FOREX is the world’s largest and most liquid trading market. Many consider FOREX as the best home business you can ever venture in. Even though regular people have had the opportunity to take part in trading foreign currencies for profit (in the same way banks and large corporations do) since 1998, it is just now becoming the cool, hip, new "thing" to talk about at parties, business events, and other social gatherings.
Even though it has been somewhat of a loosely guarded secret, every day more and more investors are turning to the all-electronic world of FOREX trading for income and profit because of its numerous benefits & advantages over traditional trading vehicles, like stocks, bonds and commodities.
But, still, whenever something seems new or is just becoming a part of social conversation, news articles, and water cooler gossip, misconceptions have to be overcome, the mind has to be open and the slate has to be clear for starting out fresh with the CORRECT information.
So, in this article, it is my attempt to give you some solid, but not over-detailed, information on just what the heck "FX" (FOREX) means, what it is, and why it exists.
As a successful trader said, Trading FOREX is like picking money up off the floor. Not trading FOREX is like leaving it there for someone else to pick up." Others in the industry have also said, Trading FOREX is like having an ATM machine on your own computer.
Here's an explanation (one I feel you'll appreciate) of what FOREX is and how a bunch of traders, profit from it:
The Foreign Exchange Market, also referred to the "FOREX" or "FX" market, is the spot (cash) market for currency.
But, don't mistake FX as trading the futures market, where you buy a contract to purchase a particular currency at a future price in time.
What FX traders do is much less risky than trading currencies on the futures market, much more profitable, and a lot easier, than trading stocks.
So, you're probably wondering where it's at ... or ... how to access the FX market?
The answer is: FX Trading is not bound to any one trading floor and is not centralized on an exchange, as with the stock and futures markets. The FX market is considered an Over-the-Counter (OTC) or 'Interbank' market, due to the fact that the entire market is run electronically, within a network of banks, continuously over a 24-hour period.
Yes, if that's the first time you've heard about an all-electronic market, I know this may sound somewhat intriguing to you.
Here's what you are actually trading when you participate in the Foreign Exchange (FOREX) market:
Essentially, like the large banks who use the FX market to protect themselves from the fluctuating exchange rate of different currencies, as an investor, what a FX trader is doing is simultaneously exchanging one countries currency for another. So, in actuality, they're electronically trading a currency-pair and the price that is quoted to us is the exchange rate between the two currencies.
In other words, simply the quoted price is how many of the one currency is worth 1 of the other currency.
Example:
EUR/USD last trade 1.2850 - One Euro is worth $1.2850 US dollars.The first currency (in this example, the EURO) is referred to as the base currency and the second (/USD) as the counter or quote currency.
The FOREX has a DAILY trading volume of around $1.5 trillion dollars - 30 times larger than the combined volume of all U.S. equity markets. This means that 1,498,574 skilled traders could each take 1 million dollars out of the FOREX market every day and the FOREX would still have more money left than the New York Stock exchange every day!
The FOREX plays a vital role in the world economy and there will always be a tremendous need for the FOREX. International trade increases as technology and communication increases. As long as there is international trade, there will be a FOREX market. The FX market has to exist so a country like Japan can sell products in the United States and be able to receive Japanese Yen in exchange for US Dollar.
There's plenty of money to be made using FOREX for plenty of traders that use the right trading techniques / tactics that will allow them to profit immensely. And, with only 5% of the daily turnover of volume coming from banks, government and large corporations who need to hedge, the other 95% is for speculation and profit.
Monday, February 11, 2008
Forex Books
You can download free Forex e-books from my site. The information in these Forex e-books will help you develop your trading skills, money management abilities and the emotional self-control.
Almost all Forex e-books are in .pdf format. You'll need Adobe Acrobat Reader to open these e-books. Some of the e-books (those that are in parts) are zipped.
Since currently there are more than 80 Forex books in my collection, they are divided into five different section. Each section is dedicated to its own topic and features the download links to e-books as well as the little description of every book.
If you are the copyright owner of any of these e-books and don't want me to share them, please, contact me and I will gladly remove them.
Almost all Forex e-books are in .pdf format. You'll need Adobe Acrobat Reader to open these e-books. Some of the e-books (those that are in parts) are zipped.
Since currently there are more than 80 Forex books in my collection, they are divided into five different section. Each section is dedicated to its own topic and features the download links to e-books as well as the little description of every book.
If you are the copyright owner of any of these e-books and don't want me to share them, please, contact me and I will gladly remove them.
An Introduction to Forex
“Forex” or “FX” is the common name for the Foreign Exchange market, which is the largest financial market in the world. With a daily turnover of over $1.5 trillion, the Foreign Exchange market conducts more than three times the aggregate amount volume of the United States Equity and Treasury markets combined. Unlike other financial markets, the Forex market has no physical location or central exchange. It operates through an electronic network of banks, corporations, and individuals trading one currency for another. Since the Forex market lacks a physical exchange, the market trades continuously on a 24-hour basis, moving from one time zone to the next, across each of the world’s major financial centers every day.
The term “foreign exchange” means the simultaneous buying of one currency and selling of another. Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).
The best trading opportunities for speculators occur in the most liquid (i.e. most commonly traded) currencies such as the US Dollar, British Pound, Australian Dollar, Japanese Yen, Eurodollar and Swiss Franc. Often referred to by traders as “the Majors”, these currencies account for well over 85% of all daily Forex transactions.
The term “foreign exchange” means the simultaneous buying of one currency and selling of another. Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).
The best trading opportunities for speculators occur in the most liquid (i.e. most commonly traded) currencies such as the US Dollar, British Pound, Australian Dollar, Japanese Yen, Eurodollar and Swiss Franc. Often referred to by traders as “the Majors”, these currencies account for well over 85% of all daily Forex transactions.
