Currency trading is increasing in popularity among individual investors, especially those in the United States. Just a few short years ago, it was relatively difficult and costly to access the spot Forex market. But barriers have been broken down, competition has increased, and costs have fallen. As a result, more and more retail traders are entering the realm of spot Forex trading.
But there's another way to enter the world of currency trading, and it's through the Chicago Mercantile Exchange (CME). The CME first offered Foreign Exchange (FX) futures in 1972. Today, the exchange offers futures on 41 currency pairs, options on 31 futures contracts, and over $60 billion in liquidity. Currency futures trade on the CME's renowned Globex platform, alongside other popular futures contracts such as the e-mini equity indices.
Spot vs. Futures
To be sure, there are a some big differences between the contracts that trade in the spot Forex market and the FX futures. Perhaps the biggest -- and arguably most important -- difference is that spot Forex contracts trade over the counter at no particular central location, while FX futures clear at the CME. The central clearing and guarantee of counterparty credit by the CME are huge benefits of FX futures over spot Forex contracts.
The dealing details differ dramatically between the two instruments. The table below details some of the biggest differences:
Over-the-counter (Spot, Forex) Foreign Exchange Futures
$2+ trillion daily turnover $60 billion in liquidity
Commission free Commissions
Guaranteed stops No guarantees
Fixed pip spread Bid/Ask spread
24 hour trading 23 hour trading
100:1 up to 400:1 leverage 20:1 to 50:1 leverage
Varying quote currencies All rates quoted in dollars
Plain vanilla & Exotic options Plain vanilla options
Mini accounts Mini contracts (limited)
Interest debits & credits Carrying costs
Automatic rollover 3 month expiration cycle
Personal Preference
Whether you trade spot contracts or futures on currencies will depend upon your own risk tolerance, equity, and other needs. I've traded spot, through several different dealers, and the futures for many years. I continue to use both instruments in varying situations, alternating my selection to fit different strategies.
I like to use the spot contracts when executing very short-term strategies, such as a straddle surrounding a high profile economic announcement or central bank meeting. For example, I would use the EUR/USD spot contract to execute a trade during a Federal Reserve announcement or Non-farm payrolls release. Or I would use the USD/JPY spot contract to trade a Bank of Japan meeting. The guaranteed stops that some spot Forex dealers offer are very useful when trading around a volatile announcement like a central bank meeting.
Additionally, I favor the spot contracts when trading cross rates -- the exchange rates that exclude the U.S. dollar; for example: EUR/JPY, GBP/CHF, AUD/NZD, and GBP/HUF. Cross rates can be an excellent tool to take advantage of varying degrees of relative strength in individual currencies. And they are a great way to trade the currency market when the majors are at an equilibrium (read: trading range). You can find tremendous trends in the cross rates, and you can find hundreds of cross rates at many spot Forex dealers. On the other hand, futures on cross rates are comparatively illiquid and limited.
But for the most part, I trade the currency futures. That's because the cost of trading futures is, in most cases, lower than trading spot Forex. I've found futures cost about $20, or less, per round turn, while the spot Forex contracts cost between $30 to $50, and up, per round turn. The lower cost of trading currency futures is why I use the instrument in all of my day trading strategies, including the pivot point methodology.
(But please know that you can apply spot Forex contracts to the methodology that I'm about to show you.)
Pivot Points
Pivot points are a popular tool used by futures traders in all sorts of markets, ranging from equity indices to crude oil. And, sure enough, pivot points are readily applied to trading currency futures.
Pivot points are support and resistance levels derived from the previous period's high, low, and closing values. There are a variety of pivot values with which to trade, including monthly, weekly, and daily values. You could even calculate hourly values. When determining which period to trade with, you've got to consider your time frame as an individual and your particular style. I'll use daily pivot points for the purpose of this article since the focus is day trading.
Daily pivot points give a structure to each new trading day in the currency market. With these values you can use traditional support and resistance techniques to enter and exit trades. But before I get to the strategy, I'll show you how to calculate pivot values.
Pivot Point (PP) = (High + Low + Close) / 3
Resistance 1 (R1) = (2 x Pivot Point) - Low
Support 1 (S1) = (2 x Pivot Point) - High
Resistance 2 (R2) = Pivot Point + (Resistance 1 - Support 1)
Support 2 (S2) = Pivot Point - (Resistance 1 - Support 1)
(Pivot values for several different currency pairs are posted on the TradingMarkets web site every day.)
The pivot values are plotted as horizontal levels which, in turn, serve as support and resistance. The pivot point itself can be thought of as the day's mid-point, or fulcrum. It's where the buyers and sellers meet to determine the day's trend in a currency pair. The support and resistance levels that are plotted around the pivot point are just that: potential support and resistance.
A daily pivot point (in green), S2, S1, R1, and R2 values are plotted on the chart below of the EUR/USD FX future. The chart is a 5-minute interval. Notice how the Euro broke above the pivot point early in the day, and then proceeded to trade up to R1, where it met resistance and gyrated for the rest of the day.
Source: Quote.com
Follow The Intraday Trend
The power of pivot points is unleashed when you follow an unfolding trend during the day, and use the pivot values to measure the magnitude of trend. Additionally, the pivot points can be used to determine entry points into a trade. Applying simple breakout and breakdown entries around pivot points is a powerful way of using the tool.
An example of following the trend of the day as it unfolds, and entering trades on the break of pivot values, is illustrated on the 5-minute chart below of the JPY/USD contract. In this example, the Yen began the day near its pivot value, rolled over from R1, and proceeded to breakdown below the pivot point, S1, and S2. The pair dropped by about 60 ticks, providing ample opportunity for a day trader to make money on each breakdown below support. These types of intraday trends unfold a few times throughout the trading week, and they are relatively easy to exploit by following the futures contract through its pivot values.
Source: Quote.com
A second way of leveraging the power of pivots in the currency futures market is by adding a technical indicator that can pinpoint buy and sell signals. You will still want to use traditional support and resistance techniques around the pivot values. The purpose of adding to the indicator is to help in the timing of an entry into a trade. Above all else, though, you want to trade in the direction of the unfolding trend.
