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Forex Trading

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If you are exchanging one currency for another, you will almost always end up paying a tidy sum as a conversion charge. In your trip abroad, saving money on currency conversion is as critical as getting a reasonable tour package – maybe more. So, it is essential that you follow some suggestions to save money on conversion charges to obtain foreign exchange. The following tips should help you in doing so.

Get Proper Knowledge About The Exchange Rates

Foreign money exchange rates are not fixed. They keep going up & down continuously. Also, there will be many variations in the rates which different money changers are offering. So, you need to keep a tab on these fluctuations & differences. You must select the right forex money exchange facilitator & do some good bargaining. You’ll be able to get a good rate and save on the charges.

Online forex money exchange facilitators have made the job of searching & comparing even easier. They also send alerts via text/email, which enables you to freeze the particular amount of your choice for a certain period, by paying a small fee.

Avoid Getting Foreign Exchange At Airports

Foreign exchange rates at airports are almost always the highest among all options. Therefore, avoid this option as much as possible. Carry enough foreign exchange with you so that you can reach the city and visit a currency exchange dealer.

Make Sure That You Select The Right Currency

You are heading to a particular country, and, normally, you would like to carry that country’s currency with you. But this may not be a good idea at all times. E.g., currencies like Iraqi Dinar or Vietnamese Dong or Laos Kip are not readily available in other countries. So, you will need to shell out a hefty conversion fee if you plan to exchange your currency for any of these.

In such a case, you should carry a globally-accepted currency like USD or Euro to your destination, and then exchange it with the local currency. Do some research as to where you can get the best foreign exchange conversion rate in your destination city.

Opt For Forex Cards

This is among the most economical options for you. You can get rates very close to market rates, in this option. Your bank will issue this card against a charge, and load it with foreign currency. You can swipe this card at any outlet abroad and even use it in ATMs. You will need to pay a charge if you load the card with one currency but use it in another country (e.g., loading it with GBP & using it for USD), but that charge is nominal.

So, it is advisable to use a multi-currency forex card. However, the flip side is that a forex card is available in 15-20 main currencies of the world, so this option may be expensive for you if you plan to use it in a country outside this range.

Watch Out For Hidden Charges

Some banks and/or foreign money exchange dealers might offer a low conversion fee but will have several hidden charges. Thus, you end up paying a hefty conversion fee in total. So, before you decide to exchange your currency, ask for a full break-up of all the fees & charges, so that it’s all there in front of you in black & white.

Use Credit Cards Abroad If Possible

Some international credit cards may waive off foreign transaction fees, while some others will not. Still, the fees will be less than what you will pay if you convert cash. Most countries accept Visa & MasterCard, so use more of it and less of cash when you are abroad.

So the bottom line is – do thorough research of all available options before you obtain the foreign currency. The online platform will help you to find out various dealers & their comparative rates. Negotiate well with your own bank as well, and you will save a substantial amount on currency charges for sure.

Nowadays, algorithms generate up to 70% of the stock market volume, and they are the future of trading. And the best part is that everyone can use them. The question remains, which platform is the best for developing, coding and trading automated strategies?

I’m ready for automated trading!

Every wannabe systematic trader eventually comes to a point where a choice needs to be made: a good and robust trading platform needs to be chosen. As of 2019, there is a lot to choose from. There is a handful of advanced platforms that are widely accepted worldwide by retail clients: Tradestation, Ninja Trader, Multicharts, Meta Trader, TradingView, Amibroker, and MetaStock plus NanoTrader in Europe. Apart from them, almost every day new projects pop up. They offer new features, a new type of data stream, and many more new solutions. But what they lack is a large community of traders.

What to consider?

So the first thing to consider when choosing a trading platform is a choice between something possibly better but new and something well-established, but slowly changing. The second thing is not that obvious – geography and language comes in play. English is widely accepted as a base language for communication, but as NanoTrader in Europe shows, there is still a lot of people, that like to use their mother tongue in everyday business. Lastly, we come to last but pretty much most important thing – functionality.

Three examples.

For simplicity, we will focus only on three trading platforms. Tradestation and Ninja Trader will represent US/worldwide and NanoTrader will be an example of European competition. No matter the community and geography the good trading platform should be: robust, easy to navigate, fast, efficient and open for automated trading.

Pros and cons.

