best
When it comes to forex trading the forex software you choose is essential. There are so many forex trading companies all competing for your business that choosing the right forex software can be quite a difficult task. Most of the forex software products available offers live online forex trading platforms but what other components are vital when it comes to your forex software.
Key Elements For Your Forex Software
Before purchasing any forex software there are a few essential items that should be included. The most important is security and your online forex trading software should include a 128 bit SSL encryption which will prevent hackers from accessing any of your personal details and information such as your account balance, transaction history, etc.
Providing the best security for your forex trading will include a company that provides 24 hour technical server support for your forex software, 24 hour maintenance should anything go wrong, daily backups of all information, and a security system that has been designed to prevent any unauthorized access. Along with these security protocols there are also some forex trading companies that use smart cards and fingerprint scanners to ensure that only their employees can have access to their servers.
Another important factor when it comes to choosing your forex software is to check what the company s downtime is like. When it comes to trading forex and particularly your online forex trading you need to ensure that the forex software you choose is reliable and available 24 hours a day. The forex software you choose for your forex trading should also have technical support available at all times should your session be cut short.
Ensuring that all the above features are listed in the forex software you choose will help to ensure your forex trading success.
When it comes to forex trading the forex software you choose is essential. There are so many forex trading companies all competing for your business that choosing the right forex software can be quite a difficult task. Most of the forex software products available offers live online forex trading platforms but what other components are vital when it comes to your forex software.
Key Elements For Your Forex Software
Before purchasing any forex software there are a few essential items that should be included. The most important is security and your online forex trading software should include a 128 bit SSL encryption which will prevent hackers from accessing any of your personal details and information such as your account balance, transaction history, etc.
Providing the best security for your forex trading will include a company that provides 24 hour technical server support for your forex software, 24 hour maintenance should anything go wrong, daily backups of all information, and a security system that has been designed to prevent any unauthorized access. Along with these security protocols there are also some forex trading companies that use smart cards and fingerprint scanners to ensure that only their employees can have access to their servers.
Another important factor when it comes to choosing your forex software is to check what the company s downtime is like. When it comes to trading forex and particularly your online forex trading you need to ensure that the forex software you choose is reliable and available 24 hours a day. The forex software you choose for your forex trading should also have technical support available at all times should your session be cut short.
Ensuring that all the above features are listed in the forex software you choose will help to ensure your forex trading success.
Currency Trading
Currency Trading
by Soli Katir
Currency trading is also called foreign exchange, Forex, or FX trading. Beginners' education in Forex trading is ideal training for those who are new in Forex and currency trading. It is a must that the Forex broker that you choose is registered with the Commodity Futures Trading Commission.
This great feature in Forex trading is what makes this market the hottest market to trade in right now. Technical indicators are good and will greatly improve your profitability, but there other ways to approach the world of Forex trading that can be more simple but not without great profitable results, and this despite the use of fewer indicators. You, however, will not risk a dime until you have learned the skills you need to make money trading the Forex.
Learn how to develop your own successful Forex Trading style with our Elite Forex Trading Course or Forex Seminar. You really should familiarize yourself with any Forex trading software as soon as possible. Successful Forex Trading is one area where knowledge of your different traits can be advantageous.
You're able to trade multiple Forex systems and strategies. The element of fundamental and technical analysis is no longer required in this advanced way of trading and it has brought Forex trading to a whole new level. The return of FOREX trading can be very lucrative but the risk lie beneath is equally great.
FOREX trading can gain investors a large amount of money either over a long period of time, or in a short period of time. Learn how to start making money trading the Forex market within 30 days. The Forex market opens on Sunday afternoon and remains open until it closes on Friday afternoon.
Client history testimony should be present in any prospective Forex broker and plentiful to indicate a solid background with trading. Initiating and closing a trade at the right times are the backbone of becoming a successful Forex trader. FREE "DEMO" ACCOUNTS, NEWS, CHARTS AND ANALYSIS: Most Online Forex firms offer free "Demo" accounts to practice trading, along with breaking Forex news and charting services.
by Soli Katir
Currency trading is also called foreign exchange, Forex, or FX trading. Beginners' education in Forex trading is ideal training for those who are new in Forex and currency trading. It is a must that the Forex broker that you choose is registered with the Commodity Futures Trading Commission.
This great feature in Forex trading is what makes this market the hottest market to trade in right now. Technical indicators are good and will greatly improve your profitability, but there other ways to approach the world of Forex trading that can be more simple but not without great profitable results, and this despite the use of fewer indicators. You, however, will not risk a dime until you have learned the skills you need to make money trading the Forex.
Learn how to develop your own successful Forex Trading style with our Elite Forex Trading Course or Forex Seminar. You really should familiarize yourself with any Forex trading software as soon as possible. Successful Forex Trading is one area where knowledge of your different traits can be advantageous.
You're able to trade multiple Forex systems and strategies. The element of fundamental and technical analysis is no longer required in this advanced way of trading and it has brought Forex trading to a whole new level. The return of FOREX trading can be very lucrative but the risk lie beneath is equally great.
FOREX trading can gain investors a large amount of money either over a long period of time, or in a short period of time. Learn how to start making money trading the Forex market within 30 days. The Forex market opens on Sunday afternoon and remains open until it closes on Friday afternoon.
Client history testimony should be present in any prospective Forex broker and plentiful to indicate a solid background with trading. Initiating and closing a trade at the right times are the backbone of becoming a successful Forex trader. FREE "DEMO" ACCOUNTS, NEWS, CHARTS AND ANALYSIS: Most Online Forex firms offer free "Demo" accounts to practice trading, along with breaking Forex news and charting services.
Choose the Right Currencies for Forex Trading
Choose the Right Currencies for Forex Trading
by ac markets
Forex market is operating through electronic network of banks, corporate firms and individuals without any central body and central exchange. Money from all over the world is used for trading in the forex market. For example, a broker might buy a pound when the pound to dollar ratio increases, then sell the pounds and buy back American dollars for a profit.
