Search the Community
Showing results for tags 'forex'.
Found 4 results
While a lot of information comes from real experience of people that have used a brokers’ services, some may have a hidden agenda of promoting the broker. Promoting a broker is OK, as long as it’s done in a transparent way. Let’s see the 5 ways to identify fake reviews: Look at the site: if this officially a forex news site / education site, but the first thing that you see is a big list of forex broker reviews, then you can take the reviews with a grain of salt – the site’s sole purpose is to make money on affiliates and not necessarily have up to date news. So are the reviews genuine? Check the link: If you see something like landingID=3 or affiliate=fxsite at the end of the link that leads from the review page to the broker’s site – this is definitely an affiliate link – the reviewer gets paid for referring clients to the broker. Getting paid for referrals is legitimate, but hiding the fact that the reviewer is paid for the service isn’t proper. For site owners, the solution is to write a disclosure about the affiliation. This way, the readers can judge for themselves if this genuine or not, having the knowledge about the affiliation deal. Option to comment: If the site has an option to add your own comment on the review, actually your own mini-review on the broker, that’s a good sign of openness. But this may be tricky as well. Try commenting and see if your comment really appears on the site, or if it’s held for moderation forever. Sometimes comments are automatically posted, but are later deleted when they aren’t convenient. Such sites’ openness, but it’s fake. Check the forum member: if a forum member posts a reply with a recommendation about a forex broker, even without an affiliate link, he could be associated with the broker. If he’s officially representing the broker, that’s like a full disclosure – you can judge him for yourself. But if he’s not? Well, check out what else he wrote on the forum. If he’s a regular participant, it could be genuine, but if his main agenda is promoting the same broker, don’t take his word. I must say the Forex Factory is doing a good job at getting such promoters out of the forums. Search the web for negative commentary: A common check if to search for the name of the broker with the word “sucks” – this will easily bring you to negative reviews, and you can see how bad they are. Getting results for this search doesn’t mean the broker is necessarily bad, but this is how you’ll get some negative words as well. Do you have additional ideas about how to find false broker reviews? This is a guest post from FXStreet, a leading provider of data, real time analysis and actionable tools for Forex traders.
So, how can we avoid falling in such forex scams? Casey Stubbs already covered this issue and gave 3 ways to avoid forex scams. I’ll expand on his advice, and add some more thoughts: If it looks too good…: Sites that promise automatic and big profits in no-time should raise your first suspicion. There’s no easy money in this market. Sites that try to sell such products will usually have only one page that showing blinking dollars and no serious explanations. The graphics are usually “loud” and not humble. Talk to people: Casey suggests talking to people in the company and also with people that use the product to get an idea. In some cases, the people you’ll see in the promotional video will already look like clowns. In other cases, they will look serious, but you need to verify that they really stand behind their product. Google the product and search for problems: I’ll add that you easily do a Google search, and add words such as “sucks” or “scam” to the name of the product. If the search results yield too many convincing results, it isn’t only competitors that are complaining – it’s real people that have already suffered. Check the people on LinkedIn: The world’s leading professional network has a very wide audience. Searching for the people behind the company in Google will almost always yield the LinkedIn page in the first results. If the people behind the venture don’t have a profile on LinkedIn, that’s a problem. If they do, see who recommends them. Solid recommendations will help you feel better. Regulation: A serious participant in the market will be regulated by at least one authority. The American NFA is the toughest authority (sometimes too tough). A stamp from the NFA, FSA, CFTC or another reputed institute in a normal country doesn’t mean that the company is bona fide, but it’s better than nothing. Companies listed in some exotic island look suspicious. Demo account: As aforementioned here, a forex demo account is the basic broker check. Some robots can actually have an OK performance, but how can you know that? You need to check it out. Ask to try it without real money. Intuition: Well, at the end of the day, you get a feeling about the people on the other side. As you can see, the forex industry has lots of bad people in it. Contrary to the basic rule at court, where a person is innocent until proven otherwise, you should assume that everyone is guilty and that they need to prove their innocence to you. This is a guest post from FXStreet, a leading provider of data, real time analysis and actionable tools for Forex traders.
Kim posted a article in Trading BlogAfter a tear-provoking meeting with her backbenchers, UK PM Theresa May has pledged to set a date for her departure after the upcoming Brexit vote in early June. And, she will do regardless of the result. It is now clear that "The end of May is in early June." For pound traders, there is no time to delve into May's legacy but rather to look to the near future with the clock ticking down to Brexit, which is due on October 31st. On the same day that May faced her political executors, her former foreign secretary Boris Johnson threw his hat into the ring by saying he would run if there is a vacancy. His early announcement was well-timed, and most British newspapers put his picture on their covers alongside the news about May's upcoming resignation, portraying him as the PM in waiting. Johnson is the leading candidate as he is well-known and is popular among the membership of the Conservative Party. Under current party rules, MPs filter candidates until two are left. The vote then goes to the membership. Assuming he makes it to the shortlist, the road to Downing Street is paved for him. GBP/USD already fell on the specter of PM Johnson Johnson has a staunch supporter of Brexit. The former London mayor, in addition to his role as FM, is a eurosceptic, was one of the proponents of Brexit in the referendum, and also quit May's government over a Brexit strategy that was not "clean" or hard enough. Markets have a clear opinion against the UK leaving the EU, and the pound dropped on the latest political developments, including Labour's decision to end cross-party talks. Johnson's probable ascent contributed a lot to the mix. Apart from his senior posts, Johnson is known for his gaffes and erratic style. If he becomes PM, his unscripted comments may result in sharp moves in the pound. That can be taken as a certainty. But will the pound keep on falling? Another characteristic of Johnson is his love of himself and another one his aspiration to become PM. Long before announcing his candidacy, he wrote an admiring biography of Winston Churchill, the heroic PM during the Second World War. Political analysts saw the book as a declaration of intent: that Johnson is also aiming for 10 Downing Street. After achieving his career goal of entering Churchill's role, the colorful Mr. Johnson may want to cling to power more and creating a worthy legacy, like his protagonist. He may want to secure Britain's position in the world and maintain a stable economy. And for that, he may follow the footsteps of another wartime hero. Johnson may do a de-Gaulle on Brexit General Charles de Gaulle fought the Germans in the war and then became France's long-serving president. He vowed to keep Algeria French but then made a 180-degree about-turn and retreated from the former colony. Johnson may follow de Gaulle's footsteps. by stepping away from his rhetoric on Brexit and finding a compromise with the EU. And if takes this path, unthinkable at the moment, he will be instantly rewarded by a stronger pound. All in all, Boris Johnson cares more about Boris Johnson and than about the UK's exit from the EU, and his colorful style may result in surprising rather than dogmatic moves. His entrance to the famous house in central London may mark the bottom in GBP/USD. This is a guest post from FXStreet, a leading provider of data, real time analysis and actionable tools for Forex traders.