Chapter 1 - A Little History
The purpose of this ebook is to introduce the forex market to you. As with many markets there are many derivative of the central market such as futures, options and forwards. In this book we will only be discussing the main market sometime referred to as the Spot or Cash market. The word FOREX is derived from the words Foreign Exchange and is the largest financial market in the world. Unlike many markets the FX market is open 24 hours per day and has an estimated $1.2 Trillion in turnover every day. This tremendous turnover is more than the combined turnover of the main worlds' stock markets on any given day. This tends to lead to a very liquid market and thus a desirable market to trade. Unlike many other securities (any financial instrument that can be traded) the FX market does not have a fixed exchange. It is primarily traded through banks, brokers, dealers, financial institutions and private individuals. Trades are executed through phone and increasingly through the Internet. It is only in the last few years that the smaller investor has been able to gain access to this market. Previously the large amounts of deposits required precluded the smaller investors. With the advent of the Internet and growing competition it is now easily within the reach of most investors
What is Forex?
FOREX - the foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world.
Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates.
In the foreign exchange market there is little or no 'inside information'. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time.
Currencies are traded against one another. Each pair of currencies thus constitutes an individual product and is traditionally noted XXX/YYY, where YYY is the ISO 4217 international three-letter code of the currency into which the price of one unit of XXX currency is expressed. For instance, EUR/USD is the price of the euro expressed in US dollars, as in 1 euro = 1.2045 dollar.
Unlike stocks and futures exchange, foreign exchange is indeed an interbank, over-the-counter (OTC) market which means there is no single universal exchange for specific currency pair. The foreign exchange market operates 24 hours per day throughout the week between individuals with forex brokers, brokers with banks, and banks with banks. If the European session is ended the Asian session or US session will start, so all world currencies can be continually in trade. Traders can react to news when it breaks, rather than waiting for the market to open, as is the case with most other markets.
Average daily international foreign exchange trading volume was $1.9 trillion in April 2004 according to the BIS study.
Like any market there is a bid/offer spread (difference between buying price and selling price). On major currency crosses, the difference between the price at which a market maker will sell ("ask", or "offer") to a wholesale customer and the price at which the same market-maker will buy ("bid") from the same wholesale customer is minimal, usually only 1 or 2 pips. In the EUR/USD price of 1.4238 a pip would be the '8' at the end. So the bid/ask quote of EUR/USD might be 1.4238/1.4239.
This, of course, does not apply to retail customers. Most individual currency speculators will trade using a broker which will typically have a spread marked up to say 3-20 pips (so in our example 1.4237/1.4239 or 1.423/1.425). The broker will give their clients often huge amounts of margin, thereby facilitating clients spending more money on the bid/ask spread. The brokers are not regulated by the U.S. Securities and Exchange Commission (since they do not sell securities), so they are not bound by the same margin limits as stock brokerages. They do not typically charge margin interest, however since currency trades must be settled in 2 days, they will "resettle" open positions (again collecting the bid/ask spread).
Individual currency speculators can work during the day and trade in the evenings, taking advantage of the market's 24 hours long trading day.
Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates.
In the foreign exchange market there is little or no 'inside information'. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time.
Currencies are traded against one another. Each pair of currencies thus constitutes an individual product and is traditionally noted XXX/YYY, where YYY is the ISO 4217 international three-letter code of the currency into which the price of one unit of XXX currency is expressed. For instance, EUR/USD is the price of the euro expressed in US dollars, as in 1 euro = 1.2045 dollar.
Unlike stocks and futures exchange, foreign exchange is indeed an interbank, over-the-counter (OTC) market which means there is no single universal exchange for specific currency pair. The foreign exchange market operates 24 hours per day throughout the week between individuals with forex brokers, brokers with banks, and banks with banks. If the European session is ended the Asian session or US session will start, so all world currencies can be continually in trade. Traders can react to news when it breaks, rather than waiting for the market to open, as is the case with most other markets.
Average daily international foreign exchange trading volume was $1.9 trillion in April 2004 according to the BIS study.
Like any market there is a bid/offer spread (difference between buying price and selling price). On major currency crosses, the difference between the price at which a market maker will sell ("ask", or "offer") to a wholesale customer and the price at which the same market-maker will buy ("bid") from the same wholesale customer is minimal, usually only 1 or 2 pips. In the EUR/USD price of 1.4238 a pip would be the '8' at the end. So the bid/ask quote of EUR/USD might be 1.4238/1.4239.
This, of course, does not apply to retail customers. Most individual currency speculators will trade using a broker which will typically have a spread marked up to say 3-20 pips (so in our example 1.4237/1.4239 or 1.423/1.425). The broker will give their clients often huge amounts of margin, thereby facilitating clients spending more money on the bid/ask spread. The brokers are not regulated by the U.S. Securities and Exchange Commission (since they do not sell securities), so they are not bound by the same margin limits as stock brokerages. They do not typically charge margin interest, however since currency trades must be settled in 2 days, they will "resettle" open positions (again collecting the bid/ask spread).
Individual currency speculators can work during the day and trade in the evenings, taking advantage of the market's 24 hours long trading day.
Forex Glossary
Ask (Offer) - price of the offer, the price you buy for.
Bank Rate - the percentage rate at which central bank of a country lends money to the country's commercial banks.
Bid - price of the demand, the price you sell for.
Broker - the market participating body which serves as the middleman between retail traders and larger commercial institutions.
Cable - a Forex traders slang word GBP/USD currency pair.
Carry Trade - in Forex, holding a position with a positive overnight interest return in hope of gaining profits, without closing the position, just for the central banks interest rates difference.