If you are entering to the currency trading it's really difficult to decide the best currencies to trade with. Choosing the right currency is like wining the half battle. Prices of the currencies are influenced by several factors like political conditions of the issuing country, social and economic conditions. Stability of the market, interest rates, inflation also plays a major role in the price raising or falling. Each currency playing in the Forex market is given its own three letter code that is used in the Forex quotes. USD (U.S. dollars), GBP (United Kingdom pounds), JPY (Japanese yen), CAD (Canadian dollars), EUR (European euros), AUD (Australian dollars) and CHF (Swiss francs) are the top currencies used in the forex market. The prices of the foreign currency exchanges are specified in pairs by the forex quotes. By using a currency pair of U.S. dollars and Japanese Yens means that the first currency is the base (which is always at 1) and the second currency is the quote. The quote currency or second currency shows how much it costs to buy one unit of the USD, or base currency)
Apart from the above mentioned top currencies there are some other one's which are not on the top but are able to make some good investments. CNY (China yuan), CZK (Czech koruna), HKD (Hong Kong dollar), HUF (Hungarian Forint), INR (Indian Rupee), KRW (Korean Won), MXN (Mexican Peso), PLN (Polish Zloty), SGD (Singapore dollar), ZAR (South African Rand), and THB (Thai Baht). Try to concentrate on the major pairs as they are the top traded and therefore charting patterns and technical indicators are generally more reliable. These pairs have the tightest spreads. This is extremely important because you really don't want to be trading pairs that have wide spreads simply because it limits your profits more and puts added pressure on you to make correct calls.
Another factor to be considered is location and time at which you are available for trading. For example, the GBP/USD is most active between around 8.00 GMT and 20.00 GMT, and if you are based in Australia due to time difference you would miss most of the action if you wanted to trade in the daytime.
It's generally recommended to stick to three of the four major currency pairs - GBP/USD, EUR/USD and USD/JPY but the emerging currencies can also make profit if traded wisely. Sticking to the right currency and playing with it will let you high in the currency trading game and you will always touch the profit. There aren't really any best currencies to trade; each pair is potentially very profitable.
by ac markets
Forex market is operating through electronic network of banks, corporate firms and individuals without any central body and central exchange. Money from all over the world is used for trading in the forex market. For example, a broker might buy a pound when the pound to dollar ratio increases, then sell the pounds and buy back American dollars for a profit.
If you are entering to the currency trading it's really difficult to decide the best currencies to trade with. Choosing the right currency is like wining the half battle. Prices of the currencies are influenced by several factors like political conditions of the issuing country, social and economic conditions. Stability of the market, interest rates, inflation also plays a major role in the price raising or falling. Each currency playing in the Forex market is given its own three letter code that is used in the Forex quotes. USD (U.S. dollars), GBP (United Kingdom pounds), JPY (Japanese yen), CAD (Canadian dollars), EUR (European euros), AUD (Australian dollars) and CHF (Swiss francs) are the top currencies used in the forex market. The prices of the foreign currency exchanges are specified in pairs by the forex quotes. By using a currency pair of U.S. dollars and Japanese Yens means that the first currency is the base (which is always at 1) and the second currency is the quote. The quote currency or second currency shows how much it costs to buy one unit of the USD, or base currency)
Apart from the above mentioned top currencies there are some other one's which are not on the top but are able to make some good investments. CNY (China yuan), CZK (Czech koruna), HKD (Hong Kong dollar), HUF (Hungarian Forint), INR (Indian Rupee), KRW (Korean Won), MXN (Mexican Peso), PLN (Polish Zloty), SGD (Singapore dollar), ZAR (South African Rand), and THB (Thai Baht). Try to concentrate on the major pairs as they are the top traded and therefore charting patterns and technical indicators are generally more reliable. These pairs have the tightest spreads. This is extremely important because you really don't want to be trading pairs that have wide spreads simply because it limits your profits more and puts added pressure on you to make correct calls.
Another factor to be considered is location and time at which you are available for trading. For example, the GBP/USD is most active between around 8.00 GMT and 20.00 GMT, and if you are based in Australia due to time difference you would miss most of the action if you wanted to trade in the daytime.
It's generally recommended to stick to three of the four major currency pairs - GBP/USD, EUR/USD and USD/JPY but the emerging currencies can also make profit if traded wisely. Sticking to the right currency and playing with it will let you high in the currency trading game and you will always touch the profit. There aren't really any best currencies to trade; each pair is potentially very profitable.
Forex Platform Trading
Forex Platform Trading
Just like each of us has our own style of working or talking, there are different Forex trading platforms available. And the investors need to find the one that suits their needs and that works for them. It is not necessary that the mode followed by one person to invest which yields him good profits will do the same for someone else. It takes time and a lot of ground work for the investors to realize that the platform they are operating on is the one for them and go with the flow. The first step before trying anything new is to gather all related information, talk to people who have been involved in the same and learn from their experiences. The different kind of terminologies used in Forex trading, the currencies that are active and on the rise are some factors that will help in making your investments strong. Understanding the entire system, the process of contacting a professional agency to guide you in investments are some of the knowledge that would help in the long run.
The amount of money one is willing and able to invest and the expected returns should be calculated to cut down on losses. There are computer generated Forex platform trading where the user will be given the entry and exit points automatically without any manual intervention. Early on these systems were quite steeply priced but now are made available at lower costs to all. One can either create their own system using the software and request for certain reports to be generated on a periodical basis. They can take the help of a professional and formulate the system based on the rules set, else the final option would be to just pick up a system from the market, which will have all the details preset and you simply have to follow its outputs.
In Forex platform trading, since the market operates through the day, across the world, these systems will work irrespective of whether you are awake or sleep. And they will give you regular updates on the changes in the currency rates and all you need to do is enter the market you wish to play in. The system used in the platform is programmed to capture data, monitor oscillations and analyze the changes and give you a comprehensive report on all the currencies you are interested in. The ultimate aim for any investor is to get value for his investment and see profitable returns else the system is not worth the risk. The Forex mechanical platform of trading gives the user complete information and keeps them in sync with what is happening in another part of the world minute by minute. The advantages of the internet have therefore made it possible to be in one corner while being aware of the trends in another part of the world. Simple and easy to use, informative and beneficial are the key factors to consider before putting your foot into the trading pool.
Just like each of us has our own style of working or talking, there are different Forex trading platforms available. And the investors need to find the one that suits their needs and that works for them. It is not necessary that the mode followed by one person to invest which yields him good profits will do the same for someone else. It takes time and a lot of ground work for the investors to realize that the platform they are operating on is the one for them and go with the flow. The first step before trying anything new is to gather all related information, talk to people who have been involved in the same and learn from their experiences. The different kind of terminologies used in Forex trading, the currencies that are active and on the rise are some factors that will help in making your investments strong. Understanding the entire system, the process of contacting a professional agency to guide you in investments are some of the knowledge that would help in the long run.
The amount of money one is willing and able to invest and the expected returns should be calculated to cut down on losses. There are computer generated Forex platform trading where the user will be given the entry and exit points automatically without any manual intervention. Early on these systems were quite steeply priced but now are made available at lower costs to all. One can either create their own system using the software and request for certain reports to be generated on a periodical basis. They can take the help of a professional and formulate the system based on the rules set, else the final option would be to just pick up a system from the market, which will have all the details preset and you simply have to follow its outputs.
