Pros and cons of JAVA based forex trading platform
The development of technology has led to the development of trading platforms in various domains. Nowadays the usage of JAVA based trading platforms are gaining ground because the forex broker offers that more commonly and not the traditional software which has to be installed in the trader’s system.
When you opt for this particular platform, you have to understand the advantages and disadvantages of the system. This allows you to decide on whether it would suit you or not.
JAVA has the capability of creating dynamic programs that can be run in your browser window. It is possible since it is a programming language. This sounds to be an advantage for the traders.
One of the major advantages of this software is that it does not need to be installed in the trader’s computer. This means that the trader can access his account from any system that has a web browser. The traditional software did not have this facility. The trader could work only in the system in which he has his trading account. In order to use it in another computer, the user had to install the software in another computer as well. This thing means that JAVA has better accessibility.
The major disadvantage that JAVA suffers from is that the features are limited in the JAVA version whereas the traditional software has various features which would give data and stats to the trader. And hence the usage of external programs is required with JAVA to make it trader friendly software.
The traditional software is very reliable and the possibility of traditional software crashing is very rare and hence it poses a strong threat to JAVA based system in this regard. The web browsers have a higher chance of crashing as it is more vulnerable to it. If the software crashes then the trade is stopped. And the broker who has given this software loses his reputation. Hence brokers need to think twice and explain all the advantages and disadvantages of the software before selling it. This will help the trader to be prepared for such situations. The crashing of a software when trade is open is he most drastic thing that can happen to a trader while trading because he will then have no idea as to what is happening.
The possession of the forex broker’s phone number is always a wise idea. In case any of the software crashes then the trader can call the broker to close all the trades available on that day. This can be a very wise thing to do especially when you do not have a back up of the data. A forex broker who offers both will be the best option to take for the trader. This means that you have stability, accessibility and various other features.
A good forex platform produces good results
The main aim for any investor in the trade market is to make a profit. A profit is made by investing low and getting good returns. Every part of the market is amusing for every other man. Some people like to watch the numbers changing so rapidly while some people are awe struck by the large collection of data that is made available in the market. Although there are various things that really is interesting about the markets, the most prominent thing of the market is to make huge amounts of money with minimum investment and nowadays with the increasing number in fast trading techniques, the traders are interested in making money in a very quick time. Every trader wants to make money that is maximum in a very short period of time. There are a large number of traders who are not concerned about money as well. Well anyways, the people who are interested in making money in a very short period of time will always be in need of a forex platform. Not every platform can fetch you good results, the presence of a platform that has high quality is required in order to make the trader successful. It plays a very vital role in the success of the trader.
The forex trading system is the other name of a forex platform. The forex platform has a few other names as well like the currency software trade system. The name is not at all an issue in the market, every trader can have an unique name. The only thing that matters is the quality of the system. The top rated product will surely help the trader to make huge profits. The requirement of a good quality forex platform is always a must for traders who aspire to be successful.
Just as any other product, finding a reliable forex platform is quite a tough task because of the presence various fraud and below par products that are sold with an aim to duplicate original products. Very few good products can be found in the market nowadays which can be used by the investors who are new to the market. These forex platforms have been in use for a very long time and hence the platform has been upgraded with features that would help the traders in a big way. The product has undergone various transitions and modifications. This has been done with the motive to create a platform that is the best help for a trader. It has also been updated with various strategies and ploys that have been introduced in the market.
The forex trading system produces a large number of data in a single day and hence these forex platforms play a major role as it is not easily possible by the humans.
Daily Review 16/12/2009
USD Dollar (USD)
The Dollar gained versus 15 of the 16 majors as Industrial Production rose by 0.8% versus 0.6% expected signaling U.S economy is expanding. The FOMC is still expected to keep the Interest Rate today at 0.25% but more economists expect a rate increase to 0.5% until June 2010. PPI came out stronger with 1.8% versus 0.8% expected and TIC Long Term Purchases came out weaker with 20.7B versus 38.3B prior. NASDAQ and Dow Jones declined by -0.50% and -0.47% respectively as wholesale inflation raised concerns the Fed will be forced to raise interest rates. Crude gained by 0.17% closing at 70.81$ a barrel ending a 9 day declining streak. Gold (XAU) gained by 0.29% closing at 1125.70$ an ounce. Today, Building Permits are expected with 0.58M versus 0.55M prior. CPI is expected with 0.4% versus 0.3% prior and Core CPI is expected with 0.1% versus 0.2% prior. Investors are waiting for the FOMC Interest Rate decision that is expected to remain at 0.25%.