CFD - a Contract for Difference - special trading instrument that allows financial speculation on stocks, commodities and other instruments without actually buying.
Commission - broker commissions for operation handling.
CPI - consumer price index the statistical measure of inflation based upon changes of prices of a specified set of goods.
EA (Expert Advisor) - an automated script which is used by the trading platform software to manage positions and orders automatically without (or with little) manual control.
ECN Broker - a type of Forex brokerage firm that provide its clients direct access to other Forex market participants. ECN brokers don't discourage scalping, don't trade against the client, don't charge spread (low spread is defined by current market prices) but charge commissions for every order.
ECB (European Central Bank) - the main regulatory body of the European Union financial system.
Fed (Federal Reserve) - the main regulatory body of the United States of America financial system, which division - FOMC (Federal Open Market Committee) - regulates, among other things, federal interest rates.
Fibonacci Retracements - the levels with a high probability of trend break or bounce, calculated as the 23.6%, 32.8%, 50% and 61.8% of the trend range.
Flat (Square) - neutral state when all your positions are closed.
Fundamental Analysis - the analysis based only on news, economic indicators and global events.
GTC (Good Till Cancelled) - order to buy or sell of a currency with a fixed price or worse. The order is alive (good) until execution or cancellation.
Hedging - maintaining a market position which secures the existing open positions in the opposite direction.
Jobber - a slang word for a trader which is aimed toward fast but small and short-term profit from an intra-day trading. Jobber rarely leaves open positions overnight.
Kiwi - a Forex slang name for the New Zealand currency - New Zealand dollar.
Limit Order - order for a broker to buy the lot for fixed or lesser price or sell the lot for fixed or better price. Such price is called limit price.
Liquidity - the measure of markets which describes relationship between the trading volume and the price change.
Long - the position which is in a Buy direction. In Forex, the primary currency when bought is long and another is short.
Loss - the loss from closing long position at lower rate than opening or short position with higher rate than opening, or if the profit from a position closing was lower than broker commission on it.
Lot - definite amount of units or amount of money accepted for operations handling (usually it is a multiple of 100).
Margin - money, the investor needs to keep at broker account to execute trades. It supplies the possible losses which may occur in margin trading.
Margin Account - account which is used to hold investor's deposited money for FOREX trading.
Margin Call - demand of a broker to deposit more margin money to the margin account when the amount in it falls below certain minimum.
Market Order - order to buy or sell a lot for a current market price.
Market Price - the current price for which the currency is traded for on the market.
Offer (Ask) - price of the offer, the price you buy for.
Open Position (Trade) - position on buying (long) or selling (short) for a currency pair.
Order - order for a broker to buy or sell the currency with a certain rate.
Pivot Point - the primary support/resistance point calculated basing on the previous trend's High, Low and Close prices.
Pip (Point) - the last digit in the rate (e.g. for EUR/USD 1 point = 0.0001).
Profit (Gain) - positive amount of money gained for closing the position.
Principal Value - the initial amount of money of the invested.
Realized Profit/Loss - gain/loss for already closed positions.
Resistance - price level for which the intensive selling can lead to price increasing (up-trend)
Settled (Closed) Position - closed positions for which all needed transactions has been made.
Slippage - execution of order for a price different than expected (ordered), main reasons for slippage are - "fast" market, low liquidity and low broker's ability to execute orders.
Spread - difference between ask and bid prices for a currency pair.
Stop-Limit Order - order to sell or buy a lot when the market reaches certain price. Usually is a combination of stop-order and limit-order.
Stop-Loss Order - order to sell or buy a lot for a certain price or worse. It is used to avoid extra losses when market moves in the opposite direction.
Support - price level for which intensive buying can lead to the price decreasing (down-trend).
Technical Analysis - the analysis based only on the technical market data (quotes) with the help of various technical indicators.
Trend - direction of market which has been established with influence of different factors.
Unrealized (Floating) Profit/Loss - a profit/loss for your non-closed positions.
Useable Margin - amount of money in the account that can be used for trading.
Used Margin - amount of money in the account already used to hold open positions open.
Volatility - a statistical measure of the number of price changes for a given currency pair in a given period of time.
Bank Rate - the percentage rate at which central bank of a country lends money to the country's commercial banks.
Bid - price of the demand, the price you sell for.
Broker - the market participating body which serves as the middleman between retail traders and larger commercial institutions.
Cable - a Forex traders slang word GBP/USD currency pair.
Carry Trade - in Forex, holding a position with a positive overnight interest return in hope of gaining profits, without closing the position, just for the central banks interest rates difference.
CFD - a Contract for Difference - special trading instrument that allows financial speculation on stocks, commodities and other instruments without actually buying.
Commission - broker commissions for operation handling.
CPI - consumer price index the statistical measure of inflation based upon changes of prices of a specified set of goods.
EA (Expert Advisor) - an automated script which is used by the trading platform software to manage positions and orders automatically without (or with little) manual control.
ECN Broker - a type of Forex brokerage firm that provide its clients direct access to other Forex market participants. ECN brokers don't discourage scalping, don't trade against the client, don't charge spread (low spread is defined by current market prices) but charge commissions for every order.
ECB (European Central Bank) - the main regulatory body of the European Union financial system.
Fed (Federal Reserve) - the main regulatory body of the United States of America financial system, which division - FOMC (Federal Open Market Committee) - regulates, among other things, federal interest rates.
Fibonacci Retracements - the levels with a high probability of trend break or bounce, calculated as the 23.6%, 32.8%, 50% and 61.8% of the trend range.
Flat (Square) - neutral state when all your positions are closed.
Fundamental Analysis - the analysis based only on news, economic indicators and global events.
