TUTORIAL: Trader's Guide to Forex

1. Research Your Options -- Know Before You Burn off only because Forex is not difficult to enter doesn't signify that due diligence could be avoided. Learning about Forex is crucial to a trader's success while in the Forex markets. While the majority of learning stems from live trading and experience, a trader should learn all possible about the currency markets, for instance, geopolitical and financial factors which affect a trader's favorite currencies. Homework is an ongoing effort as traders will need to be ready to conform to changing market conditions, regulations and world events. Section of this research procedure involves developing a trading plan. (For more, take a look at 10 Steps to Developing a Winning Trading Plan.)
2. Take the Time to Find a Reputable Broker The Forex business has much less oversight than other markets, therefore it's likely to end up conducting business with a less-than-reputable Forex broker. As a result of questions about the protection of deposits and the overall integrity of a broker, Forex traders should only open a merchant account using a business that's a person in their National Futures Association (NFA) and that's registered with the U.S. Commodity Futures Trading Commission (CFTC) being a futures commission merchant. Each country outside of the USA has its own regulatory body by which legitimate Forex agents should be registered.
Dealers should also research each agent's Account offerings, for example leverage numbers, commissions and spreads, very first deposits, and account financing and withdrawal policies. A very helpful customer-service representative should have all this information and be able to answer any questions about the firm's policies and services. (Find the most effective ways to find a broker that can allow you to succeed in the Forex industry. Refer to 5 Strategies for Selecting A Brokerage.)

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Gold & Silver Update

Gold rose +11.70 [+0.94%] to 1258.10 on moderately heavy volume, and silver rose +0.36 [+2.25%] to 16.10 on moderately heavy volume also. The buck plunged -0.73% - this accounted for a good chunk of gold's move, most of which happened following the FOMC announcement at 2pm.

Today's Market

Gold Dec 17
H 1,281.90
L 1,268.50
Silver Dec 17
H 17.21
L 16.67
Crude Oil (Brent)
H 61.70
L 60.00
S&P 500
H 2,588.40
L 2,574.92

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