In Forex platform trading, since the market operates through the day, across the world, these systems will work irrespective of whether you are awake or sleep. And they will give you regular updates on the changes in the currency rates and all you need to do is enter the market you wish to play in. The system used in the platform is programmed to capture data, monitor oscillations and analyze the changes and give you a comprehensive report on all the currencies you are interested in. The ultimate aim for any investor is to get value for his investment and see profitable returns else the system is not worth the risk. The Forex mechanical platform of trading gives the user complete information and keeps them in sync with what is happening in another part of the world minute by minute. The advantages of the internet have therefore made it possible to be in one corner while being aware of the trends in another part of the world. Simple and easy to use, informative and beneficial are the key factors to consider before putting your foot into the trading pool.
With Market Uncertainty Comes Market Volatility
With Market Uncertainty Comes Market Volatility
by Mike Wright
Last week world stock markets made a decent stab at recovering from the previous week's rout. The strongest market was again the Nasdaq, with the new economy shrugging off the previous Friday's wobble to finish near its highs. Interest rate rumours thrust the market higher, as whispers of another 50 base point cut did the rounds. Few people wanted to be short going into what is expected to be another obliging FOMC meeting on Wednesday.
One survey showed that despite the attempted recovery, investors are still nervous. The AAII (American Association of Individual Investors) sentiment survey indicated that individual investors are feeling extremely bearish as the anniversary of 1987 passes. The news feeds continue to indicate that there is much to worry about, especially with the sub prime implosion still drawing out bad news and losses.
Merrill Lynch was forced to write down $7.9b in losses due to its sub prime exposure and the Federal Reserve added substantial liquidity to the slowly recovering credit markets. Oil prices topped $92 a barrel on supply and Iran concerns and even the rampant Chinese bull pulled back for breath.
However, it wasn't all doom and gloom last week as Microsoft beat analyst's estimates. The granddad of tech stocks rose on strong demand for its Vista operating system and sales of the Xbox 360. News also emerged that Microsoft had beaten Google to a 1.6% stake in Facebook. The price paid for the stake indicates that the social networking site is now valued at more than the UK supermarket Sainsburys.
The AAII sentiment survey can be a useful contrarian indicator, as the last time it reached readings of extreme optimism; the recent mini wobble wasn't far off. It sometimes pays to go in the opposite direction to the herd. In addition, according to the stock traders Almanac, November starts the best 6 months of the year historically. The average return on the Dow from May to October is 0.3%, but the average return from November to April is 7.9%. In addition next week displays significant seasonal strength with an average return of 3.3% in similar periods throughout history according to www.sentimentrader.com.
The currency markets were dominated by news flow on the Dollar last week. Despite a rally on Monday, the Greenback quickly flipped and fell to record lows against the Euro, Australian Dollar and Canadian Dollar. The next target for the Dollar/ Euro exchange rate could be the synthetic all time high of 1.4585 (Generated using USD/ Deutschmark data). Increased speculation of a rate cut fuelled much of the selling.
Next week is full of heavy hitting US economic announcements. Top of the list is of course the interest rate statement at 18.15 GMT. A quarter point cut is widely expected to be the more likely option, but there is still the possibility of a 'no change' or half point cut verdict. With uncertainty comes volatility, and that could be available in spades next week, with GDP data, and Non-farm employment figures on Wednesday.
Therefore a volatility play may be the best option for next week. With Betonmarkets.com an 'up or down' trade compensates you if the market hits one of two triggers that you set. It doesn't matter if it hits the higher or lower trigger, the market just has to move in either direction for you to win. An up or down trade with triggers set to roughly 2715 and 2850 on the Nasdaq returns 10% over 10 days. You may wish to wait until Wednesday before placing a similar trade to maximise your time.
- THE END -
Contact Details:
Email: editor@my.regentmarkets.com Tel: +44 1624 678 883 Url: Betonmarkets.com & Betonmarkets.co.uk
Address: Regent Markets (IOM) Limited 3rd Floor, 1-5 Church Street Douglas, Isle of Man IM1 2AG
Betonmarkets.com is the leading fixed-odds financial betting website. The website has processed over 10 million bets since inception in 2000, and generates annual turnover in excess of US$ 100 million. Betonmarkets offers a wide range of fixed-odds financial bets on forex rates, stock indices, and international stocks.
by Mike Wright
Last week world stock markets made a decent stab at recovering from the previous week's rout. The strongest market was again the Nasdaq, with the new economy shrugging off the previous Friday's wobble to finish near its highs. Interest rate rumours thrust the market higher, as whispers of another 50 base point cut did the rounds. Few people wanted to be short going into what is expected to be another obliging FOMC meeting on Wednesday.
One survey showed that despite the attempted recovery, investors are still nervous. The AAII (American Association of Individual Investors) sentiment survey indicated that individual investors are feeling extremely bearish as the anniversary of 1987 passes. The news feeds continue to indicate that there is much to worry about, especially with the sub prime implosion still drawing out bad news and losses.
Merrill Lynch was forced to write down $7.9b in losses due to its sub prime exposure and the Federal Reserve added substantial liquidity to the slowly recovering credit markets. Oil prices topped $92 a barrel on supply and Iran concerns and even the rampant Chinese bull pulled back for breath.
However, it wasn't all doom and gloom last week as Microsoft beat analyst's estimates. The granddad of tech stocks rose on strong demand for its Vista operating system and sales of the Xbox 360. News also emerged that Microsoft had beaten Google to a 1.6% stake in Facebook. The price paid for the stake indicates that the social networking site is now valued at more than the UK supermarket Sainsburys.
The AAII sentiment survey can be a useful contrarian indicator, as the last time it reached readings of extreme optimism; the recent mini wobble wasn't far off. It sometimes pays to go in the opposite direction to the herd. In addition, according to the stock traders Almanac, November starts the best 6 months of the year historically. The average return on the Dow from May to October is 0.3%, but the average return from November to April is 7.9%. In addition next week displays significant seasonal strength with an average return of 3.3% in similar periods throughout history according to www.sentimentrader.com.
The currency markets were dominated by news flow on the Dollar last week. Despite a rally on Monday, the Greenback quickly flipped and fell to record lows against the Euro, Australian Dollar and Canadian Dollar. The next target for the Dollar/ Euro exchange rate could be the synthetic all time high of 1.4585 (Generated using USD/ Deutschmark data). Increased speculation of a rate cut fuelled much of the selling.
Next week is full of heavy hitting US economic announcements. Top of the list is of course the interest rate statement at 18.15 GMT. A quarter point cut is widely expected to be the more likely option, but there is still the possibility of a 'no change' or half point cut verdict. With uncertainty comes volatility, and that could be available in spades next week, with GDP data, and Non-farm employment figures on Wednesday.