GTC (Good Till Cancelled) - order to buy or sell of a currency with a fixed price or worse. The order is alive (good) until execution or cancellation.
Hedging - maintaining a market position which secures the existing open positions in the opposite direction.
Jobber - a slang word for a trader which is aimed toward fast but small and short-term profit from an intra-day trading. Jobber rarely leaves open positions overnight.
Kiwi - a Forex slang name for the New Zealand currency - New Zealand dollar.
Limit Order - order for a broker to buy the lot for fixed or lesser price or sell the lot for fixed or better price. Such price is called limit price.
Liquidity - the measure of markets which describes relationship between the trading volume and the price change.
Long - the position which is in a Buy direction. In Forex, the primary currency when bought is long and another is short.
Loss - the loss from closing long position at lower rate than opening or short position with higher rate than opening, or if the profit from a position closing was lower than broker commission on it.
Lot - definite amount of units or amount of money accepted for operations handling (usually it is a multiple of 100).
Margin - money, the investor needs to keep at broker account to execute trades. It supplies the possible losses which may occur in margin trading.
Margin Account - account which is used to hold investor's deposited money for FOREX trading.
Margin Call - demand of a broker to deposit more margin money to the margin account when the amount in it falls below certain minimum.
Market Order - order to buy or sell a lot for a current market price.
Market Price - the current price for which the currency is traded for on the market.
Offer (Ask) - price of the offer, the price you buy for.
Open Position (Trade) - position on buying (long) or selling (short) for a currency pair.
Order - order for a broker to buy or sell the currency with a certain rate.
Pivot Point - the primary support/resistance point calculated basing on the previous trend's High, Low and Close prices.
Pip (Point) - the last digit in the rate (e.g. for EUR/USD 1 point = 0.0001).
Profit (Gain) - positive amount of money gained for closing the position.
Principal Value - the initial amount of money of the invested.
Realized Profit/Loss - gain/loss for already closed positions.
Resistance - price level for which the intensive selling can lead to price increasing (up-trend)
Settled (Closed) Position - closed positions for which all needed transactions has been made.
Slippage - execution of order for a price different than expected (ordered), main reasons for slippage are - "fast" market, low liquidity and low broker's ability to execute orders.
Spread - difference between ask and bid prices for a currency pair.
Stop-Limit Order - order to sell or buy a lot when the market reaches certain price. Usually is a combination of stop-order and limit-order.
Stop-Loss Order - order to sell or buy a lot for a certain price or worse. It is used to avoid extra losses when market moves in the opposite direction.
Support - price level for which intensive buying can lead to the price decreasing (down-trend).
Technical Analysis - the analysis based only on the technical market data (quotes) with the help of various technical indicators.
Trend - direction of market which has been established with influence of different factors.
Unrealized (Floating) Profit/Loss - a profit/loss for your non-closed positions.
Useable Margin - amount of money in the account that can be used for trading.
Used Margin - amount of money in the account already used to hold open positions open.
Volatility - a statistical measure of the number of price changes for a given currency pair in a given period of time.
FOREX BROKER
Choosing the best forex broker is important. The best broker provide you the services you're looking for and you are not charged for unnecessary services that you don't need. Here is the list where you'll find guides on choosing the best forex brokerage firm for yourself. There are many FOREX brokers to choose from, just as in any other market.
Forex Trading Software
Specifically designed software for dealing in the trade of foreign currencies can help an investor make the most of short term profit potential. Most FOREX trading software comes with built in signaling capabilities, so you know when it's the right time to buy or sell. Some robust trading platform enables traders to execute automatically 24 hours a day. However you decide to use FOREX trading software, there is no doubt that it is a tool that any software will guarantee profits or not result in losses from trading. Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. When it comes to trading, there is so substitute for accurate and instantaneous information.
About Forex
Forex, or FX, stands for the foreign exchange market. This is a 24-hour market in which currencies are traded in cash, which is known as a spot market. There is no central, standard trading center, such as, a stock exchange. Instead, trade is conducted "over-the-counter" via an international network of dealers. Until recently, the forex market was confined to larger traders: major, international commercial and investment banks; international corporations; international money brokers; currency traders. When the United States went off the gold standard in 1971, investors immediately recognized new opportunities for making profits. Every year, more companies start up that cater to smaller institutions and investors so they may participate in spot forex trading. A prime factor to take into account before participating in the spot market is your temperament. A risk-aversive customer is not suitable for this marketplace. You should consider not only your experience in the investment world, but your objectives, and your capacity to absorb financial losses. Certainly, you should never invest any amount of money you cannot afford to lose.
Forex Glossary
a unique guide for the study of foreign currency trading and investing, with an extensive range of definitions, cross-references between related terms, informative sidelights, hyperlinked keywords and numerous examples. The Forex Glossary currently contains 1200 terms relating to online currency trading, financial and investment and is regularly updated.
Using the GlossaryYou can search a genetic term in two different ways pick from an Alphabetical List of Terms or search the database.
Feedback / Corrections/ AdditionsThis online glossary is open to user submissions. If you wish to make a correction, add an entry, or give feedback, please go to Suggest a Term or Report an Error forms.
Using the GlossaryYou can search a genetic term in two different ways pick from an Alphabetical List of Terms or search the database.
Feedback / Corrections/ AdditionsThis online glossary is open to user submissions. If you wish to make a correction, add an entry, or give feedback, please go to Suggest a Term or Report an Error forms.
MINI ACCOUNTS
The FXCM Mini account was designed for those who are new to the FX market. The Mini account trades in smaller contract sizes of 10,000 units, 1/10th the size of the standard account. In addition, the Mini account allows traders to become familiar with FXCM, specifically the quality and reliability of FXCM dealing practices and the stability of the FX Trading Station.
