Rich is Trading Forex Again

So after yet another hiatus from trading forex, I just recently had my first trade in months. It was a successful one also. But the question I want to answer is, “Is this blog dead?” The answer is no. I’ve made a living over the past 3 years ducking in and out of here depending on what’s going on in my life. Sometimes I’m just too swamped at my real job, other times I just don’t feel like writing, but I always come back. The great thing is I’ve built up a lot of content over the years so a lot of it applies to the type of forex trader you’re trying to become.

So where do I go from here? I’m in the mood to start trading forex again so that’s what I’m going to do. I’m also going to talk a little about stocks. I’ve had a lot of success, believe it or not, trading the stock market in the last couple of months and I think I’ve learned some things that I could apply to trading forex. So you’ll hear me talk about some of these things also.

Stay tuned….

Happy New Year from GFT Forex!

Best wishes for a prosperous New Year

See Also

• Learn Currency Trading
  Forex blog, information and more

U.S. Dollar Index Up on the Year

Currency trading with the greenbackThe U.S. dollar index is ending the year up overall in forex trading on the currency market. Recently in currency trading, the greenback has been struggling to maintain its recent rally, but recent weakness has resulted in losses.

However, despite ending mixed today, and in spite of some of the losses in recent days to such currencies as the Japanese yen and the euro, the U.S. dollar index is still up on the year.

We’ll see whether the U.S. dollar index can maintain its current position in 2009.

See Also

• More on the U.S. Dollar Index
  U.S. dollar index in forex trading
• Currency Trading with the Greenback
  Forex trading with world currencies

U.K. Pound Sees Worst Annual Performance in Forex Trading

Sterling has a horrible year in currency tradingIt’s no surprise that the U.K. pound was one of the worst performers in forex trading in 2008. Indeed, the sterling has had a horrible year in currency trading.

The U.K. pound has dropped rather dramatically against the other major currencies this year:

• U.S. dollar
• Japanese yen
• Euro

Indeed, sterling has performed its worst in currency trading against the euro this year.

See Also

• Sterling in Currency Trading
  Forex trading on the currency market

Japanese Yen Big Winner in 2008

Yen up over the year in currency tradingThe Japanese yen represents the biggest winner in 2008 in currency trading on the FX market. It had the most dramatic appreciations of all the major currencies — including the biggest gain against the U.S. dollar in forex trading in two decades.

The Japanese government is not terribly thrilled by the appreciation of the yen, since an appreciating currency eliminates export advantages.

As a result of the risk aversion due to the global economic crisis and recession, the carry trade has been unwinding, spurring the Japanese yen higher in currency trading. Additionally, the relatively stable yen has been viewed as a safe haven in forex trading.

See Also

• Japanese Yen in Forex Trading
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London Session – December 31, 2008 8:01 AM

The last day of 2008 has not disappointed in terms of the price action and this remained the case in the overnight London session as well.  The lack of major economic news coupled with an overall holiday-influenced thin market made technical breaks that much more important and violent.  EUR/USD failed to hold above the 1.41 mark and dropped a sharp -140 pips in London trading towards the 1.3950 zone.  Full text »

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Asia Session – December 31, 2008 1:32 AM

For the last Asian trade day in 2008 we witnessed the US Dollar take some tiny baby steps into positive territory against the Yen, but the Euro remained slightly firmer. Could this be the last hurrah for the US currency before what many expect will be a rough 2009? EUR/USD opened near 1.4050 and the pair saw a wave of Euro buying to 1.4147 followed by a quick retracement to session lows of 1.4057 in holiday thinned and quite volatile markets. The pair ended the session up slightly, near 1.4080, quite a move for the 2008 finale. Of note is that New Year’s Day will be the tenth anniversary of the Euro currency, and Slovakia will officially become the 16th member of the Euro zone. Full text »

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New York Session – December 30, 2008 4:29 PM

The NY session saw some minor excitement in the early stages but the price action eventually tapered off as the holiday lull took hold once again.  US stocks rallied a firm 2.4% in the face of continued weak economic data.  The worst of the batch was the Conference Board’s consumer confidence index which plunged to a record low 38.0 in December from 44.7 the prior month.  Furthermore, the labor differential collapsed and is pointing to an unemployment rate of at 7% for the month. Full text »

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Forex Trading Forecast: U.S. Dollar

Currency trading with the greenbackOne of the speculations for 2009 is how the forex trading forecast will fall out for the U.S. dollar. In currency trading, the greenback has pulled back from its earlier rally, and things are looking a little bleaker than they were a couple of months of ago.

Right now, the only currency that the U.S. dollar is having any luck against is the Canadian dollar. However, there is hope that economic stimulus early next year might effect a more lasting U.S. dollar rally.

In actuality, the forex trading forecast for the U.S. dollar depends a great deal on perception regarding the recession, deficits and how traders view the fundamentals of the economy. The Forex Blog points out how perception might affect the U.S. dollar in 2009:

See Also

• More on the U.S. Dollar in Forex Trading
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• Forex Trading with the U.S. Dollar
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Euro Reaches New High in Forex Trading Against Sterling

U.K. pound continues to struggle in FX tradingThe euro has once again reached a new high in forex trading against the sterling. The U.K. pound continues to struggle in FX trading as economic conditions favor the euro zone.

Right now, the euro zone is benefiting from French GDP and from the fact that euro zone retail PMI is improving. While this is good news for the euro in forex trading, sterling has not received such favorable news.

In Britain, news about the economy continues to be negative, showing a great deal of downside risk. As a result, the Bank of England is expected to cut interest rates much more dramatically than the European Central Bank in the coming new year.

See Also

• More on Forex Trading with the U.K. Pound
  British economy and FX trading
• Euro in Forex Trading
  FX trading on the currency market

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