This guys is doing a great job keeping us all more than well up-dated about the latest goings in the Retail Forex Industry. I’m talking about Michael Greenberg and his site Forex Magnates.

Worth following him

Francesc

FXCM releases Financial Data for Q3 2009: Over $115 million in capital
by Michael Greenberg, Forex Magnates

New Chapter: C01 - Developing a Trading System

Having studied Units A and B you should now be familiarized with the Forex market and able to pick the best set-ups, the optimal time to trade as well as a lot of guidelines about how to trade them.
However, and because there are exceptions to analytical guidelines without which market analysis would be a science of exactitude - not one of probability-, you need a structured approach, in other words: a trading system.

Check it out!

Other available contents of the LC:

UNIT A | ABSOLUTE ESSENTIALS
Chapter 1: All That Makes It Possible
Chapter 2: The Participants And Their Roles
Chapter 3: Understand The Mechanics
Chapter 4: Trade The Facts: Consider Price Action
Practice: Put Into Practice what you’ve learned and evaluate yourself!

UNIT B | ANALYTICAL TOOLS
Chapter 1: Technical Analysis
Chapter 2: Fundamental Analysis
Chapter 3: Chart Analysis
Chapter 4: Japanese Candlesticks
Practice: Put Into Practice what you’ve learned and evaluate yourself!

Do you want to be notified when a new chapter of the LC is released?

Hi everyone

Last week I made a post here that has generated some interest among you the readers:

Crisis in the Retail Forex Portals Business as well?

In this post I was talking about the possibility of the economic crisis hitting not just volume trade, the profits of the retail Forex brokers but also hitting hard the Forex Portals industry. The argument was based on the fact of 3 middle size Forex portals being put on sale almost at once.

Yesterday I got an e-mail from the owner of a well-know Forex site were he was giving me his view. It goes completely in the opposite way my post was pointing to so I wanted to highlight it here to let you take your own conclusions.

He said: “… I think the FX become more popular. A lot of FX sites raise money and I receive calls from big investment firms who want to introduce themselves.
We will certainly see new fx portals with big investors behind… It’s only the begin of the fight ;)”

On the other hand, retail FX brokers are seeing their profits going down fast. That will be a matter of another post, but this decrease in profits should have to have an impact on advertisement budget, and this should affect FX portals too.

This post may reflect the problems some FX brokers are currently facing or just is it a consequence of a fierce competition:

Up to $3,000 for opening your Forex account…. Who gives more?

So… what do you think?

Francesc

MF Global Exits Bermuda, Posts Loss
By The Wall Street Journal
MF Global Ltd. said Thursday it plans to relocate its legal base from Bermuda to the U.S. where it believes financial reform will make it more competitive with bank rivals.
The derivatives brokerage has railed against what it views as the anti-competitive impact of banks receiving U.S. government backing, but said it is regaining lost market share.
Full Story

MF Global Reports Second Quarter 2010 Results
By Reuters
MF Global Ltd. (NYSE: MF), a leading intermediary offering customized solutions in global cash, derivatives and related markets, today reported financial results for the second fiscal quarter of 2010, ended September 30, 2009. Second Quarter Highlights:
* Revenue, net of interest and transaction-based expenses (net revenue), was $252.0 million for the second quarter versus $372.9 million for the same period last year.
* GAAP net loss applicable to common shareholders was $16.0 million or $0.13 per basic and diluted share for the second quarter, compared with net income of $3.5 million or $0.03 per basic and diluted share for the same period last year.1
* Client payables were $12.2 billion at September 30, 2009 compared to $14.0 billion at September 30, 2008. MF Global`s market share in August 2009 of U.S. segregated assets was 5.8%, a 12-month high.
Full Story

Forex settlement volumes rise in Oct - CLS
LONDON, Nov 5 (Reuters) - The average number of daily foreign exchange payment instructions rose 7.1 percent in October from the previous month, data from FX settlement system CLS Bank showed.
Full Story

Hi everyone

After touching new daily highs on Thursday October 8th when it jumped to 25,962 page views, the day before yesterday Wednesday November 4th the home page kept its recent extraordinary performance and touched a new all-time high to touch 28,380 page views, almost 11% of all the traffic the site had on such day.