Develop a Disciplined Trading StrategyAsk any successful trader and they will tell you that the key to trading success is discipline. Everyone has heard the expression “cut your losses and let your profits run” yet how many traders actually practice this? Many traders will hold on to losses hoping this trend will reverse eventually, only to see the loss get progressively larger. These “irrational” trading decisions are based on emotional reactions to fluctuating profits and losses, a common pitfall for new traders. Losses can AND WILL occur. A trader's ability to limit his losses is just as important as (or even more important than) determining entry points. Because the pip value on the Mini Account is about $1 per pip, traders can focus on developing a disciplined trading strategy, basing decisions on pip movement and market conditions NOT P/L. Consider the Following Example: When trading a FXCM Mini account, a 30-pip floating loss is approximately $30. That same 30–pip move against you on the 100K account now becomes a $300 floating loss. By starting with a Mini account, a trader loses only a small amount on every losing transaction making it easier to stick to a disciplined trading strategy. Generating larger losses on the 100K account can be detrimental to new traders as the temptation to hold on to the loss is much greater based on the size of the loss.
Start Small—Build Up ConfidenceThere is NO MAXIMUM trade volume on the FXCM Mini account. Although the standard trade size is 10,000 units – you are not limited to trading one lot! For instance, you can trade 10,000 units, 50,000 units or 150,000 units. This means as you become more seasoned and build up confidence you can slowly increase the size of your positions to maximize your potential. In fact the trade size of 10,000 units allows for more flexibility in terms of customizing the size of your trade. The ability to customize the size of the trade enables better risk management.
Ideal for Accounts under $10,000FXCM recommends that all traders with account balances less than $10,000 trade a Mini account. This gives you more staying power in the market, and the ability to take advantage of multiple opportunities without over-leveraging your account. If you over-leverage your account you will not give yourself room for error. Even if you are correct on the direction of the market, minor fluctuations can generate a margin call and liquidate a good position.
Take a Mini Challenge!Due to the over-the-counter nature of the FX market, execution varies depending upon the firm you trade with. FXCM provides execution and service reputed to be among the highest quality in the FX industry. When you trade online with FXCM you receive:
An intuitive and user-friendly trading software
Rapid execution from live, streaming prices
Develop a Disciplined Trading StrategyAsk any successful trader and they will tell you that the key to trading success is discipline. Everyone has heard the expression “cut your losses and let your profits run” yet how many traders actually practice this? Many traders will hold on to losses hoping this trend will reverse eventually, only to see the loss get progressively larger. These “irrational” trading decisions are based on emotional reactions to fluctuating profits and losses, a common pitfall for new traders. Losses can AND WILL occur. A trader's ability to limit his losses is just as important as (or even more important than) determining entry points. Because the pip value on the Mini Account is about $1 per pip, traders can focus on developing a disciplined trading strategy, basing decisions on pip movement and market conditions NOT P/L. Consider the Following Example: When trading a FXCM Mini account, a 30-pip floating loss is approximately $30. That same 30–pip move against you on the 100K account now becomes a $300 floating loss. By starting with a Mini account, a trader loses only a small amount on every losing transaction making it easier to stick to a disciplined trading strategy. Generating larger losses on the 100K account can be detrimental to new traders as the temptation to hold on to the loss is much greater based on the size of the loss.
Start Small—Build Up ConfidenceThere is NO MAXIMUM trade volume on the FXCM Mini account. Although the standard trade size is 10,000 units – you are not limited to trading one lot! For instance, you can trade 10,000 units, 50,000 units or 150,000 units. This means as you become more seasoned and build up confidence you can slowly increase the size of your positions to maximize your potential. In fact the trade size of 10,000 units allows for more flexibility in terms of customizing the size of your trade. The ability to customize the size of the trade enables better risk management.
Ideal for Accounts under $10,000FXCM recommends that all traders with account balances less than $10,000 trade a Mini account. This gives you more staying power in the market, and the ability to take advantage of multiple opportunities without over-leveraging your account. If you over-leverage your account you will not give yourself room for error. Even if you are correct on the direction of the market, minor fluctuations can generate a margin call and liquidate a good position.
Take a Mini Challenge!Due to the over-the-counter nature of the FX market, execution varies depending upon the firm you trade with. FXCM provides execution and service reputed to be among the highest quality in the FX industry. When you trade online with FXCM you receive:
An intuitive and user-friendly trading software
Rapid execution from live, streaming prices
Sunday, January 27, 2008
Limousines are costly business cars...
This depends on the type and number of vehicles you are planning to rent. Please understand that most limousine services have a rental minimum of 3 hours. Generally, in Toronto, the limo market is very competitive, so they will have a pre-set limit of 3 hours for guarantee reservation. Most services do not offer "pick-up" and "drop-off" service as this only consumes 1 hour of time.
Limousines are costly business assets; it is not cost effective for limousine services to offer their service for 1 hour. In the Toronto wedding landscape, typically a 1 hour rental would consume more than 3 hours when considering travel times and vehicle preparation. You cannot rent a hotel room for 5 hours; limo service is similar.
A typical Toronto wedding rental package runs from $200 - $400 for 3 hours of service depending on your vehicle preference. Exotic vehicle choices cost much higher. For example, a standard white 8-passenger stretch limousine would rent in the $250-$350 range while an exotic vehicle, such as a Stretch SUV Excursion would rent in the $500-$1,000 range - a big price difference!
In the end, the Toronto wedding services including limos, allow you to add value to your incredible day, however, make sure you do not spend too much
[ Back ]
Limousines are costly business assets; it is not cost effective for limousine services to offer their service for 1 hour. In the Toronto wedding landscape, typically a 1 hour rental would consume more than 3 hours when considering travel times and vehicle preparation. You cannot rent a hotel room for 5 hours; limo service is similar.