EURO (EUR)
The Euro fell versus the Dollar and the Pound after weaker French CPI results, which triggered the Euro\’s decline. German ZEW Economic Sentiment came out 50.4 slightly better than 50.1 expected but ZEW Economic Sentiment came out weaker with 48 versus 50.9 expected. More countries in the Euro zone show signs the recession is still alive. Greece is struggling with its debt and Austria nationalized Hypo Bank. Overall, EUR/USD traded with a low of 1.4503 and a high of 1.4659. Today, German and French Manufacturing PMI are expected slightly stronger. CPI and Core CPI are expected unchanged with 0.6% and 1.2% accordingly.
EUR/USD – Last: 1.4535
|
Resistance |
1.4575 |
1.4625 |
1.4685 |
|
Support |
1.4500 |
1.4445 |
1.4410 |
British Pound (GBP)
The Pound weakened versus the Dollar but gained versus the Euro after CPI came out 1.9% versus 1.8% expected. The CPI figures show inflation is advancing and the U.K won\’t be able to keep interest rates at their record lows. Overall, GBP/USD traded with a low of 1.6205 and a high of 1.6319. Today, Claimant Count Change is expected with 13.9K versus 12.9K and MPC Member Miles will speak in London.
GBP/USD – Last: 1.6275
|
Resistance |
1.6315 |
1.6350 |
1.6380 |
|
Support |
1.6210 |
1.6160 |
1.6105 |
Japanese Yen (JPY)
The Yen dropped versus the Dollar and the Euro as a near US interest rate increase seems likely in the upcoming year. Overall, USD/JPY traded with a low of 88.61 and a high of 89.95 and EUR/JPY traded with a low of 129.54 and a high of 130.73. No economic data expected today in Japan.
USD/JPY-Last: 89.65
|
Resistance |
89.95 |
90.40 |
90.75 |
|
Support |
89.30 |
88.75 |
88.35 |
Canadian Dollar (CAD)
The Canadian Dollar followed the trend and fell against the Dollar but gained versus most other majors as Crude prices rose slightly ending its 9 day decline. Leading Index came out better with 1.3% versus 0.6% and Labor Productivity came out weaker with -0.2% versus -0.4% expected. Overall, USD/CAD traded with a low of 1.0552 and a high of 1.0611. Today, Manufacturing Sales is expected with 1% versus 1.4% prior.
USD/CAD – Last: 1.0615
|
Resistance |
1.0670 |
1.0700 |
1.0750 |
|
Support |
1.0580 |
1.0550 |
1.0515 |
Research by http://www.ufxbank.com
GoLearn Forex analysis 15/12/2009
NZD Beginning to Falter by GoLearn Forex
NZD/USD:
The New Zealand Dollar is starting to falter and like most of its G-10 counterparts it is holding at pivotal levels against the Greenback. One slip either way may send the currency tumbling or ready to resume its advance on the Dollar. We have mentioned the Kiwi in the past as we feel it may yield the biggest percentage loss when the Dollar does finally rally.
In the graph below we see the formation of a downward sloping Triangle beginning to emerge. The Kiwi has been riding the 50 day SMA as support on its path to .7600. You can observe that NZD peaked in late October but after 3 attempts it has failed to break the October high.
Short term support has been holding near .7100 represented by the bottom leg of the triangle. As the hypotenuse converges on near term support the more likely it is that a breakout will occur in the direction of the slope. We have also diagrammed a pattern we use often to identify trend and that is a step pattern whereby there are lower high’s and lower lows (or vice versa as the case maybe). Typically we like to see more obvious lower lows than what the Kiwi has shown us thus far.
The NZD is currently sitting below its 50 day MA, which we mentioned prior, represented support for the NZD’s move over the last 9 months. During the Dollar’s rally last week the Kiwi was able to bounce off of the 100 day MA but was not able to bounce back above the 50 SMA. As price action moves into the wedge of the triangle it may force price below the 100 SMA.
