Forex Crunch Crown Forex – The Scam Goes On – Now Offering People to Start a Forex Company |
- Crown Forex – The Scam Goes On – Now Offering People to Start a Forex Company
- So You Think You Can Predict The Market?…. Guess Again
- Fundamental Overview – Market Movers This Week – 7/12/2010
- Forex Daily Outlook – July 14 2010
- FXBees Joining the Forex Social Scene
| Crown Forex – The Scam Goes On – Now Offering People to Start a Forex Company Posted: 14 Jul 2010 01:04 AM PDT
The infamous Crown Forex appears again, now offering everybody to open his own forex company, calling themselves experts in the area of forex business. Forex scammers refuse to die. Here are their latest activities. Those of you following the forex industry are probably familiar with Crown Forex. The saga is very long. In short, they were accused of not paying their clients by the Swiss authorities (FINMA), they claimed to be innocent, but this didn’t help – they were shut down in May 2009. And they continued: Just three months ago, Michael Greenberg reported about an incarnation of Crown Forex as FX Pulp. Now here’s what I’ve received in my mailbox:
The letter goes on and on, talking about a “quality trading system” and saying that they are a ”full service website design and development company. We have the experience and expertise for creating professional websites with full back-end database”. You may think that these Crown IT and Crown Forex could be unrelated. Well, it seems that changing company names and names of the people behind these companies is something they do quite often. These guys never quit. They just try different methods all the time. First they took money from traders, now they aim for people in the forex industry. Michael Greenberg of Forex Magnates helped with the information for this article. Thanks! I hope that the regulatory bodies will do a good job and minimize such cases. The lucrative forex industry attracts both good and bad people. In order for this industry to grow and become more mainstream, it needs to successfully encounter such fraudulent activities. Want to see what other traders are doing in real accounts? Check out Currensee. It's free..       |
| So You Think You Can Predict The Market?…. Guess Again Posted: 13 Jul 2010 11:26 PM PDT
Guest post from www.visionsofaffluence.com Do you really think you can reliably predict the market? I hope you don’t because that is the one of the biggest mistakes a trader can make. If you want to be successful in this business then you are going to have to realize that trading is a probability game and any efforts to predict or time the market will only result in failure. That’s not to say that you can’t trade successfully, but if you are its going to be because you play the percentages not because you have a gift for predicting exactly when market moves are going to occur. By play the percentages I mean that you need to find events that generally signal certain market actions and then base your trades around them. For example if you know that when price moves up to a resistance level and then fails to break through it tends to then move in the opposite direction, then it may be a good idea for you to go short when you see this occur. This is an example of playing the percentages because you know that there is a high probability of price moving down, in fact you know there is a greater chance of it moving down than moving up so you have probability on your side which would make it a good trade. This is how every working system or method is created. A trader notices a pattern and the subsequent market behavior and then uses it to profit by trading in the direction of most probable price movement. It's that simple. It has nothing to do with predicting the market or seeing the future, but rather it's all about noticing a pattern and playing the percentages. So if your still trying to magically predict the market give it a rest because its not going to get you anywhere. Instead open up your charts and start finding recurring patterns of market behavior and start basing your trades around. In fact you don’t even have to do that because many traders have found these patterns and discovered the best way to trade them so that all you have to do is learn their method and implement it if you want to profit. It doesn’t make sense to try to reinvent the wheel if you don’t have to. So get out there and find some working methods and implement them into your trading plan, but remember always demo trade a new method before going live. Ready to connect with real Forex traders? Currensee is the first Forex trading social network.    |
| Fundamental Overview – Market Movers This Week – 7/12/2010 Posted: 13 Jul 2010 04:00 PM PDT
Guest post by ForexTraders.com Last week gave global investors a possibly brief reprieve from recent financial market turmoil as world stock and bond markets rallied sharply, while commodity prices also firmed. With that noted, an underlying sense of caution and unease seems to continue permeating world markets.