A typical Toronto wedding rental package runs from $200 - $400 for 3 hours of service depending on your vehicle preference. Exotic vehicle choices cost much higher. For example, a standard white 8-passenger stretch limousine would rent in the $250-$350 range while an exotic vehicle, such as a Stretch SUV Excursion would rent in the $500-$1,000 range - a big price difference!
In the end, the Toronto wedding services including limos, allow you to add value to your incredible day, however, make sure you do not spend too much
[ Back ]
Harley Davidson VR1000
Year (of specifications)
1994
Engine
1000 cc, 60° V-twin
Transmission
5-speed, chain
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Max speed
170 mph
0-60 mph
-
Horsepower
135 hp
Weight
177 kg, 390 lbs
Seat height
-
The Harley Davidson VR1000 used Weber fuel injection
2004 Dodge Sling Shot Concept
Is the Sling Shot a Long Shot for North America?
Chrysler Group is in a unique position compared to its domestic rivals. It has the ability to share technologies with its parent companys top-tier division Mercedes-Benz, putting it at a distinct advantage over GM and Ford.
Why? GM has Cadillac and Saab, both premium brands while Ford has Jaguar. The difference is that GM and Ford outsource many of their key components, such as transmissions, while Mercedes-Benz develops its in-house.
Take Chryslers newest 5-speed automatic transmission, for an example. Cadillacs advanced 5-speed unit is manufactured by ZF, the same company that supplies automatic transmissions to BMW, among others. Its a great transmission,
Trevor Creed, Senior Vice President - Chrysler Group Design, describes the Dodge Sling Shots styling during its world debut at the North American International Auto Show in Detroit on January 4, 2004. (Photo: Joe Wilssens)but too expensive to buy for any rear-wheel drive derivatives in lesser brands such as Chevrolet - excluding possibly the Corvette.
With Mercedes-Benz just recently launching its 7-speed automatic, Chrysler Group became the beneficiary of the outgoing 5-speed, still state-of-the-art among lower priced vehicles. Chrysler has also adopted the E Class rear suspension. Both technologies
Chrysler Group is really starting to show the advantages it has gained by joining forces with Mercedes-Benz. (Photo: DaimlerChrysler)will now be made in its Indiana manufacturing facility.
While this technological advantage might not remain the same as time pushes forward, it is the case for now. Case in point is Chrysler Groups new 300 series of sedans and Dodge Magnum sport wagon, featuring rear-wheel drive or all-wheel drive configurations, a 5-speed automatic transmission with manual shift capability, and a sophisticated 5-link rear suspension. Chrysler throws in its all-American HEMI V8 horsepower and the rest is history, literally.
Most
The Dodge Sling Shot poses a unique opportunity for Chrysler Group, strike a chord with young, less affluent drivers and opening doors to new international markets. (Photo: DaimlerChrysler)recently weve witnessed this process played out in the domestic automakers most recent products, starting with the Pacifica crossover that features M-B derived suspension components, to the Crossfire that is close to forty percent SLK.
But the technology advantage may not just end with powerful sports cars, sedans and crossovers, the domestic division might just get the opportunity to tap into what is becoming a lucrative subcompact market.
Chrysler Group is in a unique position compared to its domestic rivals. It has the ability to share technologies with its parent companys top-tier division Mercedes-Benz, putting it at a distinct advantage over GM and Ford.
Why? GM has Cadillac and Saab, both premium brands while Ford has Jaguar. The difference is that GM and Ford outsource many of their key components, such as transmissions, while Mercedes-Benz develops its in-house.
Take Chryslers newest 5-speed automatic transmission, for an example. Cadillacs advanced 5-speed unit is manufactured by ZF, the same company that supplies automatic transmissions to BMW, among others. Its a great transmission,
Trevor Creed, Senior Vice President - Chrysler Group Design, describes the Dodge Sling Shots styling during its world debut at the North American International Auto Show in Detroit on January 4, 2004. (Photo: Joe Wilssens)but too expensive to buy for any rear-wheel drive derivatives in lesser brands such as Chevrolet - excluding possibly the Corvette.
With Mercedes-Benz just recently launching its 7-speed automatic, Chrysler Group became the beneficiary of the outgoing 5-speed, still state-of-the-art among lower priced vehicles. Chrysler has also adopted the E Class rear suspension. Both technologies
Chrysler Group is really starting to show the advantages it has gained by joining forces with Mercedes-Benz. (Photo: DaimlerChrysler)will now be made in its Indiana manufacturing facility.
While this technological advantage might not remain the same as time pushes forward, it is the case for now. Case in point is Chrysler Groups new 300 series of sedans and Dodge Magnum sport wagon, featuring rear-wheel drive or all-wheel drive configurations, a 5-speed automatic transmission with manual shift capability, and a sophisticated 5-link rear suspension. Chrysler throws in its all-American HEMI V8 horsepower and the rest is history, literally.
Most
The Dodge Sling Shot poses a unique opportunity for Chrysler Group, strike a chord with young, less affluent drivers and opening doors to new international markets. (Photo: DaimlerChrysler)recently weve witnessed this process played out in the domestic automakers most recent products, starting with the Pacifica crossover that features M-B derived suspension components, to the Crossfire that is close to forty percent SLK.
But the technology advantage may not just end with powerful sports cars, sedans and crossovers, the domestic division might just get the opportunity to tap into what is becoming a lucrative subcompact market.