For good measure we added a Fibonacci Retrace starting back in March when the Kiwi dipped below .50 running through its most recent high in October when the NZD struck .7635. This data range produces the 23.6% Fibo Retrace at a handle of .6988. To trigger a strong short signal the Kiwi would need to take out the 100 day MA, near term support (the base leg of the triangle), and the Fibo 23.6% level, as we then target a .6500 handle. In order to resume a Long NZD position at this point the NZD would need to break north of the hypotenuse, the 50 day MA, and near term resistance at .7525.
Abu Dhabi Sending Financial Aid for Dubai World by GoLearn Forex
World Equity Markets gained some ground Monday amid assurances from Abu Dhabi that they would provide $10 billion in immediate financial aid to ensure Dubai World meets its $4.1 billion debt obligation due yesterday. The DJIA closed a shade above 10,500 after picking up 29.55 points.
The Greenback gave up a little ground yesterday as the DXY was down marginally to 75.352. Gold advanced slightly to 1,126.70 as the dollar showed some weakness. Oil was unchanged as it continued to hold below $70 a barrel.
In the U.K CPI data is set to print today. The Euro-zone’s Current Sentiment/Survey will publish today. In the U.S a number of economic releases are slated for today; Crude Oil Inventories, Gasoline Inventories, Total Net TIC Flows, Empire Manufacturing Index, and lastly PPI figures will print. In light of the Dollar’s recent rally expect that traders will be watching these numbers very carefully ahead of tomorrow’s FOMC rate decision.
Upcoming Forex Events for December 15, 2009
EUR German ZEW Economic Sentiment Forecast 50.20 Previous 51.10
CAD Leading Indicators (MoM) Forecast 0.60% Previous 0.70%
USD TIC Net Long-Term Transactions Forecast 43.00B Previous 40.70B
AUD GDP (QoQ) Forecast 0.40% Previous 0.60%
Daily Review 15/12/2009
USD Dollar (USD)
The Dollar weakened slightly versus the majors as the Dollar rally took a relief. NASDAQ and Dow Jones gained by 0.99% and 0.28% respectively as Dubai\’s bailout calmed investor fears. Crude weakened for the 9th straight day lowering by -0.43% closing at 69.57$ a barrel. Gold (XAU) gained by 0.54% closing at 1123.30$ an ounce. Today, PPI is expected with 0.8% versus 0.3% prior. Industrial Production is expected with 0.6% versus 0.1% prior. TIC Long Term Purchases is expected with 38.3B versus 40.7B prior.
EURO (EUR)
The Euro gained slightly versus the Dollar as Dubai World\’s bailout eased banks concerns of major write downs. Industrial Production came out as expected with -0.6%. Overall, EUR/USD traded with a low of 1.4607 and with a high of 1.4685. Today, German ZEW Economic Sentiment is expected weaker with 50.1 versus 51.1 prior.
EUR/USD – Last: 1.4655
|
Resistance |
1.4685 |
1.4775 |
1.4825 |
|
Support |
1.4585 |
1.4535 |
1.4470 |
British Pound (GBP)
The Pound gained slightly versus the Dollar but is still unable to break above or below the 1.6350 and 1.62 range. RICS House Price Balance came out weaker with 35% versus 39% forecast. Overall, GBP/USD traded with a low of 1.6188 and a high of 1.6324. Today, CPI is expected with 1.8% versus 1.5% prior.
GBP/USD – Last: 1.6300
|
Resistance |
1.6340 |
1.6380 |
1.6425 |
|
Support |
1.6250 |
1.6190 |
1.6150 |
Japanese Yen (JPY)
The Yen gained versus the Dollar and other majors after Tanken Manufacturing Index came out stronger than expected. The Yen is set to replace the Dollar in the Carry Trading as borrowing costs in Japan became almost as cheap as U.S loans. Overall, USD/JPY traded with a low of 88.32 and a high of 89.29 and EUR/JPY traded with a low of 129.18 and a high of 130.64. Today, Tertiary Industry Activity is expected with 0.5% versus -0.5% prior.