All platforms have all the above. The important thing is the last part which is mostly achieved by programming language, which can be used to code indicators, screeners, strategies, and functions. Tradestation with its large indicators library provides a pretty much unlimited range of tasks that can be achieved with its EasyLanguage. NanoTrader’s programming language (Express) and NinjaScript both have one big advantage in the way the indicators are coded, so they are calculated more efficient. On the other hand, Express language has one big disadvantage, which is lack of custom functions. It makes the code longer because all calculations have to be done within one block. As far as NinjaScript goes, the important thing is the language style that has C#-like syntax. Advanced coders will appreciate its versatility and speed of code execution, but for beginners it might be too hard to use as a first coding language.

More pros and cons.

Tradestation offers very detailed performance report, exhaustive optimization limited to 8000 tests, portfolio testing, Monte Carlo analysis and good walk-forward optimization. NinjaTrader offers pretty much the same features, which sets the industry standards. NanoTrader’s best feature is the ability to plot an equity line over tested chart that changes right after any of the strategy parameters was changed. This way an experienced trader can quickly learn if the idea is promising or it should be discarded right away. Strategy can be tested not only within one coded strategy but by adding another strategy, stops and take-profits or blockers (indicators that allow or not for a trade to go through). It’s very easy to quickly spot the best hours for opening and closing the trade or have an idea of how wide of stop-loss in required. Also, it allows seeing if taking profit is a good idea, or trailing stop should be used instead. The main drawback is a lack of detailed optimization report, because NanoTrader uses genetic optimization, that only shows “branches” that the result climbs on.

The best that each platform offers:

Tradestation: large community and EasyLanguage, that is actually really easy…

NinjaTrader: really efficient programming language for advanced coders

NanoTrader: plotting “live” equity curve that recalculates every time the any strategy parameter changes

You will not find the Holy Grail!

So, as far as strategy testing tool the best trading platform would combine the features of Tradestation, Ninja Trader and NanoTrader. But as of today – it is still nonexistent…

Well, perfection is never achieved, so the final decision of choosing a trading platform is always a trade-off. But since everyone has different expectations and experiences, somewhere out there is definitely a perfect platform for every trader. It does not mean that it will be the same platform for everybody. Best, but time-consuming would be to try them all. It’s not possible so pick your tool, learn to use it, know its limitations and squeeze the most out of it.

Trading is a risky activity and requires the necessary skills and knowledge to get maximum benefit. One should also be able to understand the strategies and make his or her unique strategies as well. To do so, reviewing the charts, changes in the market trends, etc. are very important. So, if you find forex trading attractive, then making use of the economic calendar is vital in order to succeed. Traders need the help of various kinds of trading tools as well as the strategies. In case you are new to trading then the calendar can be helpful to you to perform better and understand the fundamentals of forex trading in a precise manner.

Benefits and selection of the economic calendar:

As you know that trading can be performed in the best manner if you make use of the economic calendar properly. It is a very important tool that makes forex fundamental trading much simpler. It is useful to the traders to review the market conditions and positions in an effective way and there are several types of economic indicators about which traders can get information that what is the releasing schedule of these indicators.

Moreover, it also helps to track the happening of various events and how is it impacting the forex market. The traders can know the releasing time and date of the events and plan the forex fundamental training appropriately.

Using the calendar:

Using the calendar in an appropriate manner can be highly advantageous. The economic calendar helps to set up the new marketing strategies which can allow the forex traders to lessen the level of risk. There are various types of variations which keep occurring in the forex market and it gives a better understanding about the market. These events are released as news in the calendar about which one should be updated from time to time to take necessary advantage in trading.

Succeeding in trading, in the long run, one should be aware about the various trading components and there are many factors that affect these components. To know about these components and how it is being affected is the key to earn maximum profit in trading. A track of these components and determinants should be kept as well for trading wisely. One of the main features and interesting features of the economic calendar are the constant updates that can help one to take the necessary decision about trading properly. Thus, choosing the right calendar is also important so one can get the latest news and how it is affecting the market policies.

A good calendar will also categorize the forex news and according to the information given, one can know that how is it affecting the economic policies. The information is showcased in different colors as well. For example, if the information has more impact on the policies, then these will be colored red and if the information will impact the economy less, then it will be colored in yellow. So, the best calendars will have the right news, time, historical figures and indication that what figures the market is expecting that can help traders to make the right investment decision.