2003 Dodge Tomahawk Concept
Carving a Unique Niche among Faceless Car Brands
OK, Ive ridden a lot of powerful motorbikes but this thing is beyond intimidating. After hearing it roar, or more precisely making sort of a ripping sound as if the most powerful chainsaw on earth was tearing through solid sheets of steel, my heart pounded and blood boiled over with a desire I havent felt since Dodge handed over the keys to their latest Viper SRT-10.
Any real speed enthusiast has to appreciate an automaker daring enough to build a 500-hp 8.3-L V10 powered sports car, but that same appreciation
The Dodge Tomahawk Concept making its world debut in Detroit on January 6, 2003. Chrysler Group COO Wolfgang Bernhard piloted it to center stage. (Photo: Joe Wilssens)borders on love when the same mechanical technology is applied to a motorbike.
Or maybe its lust? I mean, how many motorcycles have an estimated 0 to 60 mph sprint of 2.5 seconds and a calculable terminal velocity exceeding
Just the thought of a motorcycle doing over 400 mph is beyond imagination. Anyone for the Bonneville salt flats? (Photo: Trevor Hofmann, American Auto Press)400 mph? Of course at that speed, even on a faring equipped bike, rider and machine would launch into the air emulating an F-104 jet fighter at take-off. But despite reality, the sensationalism of achieving more than half mach 1 speed is fun to contemplate.
"The Dodge brand philosophy always challenges us to grab
Dodge reinvents the contact patch with the Tomahawks unique front suspension system, 20-inch wheels and P120/60R20 Dunlop tires. (Photo: Trevor Hormann, American Auto Press)life by the horns," commented Trevor Creed, Chrysler Groups Senior Vice President of Design. "In the case of the Tomahawk, grabbing and holding onto anything for dear life is a necessity."
OK, Ive ridden a lot of powerful motorbikes but this thing is beyond intimidating. After hearing it roar, or more precisely making sort of a ripping sound as if the most powerful chainsaw on earth was tearing through solid sheets of steel, my heart pounded and blood boiled over with a desire I havent felt since Dodge handed over the keys to their latest Viper SRT-10.
Any real speed enthusiast has to appreciate an automaker daring enough to build a 500-hp 8.3-L V10 powered sports car, but that same appreciation
The Dodge Tomahawk Concept making its world debut in Detroit on January 6, 2003. Chrysler Group COO Wolfgang Bernhard piloted it to center stage. (Photo: Joe Wilssens)borders on love when the same mechanical technology is applied to a motorbike.
Or maybe its lust? I mean, how many motorcycles have an estimated 0 to 60 mph sprint of 2.5 seconds and a calculable terminal velocity exceeding
Just the thought of a motorcycle doing over 400 mph is beyond imagination. Anyone for the Bonneville salt flats? (Photo: Trevor Hofmann, American Auto Press)400 mph? Of course at that speed, even on a faring equipped bike, rider and machine would launch into the air emulating an F-104 jet fighter at take-off. But despite reality, the sensationalism of achieving more than half mach 1 speed is fun to contemplate.
"The Dodge brand philosophy always challenges us to grab
Dodge reinvents the contact patch with the Tomahawks unique front suspension system, 20-inch wheels and P120/60R20 Dunlop tires. (Photo: Trevor Hormann, American Auto Press)life by the horns," commented Trevor Creed, Chrysler Groups Senior Vice President of Design. "In the case of the Tomahawk, grabbing and holding onto anything for dear life is a necessity."
Saturday, January 26, 2008
Very good looking and the most powerful motorbikes on Earth.
If you're into fast bikes and big talkers you should check out the biketalk forum at www.labusas.orgIt's one of the original "big bore" motorcycle forums and has been around pretty much as long as the Hayabusa has.The members there have done every mod possible to the world's fastest production motorycle to make it go even faster. Turbochargers, superchargers, all carbon fiber bodywork, extended swingarms, nitrous oxide injection, water injection, carbon fiber wheels...you name it.We have several members who race at the semi-pro and pro levels and some of them have even raced the 'bus itself.Warning: The site is not for the thin skinned.I like the fact that they listed the slower ZX-14 behind the Hayabusa...where it belongs. ;-)
Tempo Engines
The tempo engine runs in many weenie decks, and in control decks. Their extremes in spectrum bring them closer together when thinking about tempo and how it works as an "engine."
This broad definition covers any deck that isn't a “combo” deck (i.e. one that needs certain pieces in place to win). If your deck gets some sort of advantage and wins, then it's tempo. If it needs such-and-such in play, then it's combo.
Let's take two of the best aggro decks in the format, Gruul and Ghost Husk, and how they fit into the mold.
Both of these decks rely on explosive openings, one more so than the other. That is, Ghost Husk has the Dark Confidant engine, while Gruul has reusable boosts (Moldervine Cloak) and burn (extreme swings in tempo).
When you play decks of this sort you have to “feel out” your opponents' answers, and try to get in as much damage as possible while you dart in and out of their blows. At some point even instincts can take over, as you “feel” their Wrath of God, and plan accordingly.
On the other end of the scale are control decks. Let's take Izzetron and Firemane Angel Control for example. Both of these decks try to create unfair situations - Izzetron pops a Wildfire, Firemane gives you the Zur's Weirding lock.
The difference is that this tempo engine is a slow burn - for example, in cars in extreme weather conditions, oil can solidify to sludge, and as a result the engine needs a good, long time to warm up before it can perform. Control decks are much the same - they take extreme heat (Burn) and pressure (Creatures / Enchantments), and need time to get resources online. These decks always need some sort of lifegain or card advantage to make up for their lack of threats or removal.
The key to any Tempo Engine is recognizing how it should win, and what it needs in play to win. If it's about building pressure, then what kind of pressure? Answers such as counterspells, or threats such as Scab-Clan Mauler? If it's about finishers, that means reset switches like Wrath of God and game-enders like Char.