The MACD (12,26,9) is added to the 5-minute Euro chart below. The MACD generates simple buy and sell signals with the crossing of the fast and slow lines. Quite simply, it's time to buy when the fast line crosses above the slow. Conversely, it's time to sell when the fast line crosses below the slow line. Only the buy signals are highlighted on the chart below because the Euro was in an upward trend during the day. The sell signals are ignored due to the upward trend in the contract.
The Euro began the day at 1.2640 and ended near 1.2740 for a move of roughly 100 ticks. That's a lot of potential profit, part of which could have been captured by simply following the trend of the day and taking the buy signals coming from the MACD.
Source: Quote.com
Pivot Point Tips And Tricks
Trading with pivot points is not a big secret. Floor traders and dealing desks have been applying the methodology for decades in the currency market. But what separates the profitable traders from the losers is the simple act of following the trend of the day, cutting losses short, and letting profits run to the next pivot value. In addition, there are a few observations I've made over the years that I can add to the simple truth of following the trend.
The first tip I want to share is that the best trend days usually unfold when the currency begins the trading day near its pivot point. You might have already made this observation in the two above examples of the Euro and Yen. If you didn't, then take a second and jump back to the above charts, and note how the Euro and Yen began the day at or very near their pivot points. There are usually two or three days out of the week during which the majors such as the Euro, Yen, Pound, and Franc begin trading at their daily pivot. These are the days to look for a big trend to unfold.
If the currency that you're trading begins the day far away from the pivot, either below S2 or above R2, then it's probably a day that you want to walk away from. When a currency opens the day at one of the daily pivot extremes, it usually spends the rest of the session gyrating around that level. Avoid trying to trade a reversal of the overnight trend. Occasionally it might occur, but more often than not a big overnight trend will stall out at R2 or S2. The temptation is there to try to squeeze out a small profit, or bet on a reversal of the overnight trend. But the reality is that these are the days that can destroy a trader's equity.
You will find two examples below of strong overnight trends leading to massive gaps at the open of New York trading in the futures market. The first is an example of a gap up in the Euro. The pair opened at R2, where it spent the rest of the session. The second example is of a gap down in the Pound. The contract opened below S2, and spent the rest of the day gyrating in a tight range.
Source: Quote.com
Source: Quote.com
These days are best left to the floor traders. In the long run, you'll be better off not even trying to trade during days when the currency futures stage a substantial gap, either high or lower. You'll be better of by waiting for those days when the currency futures open near their pivot points.
Profit With Pivots
Day trading with pivot points can be applied to the spot Forex market just as they are in the currency futures market. Support and resistance, and the techniques that accompany these price levels, are consistent across all markets. In fact, pivot points have been used across dealing desks for decades in the spot Forex market. To the individual investor, however, it makes more sense to use currency futures when day trading simply because of the lower costs associated with trading futures.
The most important point to remember when applying pivot points to day trading currency futures is to follow the trend of the day, and simply look to enter into an unfolding trend as a pair makes its way through pivot values. Pay special attention to those days when the currency opens at or very near its pivot point. And avoid trading when a contract opens far away from its pivot point, at or beyond S2 and R2 values.
Good luck!
Eric Utley is a full-time trader with over a decade of experience in equities, equity options, futures, and currencies. He specializes in trading currencies, using a combination of quantitative, technical, and fundamental analysis. He is the lead contributor to INVESToolsCT.com, manages a currency trading blog, produces educational programs, and hosts a weekly online seminar.
Friday, August 7, 2009
FX Futures vs. Cash Forex
Forex Regulation
Did you know that although many off-exchange foreign currency futures and options (cash forex) firms imply their customer’s funds are safe in “segregated” accounts, in fact customer funds could be at risk in the event of firm insolvency?
FX Futures vs. Cash Forex
Daniels Trading has a very strong focus on trader education and overall market awareness, especially in regard to currency trading. This emphasis is in keeping with our mission of providing “Excellence Through Execution.” Traders in this day and age are presented with an incredible number of choices of brokerage firms and forex trading vehicles. Ensuring that our customers make informed choices is our responsibility.
FX Futures Q & A
Visit our FX Futures Q & A page to learn about vital questions that all individual traders should ask their forex trading firm.
What is Forex?
The foreign exchange market is the largest and most liquid financial market in the world, representing more than $1.2 trillion worth of transactions each day. Also known as forex or FX, currency trading involves the simultaneous purchase of one currency while selling another currency. Currencies are traded in pairs, such as U.S. dollar/Japanese yen (USD/JPY) or Euro/U.S. dollar (EUR/USD), or via currency indexes, such as the CME$INDEX™.
Read more about the forex market.
Why Trade Forex?
The Forex Markets Are Open Virtually 24 Hours per Day
Individuals looking to profit from market movements can act any time of the day or night during the forex trading week to take advantage of changing market conditions. Chicago Mercantile Exchange® (CME) offers electronic access to its entire range of FX futures, virtually 24 hours per day during the currency trading week. The extended access throughout the day was made possible with the introduction of “side-by-side” electronic trading with floor trading, occurring in CME futures pits.
Benefits of Trading CME FX Futures and Options:
* Open, fair and anonymous currency trading
* Equal access to the same forex markets and prices for all traders
* All exchange fees are public and spreads are consistently tight
* Global access to CME electronic forex markets virtually 24 hours a day
* Access to in excess of $48 billion in liquidity each day
* Guarantee of counterparty credit and central clearing by CME Clearing
Market Integrity
Fair Markets, Open Access & Price Discovery:
CME is regulated by the U.S. Government via the Commodity Futures Trading Commission (CFTC). Integrity and openness are critical components of CME markets. Fair and transparent pricing, open access and the highest ethical standards are important criteria applied in managing CME markets.
Providing the highest integrity in CME markets is an important part of fulfilling a core CME Value, “Customers come first.”
Liquidity
More transparent than OTC forex trading spreads:
CME FX futures markets are supported by automated trading systems supplying continual pricing feeds from global forex market makers. These pricing feeds are real-time, dealable quotes, which allow CME to provide exceptional market liquidity and a dynamic trading venue for a large pool of forex fund managers, interbank spot forex traders, international asset managers, multinational corporations, speculators, day traders and retail investors.
If you trade currencies on the OTC market, you may not really know the spread costs, which are built into the forex rate that you are quoted. Each time a quote is requested from a forex dealer in the OTC market, prices are produced for the interested counterparty alone. As a private deal, quotes are often five pips wide and are shaded to favor the dealer’s position, leading to price slippage. Skewed spreads are costly to the customer and difficult to detect, as the OTC customer often does not have access to the full range of market prices.