Kim posted a article in Trading BlogBTC/USD has broken above the $8,250 level escaping the long-term bearish channel that had governed its movements since early 2018. Its teammates on the crypto podium have followed King Bitcoin up, but with worse performances. This characteristic of the rise means that the second condition that I pointed out in a previous article is not fulfilled. Let us review the requirements. The first was that BTC/USD exceeds $8,250. The second condition is that the ETH/BTC crypto cross goes into bullish mode, and that has not been accomplished yet. However, it may change in the next few days. ETH/BTC 4 Hours Chart The ETH/BTC is trading at the 0.03067 level, moving between the EMA50 and the SMA100. Trading between mobile lines generates sudden short travel movements. Above the current price, the first resistance level is at 0.0312 (upper parallel bullish trend line and EMA50), then the second resistance level awaits at 0.03161 (price congestion resistance). The third resistance level for ETH/BTC is at 0.0332 (upper parallel bullish trend line and price congestion resistance). Below the current price, the first support level is at 0.0301 (SMA100, price congestion support, and SMA200), then the second support level is 0.0298 (price congestion support). The third support level for ETH/BTC awaits at 0.0275 (price congestion support). The MACD on the four-hour chart shows a slightly bearish profile, although it can easily turn up and quickly enter the positive zone of the indicator. This is a misleading profile at the time of analysis. The DMI on the four-hour chart shows bears controlling the asset but with a downward profile. Bulls lose the ADX support, potentially complicating bullish development. BTC/USD Daily Chart BTC/USD is currently trading at $8,777 after hitting a relative high of $8.944. The Japanese daily candlestick chart is currently drawing a doji that jeopardizes the technical conquest if it ends the session with this figure. Above the current price, the first resistance level is at $8,780 (price congestion resistance), then the second resistance level is at $9,160(price congestion resistance). The third resistance level for the BTC/USD pair is at $9,700 (price congestion resistance). Below the current price, the first support level is at $8,400 (price congestion support), then the second support level is at $8,250 (price congestion support and upper trend line of the long term down channel). The third level of support is back into the bear channel at $8,000 (price congestion support). The MACD on the daily chart shows how after a bearish cross attempt, it bounced back and now takes advantage of the momentum to break out of the past bearish scenario. The next two days will mark the medium-term scenario. The DMI in the daily chart shows the bulls increasing the advantage against the bears but still far from surpassing the ADX line that would start a new bullish pattern. ETH/USD Daily Chart The ETH/USD is currently trading at $268.16 after yesterday's new high relative to the close. The next resistance level is further away at $290, and reaching it requires accumulating bullish strength. Above the current price, the first resistance level is at $290 (price congestion resistance), then the second resistance level is at $305(price congestion resistance). The third resistance level for ETH/USD is $318 (price congestion resistance). Below the current price, the first support level is $260 (price congestion support), then the second support level is $250 (price congestion support). The third level of support for ETH/USD is at $234(price congestion support). The MACD on the daily chart shows a bullish rebound after the first bearish cross attempt. It is not a very solid structure, so if it continues to rise, it will be in an overbought scenario. The DMI on the daily chart shows how bulls keep control of the situation and barely celebrate the new relative high. The bears, on the other hand, weaken and remain at the lows. XRP/USD Daily Chart XRP/USD is currently trading at the $0.41 price level after sitting a daily high at $0.42. At this hour it loses support for price congestion at$0.412 and hints at a possible downward turning Japanese candle figure. Above the current price, the first resistance level is $0.412 (price congestion resistance), then the second resistance level is $0.43(price congestion resistance). The third resistance level for the XRP/USD pair is $0.438 (price congestion resistance). Below the current price, the first support level is $0.39 (price congestion support), then the second support level is $0.37 (price congestion support). The third support level for the XRP/USD pair is $0.35 (EMA50). The MACD on the daily chart shows a small upward bounce after the first bearish cross attempt. As in the other cases, it may continue to rise, but in an overbought environment. The DMI on the daily chart shows the bulls reacting up and moving very close to the ADX line. If the D+ were above the ADX, we could easily see a bullish explosion. The bears continue to show weakness. This is a guest post from FXStreet, a leading provider of data, real time analysis and actionable tools for Forex traders.