With Empower Markets
Our mission is to provide seamless forex trading experiences via the latest technology with the MetaTrader 4, MetaTrader 5 and Iress trading platforms. Control is at your fingertips with the best charting tools for informed decision-making when trading foreign exchange on the global markets.
The global foreign exchange market is one of the fastest, most liquid and exciting markets. All major currency pairs include the US dollar (USD) as either the base or counter currency. Majors include pairs like the GBP/USD, EUR/USD, and USD/JPY.
Empower Markets offers you consistently tight spreads, starting from as low as 0.0 pips. We’ve partnered with leading banking and non-banking financial institutions to ensure a deep liquidity pool, so that you get among the best available market prices and ultra-low latency order execution.
Trading forex involves buying one currency and selling another simultaneously. Through careful analysis, traders predict the potential direction of currency prices and attempt to capture gains based on price fluctuations. There is no centralised exchange for forex trading.
The difference between these two rates is known as the spread. This includes the broker’s charges. The spread depends on your choice of currency pair and the forex broker. Licensed forex brokers who provide ECN (Electronic Communications Network) pricing can source price quotes from multiple liquidity providers in the market. This means they can offer the tightest spreads.
Pip is an acronym for Point in Percentage. It represents the smallest amount of change in the rate of a currency pair and is a standardised unit. Pip value fluctuations have an effect on trading gains.
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Years of Trading
Suppose you want to trade CFDs, where the underlying asset is the AUD/USD currency pair, also known as the “Aussie.” Let us suppose that the AUD/USD pair is trading at:
Currency values fluctuate according to a nation’s perceived economic health. Fundamental analysis is the study of all factors that impact a country’s economy and is also representative of its future trends. When investors perceive a particular economy as being more rewarding than others, demand for the domestic currency increases, driving up its price. Fundamental traders look out for these indicators to gauge the economic health of a country.
The interest rates decided by a country’s central bank directly impact the domestic currency. When the interest rate increases, currency value tends to appreciate and vice versa.
Central banks are responsible for keeping inflation in check and promoting employment. To do so, they have various tools available, including the nation’s monetary policy, market interventions and quantitative easing.
Balance of Trade
The balance between a country’s exports and imports can impact currency values.
The overall health of an economy is denoted by its GDP growth. Currency values tend to appreciate with a favourable GDP growth rate.
There are several other economic indicators, like employment rate, retail sales, manufacturing index and housing market data, that impact the forex market. To keep track of the economic releases, traders use an economic calendar. This is because significant volatility tends to ensue on the days that important reports are released. Based on whether the actual figures meet or beat market consensus, currency prices can go up or down.
Technical analysis is based on the principle that the markets tend to repeat their historical price trends. To discover these trends, traders rely on technical indicators and forex chart analysis. Technical indicators are actually statistical formulae that can provide important information about the market. They are categorised into:
Such as Simple Average, Trend lines, Moving Average Convergence Divergence (MACD)
Such as On Balance Volume (OBV), Chaikin Money Flow
Such as Stochastic Oscillators, Relative Strength Index (RSI)
Such as Average True Range (ATR), Volatility Index (VIX)
Forex trading platforms like MetaTrader 4 and MetaTrader 5 come with pre-installed technical indicators, allowing you to analyse the ongoing trends and any chances of price reversals. Based on these indicators, you can create forex trading strategies.
These platforms also allow you to use a combination of both fundamental and technical analysis. While fundamental analysis, through financial news alerts, allows traders to gauge the interest rate and inflation outlook for both currencies in a pair, technical indicators and charts provide insight into trends and ranges within the price history. Chart patterns can provide clues regarding how prices might move within the patterns and where they are likely to go after a break-out.
Going Long or Going Short
When you assume a long position in a currency pair, you buy a currency in the hopes that its price will rise (appreciate) in the future.
Lots are standardised position sizes for currencies. The forex market gives you the flexibility to trade according to your means and risk profile. The standard size for a lot is 100,000 units of the base currency. There also are mini, micro and nano lot sizes that contain 10,000, 1,000 and 100 units of the base currency, respectively.
Liquidity in the forex market refers to the ability of a currency to be bought or sold on demand. Can buy or sell large amounts of these currencies without causing any significant difference to the exchange rate. Liquidity fluctuates during trading sessions.
Liquid markets, such as forex, tend to fluctuate by smaller increments, since high liquidity means less volatility. However, high volatility can occur due to significant external events.
Leverage in forex trading is a useful financial tool. It allows traders to gain greater exposure to market movements than they could otherwise afford. The leverage amount is provided by the forex broker. It is important to put in place robust risk management strategies while trading.
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