Read more about forex liquidity.
Currency Trading History
In 1972, CME® transformed global finance with the launch of the first financial futures contracts via the newly organized International Monetary Market (IMM). Today, CME is the largest market for exchange-traded foreign exchange (FX) futures in the world.
If you currently trade forex in the over-the-counter (OTC) market or on another venue, CME offers many advantages over those markets. At CME, trading transactions take place within an open, fair and anonymous trading environment. Individual traders, banks and hedge funds all have equal access to the same forex markets and prices.
An exchange environment, with its open and transparent market pricing, offers forex traders the opportunity to be involved in the process of price discovery, and provides other key advantages over “private” deals in the OTC market. If you trade OTC forex, it’s time to look at CME FX futures. The innovative, online electronic accessibility, virtually 24 hours per day, combined with low trading costs and the backing of the CME Clearing House make CME a highly cost-effective, transparent and secure place for forex trading.
Did you know that although many off-exchange foreign currency futures and options (cash forex) firms imply their customer’s funds are safe in “segregated” accounts, in fact customer funds could be at risk in the event of firm insolvency?
FX Futures vs. Cash Forex
Daniels Trading has a very strong focus on trader education and overall market awareness, especially in regard to currency trading. This emphasis is in keeping with our mission of providing “Excellence Through Execution.” Traders in this day and age are presented with an incredible number of choices of brokerage firms and forex trading vehicles. Ensuring that our customers make informed choices is our responsibility.
FX Futures Q & A
Visit our FX Futures Q & A page to learn about vital questions that all individual traders should ask their forex trading firm.
What is Forex?
The foreign exchange market is the largest and most liquid financial market in the world, representing more than $1.2 trillion worth of transactions each day. Also known as forex or FX, currency trading involves the simultaneous purchase of one currency while selling another currency. Currencies are traded in pairs, such as U.S. dollar/Japanese yen (USD/JPY) or Euro/U.S. dollar (EUR/USD), or via currency indexes, such as the CME$INDEX™.
Read more about the forex market.
Why Trade Forex?
The Forex Markets Are Open Virtually 24 Hours per Day
Individuals looking to profit from market movements can act any time of the day or night during the forex trading week to take advantage of changing market conditions. Chicago Mercantile Exchange® (CME) offers electronic access to its entire range of FX futures, virtually 24 hours per day during the currency trading week. The extended access throughout the day was made possible with the introduction of “side-by-side” electronic trading with floor trading, occurring in CME futures pits.
Benefits of Trading CME FX Futures and Options:
* Open, fair and anonymous currency trading
* Equal access to the same forex markets and prices for all traders
* All exchange fees are public and spreads are consistently tight
* Global access to CME electronic forex markets virtually 24 hours a day
* Access to in excess of $48 billion in liquidity each day
* Guarantee of counterparty credit and central clearing by CME Clearing
Market Integrity
Fair Markets, Open Access & Price Discovery:
CME is regulated by the U.S. Government via the Commodity Futures Trading Commission (CFTC). Integrity and openness are critical components of CME markets. Fair and transparent pricing, open access and the highest ethical standards are important criteria applied in managing CME markets.
Providing the highest integrity in CME markets is an important part of fulfilling a core CME Value, “Customers come first.”
Liquidity
More transparent than OTC forex trading spreads:
CME FX futures markets are supported by automated trading systems supplying continual pricing feeds from global forex market makers. These pricing feeds are real-time, dealable quotes, which allow CME to provide exceptional market liquidity and a dynamic trading venue for a large pool of forex fund managers, interbank spot forex traders, international asset managers, multinational corporations, speculators, day traders and retail investors.
If you trade currencies on the OTC market, you may not really know the spread costs, which are built into the forex rate that you are quoted. Each time a quote is requested from a forex dealer in the OTC market, prices are produced for the interested counterparty alone. As a private deal, quotes are often five pips wide and are shaded to favor the dealer’s position, leading to price slippage. Skewed spreads are costly to the customer and difficult to detect, as the OTC customer often does not have access to the full range of market prices.
Read more about forex liquidity.
Currency Trading History
In 1972, CME® transformed global finance with the launch of the first financial futures contracts via the newly organized International Monetary Market (IMM). Today, CME is the largest market for exchange-traded foreign exchange (FX) futures in the world.
If you currently trade forex in the over-the-counter (OTC) market or on another venue, CME offers many advantages over those markets. At CME, trading transactions take place within an open, fair and anonymous trading environment. Individual traders, banks and hedge funds all have equal access to the same forex markets and prices.
An exchange environment, with its open and transparent market pricing, offers forex traders the opportunity to be involved in the process of price discovery, and provides other key advantages over “private” deals in the OTC market. If you trade OTC forex, it’s time to look at CME FX futures. The innovative, online electronic accessibility, virtually 24 hours per day, combined with low trading costs and the backing of the CME Clearing House make CME a highly cost-effective, transparent and secure place for forex trading.
Top Authors in Finance:Currency-Trading
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Forex trading is big business. The global annual turnover is counted in trillions, yes that is right, trillions of dollars More and more people, day after day, are eager to learn how to trade online. This creates a business opportunity.
# PAMM Accounts by Nic Sp
PAMM Accounts (Percentage Allocation Management Module) is a trading account that consists of one or several accounts of investors which form one whole trading structure where the trading is carried out by the Manager. The principal of PAMM functioning is sharing the profits and losses in proportion. PAMM account is a convenient financial instrument for the Investor as it maximally simplifies the procedure of investing, minimizing the risks as well as for the Manager as it provides convenient ways of managing Investors' accounts.
# Top Brokerage Firms by Lars De Mertine
If you are trading FOREX then one of the most important parts of your trading system involves what broker you are going to use. There are some that are ...
# Forex - How to Begin Trading by Savanah Davis
How would you like to be part of the most liquid, largest financial market in the world? Forex trading is no longer an unattainable job. With a little research, some good automated forex software and some basic tools you can enter the world of forex trading.
# Forex For Newbies - Tips on How to Start Trading Effectively by Timothy Stevens
There are a lot of great financial opportunities to be found in the Internet today and one of which comes from Forex trading. There is a misconception that currency trading is reserved for those large organizations and financial institutions that have the money to back up their investments.
