| Economic Indicators | |||
| Annual | 2008/09 | | |
| Foreign Exchange Debt | $50.01bn | | |
| Per Cap Income | $1046 | | |
| GDP Growth | 2.0% | | |
| Average CPI | 20.77% | | |
| Monthly | July | | |
| Trade Balance | $-1.15 bln | | |
| Exports | $1.49 bln | | |
| Imports | $2.64 bln | | |
| Weekly | | | |
| Foreign Exchange Reserves | $14.476 bln | | |
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Online banking is the practice of making bank transactions or paying bills via the Internet. Thanks to technology, and the Internet in particular, we no longer have to leave the house. We can shop online, communicate online, and now, we can even do our banking online. Online banking allows us to make deposits, withdrawals and pay bills all with the click of a mouse. It doesn't get much more convenient than that.
In the UK over 40pc of the adult population (nearly 20.6m people or 55pc of internet users) now bank online. Most fraud on online bank accounts involves a customer being duped into giving away their user passwords and security information.
Because the banks' own systems have proved difficult to attack, criminals have turned their attention to getting information directly from online banking customers themselves. The two most common attempted scams currently used by online fraudsters are phishing and spyware.
Advantages of online banking
* Convenience: Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away.
* Ubiquity: If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7.
* Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
* Efficiency: You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
* Effectiveness: Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money
Maybe you a already involved in forex trading or maybe you are just starting out. Irrespective, with there being so many products, strategies and systems available on the market today, it becomes increasing difficult to choose a forex system. So what is a good forex system?
In my experience, the five basic characteristics of a good forex system are as follows:
If you consider Forex money management a boring distraction from the real fun of Forex trading, you've missed the whole point. Before you can make any real and consistent gains in the Forex, you must come to understand that money management is just as important as the trading part. One of the most essential ingredients of successful Forex trading is the unfailing use of money management techniques to minimize losses and protect your gains.
Before you even begin laying out money and making trades, you'll want to decide on a set of Forex money management guidelines. Placing bets without any kind of safety net is irresponsible toward yourself and your family.
Successful traders recommend that you start small and gain a gut-level grasp of the markets before moving on to bigger bets. Hoping for a big score right at the beginning is the mark of a casino gambler, not an investor.
The best advice:
Keep your risk, right from the beginning, at about one percent or less of your total equity on any one trade. Keeping your risk low, in the one percent range, protects you if disaster strikes and you have a string of losses. You could actually survive 20 consecutive bad trades and still have 80 percent of your equity remaining. Taking tiny little one percent baby steps may seem boring, but it certainly beats being wiped out by a run of adverse trades. It will ensure that you're still around to invest next week, next month and next year. It also helps you safely build confidence, judgment and experience.
Many new Forex traders ask how much they should put into their trading account. The surest and wisest advice is never, ever bet your rent or grocery money. In other words, only use money you can afford to lose. Yes, I know that in your special case there aren't going to be any losses, and you're in a big hurry to make it big. But long experience says it's not going to happen that way for you either. If you were to lose everything you invest, would you and your family still eat okay? Would you still be in your home, or would you have to move into your brother-in-law's basement? Just think about this, okay?
It's important for you to know about the four stops. These are standard (and very wise) ways to prevent losses from ravaging your finances as you begin trading the Forex markets. You or your broker can use one or more of these four stops to protect your money.
1. Equity Stop
This stop lets you decide beforehand how much you're prepared to risk on a single trade, and you won't risk anything beyond that percentage. A beginner may set the equity stop to one or two percent. Once you've gained considerable experience, you might eventually raise this to five percent, but never forget that at the 5% level, ten consecutive bad trades (not impossible) could wipe out half of your account.
Downside: This stop makes no allowance for positive fluctuations. The protection is strong, but if you never vary from it, you may miss out on some of the more profitable trades. When you're a newbie, the safety net it provides while you're learning is more important than any gains you might miss while you'e learning.
2. Chart Stop
The trading charts that technical analysis provides can be accurate indicators of market movements. Technically minded traders who live, eat and breathe mathematics and probabilities often love chart stops. But the smart ones don't get reckless. They also include equity stops in their calculations.
Downside: Generating charts and analyzing them can take significant time for newbies. This is time in which the market has moved on, leaving all that beautifully charted data a little (or a lot) outdated.