Market Concerned About Recessionary Impact of G20 Budget Cuts The previous week's G7 and G20 meetings had ended with world governments pledging to bring down excessive budget deficits in a concerted attempt to restore confidence in the markets and national creditworthiness. Nevertheless, the jury is still out as to whether or not these promised fiscal spending cuts will be sufficient to do so without dumping the world's major economies back into recessionary waters. Dollar's Response Mixed Versus Majors Furthermore, the U.S. Dollar's performance last week was again mixed versus the other major currencies. The Greenback gained 1% versus the Japanese Yen and 0.9% against the Pound Sterling, but lost 0.7% versus the Euro as European markets staged a significant comeback. Dollar Falls Against Commodity Currencies Also, the Dollar notably reversed its previous week's sharp rise against the commodity currencies, as commodity prices bounced higher after recent pullbacks. Specifically, the Australian Dollar rose 4% after having declined 3.9%the previous week, while the Kiwi was up 3.0% last week after having been down 3.6% the week before. The Canadian Dollar, which had gained 2.8% last week, had lost 2.5% versus the Greenback the previous week. Weekly Recap and Outlook for the U.S. Financial Markets and Dollar – 7/12/2010 The U.S. Dollar turned in another mixed performance last week, rallying against the Yen and Sterling while falling against the Euro and falling sharply against the commodity currencies. The sharp rise in the Australian, New Zealand and Canadian Dollars could be attributed to recent events in China, as well as to the more obvious cause of a rise in relevant commodity prices. Read full report Weekly Recap and Outlook for EURUSD – 7/12/2010 EUR/USD began the week on a quiet note with the U.S. market closed for the 4th of July Holiday. Europe's economic calendar began the week Monday with Eurozone Retail Sales rising 0.2% m/m, slightly better than the 0.1% expected however, the previous number revised to -0.9%. The pair then rallied off of its weekly low of 1.2480 on Tuesday as stocks and bond markets in Europe rallied sharply, also, U.S. ISM Manufacturing PMI came with a reading of 53.8 versus 55.1. Read full report Weekly Recap and Outlook for GBPUSD – 7/12/2010 Despite Cable making a new intermediate term high, the rate began showing some signs of weakness last week. As well as a week's worth of negative United Kingdom economic data, the market was also wary that the U.K. budget cuts might adversely affect the stalled economic recovery. Sterling gained early in the week, with Monday's release of U.K. Services PMI which came out at 54.4 versus 55.1 expected. On Tuesday, the pair strengthened as U.K. stocks soared with the FTSE up 2.4%. Read full report Weekly Recap and Outlook for AUDUSD – 7/12/2010 AUDUSD had an impressive week, moving up sharply with renewed risk appetite in the markets. The pair began the week trading lower Monday as Australian ANZ Job Advertisements printed at 2.7% with the previous number revised downward to 2.7% from 4.3%. In addition, the Australian Trade Balance came out with a surplus of 1.65B versus 0.53B expected and the previous number revised upward to 1.12B from 0.13B. Read full report Weekly Recap and Outlook for NZDUSD – 7/12/2010 NZD/USD joined the Aussie rallying sharply last week on renewed risk appetite in the currency markets. Monday had the only major economic release for New Zealand last week, with NZIER Business Confidence which came out at 18 versus a previous reading of 22. Nevertheless, the rally in the Kiwi was fueled by rising commodity prices which made the rate rise every day of the holiday shortened week. The rate started trading off of its weekly low of 0.6823 on Monday and subsequently rose to a high of 0.7112 made Friday, before declining to 0.7104 to close the week up 3.0%. Read full report Weekly Recap and Outlook for USDJPY – 7/12/2010 USDJPY rose last week after the previous week's sell off which tested the 87.00 level on the downside. The rate began the week quietly with a bank holiday in the United States and no important economic releases on Monday. On Tuesday, the rate started heading south as Japanese Leading Indicators came out at 98.7% versus a 99.7% expected. Read full report Weekly Recap and Outlook for USDCAD – 7/12/2010 USD/CAD declined considerably last week as rising commodity prices and risk appetite returned to strengthen the Canadian Dollar. The pair began the week trading higher in thin holiday trading on Monday. On Tuesday, the rate made its weekly high of 1.0616 before selling off despite Canadian Building Permits showing a drop of -10.8%, considerably worse than the -1.3% expected. Read full report Ready to connect with real Forex traders? Currensee is the first Forex trading social network.    |
| Forex Daily Outlook – July 14 2010 Posted: 13 Jul 2010 02:00 PM PDT