Therefore a volatility play may be the best option for next week. With Betonmarkets.com an 'up or down' trade compensates you if the market hits one of two triggers that you set. It doesn't matter if it hits the higher or lower trigger, the market just has to move in either direction for you to win. An up or down trade with triggers set to roughly 2715 and 2850 on the Nasdaq returns 10% over 10 days. You may wish to wait until Wednesday before placing a similar trade to maximise your time.
- THE END -
Contact Details:
Email: editor@my.regentmarkets.com Tel: +44 1624 678 883 Url: Betonmarkets.com & Betonmarkets.co.uk
Address: Regent Markets (IOM) Limited 3rd Floor, 1-5 Church Street Douglas, Isle of Man IM1 2AG
Betonmarkets.com is the leading fixed-odds financial betting website. The website has processed over 10 million bets since inception in 2000, and generates annual turnover in excess of US$ 100 million. Betonmarkets offers a wide range of fixed-odds financial bets on forex rates, stock indices, and international stocks.
Forex Software - Choosing the Best
Forex Software - Choosing the Best
When it comes to forex trading the forex software you choose is essential. There are so many forex trading companies all competing for your business that choosing the right forex software can be quite a difficult task. Most of the forex software products available offers live online forex trading platforms but what other components are vital when it comes to your forex software.
Key Elements For Your Forex Software
Before purchasing any forex software there are a few essential items that should be included. The most important is security and your online forex trading software should include a 128 bit SSL encryption which will prevent hackers from accessing any of your personal details and information such as your account balance, transaction history, etc.
Providing the best security for your forex trading will include a company that provides 24 hour technical server support for your forex software, 24 hour maintenance should anything go wrong, daily backups of all information, and a security system that has been designed to prevent any unauthorized access. Along with these security protocols there are also some forex trading companies that use smart cards and fingerprint scanners to ensure that only their employees can have access to their servers.
Another important factor when it comes to choosing your forex software is to check what the company s downtime is like. When it comes to trading forex and particularly your online forex trading you need to ensure that the forex software you choose is reliable and available 24 hours a day. The forex software you choose for your forex trading should also have technical support available at all times should your session be cut short.
Ensuring that all the above features are listed in the forex software you choose will help to ensure your forex trading success.
When it comes to forex trading the forex software you choose is essential. There are so many forex trading companies all competing for your business that choosing the right forex software can be quite a difficult task. Most of the forex software products available offers live online forex trading platforms but what other components are vital when it comes to your forex software.
Key Elements For Your Forex Software
Before purchasing any forex software there are a few essential items that should be included. The most important is security and your online forex trading software should include a 128 bit SSL encryption which will prevent hackers from accessing any of your personal details and information such as your account balance, transaction history, etc.
Providing the best security for your forex trading will include a company that provides 24 hour technical server support for your forex software, 24 hour maintenance should anything go wrong, daily backups of all information, and a security system that has been designed to prevent any unauthorized access. Along with these security protocols there are also some forex trading companies that use smart cards and fingerprint scanners to ensure that only their employees can have access to their servers.
Another important factor when it comes to choosing your forex software is to check what the company s downtime is like. When it comes to trading forex and particularly your online forex trading you need to ensure that the forex software you choose is reliable and available 24 hours a day. The forex software you choose for your forex trading should also have technical support available at all times should your session be cut short.
Ensuring that all the above features are listed in the forex software you choose will help to ensure your forex trading success.
The 5 Laws Of Highly Successful Traders
The 5 Laws Of Highly Successful Traders
When we follow the laws of the road and decide to drive within the speed limit we stand a better chance at avoiding mortal danger; effectively you are increasing the odds of an increased longevity. Similarly, there are beneficial laws in the world of trading. Few would argue following the laws of a successful trader is a bother when the end result may directly effect the balance in your account. I invite you to take a look at what these laws are, and how they might make a positive impact in your life as a trader.
Law #1: Know Yourself
When we follow the laws of the road and decide to drive within the speed limit we stand a better chance at avoiding mortal danger; effectively you are increasing the odds of an increased longevity. Similarly, there are beneficial laws in the world of trading. Few would argue following the laws of a successful trader is a bother when the end result may directly effect the balance in your account. I invite you to take a look at what these laws are, and how they might make a positive impact in your life as a trader.
Law #1: Know Yourself
The Secrets Of A Successful Stock Or Forex Investment Club
The Secrets Of A Successful Stock Or Forex Investment Club
If the investment club strikes you as an ideal answer to your needs and requirements, there here are some points to consider.
Do not attempt to form a club until you have investigated its status under Federal, state, and local laws. The Association of Stock Exchange Firms is attempting to win passage for a model statute that will simplify and clarify the status of investment clubs and in some states is has already been enacted.
In most states, however, a variety of laws govern the formation and operation of a club and its status as a partnership, corporation, joint venture, or whatever. The difficulties are rarely insurmountable, but complications can be avoided if your club will check with an attorney before becoming involved financially.
Along the same lines, your club can avoid awkward misunderstandings if the ground rules are clearly established from the start. Provisions should be made for the death or departure of a member. Each investor should be able to withdraw his share of the club's assets at any time.
The position of newcomers or replacements for members who have dropped out or moved away should be defined. Does the new member participate on an equal basis in the accumulated assets of the club upon payment of his first $10? Or should he be expected to match the total investment of his predecessor?
Run your meetings briskly. Expect to give the business at hand your full and earnest attention for two hours; investment is too serious to be brushed over in less. On the other hand, be organized. Don't let meetings drag on or founder in confusion. Members will start resigning out of boredom.
Insist that your investigation committees do their homework. And that they stay on the point. These are elements of good reporting in any field, and are not hard to learn. Clarity and precision will not only make reports more interesting, but help you to make your decisions confidently.
Absenteeism plagues almost every organization, and you will have to find your own way to lick it. As noted, the proxy at least assures a vote by the whole membership, but it has its disadvantages. The Williston club has instituted an automatic $5 fine for missing a meeting, regardless of the excuse. Some clubs interpret a certain number of absences as evidence of disinterest and as grounds for dismissal.
As for the club's performance as an investment group, it will, at first, leave something to be desired. There is something heady about the manipulation of money and the challenge of out-guessing the market. You will find, as you start out, that it is easy to be overly enthusiastic about one stock or another, or, because your fund is relatively small, to concentrate on low-priced issues. The enthusiasm may be warranted, and your low-priced issue may be solid, but try not to let judgment be colored by passion, and never choose price over quality.
Make your committee reports as realistic as possible. In the first flush of enthusiasm, it is possible to be swayed by the mass of beautifully printed material available about this company or that. Set up your standards in advance: know what you are looking for in terms of price and dividend trend, in terms of products, in terms of capital structure and management.