# Difference Between Directional and Non Directional Trading Strategies by Timothy Stevens
Directional and non directional trading strategies are two types of strategies used by all traders, regardless of the type of financial market. These two categories may require various approaches as well as different levels of trading education and requirements.
# Forex Option - Non Directional Trading Tips by Timothy Stevens
The use of non directional trading tips is an integral part of the trading process implemented by expert marketers and business agents due to the important lessons it has given them. The business market is a very dangerous and incomprehensible place for people who do not understand the risks and challenges present in the different factors involved.
# Non Directional Trading Strategy by Timothy Stevens
The use of non directional trading has been established as the safest and most reliable from of investing in the currency trading market since it uses a proven and well taken mechanism of currency use. The principle of non directional trading relies on the notion that currency in relation to its value can be used as an investment in itself.
# Take Help of FX Charts to Identify Whether a Currency is Getting Stronger Or Weaker by Ian Drew
An FX chart is a graph depicting a specific currency pair's movement over a given period of time. FX charts bear labels of currency pair they pertain to. For example USD/GBP, USD/INR, EUR/GBP etc. In forex market various currencies are priced in currency pairs. The GBP/USD chart will indicate how the GBP and U S dollar compare.
# Basics of Forex Option Trading by Ian Drew
Option trading which is commonly associated with stock trading is popular in forex market too. There are two types of forex option trading....
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# What You Need to Look For in a Forex Trading Platform by Flint Richardson
If you're new to the world of forex, then there are two things that are essential; a trading account, and a trading platform. A trading platform is a software-based or preferably web-based interface that allows you to manage your trading account. There are a variety of platforms on the market, but which one should you go for? Here are some of the common features you need to look for in a forex trading platform.
# Take the Hassle Out of Forex Trading With Automatic Forex Trading Systems and Get to Business by Brian Prinz
For about a hundred dollars you could acquire any number of Forex trading programs that claim to produce you a gold mine despite the fact that you sit back and take it easy. Astonishingly, traders are still buying these systems, in spite of knowing that just about all traders are currently losing money, which might not be the situation if these systems held up to their agreement.
# A Forex Trading Plan For Getting Rid of Your Indicators by John Templeton
You probably have seen a million forex trading plans which involve using countless indicators like Stochastics, MACD, Moving averages, etc. Well... I thought I would do something a bit different. I would talk about a forex trading plan that got rid of all your indicators, through the use of price action.
# Maximize Expectancy, Not Accuracy, in Your Trading System by Kris Matthews
Trading accuracy and win-size to loss-size ratio are the most misused terms in the investment industry. What really matters if you want to win and win big in your trading is expectancy.
# 3 Ugly Lies About Forex Trading Tips by Timothy Stevens
There are many articles and resources in the internet about Forex trading tips. But how would a would-be trainee discern the truth from a lie? Well that will not be easy I reckon. Looking for a reliable broker is not easy also but it will be easier to learn when you have a mentor to guide you.
# Currency Hedging - Does it Really Help? by Lars De Mertine
If you are familiar with trading on the Foreign Exchange market (FOREX) then you may or may not have heard about currency hedging. Now, there are a number of ways to trade in FOREX and hedging is really not so much about trading systems but it is more about risk management.
# Megadroid Robot - How to Let the Trading Experts Keep Track of the Forex Market 24-7 For You by Harry T. Philips
The Foreign Exchange Market has been the mining cave for banks and other bigger financial institutions. They have their own group of trading experts who interchangeably monitors the movement of the market every time and share their ideas for a more accurate prediction. It is impossible for a single human to watch the market condition all the time and he or she could be susceptible to mistakes especially when it comes to complex solutions. This is why trading experts came up with different software to do the trading automatically for them. This made successful trading possible for individuals who would also like to dig their own treasure in the FOREX market.
# Beating the Odds With FOREX Megadroid by Harry T. Philips
Foreign Exchange (FX) is not an easy field to get into. The need for such an exchange of currencies is due to the existence of many international currencies such as US Dollar, Euro, Japanese Yen, Pound Sterling, etc. With so many factors to be considered, market conditions affecting it, and of course the players in this market such as governments, businesses, central banks and other financial institutions, it makes it more difficult if you are just a Retail Trader or an individual who engages in forex trading. So, how does an individual go into this type of business and be able to stand against these giants?
# Managed Forex Accounts Investments by Nic Sp
Managed Forex Accounts.A lot of people keep wondering what Forex Managed Accounts are. There's a Forex currency market in which there are always currency rates changes going on. A lot of professional traders constantly make money on these rate changes. But there are also traders who manage clients' accounts for a percentage of profit and this is called Managed Forex Accounts.
# Learn Forex Trading to Earn Easy Money by Beaulah Dicocco
Forex trading is a popular instrument for people seeking high returns with moderate levels of risks. It diversifies portfolios, does not depend on the minor aspects such as corporate decisions (as is the case with equities) and is a fairly predictable market in the long run. What is more, with managed forex accounts, investors find it even more convenient to make money as it does not require constant monitoring and too much involvement.
# Forex Trading Systems Review by Shawn Manaher
As with any trading there are short-term, midterm, and long-term ways in which you could do your trading. This also shows the strength of this potential movement, and can be very useful when trying to ascertain your market strategy.
# Auto Forex Trading Sweeps Up Retail Investors - But Will it Be Another Dot-Com Bust? by Steve B Wise
Auto forex trading began just a few years ago but did not really become mainstream until the development of programs like megatrader and the opening of the foreign currency trading markets to the retail investor. Given the trading leverage afforded to retail investors and the availability of auto forex trading software is it any wonder that the foreign currency market has taken off this year?
# All About Ivy Bot - Our Review by Paul R Anderson
IvyBot, to be released today, has been getting lots of press and attention on currency trading blogs as well as in the mainstream news. This 100% automated forex trading robot has been achieving impressive results, both in testing as well as live trading.
# Forex MegaDroid Pro - The Best Friend You'll Ever Have! by Ryan J. Martin
The Forex Market is risky, but it has the potential to make people millionaires without lifting a finger. Forex MegaDroid Pro will be released in August and has the potential to make over 4,000% profits in just one year! Try and do that in the stock market.