US Retail Sales, US Federal Open Market Committee Meeting Minutes and Euro-zone Industrial Production highlight today’s activities. Here is an outlook for the major market moving events. In the US, Retail Sales, an important gauge of consumer spending measuring the total receipts at retail establishments expected a modest decline of -0.1% due to last week's better-than-expected sales at some major U.S. retailers. This report could also show signs of improvement from the -1.2% drop in May. More in the US, Federal Open Market Committee Meeting Minutes a detailed record of the Fed's last monetary policy meeting that may provide an outlook on the economy, inflation and the Fed's future monetary policy. The minutes would likely confirm the Fed's cautiously optimistic outlook on the economy and the monetary policy makers. Later in the US, Import Prices, Following the 0.6% decrease in May, a further smaller 0.1% drop is expected. Subdued inflation will give the Federal Reserve room to keep its benchmark interest rate near zero for an "extended period." Finally in the US, Business inventory growth fell to 0.4% in April reverting a 3-month trend of increasing growth which ended in a 0.7% monthly spike in March. A similar growth is forecasted now. Crude oil inventories fell 2 million barrels in the week ending June 25, following a rise of 2 million barrels the preceding week a further decrease is expected. For more on USD/CAD, read the Canadian dollar forecast. In Europe, Euro-zone Industrial Production, the main gauge of industrial activity measuring the output of factories, mines and utilities is forecasted to rise by 1.2% from 0.8% in May. The manufacturing sector has been the leading light of the Euro-zone economy so far in 2010, benefiting from improved domestic and, especially, export demand as well as inventory rebuilding. For more on the Euro, read the EUR/USD forecast and Casey Stubbs' latest analysis. In Great Britain, U.K. Jobless Claims and Unemployment Rate, the main gauges of employment trends and labor market conditions expected lesser 20,200 jobless claims in June than the 30,900 claims in May and may bring a positive improvement in the U.K. jobs market. The unemployment rate remains unchanged at 7.9%. Read more about the Pound in the GBP/USD forecast. In Australia, RBA Governor Glenn Stevens delivers a speech titled “Some Long-Run Effects of the Financial Crisis” at the Anika Foundation Luncheon, in Sydney. His comments may determine whether inflation rates will increase over the next year. More in Australia, Westpac Consumer Sentiment Index fell by 5.7% in June from 108.0 in May to 101.9 in June. Another decrease is anticipated if the Reserve Bank will continue to raise rates. For more on the Aussie, read the AUD/USD forecast. In New Zealand, The BNZ-Business NZ Performance of Manufacturing Index provides an early indicator of activity levels, with May's 54.5 index showing expansion, even though it is down 4.1 points from April. Manufacturing activity is anticipated to continue its growth and stay above the 50 point line. Want to see what other traders are doing in real accounts? Check out Currensee. It's free.    |
| FXBees Joining the Forex Social Scene Posted: 13 Jul 2010 07:35 AM PDT
There’s a new kid in the block – Berlin based FXBees launched and offers traders to share their data. Here’s a quick introduction of this interesting site. FXBees labels itself as the “first social forex broker” – traders can open an account with a broker through their platform, rather than connect an existing one. The account can either be real or a demo account. This is a major difference from another social forex site that instantly comes to mind: Currensee. FXBees is similar to Currensee, but there are some differences:
By allowing demo accounts, FXBees opens doors to beginners that just want to try out forex trading. While this is interesting and will enable getting many members quickly, there’s a big difference between performance on a real account and on a demo account. Psychological issues, proper money management (with limited real money compared to unlimited monopoly money) and differences between execution in real accounts and demo accounts all make a difference. In his review of FXBees, Michael Greenberg emphasizes these differences and receives interesting comments. The design of their site is great. The color and layout are very friendly, with successful traders standing out. Real and demo accounts are clearly labeled. There’s also an option to drill down and see what times traders trade, which currency pairs they specialize in, and lots more. The site is available in English and German, and consists of an open forum in addition to the interaction that is available between traders which become friends. In order to attract good traders, FXBees offers a compensation for those successful ones that share their data. This also sounds similar to Currensee’s Trade Leaders program. And in order to attract beginners, FXBees now offers a free $30 account for new members. No deposit is necessary, but FXBees requires these beginner traders to pass a basic quiz, in order not to burn out their account instantly. All in all, FXBees is a great initiative, that is part of the evolution of the forex market, on the road to becoming more mainstream. Andre Doerk’s team still has work to do in order to reach Currensee’s mature platform, especially with tackling the issues of forex demo accounts. Nevertheless, it seems that they’re on the right track. Ready to connect with real Forex traders? Currensee is the first Forex trading social network.    |
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