Note: Changes in corporate management are not automatically good. Very often a new slate of officers, or some retirements, will bring in fresh blood, but there is no way of knowing immediately whether the new men are as capable as the ones they replaced.
There is nothing wrong with over-the-counter stocks as such. But many clubs have found that the fluidity of the market on the big exchanges, and the certainty of daily reporting of stock prices, makes investment in Big Board issues considerably more satisfactory.
It is easy to decide that you've got a natural bent for investment if your first purchase begins behaving nicely. Don't be fooled. A great many stocks have been behaving nicely for some years now. In many ways it's difficult to pick one that doesn't. Enjoy your success, but keep studying and keep learning.
Fight the tendency to make too many switches in your portfolio, particularly in the early stages. Remember that the commissions on getting in and out are going to eat into your gains. Furthermore, impatience is likely to boost you out of a stock before it has a chance to show its worth. Remember, too, that from the tax angle, you'll be paying on gains as straight income unless you've held the stocks for six months or more.
Finally, stay friendly. Money can get people quite excited. Money can come between friends. You'll have a better chance of success if your members are friendly on grounds other than investment, if everyone understands clearly that there are hazards as well as profits, and if everyone does his best to become knowledgeable in the field as soon as is reasonably possible.
It is the mistakes of ignorance that cause trouble. Many clubs have had some hot times because a member couldn't understand why the group sold short of the top or why, with the good old Northern & Southern Railway running right through town, everyone insisted on buying Gulf Oil.
Stay in close touch with your broker. He can help spell out some of the fundamental ABC's until you can paddle on your own. He also should have, or be able to get, information bearing on the problems and experience of other investment clubs, which can aid you in steering around pitfalls..
Otherwise, every piece of information and advice in this article applies as rigorously to investment clubs as to investing individuals.
If the investment club strikes you as an ideal answer to your needs and requirements, there here are some points to consider.
Do not attempt to form a club until you have investigated its status under Federal, state, and local laws. The Association of Stock Exchange Firms is attempting to win passage for a model statute that will simplify and clarify the status of investment clubs and in some states is has already been enacted.
In most states, however, a variety of laws govern the formation and operation of a club and its status as a partnership, corporation, joint venture, or whatever. The difficulties are rarely insurmountable, but complications can be avoided if your club will check with an attorney before becoming involved financially.
Along the same lines, your club can avoid awkward misunderstandings if the ground rules are clearly established from the start. Provisions should be made for the death or departure of a member. Each investor should be able to withdraw his share of the club's assets at any time.
The position of newcomers or replacements for members who have dropped out or moved away should be defined. Does the new member participate on an equal basis in the accumulated assets of the club upon payment of his first $10? Or should he be expected to match the total investment of his predecessor?
Run your meetings briskly. Expect to give the business at hand your full and earnest attention for two hours; investment is too serious to be brushed over in less. On the other hand, be organized. Don't let meetings drag on or founder in confusion. Members will start resigning out of boredom.
Insist that your investigation committees do their homework. And that they stay on the point. These are elements of good reporting in any field, and are not hard to learn. Clarity and precision will not only make reports more interesting, but help you to make your decisions confidently.
Absenteeism plagues almost every organization, and you will have to find your own way to lick it. As noted, the proxy at least assures a vote by the whole membership, but it has its disadvantages. The Williston club has instituted an automatic $5 fine for missing a meeting, regardless of the excuse. Some clubs interpret a certain number of absences as evidence of disinterest and as grounds for dismissal.
As for the club's performance as an investment group, it will, at first, leave something to be desired. There is something heady about the manipulation of money and the challenge of out-guessing the market. You will find, as you start out, that it is easy to be overly enthusiastic about one stock or another, or, because your fund is relatively small, to concentrate on low-priced issues. The enthusiasm may be warranted, and your low-priced issue may be solid, but try not to let judgment be colored by passion, and never choose price over quality.
Make your committee reports as realistic as possible. In the first flush of enthusiasm, it is possible to be swayed by the mass of beautifully printed material available about this company or that. Set up your standards in advance: know what you are looking for in terms of price and dividend trend, in terms of products, in terms of capital structure and management.
Note: Changes in corporate management are not automatically good. Very often a new slate of officers, or some retirements, will bring in fresh blood, but there is no way of knowing immediately whether the new men are as capable as the ones they replaced.
There is nothing wrong with over-the-counter stocks as such. But many clubs have found that the fluidity of the market on the big exchanges, and the certainty of daily reporting of stock prices, makes investment in Big Board issues considerably more satisfactory.
It is easy to decide that you've got a natural bent for investment if your first purchase begins behaving nicely. Don't be fooled. A great many stocks have been behaving nicely for some years now. In many ways it's difficult to pick one that doesn't. Enjoy your success, but keep studying and keep learning.
Fight the tendency to make too many switches in your portfolio, particularly in the early stages. Remember that the commissions on getting in and out are going to eat into your gains. Furthermore, impatience is likely to boost you out of a stock before it has a chance to show its worth. Remember, too, that from the tax angle, you'll be paying on gains as straight income unless you've held the stocks for six months or more.
Finally, stay friendly. Money can get people quite excited. Money can come between friends. You'll have a better chance of success if your members are friendly on grounds other than investment, if everyone understands clearly that there are hazards as well as profits, and if everyone does his best to become knowledgeable in the field as soon as is reasonably possible.
It is the mistakes of ignorance that cause trouble. Many clubs have had some hot times because a member couldn't understand why the group sold short of the top or why, with the good old Northern & Southern Railway running right through town, everyone insisted on buying Gulf Oil.
Stay in close touch with your broker. He can help spell out some of the fundamental ABC's until you can paddle on your own. He also should have, or be able to get, information bearing on the problems and experience of other investment clubs, which can aid you in steering around pitfalls..
Otherwise, every piece of information and advice in this article applies as rigorously to investment clubs as to investing individuals.
Making Money With Forex Online Signals
Making Money With Forex Online Signals
Forex trading is actually a lucrative business. Of course, you can only be successful if you know the ins and outs as well as the risks and benefits of trading in the Forex market. Investing in the foreign exchange market has become available to individual traders and not only to big financial institutions. The key to being successful with Forex investing is being regularly updated with the latest market conditions and the only way you can accomplish this is with Forex Online Signal.
You should know that the foreign exchange market is very liquid. You can trade currencies anytime and anyday. It is not even localized in one specific area. You can easily trade online wherever you are in the world. Foreign exchange trading requires you to sell your own currency in order to buy another currency. Among the most popularly-traded currency pairs include USD/GBP, GBP/USD, USD/JPY and USD/CHF. Since the trading is mostly done online, it is only logical that you would have a fast internet connection, a Forex trading account and an online trading system.