# Megadroid Trading Review - How to Spot the Best FOREX Broker For You by Harry T. Philips
There are several aspects that can contribute to the success of your FOREX trading investment, these are your education about the Foreign Exchange Market, having the right tool or automated software system and dealing with a reliable broker. This article will discuss how to choose the right broker for you.
Swing Trading in Forex
Building a Swing Trading System in 4 Simple Steps
If you do not know what swing trading in forex is, check out the background at currency swing trading and if you want to know why its one of the easiest forms of trading psychologically, check out our section swing trading for beginners
Here we are going to look at swing trading in forex from the standpoint of building a simple forex trading system, based on catching swing trades which is easy to understand, easy to apply and even better, can make big forex profits.
Here is your guide to a swing trading in forex with a system designed to make regular capital gains, whilst at the same time keeping losses to a minimum
Step 1 – Spot Support and Resistance
You need to use trend lines and spot areas of support or resistance to trade into.
Look for 3 tests or more – the more tests there are of course, the more valid and important the level will be.
Now you have spotted the opportunity, you need to time your trading signal and correct timing is crucial to success.
Step 2 - Trade with Price Momentum
Many traders simply like to go short into resistance or long into support, as it’s tested but this will never work.
If you do this, you are guessing or hoping the level will hold and the market will not reward you for this.
You don’t have the odds on your side and you will end up a loser.
With swing trading in forex (or any other method of trading for that matter) you need to trade the odds and get them in your favor and this means getting confirmation. You need to trade with confirmation of price momentum on your side BEFORE you execute your trading signal.
You therefore need to wait for a test of support or resistance.
Then Wait
Watch for the currency to turn away from support or resistance with accelerating price momentum and THEN execute trade.
You are trading with price momentum and the odds are in your favor.
Sure you won’t catch the turn exactly and you miss a bit of profit - but if you trade this way and grab 60 – 70% of the potential overall profit, you will make a lot of money and this is the aim of any forex trading system.
Which Indicators Are Best?
Try these:
The stochastic and the Relative Strength Index (RSI) as a good pair to start with.
We don’t have enough time to explain them in detail here - but these are superb momentum indicators.
There are many others - just pick and choose a few you like best but don’t use too many – up to 3 is fine.
When swing trading in forex, your system should be simple and robust – if you complicate it you will lose, as there will be too many elements to break.
Step 3 - Stop Reverse on Breakouts
For example, if you are trading into resistance that is at a market high, you may want to use a stop reverse upon a break.
Most major trends start from new market highs NOT market lows.
If prices break out go with the break.
The initial breakout of strong resistance, will see stops hit and new trend followers kick in and by taking the turn, you can go with this momentum.
Be careful – you should only do this into strong resistance that is considered valid by the market participants. This will ensure you don’t get caught trading false or weak breakout trades.
Step 4 Take Profits Too Soon
When swing trading in forex, your profits can disappear quickly, so you need to make sure that you get them in the bank, when the risk reward is in your favor – before recoil in price sets off a counter move.
Take your profits early and by this we mean.
BEFORE they test the next level of support and resistance.
Your aim is to “hit and run”, the closer the trade moves to a target the more chance you have of a reversal so get out early. You may miss some of the move - but as we said earlier (on getting into the trade) that doesn’t matter - your aim is 60 – 70% of the overall profit potential.
If you can do this regularly, you will make you a lot of money and ensure your forex trading strategy is successful over the long run.
Other points in relation to a successful swing trading method we covered earlier in other sections - but their important so to repeat:
Only trade liquid, volatile major currencies and pick a broker that offers you tight 2 – 3 pip spreads, so they do not impact on your overall forex profits.
A Simple Way to Make Big Profits!
Swing trading in forex is simple to learn, easy to apply and requires far less discipline than longer term trend following. It’s also exciting, fun and ideal for either novice traders or seasoned market veterans – learn and enjoy forex swing trading today
Auto Insurance Claims Processing: Where the Rubber Meets the Road
VISTA, Calif., Sept. 1 /PRNewswire/ -- How quickly and effectively your automobile insurance company handles your claim is the moment of truth when it comes to the quality of your insurer. When service and efficiency come together, it's indeed where the rubber meets the road.
Unitrin Direct Automobile Insurance recently made a major investment in a new Information Technology system, called NSolutions by N'Site, to streamline the process for property damage claims. "We're committed to simplifying auto insurance and our new IT system helps us do that by taking the complexity out of claims processing," said Brian Crumbaker, Unitrin Direct senior vice president, operations and claims. "The system manages every aspect of a claim in real time so we can get our customers back on the road quickly."
By automating Unitrin Direct's workflow, the NSolutions system gives claims representatives the information they need at their fingertips. "This is our primary tool in managing auto damage claims. The N'Site technology gives our representatives fast, easy access to all the data they need to make key decisions on a claim, from the first notice of loss, to towing, rental car coordination, appraisals, repair status and total loss handling," said Joseph Colangelo, assistant vice president, field claims. "We maintain one-on-one personal contact with our customers through the course of their claim and now it's even easier for us to help our customers put the inconvenience of a loss behind them."
The N'Site program runs on Microsoft's.NET OS, so it was easy to integrate with Unitrin Direct's system. "Our NSolutions program is a simple yet effective way for Unitrin Direct to connect, communicate and work with their claims partners, and we're pleased how efficiently the process is working for them," said Sabrina Hightower, N'Site senior vice president of software solutions and lead for the Unitrin Direct integration project team. "We're looking forward to working further with Unitrin Direct as we expand our technology solutions."
Giving its customers excellent service is important to Unitrin Direct. The company also strives to save customers up to 20% or more on their car insurance rates when they switch. Unitrin Direct can provide an online auto insurance quote in minutes at www.UnitrinDirect.com. People who prefer to speak with someone to get a car insurance quote can call (800) 642-5254 to talk with a knowledgeable, licensed agent.
About Unitrin Direct:
Unitrin Direct is dedicated to simplifying auto insurance with the right balance of competitive rates, stability, service and innovation. As a subsidiary of Unitrin, Inc. (NYSE: UTR), in Chicago, Unitrin Direct is part of a Unitrin family of companies that has six million policyholders and $9 billion in assets. The Unitrin Property and Casualty Insurance Group is rated "A" (excellent) by A.M. Best Company, a leading provider of financial information for the global insurance industry.