3. Volatility Stop
Related to the chart stop but more complex, this one assigns risk values according to volatility rather than price action. Until you're experienced in Forex trading, it's best to leave this difficult technique to your broker. It's based on subtle and sophisticated evaluations of high versus low volatility of currency pairs and assigns greater or lesser risk to each market situation.
Downside: Demands steady, unflinching nerves and a great deal of experience.
4. Margin Stop
With the Margin Stop you're deciding beforehand that you'll get out of any trade before you're out of money. If you have ,000 in your account, setting your margin to 0 means you'll trade with the top textarea,500 but if your losses ever reach that amount, you'll close your position and preserve that last 0.
Downside: It's hard to find a downside to the Margin Stop. You keep control of your account, even when using an account manager.
Forex money management is essential when trading in the currency markets. And these stops are important backup measures to be used in tandem with your own patience, caution and growing judgment to minimize losses while maximizing your gains
Forex scalping aims to make use of small price movements and the bid-ask spread in order to turn a quick profit in a short time. Although each profit is naturally small, significant sums may be gathered by persistent trading.
The most basic form of scalping is the usage of the bid-ask spread. The scalper attempts to make a very quick profit by exploiting this gap during periods of price fluctuations. As volatility causes the bid-ask spread to widen, the scalper moves very quickly to turn the price movement into profit. There are other traders who don’t utilize the bid-ask spread, but generally trade very small sums for very short periods with the hope of patiently accumulating gains over a longer time period.
Scalping can be a relatively low risk method for the consistent and disciplined trader who knows when to cut his losses and is cautious about taking only the trade that meets his predefined standards. Successful exploitation of the bid-ask spread can be especially fruitful, but it depends on the ability to avoid periods of stress and volatility in the markets. At times of great stress, the bid-ask spread can rapidly widen to unexpected levels and the stop-loss order placed by the scalper may rapidly lose its significance, wiping out the gains of considerable past effort. The scalper must have clear goals, discipline and acquire time-tested money management skills in order to avoid being swallowed when the market turns nasty
The Forex market, established in 1971, was created when floating exchange rates began to materialize. The Forex market is not centralized, like in currency futures or stock markets. Trading occurs over computers and telephones at thousands of locations worldwide.
The Foreign Exchange market, commonly referred as FOREX, is where banks, investors and speculators exchange one currency to another. The largest foreign exchange activity retains the spot exchange (i.e.., immediate) between five major currencies: US Dollar, British Pound, Japanese Yen, Eurodollar and the Swiss Franc. It is also the largest financial market in the world. In comparison, the US stock market may trade $10 billion in one day, whereas the Forex market will trade up to $2 trillion in one single day. The Forex market is an opened 24 hours a day market where the primary market for currencies is the 24-hour Interbank market. This market follows the sun around the world, moving from the major banking centres of the United States to Australia and New Zealand to the Far East, to Europe and finally back to the Unites States.
Until now, professional traders from major international commercial and investment banks have dominated the FX market. Other market participants range from large multinational corporations, global money managers, registered dealers, international money brokers, and futures and options traders, to private speculators.
There are three main reasons to participate in the FX market. One is to facilitate an actual transaction, whereby international corporations convert profits made in foreign currencies into their domestic currency. Corporate treasurers and money managers also enter the FX market in order to hedge against unwanted exposure to future price movements in the currency market. The third and more popular reason is speculation for profit. In fact, today it is estimated that less than 5% of all trading on the FX market is actually facilitating a true commercial transaction.
The FX market is considered an Over The Counter (OTC) or ‘Interbank’ market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network. Trading is not centralized on an exchange, as with the stock and futures markets. A true 24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or nigh
Mini forex trading was created for new traders entering the forex market. The mini forex account is designed to be one tenth the size of the standard account and the pip value is just $1 per pip. The mini forex account is beneficial for new traders to improve their forex trading skills while being exposed to less financial risk on the market.
Success in the forex market and becoming a profitable trader depends on a lot of practice and experience. It is still essential to practice first with the demo trading software to enable you to get comfortable with the trading platform and to get a feel of the real market. Once you get an idea of what to expect in the forex market, it is wise that you should open a mini forex trading account. Now you are dealing with real money.