Forex trading is actually a lucrative business. Of course, you can only be successful if you know the ins and outs as well as the risks and benefits of trading in the Forex market. Investing in the foreign exchange market has become available to individual traders and not only to big financial institutions. The key to being successful with Forex investing is being regularly updated with the latest market conditions and the only way you can accomplish this is with Forex Online Signal.
You should know that the foreign exchange market is very liquid. You can trade currencies anytime and anyday. It is not even localized in one specific area. You can easily trade online wherever you are in the world. Foreign exchange trading requires you to sell your own currency in order to buy another currency. Among the most popularly-traded currency pairs include USD/GBP, GBP/USD, USD/JPY and USD/CHF. Since the trading is mostly done online, it is only logical that you would have a fast internet connection, a Forex trading account and an online trading system.
Forex Exchange Rates
Forex Exchange Rates
Forex exchange rate is the value of two different currencies and how they relate to each other. It is used by corporations, tax authorities, auditing firms, and financial institutions and is calculated on the basis of information supplied by leading market data contributors. Forex exchange rate says how much of one currency is needed to buy a unit of another. The exchange
rate is essentially a price, which can be analyzed the same way as other market prices. So when we speak of an A to B exchange rate of C, it means that if we pay 1 unit of A, we get C units of B in return.
You may find several Internet sites that instantly offer exchange rates of various currencies. What all you have to do is to select the currency pairs and with a click of the mouse you get the forex exchange rates. Additionally
you can convert a specific amount against the specified currency. You can also convert using the historic rate for a particular date.
The exchange rates are therefore prices for different currencies. So on a specific day, if the U.S. to Japan exchange rate is 115 yen, it means you can purchase 115 Japanese yen in exchange for 1 U.S. dollar. With a simple formula, you can find out how many U.S. dollars you can get for 1 Japanese yen.
Japan to U.S. exchange rate = 1 / U.S. to Japan exchange rate
Japan to U.S. exchange rate = 1 / 115 = .00869
Therefore one Japanese yen is equal to 0.00869 U.S. dollars.
Knowing the basics regarding the Forex exchange will help you to get started in understanding the forex trading. The majority of the currencies are raded against the US dollar (USD). The four next most-traded currencies are the euro (EUR), the Japanese yen (JPY), British pound sterling (GBP), and the Swiss franc (CHF). These five currencies are called the "the Majors". Some also include the Australian dollar (AUD) in this group.
The forex exchange rates are always quoted in pairs. The first currency is referred as the base currency and the second as the counter or quote currency. The counter currency is therefore the numerator in the ratio, and the base currency is the denominator. The value of the base currency
is always 1. Therefore, the forex exchange rate tells a buyer how much of the counter currency must be paid to get one unit of the base currency.
On the other hand, the forex exchange rate tells the seller how much he is going to receive in the counter currency while selling the base currency.
This ratio in the forex exchange rate is also known as 'cross rates'. This term is used when it does not involve US dollars and involves any other two foreign currencies. The concept of pip is also very important in forex exchange rates. The forex exchange rate is determined independently. The buyers and sellers and the supply and demand of certain currencies determine the forex exchange rates.
By: Paul Bryan
Article Directory: http://www.articledashboard.com
To find out more about making money from trading Forex online please visit Forex Exchange Rates
Forex exchange rate is the value of two different currencies and how they relate to each other. It is used by corporations, tax authorities, auditing firms, and financial institutions and is calculated on the basis of information supplied by leading market data contributors. Forex exchange rate says how much of one currency is needed to buy a unit of another. The exchange
rate is essentially a price, which can be analyzed the same way as other market prices. So when we speak of an A to B exchange rate of C, it means that if we pay 1 unit of A, we get C units of B in return.
You may find several Internet sites that instantly offer exchange rates of various currencies. What all you have to do is to select the currency pairs and with a click of the mouse you get the forex exchange rates. Additionally
you can convert a specific amount against the specified currency. You can also convert using the historic rate for a particular date.
The exchange rates are therefore prices for different currencies. So on a specific day, if the U.S. to Japan exchange rate is 115 yen, it means you can purchase 115 Japanese yen in exchange for 1 U.S. dollar. With a simple formula, you can find out how many U.S. dollars you can get for 1 Japanese yen.
Japan to U.S. exchange rate = 1 / U.S. to Japan exchange rate
Japan to U.S. exchange rate = 1 / 115 = .00869
Therefore one Japanese yen is equal to 0.00869 U.S. dollars.
Knowing the basics regarding the Forex exchange will help you to get started in understanding the forex trading. The majority of the currencies are raded against the US dollar (USD). The four next most-traded currencies are the euro (EUR), the Japanese yen (JPY), British pound sterling (GBP), and the Swiss franc (CHF). These five currencies are called the "the Majors". Some also include the Australian dollar (AUD) in this group.
The forex exchange rates are always quoted in pairs. The first currency is referred as the base currency and the second as the counter or quote currency. The counter currency is therefore the numerator in the ratio, and the base currency is the denominator. The value of the base currency
is always 1. Therefore, the forex exchange rate tells a buyer how much of the counter currency must be paid to get one unit of the base currency.
On the other hand, the forex exchange rate tells the seller how much he is going to receive in the counter currency while selling the base currency.
This ratio in the forex exchange rate is also known as 'cross rates'. This term is used when it does not involve US dollars and involves any other two foreign currencies. The concept of pip is also very important in forex exchange rates. The forex exchange rate is determined independently. The buyers and sellers and the supply and demand of certain currencies determine the forex exchange rates.
By: Paul Bryan
Article Directory: http://www.articledashboard.com
To find out more about making money from trading Forex online please visit Forex Exchange Rates
Forex Currency Trading
Forex Currency Trading
It is possible to buy and sell money from different countries on the foreign exchange market called Forex. Forex currency traders can profit by taking advantage of the dips and swells in the foreign currency market. Capturing these differentials is easier in Forex currency trading than in other trading because the Forex market is open twenty-four hours a day, except for weekends, and it is global, so there are always buyers and sellers available. The traders can be diverse. They can be traders looking for short-term gains, such as day traders or slightly longer investment periods, or they can be foreign investors who are looking to hedge their investments with long term Forex trades.
Forex currency trading is done in amounts of currency called lots, that are usually $100,000 each, and can be purchased on margin. Forex currency trading strategies can be based on technical analysis of the history of the currency price or it can be based on analysis of a particular country s political climate, tax policy, jobless rate, inflation rate, and other factors of the country. There are many different systems of Forex currency trading.
Forex currency trading is a huge market. Daily trading is estimated at between $1 trillion and $1.9 trillion dollars. Because the amount of money is so huge, it s hard to imagine that the market can be manipulated the way a smaller market can be. Forex currency trading is also not overseen by one central agency like the Security Exchange Commission, and each country oversees the Forex currency trading activity within it s own country.