Unitrin Direct offers affordable automobile insurance in Arizona, California, Colorado, Connecticut, Florida, Illinois, Indiana, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington and Wisconsin.
About N'Site Solutions, Inc.:
N'Site Solutions, Inc. (www.nsitesolutions.com) is a provider of web-based, scalable and customized vendor management technology, claims processing solutions and outsourcing services, primarily to insurance and insurance service companies. Founded as a traditional call center operator in central Iowa in 1996, N'Site now provides advisory, outsourcing and technology solutions, helping clients maximize customer service, reduce expenses and improve productivity.
Unitrin Direct Automobile Insurance recently made a major investment in a new Information Technology system, called NSolutions by N'Site, to streamline the process for property damage claims. "We're committed to simplifying auto insurance and our new IT system helps us do that by taking the complexity out of claims processing," said Brian Crumbaker, Unitrin Direct senior vice president, operations and claims. "The system manages every aspect of a claim in real time so we can get our customers back on the road quickly."
By automating Unitrin Direct's workflow, the NSolutions system gives claims representatives the information they need at their fingertips. "This is our primary tool in managing auto damage claims. The N'Site technology gives our representatives fast, easy access to all the data they need to make key decisions on a claim, from the first notice of loss, to towing, rental car coordination, appraisals, repair status and total loss handling," said Joseph Colangelo, assistant vice president, field claims. "We maintain one-on-one personal contact with our customers through the course of their claim and now it's even easier for us to help our customers put the inconvenience of a loss behind them."
The N'Site program runs on Microsoft's.NET OS, so it was easy to integrate with Unitrin Direct's system. "Our NSolutions program is a simple yet effective way for Unitrin Direct to connect, communicate and work with their claims partners, and we're pleased how efficiently the process is working for them," said Sabrina Hightower, N'Site senior vice president of software solutions and lead for the Unitrin Direct integration project team. "We're looking forward to working further with Unitrin Direct as we expand our technology solutions."
Giving its customers excellent service is important to Unitrin Direct. The company also strives to save customers up to 20% or more on their car insurance rates when they switch. Unitrin Direct can provide an online auto insurance quote in minutes at www.UnitrinDirect.com. People who prefer to speak with someone to get a car insurance quote can call (800) 642-5254 to talk with a knowledgeable, licensed agent.
About Unitrin Direct:
Unitrin Direct is dedicated to simplifying auto insurance with the right balance of competitive rates, stability, service and innovation. As a subsidiary of Unitrin, Inc. (NYSE: UTR), in Chicago, Unitrin Direct is part of a Unitrin family of companies that has six million policyholders and $9 billion in assets. The Unitrin Property and Casualty Insurance Group is rated "A" (excellent) by A.M. Best Company, a leading provider of financial information for the global insurance industry.
Unitrin Direct offers affordable automobile insurance in Arizona, California, Colorado, Connecticut, Florida, Illinois, Indiana, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington and Wisconsin.
About N'Site Solutions, Inc.:
N'Site Solutions, Inc. (www.nsitesolutions.com) is a provider of web-based, scalable and customized vendor management technology, claims processing solutions and outsourcing services, primarily to insurance and insurance service companies. Founded as a traditional call center operator in central Iowa in 1996, N'Site now provides advisory, outsourcing and technology solutions, helping clients maximize customer service, reduce expenses and improve productivity.
AUTO INSURANCE IN UNITED STATES
The market for car insurance in USA, of course, the biggest in the world, and it offered insurance products extremely diverse. This is due to the fact that for many Americans the car has become the most common, and often the only means of movement, and that liability insurance car ownership is mandatory. Car owners should have an insurance policy in licensing their vehicle management, renewal of driving licenses. In the United States is not the federal system regulation of the insurance industry, and each state performs these functions independently, so varied and requirement for motor insurance.
Today, most motor insurance policies sold as a package insurance that covers car insurance and third parties. The following types of insurance coverage: collision. To make reparation of damage to a car accident (collision with another car or object). This is usually the most expensive type of insurance. It is a franchise, the size of which usually ranges from 50 to U.S. $ 1000; overall coverage. To make reparation of damage to the car In all other cases, except for prescribed above, due to fire, theft, collisions with animals, fall objects, earthquakes, floods, etc. This type of insurance, like the previous one, in almost all states is voluntary; physical damage. Reimbursed for the damage caused to the health of persons affected by accident the fault of the car owners, including medical expenses and lost earnings. Is mandatory in most state; damage to property. Be reimbursed for damage to property of third parties (car, fence, house, etc.) when collision through the fault of the car owners. It is mandatory in most states; medical expenses.
Refunds are subject to medical expenses and funeral car owner or occupant, as well as sometimes - others. It is mandatory in some states; personal injury ( "personal injury protection", or "PIP"). This type of insurance similar to the previous, but it provides a wider range of costs. Coverage also includes lost income and additional security person injured in the accident. As a rule, is mandatory in states where insurance is practiced "without fault", which will be described below; uninsured / insufficiently insured driver. Reimbursed medical expenses, lost earnings and payments non-economic (moral damage) in a collision with a driver with no insurance coverage or with his lack of size. Provide protection and in case the driver of another car flee from the scene. This type of insurance is also mandatory in many states.
Standards compulsory insurance exists in almost all U.S. states, but the types and limits liability may differ significantly (see table).. The differences are due to several factors: saturation state motor vehicles, statistics of accidents, especially civil - legal regulation.
The civil liability of car owners (responsible for physical and property damage to third parties) in the United States the most common type of compulsory motor insurance. The minimum limit of liability for physical harm to a victim can range from 10 thousand to 50 Thousands of dollars more - 15 - 25 thousand, for property damage - from 5 thousand to 25 thousand dollars, in most cases - 10 thousand U.S. Many states also need to insure the medical costs of the car. This is done through such types of insurance as "uninsured driver" and the PIP.
In 13 states, insurance is conducted on the basis of laws insurance "without fault". Insurance "without fault" means that everyone receives a refund avtovladelets damages from his insurer. This approach allows for the minimum insurance cover at low prices, and to reduce legal costs and loss of time, which is very important, because under civil law of the individual could be required to reimburse the damage caused by it only if he committed offense or the degree of his guilt was more than the victim. As a consequence, with damages court order required a thorough investigation of all circumstances of the case that the expensive and not always possible. Often, the legal costs for the parties to be higher than the amount of damages.