The new high got the inestimable help of the FED’s Interest Rate Decision Live Coverage that took place in our home page and Economic Calendar.

Good news indeed once again

Francesc

Hi everyone

A trader friend of mine send me this beautiful article from the Wall Street Journal and she told me:

“I know you know that the phenomenon of currency pairs (or any asset) respecting historical support and resistance, even from long ago, is well-known but not generally well explained.
An article this morning in the Wall Street Journal relates how red deer still won’t cross what was once the electrified and heavily guarded fence line between West Germany and Czechoslovakia. This fence was torn down 18 years ago, before the deer today were born. There’s just something about those old lines that gets imprinted in traders and red deer, I guess. I wonder how red deer would do at trading, LOL.”

Deep in the Forest, Bambi Remains The Cold War’s Last Prisoner by The Wall Street Journal

Enjoy it!

Thanks D.F

Francesc

Hi everyone

Today’s BoE and ECB Live Coverage touched a new all-time high of 2,000 traders.

The event attracted 1,926 traders and was hosted by Valeria Bednarik, covering the Interest Rates decision of two of the most important World Central banks, the ECB and BoE, for more than two hours live from FXstreet.com Homepage and Calendar.
Yesterday’s FED Live Coverage was followed by more than 1,100 traders and we expect to reach great numbers in tomorrow’s NFP Live Coverage.

Francesc

Transcripts

FED Live Coverage: http://transcripts.fxstreet.com/2009/11/live-coverage-fed-interest-rate-decision-.html
ECB & BoE Live Coverage: http://transcripts.fxstreet.com/2009/11/boe-and-ecb-live-coverage-.html

Hi everyone

Today I got a picture of my childhood from an old classmate. The picture shows my class taking a rest after a hard morning in the country.

I guess I was around 12/13 years old, I can not be more concret.

A super prize of megatrillions of dollars for the guy that recognizes me :)… just kidding

This is a recent picture of Rob Booker and myself, taken at the ITC 2009 from last month. He was so kind that brought me as a present a T-shirt of the worst NBA team last year as he knows that I love basketball.
I’m 42 years old even though I do seem to have 20

This is my class 30 years ago

Hi everyone

On October 28th 2009 I got an e-mail from a friend notifying me that the Cyprus based Forex Retail Broker FxPro was withdrawing from its activities in the U.S.

Searching the web, the only thing I found was a release from FXCM welcoming US based traders from FxPro.

FXCM Welcomes US Based FX Pro Traders

I contacted FxPro management to get an official statement regarding this issue and this is what I’ve just received from them.

I want to thank FxPro management for their great collaboration

Francesc

FxPro Financial Services Ltd (FxPro): Company Statement
Since our launch, FxPro has developed good business with clients across the globe, in over 120 countries. As with any commercially sound company, we make every effort to invest in those markets where we see strong growth and business opportunities. In the last year we have recognized that the majority of our client base is building across the EU countries and the emerging markets, and we see these particular geographies as one of our core strengths as a company. It is with this in mind that we have made a carefully considered decision to withdraw from the US market. We have therefore given all of our US-resident clients on 22 October 2009 three months’ notice of our plan of action.

At the close of 25 January 2010 (00:00 Server Time), all affected Trading Accounts are expected to have no Open Positions. At the same time all Pending Orders will be canceled, and all Open Positions will be automatically closed at that time at the last available price. After 25 January 2010, the status of US-resident Trading Accounts will be set to “Read Only” on FxPro’s Trading Platform, meaning that no trading activity can be performed, but will be fully accessible for reference and historical analysis only. On January 26 2010, all remaining funds in US-residents’ Trading Accounts will be refunded to their original sources,

Robert White
Head of PR
FxPro