Forex Signal, Forex Signals Advice
Forex Signal, Forex Signals Advice
There are lot's of Forex signals providers out there. New Forex traders might be thinking of looking for a reliable Forex signals provider. Is there any reliable Forex signals providers available?
Personally, I will say do not pay for Forex signals. Think about it - if a Forex signals provider sells Forex signals for living, you can doubt their Forex trading skills? Or else if they are pretty good in Forex trading and making lot's of profit, I am wondering why do they still bother to sell Forex signals for money. Thus, what would be the value of such Forex signals providers? The answer is ZERO.
There are Forex traders who have been relying on Forex signals arguing those Forex signals providers really help them making money in Forex trading. These Forex traders can even show their Forex trading logs as evidence. After some though, I came out with the assumption that assuming I am the owner of a Forex signals provider, in order for my business to be in black, obviously I need some satisfying customers.A Comprehensive Forex Broker Register
A Comprehensive Forex Broker Register
A comprehensive forex broker list includes investment banks with dealing rooms, commercial banks with treasury operations, and online brokerages that serve a larger market. The investment banks with forex trading capabilities include Morgan Stanley, Merrill Lynch, Goldman Sachs, Salomon Smith Barney, Lehman Brothers, Credit Suisse First Boston, Deutsche Bank, JP Morgan, Prudential Securities and Bear Sterns.
Some of the brokerage services are not directly accessible for all customers. For example, inter-bank market dealers and treasury operations in commercial banks handle large customer orders themselves.
The top commercial banks in the Forex Broker List, having inter-bank and treasury operations, are JP Morgan Chase Bank, Bank of America, CitiBank, Wachovia Bank, Wells Fargo Bank, Fleet Bank, US Bank, HSBC Bank, Sun Trust Bank, Bank of New York, State Street, Chase Manhattan Bank, Key Bank, Branch Bank, PNC Bank, Lasalle Bank, South Trust Bank, MBNA America Bank, Fifth Third Bank.
The online forex broker list of smaller forex accounts sees new entrants almost on a daily basis.
The online forex broker list includes Forex Capital Markets, MG Financial Group, CMS Forex, Global Forex Trading, GCI Forex Direct, Forex.com, GAIN Capital, Real time Forex SA (Geneva), Global Forex, Commerce Bank and Trust, FX Solutions, Forex MHV, swissDirekt (Swiss), Goetz Financial Forex, NY Broker Borsentermin AG, Act Forex, Online Trader, Shield FX Online Currency Trading, Forex Trade Signals, CMC Group PLC, Foreign Currency Direct Limited (UK), FX Advantage, FXCM, Forex Millenium, ACM REFCO, REFCO Spot, Easy Forex, Online Forex Trading Inc., Lincoln Corporation, Global Trade Waves, Ltd., and CIBC FX Web Dealing.
Forex Broker
Forex Broker
A broker is any person or firm that charges a fee in exchange for executing trades for a trader. A Forex broker does not charge a commission for placing a buy or a sell order the way a real estate broker would charge a percentage fee of the total price of a sale. A Forex broker is paid according to the spread or the difference between the trader s bid for a currency, and the seller s asking price for that currency. Usually this spread is less than 0.1% or ten pips. (Pips are the smallest movement a currency can make on the Forex. Pips are commonly called referred to as points.) The lower the spread, the less a trader pays a Forex broker for a trade.
The Forex market is global and does not have one central regulatory agency like the Security Exchange Commission. Each country is responsible for the actions of trades in it s own country. A Forex broker in America must register with the Commodities Futures Trading Commission (CFTC). While traders are not regulated, Forex brokers are. A Forex broker must be registered as a Futures Commercial Merchant (FCM) before that Forex broker is allowed to accept a deposit for an account from a trader. Once registered, a Forex broker is given an identification number so that a trader can check the status of a Forex broker before hiring that Forex broker. There are such people known as introducing brokers who may solicit traders for a registered Forex broker, but the introducing broker cannot accept a deposit for a trader s account. It is a good idea for any trader hiring a Forex broker to check the status of the Forex broker with the authorities.
Forex - Funding Your Trading Account
You have refined your trading strategy after diligently rehearsing the steps of trading in the foreign exchange (FOREX) market through your demo account. Now, you would like to open a live account for trading real money. You have identified a source for your risk capital, but are unsure of what to do next. This article will guide you through that process.
Choosing A BrokerFirst, you must decide on which broker you will use for your live account. This may or may not be the same broker which hosted your demo account. Ideally, you will have tried several brokers' demo platform so as to familiarize yourself with the pros and cons of each. Just because a platform may be user friendly does not mean that the sponsoring broker is the overall best for parking your living account. Has the broker been around for a while? Is the broker financially strong? Does the broker have a reputation for honesty and fairness? Are your orders likely to get filled to your satisfaction, including times of volatility? Are the spreads reasonable in comparison to others? Does the broker take positions opposite yours, creating possible conflicts of interest? Is the broker responsive to problems and complaints? Is there good technical support for the platform?
Online Forex -Currency Trading
Online Forex -Currency Trading
Foreign exchange currency trading is also known as Forex trading, or FX, and has no single physical marketplace like the New York Stock Exchange does on Wall Street in New York or the Tokyo Stock Exchange does in Japan. The New York Stock Exchange and the Tokyo Stock Exchange online traders are limited to making purchases during the actual trading hours governed by New York Stock Exchange hours or the Japanese Stock Exchange s Tokyo hours. In contrast online Forex trading gives traders access to the online Forex trading community through an electronic series of different online trading platforms. Online Forex trading and online accessibility are nicely compatible because the world s foreign currency exchange market is a 24-hour market, and the internet makes online forex trading a 24 hour possibility open to anyone with a computer, a telephone line and money. Anyone, any corporation or any bank can log onto an online account at any time, and trade foreign currency through online forex trading.
Online forex trading is primarily the purchase of one currency from a particular country, using the currency of a different country. This exchange involves currency from two different countries at once. It can mean purchasing Japanese currency with Australian currency or purchasing German currency with Spanish currency. While that sounds simple, in fact, approximately $1.9 trillion is traded on Forex daily, making Forex online trading the biggest exchange worldwide. Although anyone can participate in Forex online trading, the key players are usually banks commercial and investment and exchange traded futures and registered futures commission merchants.
Online Forex Trading Education
Online Forex Trading Education
There are many people who are interested in forex trading. But before you start trading in forex, getting a good online forex trading education is important. The forex market is largely a technical market with its own forex terms and processes so it is important you grasp the fundamentals with an online forex trading education.
Why Online Forex Trading Education?
Most people who want to try forex trading are often busy with other aspects of life to take care of. They probably do not have the time to attend a course on forex trading. Therefore, an online forex trading education is more suited.