USD/JPY-Last: 88.75
|
Resistance |
89.00 |
89.25 |
89.85 |
|
Support |
88.35 |
88.00 |
87.40 |
Canadian Dollar (CAD)
The Canadian Dollar remained unchanged versus the Dollar as no major news was released and Crude prices were merely changed. Overall, USD/CAD traded with a low of 1.0484 and a high of 1.0623. Today, Leading Index is expected with 0.6% versus 0.7% prior and Labor Productivity is expected with -0.4% versus 0.0% prior.
USD/CAD – Last: 1.0580
|
Resistance |
1.0635 |
1.0670 |
1.0700 |
|
Support |
1.0550 |
1.0515 |
1.0480 |
Research by http://www.ufxbank.com
How to Find the Best Forex Platforms for Trades
For a Forex Trader, Forex Platform will be a very vital tool for carrying out the trades. Therefore it is very much essential that the trader finds the best Forex Platform to trade in the Forex Trading. The best platform will be like an assistant for the trader which would know all the things that even the trader does not know. It will also assist the trader to make the right investment decisions. The Forex Platform is able to help the trader by providing all the information and raw data about the Forex Market to the trader. One of the main advantages of a good platform is that it has an account manager who is available almost all the time to assist the trader. Another important of a good Forex Platform is that it should have system of communication in which the trader should be able to connect directly with the customer support officer in case of any help is required. This system is required because all the trading in Forex Trading is done in real time and therefore any help needed any time should be made readily available. Normally the means of help is through phone, email or a built in chat module system.
In the Forex Market, the exchange rates always tend to fluctuate every moment. Therefore it is necessary to record the rates immediately and this is done by the platform, and if the trader has any queries, the customer support officer is always available to clarify the trader’s doubts. Coming to the technical features of the Forex Platform, it should have the facility to record most of the trading options and execute the rates set by the trader at the market. The rates include stop loss and the profit rates. Therefore, the trader needs to read the user reviews about the platform before buying one.
One of the most important features to be looked out for in the Forex Platform by the Forex Trader is the ease of use and suitable design of the program. The trader should always keep in mind that though the platform is packed with all the features, if the trader feels it clumsy or uncomfortable to use the Forex Platform, then it would be an utter waste of buying that platform. Therefore, the design of the program of platform is very important factor which decides whether the platform is best or not. All platforms cannot be declared the best ones. One platform may suit a trader the best whereas other trader may not feel comfortable with that same platform. Therefore, platforms can be declared the best only by the factor of how well it suits the trader. Therefore, spending a lot of money and buying a platform is of no use, until the platform is best suited for the trader.
What is the use of trading platforms?
The trading industry of the world that deals with finances of the world are responsible for making complete use of the technology, that has to offer all the crucial information, chiefly in the vicinity of trading where the entire set of real-time data is the one that predict the divergence that is present between the two options. The first one is responsible for being in the lead of the FOREX market and the other one is being left at the back. This is the real picture that is very well applicable to FOREX market as well. This is the actual point that has given rise to the expansion or progress of quite a large number of trading software which traders can put into use, and these software’s of trading are popularly known as trading platforms.
One of the major questions that arise here is that what do we exactly meant by the term FOREX trading platforms.
In order to make you really very clear, I am going to explain you this term in simple words. According to a simple definition of a FOREX trading platform, it is believed to be the position where most of the traders are carrying out their business. But this is exactly the place where all the unfussiness and simple ness ends up because of the hard core reason that this particular site is also believed to be the place where all the information of a particular transaction of trading is kept and preserved. This is the kind of data that does not consist of mere bits of paper or any wasted important text files on the computer. It is the one that also take account of various types of trading charts, graphs as well as the feedbacks of news that is being produced at the real point of time.
It is really very crucial as well as essential for a particular trader to keep this thing in mind that his or her platforms of trading are really an indispensable part of the trading process. If he or she desperately wants there investments that they have made in the trading market to turn out to be profitable, then they are forced to make use of these trading platforms. There are quite a large number of trading platforms that are available in the trading market; nonetheless, the proverb that says “diverse strokes for diverse folks” also cling to truthfulness for those traders who are greatly involved in the world famous market of foreign exchange. All the Traders have different styles of making a trade and the large number of trading strategies that they have employed in order affects the large amount of information or trading data that they need. Many times these investors are known as stalkers.