This broad definition covers any deck that isn't a “combo” deck (i.e. one that needs certain pieces in place to win). If your deck gets some sort of advantage and wins, then it's tempo. If it needs such-and-such in play, then it's combo.
Let's take two of the best aggro decks in the format, Gruul and Ghost Husk, and how they fit into the mold.
Both of these decks rely on explosive openings, one more so than the other. That is, Ghost Husk has the Dark Confidant engine, while Gruul has reusable boosts (Moldervine Cloak) and burn (extreme swings in tempo).
When you play decks of this sort you have to “feel out” your opponents' answers, and try to get in as much damage as possible while you dart in and out of their blows. At some point even instincts can take over, as you “feel” their Wrath of God, and plan accordingly.
On the other end of the scale are control decks. Let's take Izzetron and Firemane Angel Control for example. Both of these decks try to create unfair situations - Izzetron pops a Wildfire, Firemane gives you the Zur's Weirding lock.
The difference is that this tempo engine is a slow burn - for example, in cars in extreme weather conditions, oil can solidify to sludge, and as a result the engine needs a good, long time to warm up before it can perform. Control decks are much the same - they take extreme heat (Burn) and pressure (Creatures / Enchantments), and need time to get resources online. These decks always need some sort of lifegain or card advantage to make up for their lack of threats or removal.
The key to any Tempo Engine is recognizing how it should win, and what it needs in play to win. If it's about building pressure, then what kind of pressure? Answers such as counterspells, or threats such as Scab-Clan Mauler? If it's about finishers, that means reset switches like Wrath of God and game-enders like Char.
What Is An Engine?
The original two cylinder: Dark Ritual - Hypnotic Specter
Simple, tried, and true. One of the first "two-card combos" you could grasp way-back-when. I began my Magic playing in Ice Age, and still had access to this highly unfair combo. Even small engines can produce incredible results when paired up with more powerful components, such as Necropotence.
Dark Ritual is the gold standard in mana acceleration (second only to power) and gave players their first taste of how the pieces fit. But I'm not here to go over old decks; I'm here for the new stuff.
Today's engines are much more complex than their older counterparts. Let's look at both kinds of Engines: Tempo and Combo.
Simple, tried, and true. One of the first "two-card combos" you could grasp way-back-when. I began my Magic playing in Ice Age, and still had access to this highly unfair combo. Even small engines can produce incredible results when paired up with more powerful components, such as Necropotence.
Dark Ritual is the gold standard in mana acceleration (second only to power) and gave players their first taste of how the pieces fit. But I'm not here to go over old decks; I'm here for the new stuff.
Today's engines are much more complex than their older counterparts. Let's look at both kinds of Engines: Tempo and Combo.
SCG Daily - A Deck is Like a Car: The Two Engines
Engines in Magic are relative to the cards around them. They are, at their best, pure synergy. The cards in an “Engine,” whether that is a combo, aggro, or control deck, work best when they're all in play. When you draw all of them, you almost always win. Your "engine" is running. Your "game" has begun.
Let's look at some of the great engines of the past, from the early simple engines (much like the automobile) to the horsepower we see today.
Let's look at some of the great engines of the past, from the early simple engines (much like the automobile) to the horsepower we see today.
Motorbikes: The Need for Speed (Hardcover)
Editorial Reviews
From School Library JournalGrade 4-8-Books designed to appeal to lovers of sleek, glossy, aerodynamic vehicles with muscular engines. Eye-catching and busy to the max, the layout features full-color photos of each plane, bike, or car, with text, stats, and fact files superimposed on brilliant boxes of red, magenta, maroon, blue, yellow, tan, green, purple, and orange. The chatty text sounds much like an informed guide piloting interested readers around an airfield or track, dropping data and corny statements for edification and amusement. A compilation of addresses (such as NASA and NASCAR) are offered as sources for more details. Cluttered, bright, and colorful to the point of distraction, this trio will be adored by the intended audience and ignored by everyone else.Patricia Manning, formerly at Eastchester Public Library, NY Copyright 2000 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title. Book DescriptionHave you ever wondered what it would feel like to ride some of the most powerful motorbikes in the world? You'll find out with this electrifying look at racing motorcycles. Blast your way around a dirt track on a thundering Harley-Davidson. Venture out into a hot, dusty desert on a grueling 9,000-mile course to find out how tough you and your bike are. Or take part in the fiercely competitive world of superbike racing. Learn all about these incredible machines and feel the excitement of high-adrenaline motorsports!
From School Library JournalGrade 4-8-Books designed to appeal to lovers of sleek, glossy, aerodynamic vehicles with muscular engines. Eye-catching and busy to the max, the layout features full-color photos of each plane, bike, or car, with text, stats, and fact files superimposed on brilliant boxes of red, magenta, maroon, blue, yellow, tan, green, purple, and orange. The chatty text sounds much like an informed guide piloting interested readers around an airfield or track, dropping data and corny statements for edification and amusement. A compilation of addresses (such as NASA and NASCAR) are offered as sources for more details. Cluttered, bright, and colorful to the point of distraction, this trio will be adored by the intended audience and ignored by everyone else.Patricia Manning, formerly at Eastchester Public Library, NY Copyright 2000 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title. Book DescriptionHave you ever wondered what it would feel like to ride some of the most powerful motorbikes in the world? You'll find out with this electrifying look at racing motorcycles. Blast your way around a dirt track on a thundering Harley-Davidson. Venture out into a hot, dusty desert on a grueling 9,000-mile course to find out how tough you and your bike are. Or take part in the fiercely competitive world of superbike racing. Learn all about these incredible machines and feel the excitement of high-adrenaline motorsports!
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