Although you might risk losing real money, mini forex trading accounts only requires a small investment of money. It can also give you a small amount of profit. The key to mini forex trading is to enhance your skills until you are ready to trade with the big traders
If you have the impulse to learn more about foreign marketplaces and international trading mechanisms, be mindful that you are gambling a lot if you get into these marketplaces without any experience. The World Wide Web Wide Web] enables the opportunity to run tests and computer simulations while learning the techniques in which forex dealing is carried out. The international marketplaces are inclusive of many nations where foreign monies are pitted against each other and are worth more or less than the original valued currencies that are being traded. The forex marketplaces are employed to build the financial wealth of nations, banks and brokers, and for many nations.
To learn what you need to know about the forex market, you’ll need to find some forex test application or learning program you can make use of. When you start the testing you will input information about what you are interested in and you can then install the program on your system. By monitoring your progress you will learn about your methods in the forex market. This playing around will make you more considerate of what happens daily, how the markets open and close, and how different the various countries currencies really are.
Shortly after you start your account, you’ll be able to determine where you’ll be able to read the news, find and compare markets, and make ‘fake’ trades so you can watch your money build or be eaten away in losses. As you develop a skill for using the system, you will become more and more prepared, learned and you will be able to kick off some major trades. You will want to remain dedicated to a forex broker in order to ensure your trades go through, but you will have confidence regarding the market and what calls you may want to make when you read about the news, the markets, and the currencies in other countries
Unlike the stock exchange, the Forex Market (foreign exchange market) is a relatively new player to the investment world. Today's current Forex market model started in the early 1970's, and today it represents the biggest financial market around, even surpassing the stock market. With trading surpassing $2 trillion dollars per day, the Forex market attracts more and more investors all the time. Before an investor starts trading on the Forex market, he should grasp the fundamentals of how exchange rates work.
Exchange rates
Basically, the exchange rate represents the rate of exchange between two currencies. Most currencies are traded, or paired up against the dollar. The five most common currencies traded on the market are the dollar (USD), euro (EUR), the yen (JPY), the British pound (GBP), and the Swiss franc (CHF). Some other currencies that are traded are the Australian dollar, the Canadian dollar, and the Hong Kong dollar.
In the exchange rate or ratio, the numerator represents the quote currency and the denominator the base currency, which always equals one.
Let's say that an investor wants to exchange euros for dollars. In this case, the euro currency is the quote currency, or how much currency you have to exchange. The base currency is the dollar. The investor researches the current exchange rate (euros converted into dollars) either on the Internet, through the bank, broker, etc., and then multiplies that amount by the number of euros to exchange. Let's say that the exchange rate is 1.57959. That means that 1.57959 euros must be paid to receive one dollar. If he has 1000 euros to exchange, then he can receive $1,579.59 (1000 x 1.57959).
On the flip side, the exchange rate can also tell the investor how much he'll receive if he converts dollars back into euros. If he has $1000, he can either divide that amount by the same euro to dollar exchange rate ($1000/1.57959 = 633.07 euros), or look up the conversation rate for dollars to euros on the Internet, etc. (i.e. .633072) and multiply it by the amount of dollars to exchange ($1000 x .633072 = 633.07 euros).
Once the exchange rate concept is understood, the investor can feel more confident in investing in the Forex market.
Sigma Services
As a professional online trading service Sigma strives to give an eminent beyond comparison of professional and individualized trading services, Sigma also provides several facilities for all kinds of traders.
Sigma helps private and institutional clients achieve their trading goals by offering an inclusive forex trading package, along with the state-of-art trading platform, real-time news and wireless access. We relegate to meeting and exceeding our customers' expectations with the utmost professionalism and integrity.
Sigma provides appropriate services satisfying the needs of all business partners’ specified requirements. A client's profit is our success and a client's loss is a significant call of action for us, we consider every client as a special case and a partner.
Sigma's Customer Support is our business core, as we provide 24/7 customer support. We keep in touch with all our clients to make sure that we are on the right pass
Forex dealing is all about playing with stocks and money from other countries and corresponding forms of products. One nation’s money is considered against the money from another country to figure the value. The entire value is taken into review when buying and selling stocks on the FX markets. Most countries have management over the total worth of their country with regards to monies. Individuals speculating in the FX markets include banking institutions, large businesses, international administrations and finance companies.
So what makes the forex market different from the stock market? A forex market transaction is a trade between two countries, and occurs all over the world. The two countries are 1, the country of the investor of the funds and 2, the country the money is being invested in. Most all transactions taking place on the forex stock exchange will likely be qualified through an experienced broker such as a bank.