GoLearn Forex Analysis 14/12/2009
Euro – Headed for a Tailspin? By GoLearn Forex
EUR/USD:
The EUR is perilously close to falling into a tailspin. We have been stating for some time that a candle appearing below the 50 day Moving Average (MA) would generate a strong signal for a Short entry. As you can see in the Graph below that signal occurred last week, with the 50 day MA currently holding at 1.4880 while the EUR is trading at 1.46.
The EUR is now on the cusp of an even larger fall. It closed last Friday’s session at the 100 day MA an even more significant breach than the 50 day MA. Perhaps even more troublesome for the EUR is that it is just a hairsbreadth above 61.8% Fibonacci level at a handle of 1.4621.
INSERT CHART EUR
A close below the 61.8% Fibo level coupled with a close below the 100 day MA as they converge may equal real trouble for the EUR. The EUR has not been south of the 100 day MA since April 2009 which coincidently occurred when the 100 day MA and Fibo 23.6% level converged. The EUR proceeded to advance 14.6% from that point. We therefore target the 50% Fibo level with a handle of 1.4184 as the next support level should the EUR breach the 61.8% Fibo level.
USD/CHF:
The CHF is another currency holding at a very pivotal level. With Friday’s session closing just below the 100 day MA the CHF is trying to hold its ground against the Greenback. The Swiss Franc has been one of the benefactors of Gold’s jump in value. However, as the Dollar has rallied and Gold prices have begun to fall so has the CHF.
The Franc closed above its 50 day MA for the first time since August, representing only the 3rd such close since April of 2009. This coincided with it’s last close above the 100 day MA. The Franc has another issue to contend with and that is the 23.6% Fibonacci Retrace level created from the CHF low of 1.20 back in March of 2009.
INSERT CHART CHF
If the CHF closes above the 100 day MA and the 23.6% Fibonacci level at a handle of 1.0402 is breached then we would expect the CHF to test support at the 38.2% Fibo level or 1.0701.
Bona Fide Recovery Seems in Order by GoLearn Forex
Global Equity Markets closed higher as the prospect for a bona fide recovery now seems assured. The Markets were able to shake off credit fears and focus on continued positive economic data coming out of the U.S. On Wall Street the DJIA closed up 65.67 points to 10,471.50 on better than expected Advanced Retail Sales figures.
The Greenback continued it rally as it advanced on positive economic data, breaking the 9 month long “positive equities to poor dollar” correlation, for a second time in 1 week. The DXY touched 76.725 before retreating slightly to close at 76.573. Another positive session for the Greenback and it may take out the 100 day MA.
In the commodity space both Gold and Oil were down. Gold lost 15.60 to close Friday’s session at 1,115.40 while Oil closed just below $70 a barrel for the first time since September 29th. Gold has lost nearly 9.5% since its high on December 3rd and is just a few dollars away from closing below its 50 day Moving Average.
In the Euro-zone for Monday, Employment figures will be published on Tuesday. U.S. PPI numbers will print as well as the Empire Manufacturing data. In Australia, GDP numbers will hit the wire on Wednesday, as will Housing Starts and Building Permits in the U.S. However, investors will be tuned in on Wednesday to the FOMC rate decision. Although no change in rate is expected, traders are hoping for the accompanying statement to shed light on future rate hikes and economic policy as continued positive economic data continues to print.
Upcoming Forex Events for December 14, 2009-12-14
CHF PPI (MoM) Forecast 0.20% Previous -0.40%
EUR Industrial Production (MoM) Forecast -0.50% Previous 0.30%
CAD Capacity Utilization Rate Forecast 67.80% Previous 67.40%
AUD RBA Meeting Minutes
Daily Review 14/12/2009
USD Dollar (USD)
The Dollar continued rallying versus most majors on Friday after Retail Sales and Michigan\’s Consumer Sentiment came out stronger than expected signaling economy is recovering improving Fed Rate Outlook. NASDAQ ended almost flat with -0.03% change and Dow Jones gained by 0.63%. Crude weakened by -1.39% dropping below 70$ for the first time since October closing at 69.87$ a barrel and Gold (XAU) dropped by -0.91% closing at 1114.55$ an ounce on a stronger Dollar. No economic data expected today.
