Customer Support

Forex is a 24-hour market; therefore 24-hour support is essential. Can you contact the firm by phone, email, chat, etc? Do the customer support representatives seem to know what their on about? The quality of customer support can vary considerably from broker to broker, so be sure to check it out before opening an account.

One thing you could do is contact a number of forex brokers to get a feel of how quickly they can respond to enquiries. If they don't respond quickly, and with a reasonable answer don't give them your business.

Technical outlook on the Australian Dollar

Our Australian Dollar outlook remains unchanged on almost-exactly flat AUD/USD price action. “The Australian dollar has shown clear difficulty in clearing psychologically significant support at 0.7000 against the US Dollar, which likewise represents the 38.2 percent Fibonacci retracement of the 0.8520-0.6010 decline. Inability to clear said resistance mark would definitively suggest that likely short-term direction is to the downside—favoring Australian dollar weakness.

Support can be found at the AUD/USD’s short-term rising trendline, which roughly comes in at 0.6800. A break lower signals that a move towards previous support in the 0.6500-0.6600 range is likely.”

Forex Education Center

The investor's goal in Forex trading is to profit from foreign currency movements. Forex trading or currency trading is always done in currency pairs. For example, the exchange rate of EUR/USD on Aug 26th, 2003 was 1.0857. This number is also referred to as a "Forex rate" or just "rate" for short. If the investor had bought 1000 euros on that date, he would have paid 1085.70 U.S. dollars. One year later, the Forex rate was 1.2083, which means that the value of the euro (the numerator of the EUR/USD ratio) increased in relation to the U.S. dollar.

Economic news

Most economists say dour economic news will continue well into next year, and analysts forecast Treasurys will continue to rise for at least several more months, pushing yields even lower. Yields on the 2-year, 10-year and 30-year Treasurys all hit record lows last week before rising slightly in the past three sessions.

Bond prices: The 10-year note edged up 15/32 to 114 10/32, and its yield fell to 2.16% from 2.14% from Wednesday. Bond prices and yields move in opposite directions.
The 30-year long bond rose 20/32 to 138 22/32, and yielded 2.6%, down from 2.63%.
The 2-year note rose 1/32 to 99 31/32, and its yield dropped to 0.9% from 0.92%.
The yield on the 3-month note rose held steady at 0.015%, though it has been hovering around 0% for two weeks. Yields near the zero mark on short-term bills are an indication that investors are completely risk-averse, prioritizing safety above profit.

Libor rates, which have fallen considerably since the credit crisis' peak in late October, were not tallied Friday due to the bank holiday in the U.K.
Dollar: The U.S. dollar fell very slightly against the euro but rose against the yen and pound as investors digested a barrage of economic data ahead of the holiday.

Analysts said dollar movements were very subtle due to such low trading volume, and do not reflect any trend or economic news. Markets were mostly closed abroad.
The euro edged 0.3% higher against the dollar to trade at $1.4072, from $1.4028 late Wednesday in New York.

The UK Economy

Figures on Monday from property consultant Hometrack showed that housing prices in England and Wales fell 8.7 percent in 2008. They fell 0.9 percent in December, showing that prices have now fallen consistently over the last 15 months and 9.3 percent since the credit crisis began.
Adding to gloom about the UK economy were figures from the Chartered Institute of Personnel and Development at the weekend showing that 600,000 UK jobs could be lost in 2009 due to the recession.
In addition, British children's wear retailer Adams will become the latest UK firm to fall into administration (nLS290132), fuelling speculation that more businesses are poised to fail.
A shrinking UK economy, ongoing deterioration in the housing market and rising unemployment are contributing to an grim outlook in 2009, which has battered sterling across the board.

This has fed the belief that the Bank of England will cut rates further -- and perhaps even explore other options to shore up the economy during in the recession -- even after an aggressive round of cuts has left rates at a five-decade low of 2.0 percent, lower than 2.5 percent in the euro zone.
"There's a sense that UK rates will fall closer to zero, and that the BoE may be forced into some sort of quantitative easing, while there's no sense of that in the euro zone," said Daragh Maher, senior currency strategist at Calyon in London.
He added that the negative view of the UK economy will continue to weigh on the pound, although additional weakness in the euro zone economy may start to chip away at the euro's appeal in the new year.

Keeps Spreads Tight in ForexGen

Expectancy is the average amount you expect to make for every trade placed, winning or losing. A system that wins 80% of the time but loses 10 times as much for a losing trade as it wins will eventually wipe out your trading account. You should never trade a system with negative expectancy. It is important to backtest your system before committing money to trading with it.

Think of trading like a casino. The casino may lose individual bets, but in the long term it always wins. Why? It has a house advantage. This means that it has a positive expectancy. The casino doesn’t gamble, that is for the gamblers. On average, it gains for every bet placed. That is what pays for the grand buildings. You need to build in a positive expectancy if you want to win.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

ZERO Pip Spread in ForexGen

ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

Using a system that conflicts with your trading personality will mean that you will be uncertain about some of the signals, and lack confidence in the system. In addition, the trading style may not fit your risk tolerance. This is why it is generally best to develop your own system rather than purchase one from someone else - a system you develop will reflect your own view of the markets and appetite for risk.

Why ForexGen?

1. Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
2. Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
3. ForexGen offers Forex trading in the major currency pairs and crosses.
4. Low capital start, with $250 as a minimum account size.
5. Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
6. ForexGen offers a free trial Forex demo account that allows you to test your skills and practice without risking real money.