What is involved in the forex stock exchange? The overseas market is combined from various types of dealings and nations. For those invested in the forex exchange tend to trade in boastfully large volumes along with gigantic sums of money. For those deep into the forex stock market probably have financial businesses or are in businesses where assets are bought and sold quickly. While the US stock exchange is immense you would be right to imagine the forex stock market as even more immense than the stock market in any one country overall. Those involved in the forex market are trading 365 days per year, twenty-four hours a day and sometimes on the week-ends.
It may surprise you to see the number of people who issue trades on the forex exchange. In the year 2004, almost two trillion dollars was the mean forex trading volume This is an immense number of trades for the number of daily transactions to take place. Think about how much a trillion dollars really is then double that, and this amount is the average that is traded on any given day on the forex exchange!
The forex market is not something new, as it has been used for over thirty years but with the introduction of computers, and the global web, the forex exchange is growing exponentially as growing numbers of investors begin to see how easy trading on the forex exchange can be. Forex only accounts for about ten percent of the sum of all trades between two countries but as the popularity in this market continues to grow so could that number
With so many new Forex products coming into the market every day, it can be difficult choosing one that will be as effective as you would like it to be. Most Forex products promise unbelievable results and prey on people who are new to the industry because of their vulnerability. If you are looking for a Forex product that you can trust, you should get LMT Forex Formula.
LMT stands for Low Maintenance Trading, and that is exactly what the program offers. It is a program created by one of the most established names in the industry- Dean Saunders. Saunders is the author of many other Forex products in the past, all of which are known to be effective. That is one of the main reasons that make the program trustworthy.
The other main reason to trust the program is that it is not a Forex robot. Forex robots are a highly risky proposition as they take over the entire trading process. There is no human input to the program and it only runs on an algorithm. Algorithms may not always give accurate results, which could means thousands of dollars in cash for you. LMT Forex Formula does not trade on your behalf. Instead, it uses its algorithm to identify the trade, but only goes ahead with the trade once you have given your confirmation. And, the program also helps you decide whether or not a trade is profitable. It provides you with 4 checks and if the checks are satisfactory, you can go ahead with the trade.
The best thing about LMT Forex Formula is that it only deals with trade that can make over 100 pips. So, you will only have to look at a few trades a week as opposed to many trades throughout the day. This makes it easy even for a part-time trader to make money.
| SNO | Currency | Mean | Buy | Sell | Date |
| 1 | USD | 75.2389 | 75.1500 | 75.3278 | 30.Oct.2009 |
| 2 | GBP | 124.5032 | 124.3434 | 124.6630 | 30.Oct.2009 |
| 3 | EUR | 111.6191 | 111.4775 | 111.7606 | 30.Oct.2009 |
| 4 | ZAR | 09.7354 | 09.6643 | 09.8065 | 30.Oct.2009 |
| 5 | UGX | 25.0669 | 24.9709 | 25.1630 | 30.Oct.2009 |
| 6 | TZS | 17.6107 | 17.5234 | 17.6979 | 30.Oct.2009 |
| 7 | AED | 20.4846 | 20.4596 | 20.5096 | 30.Oct.2009 |
| 8 | CAD | 70.5140 | 70.4188 | 70.6093 | 30.Oct.2009 |
| 9 | CHF | 73.8801 | 73.7480 | 74.0123 | 30.Oct.2009 |
| 10 | JPY | 82.6835 | 82.5752 | 82.7918 | 30.Oct.2009 |
| 11 | SEK | 10.7759 | 10.7579 | 10.7938 | 30.Oct.2009 |
| 12 | NOK | 13.3474 | 13.3122 | 13.3826 | 30.Oct.2009 |
| 13 | DKK | 14.9890 | 14.9683 | 15.0097 | 30.Oct.2009 |
| 14 | INR | 01.6025 | 01.6003 | 01.6047 | 30.Oct.2009 |
| 15 | HKD | 09.7080 | 09.6959 | 09.7201 | 30.Oct.2009 |
| 16 | SGD | 53.8460 | 53.7554 | 53.9365 | 30.Oct.2009 |
| 17 | SAR | 20.0632 | 20.0389 | 20.0874 | 30.Oct.2009 |
| 18 | CNY | 11.0200 | 11.0058 | 11.0341 | 30.Oct.2009 |
| 19 | AUD | 68.7985 | 68.7021 | 68.8948 | 30.Oct.2009 |
| 1. Rates are subject to change without notice. 2. Please note that these are Indicative Rates. | |||||
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