To prevent cases of minor damage in the courts, the insurance "without fault" is used several approaches. First, the minimum bound for the amounts that are recovered in the courts, such as 2 U.S. dollars Smaller amounts are offset by a direct insurer. Secondly, the limited types of damage for which subject to legal action. It can be stated that the court order dealt only with cases associated with "serious injury", which refers to physical harm resulting in death or substantial loss of health. In some states, car owners the choice between the insurance system without fault "and traditional insurance.
As an example, consider a system of motor insurance in New Jersey, which is one of the most difficult. Insurance Act "without fault" became operational on 1 January 1973, subsequently undergo a number of changes. The last of them came into force in 1999 in the state, drivers of motor vehicles obliged to choose one of two types of insurance policies. The basic policy - that low-cost policy that provides minimum insurance coverage. A standard policy provides a wide range of insurance covers, some of which lacking in the basic policy.
Under PIP insurance base and a standard policy with franchise. Its size can at 250, 500, 1000, 2000 and 2500 U.S. medical expenditures in excess of deductible and up to 5 U.S. dollars distributed among the the insurer and the insured in the following proportions: the insurer - 80% of the insured - 20%. Medical expenses of more than 5 Thousands of U.S. insurer to pay. Thus, depending on the size of their franchise best costs can be insured up to 1200 (250 - a franchise, 950 - 20% loss payment of medical expenses), 1400, 1800, 2600 and 3000 U.S.
By the standard insurance policy in the PIP is attached an additional package of insurance services which includes: recovery lost revenue to $ 100 a week in the limit of U.S. $ 5200, payment additional services that the victim is usually performed independently (cleaning house, clearing snow, washing and etc.) to 12 dollars a day in the limit in 4380 dollars, the payment in the event of death, equal to the sum lost revenue and additional services that would have been paid to him, the cost of burial in 1000 U.S. Insurer may waive the additional package, and choose a higher level of insurance security.
To determine the reimbursement of medical costs in New Jersey are special lists, which shows the maximum value of each service. The accounts for the more expensive medical services will not be paid. Recent changes in legislation provide for such purposes the use of such form, as treatment protocols of typical cases, the list of diagnostic tests, as well as a list medical expenses that are deemed "acceptable." Contentious issues relating to health expenditures may be directed to the special committee. Issues related to treatment, will be at This considered an independent medical organization.
Organization of motor insurance in the state New Jersey provides for the formation of a special fund from which the compensation insurers their cost of PIP, in excess of $ 75 thousand In addition, using a mechanism called the "risk sharing" and intended to resolve the following situations. The driver, in the insurance policy which is the rejection of of a court action may be to blame in a collision with a driver who has no such restrictions. In this case, the insurer is the first driver will be required to reimburse the expense of the second driver, including non-economic. "Exchange risk" that the insurer will provide reimbursement of its costs that are associated with non-economic damage. Funding is by a part of insurance premiums paid for policies, not with limitations to sue.
One of the most effective laws on insurance "without fault" is recognized Michigan law, enacted in 1973, its distinctive features are: unlimited reimbursement medical expenses, damages caused to property of third persons, up to 1 million dollars and use the approach "no-fault" insurance for the car from damage.
PIP Base package is valid for residents of Michigan, with their movement on the territory of not only the state but throughout the country and Canada. Insurance Act "without fault" applies to all vehicles with more than two wheels. Motorcycles are not covered under his effect, but in an accident with a car rider receives compensation insurance PIP, which pays the insurer, the insured vehicle.
Insurers are required to offer three types of coatings. Standard collision - this type of insurance coverage, the same used in other states. As it is granted damages in connection with partial damage or total loss of a vehicle in excess of the franchise.
Two other type of insurance coverage are typical only for the State of Michigan. Broad collision differs from the standard that the franchise is not used if the insured person "not guilty" in the accident. This kind of coverage takes into account the fact guilty parties accident: in the states with a traditional insurance deductible applies if the policyholder "guilty." If the insurer does not blame, it damages the insurer must reimburse the "guilty" without drivers subtracting the deductible.
Restricted collision - this franchise without compensation if the policyholder has not guilty. " If he is "guilty" in the accident, the refund will not be granted. This form of insurance coverage also allows reproduce the situation in the states, which used the traditional insurance: motorist may choose to do not buy insurance, but he has the right to sue for damages driver convicted accident.
Another feature of Michigan is to protect the smaller insurance companies from bankruptcy in the payment of unlimited medical expenses. At the level of a special association that is a official state reinsurer, and it carries out for damages in excess of 250 thousand U.S.
In Colorado is a high level of payments on insurance PIP, is mandatory. Package PIP includes the following coverage: medical expenses up to 50 thousand dollars in 5 years; rehabilitation services to 50 Thousands of U.S. for 10 years, the revenues up to $ 400 a week for 52 weeks and additional services to 25 U.S. $ per day for 52 weeks and that payment in deaths of U.S. $ 1000 per person. Households with low income (less than 20 thousand dollars) may alternatively acquire basic policy providing for reimbursement of medical expenses up to 25 thousand dollars in lost revenue of up to 5 thousand dollars and paid in death rate of 5 U.S. dollars per person.
In order to stimulate motor insurance in many states special measures to reduce the cost of insurance. In some cases, reduction of premiums could be directly prescribed by law. For example, in Hawaii, the minimum requirements of compulsory motor include: PIP of 10 thousand dollars in physical damage in the amount of U.S. $ 20 per person (40 thousand for one event) and property damage of $ 10 thousand U.S. These requirements came into force in 1998, when insurers were required to reduce the price of a policy with a minimum mandatory limits on 20 - 35%, which is managed do all insurers that are licensed for insurance in the state.
Compulsory insurance, as stress specialists in this field, is not intended to meet the specific needs of specific car in insurance protection. To be safe, car owners often require additional voluntary insurance to a greater number of risks and a greater amount. For example, for physical damage to the experts recommend to have coverage of 100 U.S. dollars per person and 300 thousand to one event. The effectiveness compulsory motor insurance shows the long experience of its holding: in many states of the relevant laws were enacted decades ago.
Exceeding the maximum allowable speed and improper parking in the United States are considered the most widespread and most painful for the purse of ordinary motorists violations of traffic rules (SDA).