Since it s online, you can take your time to read and digest the information at your own pace. Also most of the basics of forex trading can be found online for free. There are tons of websites that provide free forex trading courses and tutorials.
There are also free forex trading seminars online available plus advanced forex trading courses online such as the forexmentor program. While it s usually not free, the costs are pretty cheap compared to attending a forex trading course in a classroom.
Another important part of an online forex trading education is practice. I believe no matter how well you understand forex trading or if you score an A in a forex trading course, the real deal comes when you actually start trading.
Most forex trading sites provides a demo account for new beginners to forex trading to learn how to manage their forex trading account. There is no monetary risk, so it is a very good way to learn the ropes.
Once you feel you have sufficient experience, you can open a regular forex trading account or a mini forex account. I would highly recommend you open a mini forex account and start trading in smaller amounts. It has all the features of a regular forex accounts yet you can start one usually with about US $100.
It s important you do not rush through your online forex trading education. Take your time to understand and start trading in small amounts to practice. As the saying goes, practice make perfect.
There are many people who are interested in forex trading. But before you start trading in forex, getting a good online forex trading education is important. The forex market is largely a technical market with its own forex terms and processes so it is important you grasp the fundamentals with an online forex trading education.
Why Online Forex Trading Education?
Most people who want to try forex trading are often busy with other aspects of life to take care of. They probably do not have the time to attend a course on forex trading. Therefore, an online forex trading education is more suited.
Since it s online, you can take your time to read and digest the information at your own pace. Also most of the basics of forex trading can be found online for free. There are tons of websites that provide free forex trading courses and tutorials.
There are also free forex trading seminars online available plus advanced forex trading courses online such as the forexmentor program. While it s usually not free, the costs are pretty cheap compared to attending a forex trading course in a classroom.
Another important part of an online forex trading education is practice. I believe no matter how well you understand forex trading or if you score an A in a forex trading course, the real deal comes when you actually start trading.
Most forex trading sites provides a demo account for new beginners to forex trading to learn how to manage their forex trading account. There is no monetary risk, so it is a very good way to learn the ropes.
Once you feel you have sufficient experience, you can open a regular forex trading account or a mini forex account. I would highly recommend you open a mini forex account and start trading in smaller amounts. It has all the features of a regular forex accounts yet you can start one usually with about US $100.
It s important you do not rush through your online forex trading education. Take your time to understand and start trading in small amounts to practice. As the saying goes, practice make perfect.
Forex - Risk, Losses And Education
Forex - Risk, Losses And Education
Commodity Forex Online Trading
In commodity online trading, you must be kept in mind for few things. If you want to be a good trader you need to know what are you doing and have a very good education. Its very important, that you will take the time to research your commodity trading ideas deeply. Then, you will understand how your forex trading will working for you.
You are going to understand applications and technology which stick to commodity forex online trading. You will need to come up with goals and find out how achieve them by trading on the market. To become successful trader, you must know those basic things for start:
Risk
Its important thing. You need to remember, that in commodity forex online trading is risk. Forex is not type of trading where you can involve in if you want to make money in order to buy things you want, rent a house or whatever. You will need to take some risk if you want to earn good cash in forex, but it could not be done with money, that you can't afford to loose. Also, if you will lose your first deposit in market, you may end up with emotional decision, that you will only lose more money if you will keep trading. Thats bad type of thinking.
Losses - how to deal with them
You need to keep your losses to a minimum in commodity online trading. Anyway, you will probably have some small losses. If you want to have your losses as small as it is possible. then you will need to come up with an amount of maximum loss you will take in one day. This will make you sure, that your money is manages good, and that you get out before you will deal with huge losses.
Education
When dealing with commodity online trading, education is most important thing. You have to take time for learning forex to make sure, that you are educated enough before trading. Good education will become you successful. Without proper learning, you could find yourself in bad financial point.
Commodity Forex Online Trading
In commodity online trading, you must be kept in mind for few things. If you want to be a good trader you need to know what are you doing and have a very good education. Its very important, that you will take the time to research your commodity trading ideas deeply. Then, you will understand how your forex trading will working for you.
You are going to understand applications and technology which stick to commodity forex online trading. You will need to come up with goals and find out how achieve them by trading on the market. To become successful trader, you must know those basic things for start:
Risk
Its important thing. You need to remember, that in commodity forex online trading is risk. Forex is not type of trading where you can involve in if you want to make money in order to buy things you want, rent a house or whatever. You will need to take some risk if you want to earn good cash in forex, but it could not be done with money, that you can't afford to loose. Also, if you will lose your first deposit in market, you may end up with emotional decision, that you will only lose more money if you will keep trading. Thats bad type of thinking.
Losses - how to deal with them
You need to keep your losses to a minimum in commodity online trading. Anyway, you will probably have some small losses. If you want to have your losses as small as it is possible. then you will need to come up with an amount of maximum loss you will take in one day. This will make you sure, that your money is manages good, and that you get out before you will deal with huge losses.
Education
When dealing with commodity online trading, education is most important thing. You have to take time for learning forex to make sure, that you are educated enough before trading. Good education will become you successful. Without proper learning, you could find yourself in bad financial point.
Broker Forex Trading Five General Guidelines When Choosing A Forex Broker
It is truly incredible how times change. Eight years ago finding a good and efficient online broker forex trading was as hard as it gets. Today the forex brokerage industry has evolved to fit the needs of the individual forex trader. An increase in demand for online forex trading has generated an incredible competition between brokers. As a result, the private trader has benefited in terms of service and cost of trading. There are five general guidelines you should to know when choosing your forex broker.
1. Spread This is your cost of trading the forex spot market. It s the difference between the ask price and the bid price. Every currency quote will have these two numbers displayed so trader know at what price they can sell and at what price they can buy. This difference between the bid and the ask price is how forex broker make their money. Forex broker either offer a fixed or a variable spread. Fixed spread is guaranteed to remain the same regardless of market liquidity. Variable spreads change according to market conditions. They are tighter when liquidity is high but become larger when liquidity dries up. It is hard to come up with clear answer of weather to choose a fixed or variable spread broker. But it depends on your style.
1. Spread This is your cost of trading the forex spot market. It s the difference between the ask price and the bid price. Every currency quote will have these two numbers displayed so trader know at what price they can sell and at what price they can buy. This difference between the bid and the ask price is how forex broker make their money. Forex broker either offer a fixed or a variable spread. Fixed spread is guaranteed to remain the same regardless of market liquidity. Variable spreads change according to market conditions. They are tighter when liquidity is high but become larger when liquidity dries up. It is hard to come up with clear answer of weather to choose a fixed or variable spread broker. But it depends on your style.
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