EURO (EUR)
The Euro continued falling versus the Dollar reaching a 2 month low below the 1.46 support level as better economic data in the US led investors to expect a near rate increase. Ireland and Greece are facing major debt concerns that may lead to their exit from the Euro-Zone. Overall, EUR/USD traded with a low of 1.4586 and with a high of 1.4776. Today, Industrial Production is expected with -0.6% versus 0.3% prior.
EUR/USD – Last: 1.4620
|
Resistance |
1.4700 |
1.4775 |
1.4825 |
|
Support |
1.4585 |
1.4535 |
1.4470 |
British Pound (GBP)
The Pound dropped slightly versus the Dollar after PPI Input and Output came out weaker than the forecast. The UK budget deficit keeps growing as the government keeps spending money to spur the economy preventing the Pound from gaining back. Overall, GBP/USD traded with a low of 1.6196 and a high of 1.6338. Today, RICS House Price Balance is expected with 39% versus 34% prior.
GBP/USD – Last: 1.6200
|
Resistance |
1.6275 |
1.6340 |
1.6380 |
|
Support |
1.6160 |
1.6120 |
|
Japanese Yen (JPY)
The Yen weakened versus the Dollar and the Euro as economic conditions improve and a future rate increase in the U.S seems more likely. Overall, USD/JPY traded with a low of 88.26 and a high of 89.81 and EUR/JPY traded with a low of 129.97 and a high of 131.59. No economic data expected today.
USD/JPY-Last: 88.40
|
Resistance |
89.30 |
89.85 |
90.10 |
|
Support |
88.25 |
88.00 |
87.75 |
Canadian Dollar (CAD)
The Canadian Dollar weakened versus the Dollar as Crude dropped beneath 70$ a barrel on stronger Dollar sending the high yield commodity related Australian and Canadian Dollar lower. Overall, USD/CAD traded with a low of 1.0484 and a high of 1.0623. No major economic data expected today.
USD/CAD – Last: 1.0610
|
Resistance |
1.0630 |
1.0650 |
1.0690 |
|
Support |
1.0540 |
1.0500 |
1.0480 |
Things to Look Out For While Choosing a Low Spread Forex Trading Platform
When a trader is trading in the Forex Market, he or she will observe that the Forex Brokers do not charge any commissions for the services they provide, as well as, they do not offer their services for free. Instead of the commissions, the brokers make money by charging a spread from the traders. Spread is nothing but the difference between the prices bided and the price asked for a particular currency that is being traded. Therefore, it is very important for the Forex Traders to find the Forex Trading Platforms which is asking for a low spread, in order to earn a high income from the trading business, because the lower spread a platform is asking for, the higher gain the trader would receive.
There is one really good thing about the spread which is that the trader only needs to pay it only when he or she is buying the currency and not while selling the currency. The popular currency pairs that have the lowest spreads in the Forex Market are EUR/UDS and GBP/USD. Some of the Forex Brokers offer varying spreads for varying types of accounts. The obvious fact is that when the spread on currency pairs are small, the better will be the conditions for the traders. One can find lots of online sites which offers different platforms for Forex Trading and through these platforms, the trader will be able to buy or sell the Forex. The only thing that the trader needs to do is to identify the low spread Forex Trading Platforms from the various available platforms. One way to identify the best Forex Trading Platforms among the other platforms available on the internet is by the feature that shows live prices at which the trader can actually trade at. Therefore, the platforms providing this feature can be rated as the best Forex Trading Platforms.
There are four important factors that a trader should consider while selecting the best Forex Trading Platforms. The four factors are listed below.
1. Platform Execution, which is nothing but the speed and consistency of the execution of the trades.
2. Fractional Trading, which is defined as the feature to allow the trader to trade on the basis of fractional trading. That is, it allows the trader to trade in units.
3. The platform should be user friendly. The trading platform should be easy to use and understand for the Forex Traders. As well as, the platform should be reliable when the markets are moving fast.
4. There should be minimum investment. That is, the platform should offer a minimum amount of money needed to open an account in the Forex Trading.
Thus, having the above four features in mind, a trader can always select the best Forex Trading Platforms offering a low spread.