In addition to being caught violator loses considerable amounts of money on the proceedings of each such violation in the court spent the precious time that you can always find a good use.
Knowledgeable in their sad experience of all these ordeal, businessman Terrence Boyd (Terrence Boyd) established his own insurance company, which takes all the trouble to resolve the consequences of breaches of the SDA. Only $ 15.95 per month Boyd insurance company will cover all costs of up to $ 1,000 for speeding and up to $ 500 for wrong parking. There are a number of tariff plans of insurance: "The two drivers" - $ 24.95 per month, and "Family" - $ 29.95. Notably, the insurance does not cover single grave violations of rules, which relies a fine exceeding $ 350. In addition, under the insurance policy does not fall in cases of driving drunk and lihachestvo which caused the accident.
Since its founding in 2007, more than 1700 motorists in 23 states in the U.S. appreciated the opportunity to pay a yearly $ 200 and no longer worry about the payment of small fines.
If the fines for speeding has become a significant item of expenditure, an American insurance company recommends that any change in driving style or to invest in good anti-radar. And, you can observe the traffic rules and have no worry.
Auto Insurance Quotes
Save Money by Comparing Insurance
Auto insurance costs continue to rise, and there are so many options available that you may not know which to choose. By using InsuranceUSA.com, however, to compare rates and find the policy that best suits your needs, the often grueling process of auto insurance shopping can be made simple with a few key strokes. You'll love how InsuranceUSA.com is set up with everything you need to know. This will include quotes for Auto insurance and other important aspects such as state-by-state information.
It is easy to get Auto insurance quotes fast over the Internet. Just fill out the questionnaire online, which only takes minutes, and then we will do the work of searching over 100 of the country's Auto insurance carriers, so you can get the best insurance no matter what you need. After you have received your Auto insurance quotes, you can browse through to find the policy that best suits you. This way, you can also find a quote at an acceptable price.
Start saving immediately when you find Auto insurance at InsuranceUSA.com. Getting a fast quote is easy and lets you compare side-by-side all the important aspects of an Auto insurance policy. Try InsuranceUSA.com today and start saving on Auto insurance. It will be a decision well worth your time.
The Importance of Auto Insurance
Auto insurance is mandatory in every state. This necessary expense, while it may often appear to be a nuisance, can come in handy if you are involved in an accident. With medical costs and law suit judgments soaring, a solid auto insurance plan can offer the best protection of your precious assets.
There are two auto insurance systems mandated by the states: The No-Fault system and the Tort System. The No-Fault system- utilized by most states- requires your insurance carrier to pay your injury claims regardless of who caused the accident (up to a specified limit) if you are in an accident. In contrast, under the Tort System people injured in auto accidents will be forced to seek out-of-pocket medical care, and then sue the at-fault driver's insurance company for reimbursement. They must be able to prove that such medical care was reasonable and medically necessary; under this law, the at-fault party cannot sue for reimbursement of medical costs.
Having Auto insurance not only keeps you covered in case something happens, it also lets you have peace of mind that you are covered. After all, consider the alternative. Do you know what happens if you don't get car insurance? Law enforcement officers will ask you for proof of insurance at the time of traffic stops or accidents. Insurance companies notify the department of motor vehicles of all policy cancellations, non-renewals, and new policies. If this is the case with you, the law enforcement officer will know it and it could cause you huge fines or worse. Failure to maintain proper insurance could lead to the suspension of your vehicle registration and/or driver license. This can be expensive to the vehicle owner. Be sure that you follow your state's auto insurance laws!
Shopping For Auto Insurance Quotes
When looking at Auto insurance quotes, you will want to find the best and most coverage possible. Although most states auto insurance laws do not require a minimum Personal Injury Protection (PIP), for example, there are advantages to having this type of coverage. If you ever have an accident, PIP will pay for you and your passengers' medical expenses. Another type of optional coverage you can consider getting is Uninsured/ Underinsured Motorist Coverage. This coverage will help pay for any injury resulting from an accident caused by an uninsured driver. It's estimated that approximately 14% of American drivers are uninsured, despite the fact that most states have laws against driving uninsured vehicles. A car accident occurs approximately every five seconds in America; it is simply safer to have comprehensive auto insurance on the vehicles you drive.
For your free auto insurance quotes, simply fill out a short form, and we give you multiple free auto insurance quotes from some of the best insurance carriers in the business. Then, we require no further obligation whatever from you. You can compare the offers you receive, and then you can purchase the auto insurance policy that best meets your needs- without having to leave the comfort of your home! If you're looking for a better rate with better coverage, just try our free quote system and find the auto insurance policy that fits you. There is no charge, and it will take only a few minutes of your time.
There are plenty of reasons to insure your vehicle, but what kind of insurance should you get? The first place to start is to become thoroughly acquainted with your vehicle. It is a good idea to know as much about your vehicle as possible, including its general state of repair. Most auto insurance companies will give you discounts if your vehicle is equipped with properly functioning safety features, like safety belts and air bags. Be sure to let your auto insurance agent know about these details when getting your quote. These details can result in differences of hundreds of dollars, depending on the auto insurance company and their familiarity with your vehicle. Be sure to note whether you are entitled to other bonuses. You can get discounts for being a non-smoker, or for taking driver's safety courses. Also try to find a company that has a good, financially stable reputation and one that will process claims quickly.
Getting those free rate quotes is the first step in getting that good rate on your auto insurance. All of the auto insurance carriers you receive quotes from want your business, but it is up to you to decide which one is going to be the best for you and for your budget. With the current economic trends, having auto insurance premiums that are as low as possible is just one more way to save money that might be needed somewhere else in your life.
It is possible to save money, even hundreds of dollars on your auto insurance premiums. Every auto insurance company says this, but they are actually correct! You can save money on your auto insurance, from just a few dollars up to as much as five hundred or sometimes even more. But you can't expect to find that deal unless you look for it. So give us a chance to help us help you find that rate you desire! InsuranceUSA.com is easy to use, and our short form to get free auto insurance quotes online gives you access to free quotes which will give you the information you need to make an educated decision.
Browse around InsuranceUSA.com and see what we have to offer! Save money, get great auto insurance rates, and get the coverage you. We will make it so your auto insurance is one less thing you have to worry about in your daily life.
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