Forex Trading Information

Forex Broker Reviews

Here you can find the links to the reviews of all Forex brokers that are presented on this site. If you are looking for the best broker, reading these reviews could possibly help you. All broker reviews are linked from this page. The brokers are sorted according to the number of reviews it has received from the traders and visitors of EarnForex.com. Upon visiting the page with the actual reviews of the specific brokers you will be able not only to read the reviews left by other traders, you will also find the detailed information about this broker, including its rating. You will also be able to submit your own review.
Please keep in mind that all the reviews are pretty anonymous and express only the opinion of the submitter; the presented reviews and ratings do not represent the EarnForex.com's point of view; not all of them are based on the real facts and events.

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  Forex Glossary

  The most important terms related to Forex trading are presented in this glossary:
  ADX (Average Directional Index) — standard technical indicator that measures the strength of a trend.
  Ask (Offer) — price of the offer, the price you buy for.
  Aussie — a Forex slang name for the Australian dollar.
  Bank Rate — the percentage rate at which country’s commercial banks borrow money from the central bank of a country.
  Bid — the demanded price ,or the price you sell for.
  Broker — the participating body of market ,it serves as the middleman between larger commercial institutions and retail traders.
  Cable — a Forex traders slang word GBP/USD currency pair.
  Carry Trade — in Forex, holding a position with a positive overnight interest return in hope of gaining profits, without closing the position, just for the central banks interest rates difference.
  CCI (Commodity Channel Index) —it is used to detect overbought/oversold states of the market.
  CFD — a Contract for Difference — special trading instrument that allows financial speculation on stocks, commodities and other instruments without actually buying.
  Commission — broker commissions for operation handling.
  CPI — consumer price index the statistical measure of inflation based upon changes of prices of a specified set of goods.
  EA (Expert Advisor) — an automated script which is used by the trading platform software to manage positions and orders automatically without manual control.
  ECN Broker — a type of Forex brokerage firm ,it provide a direct access to other Forex market participants for its clients.
  ECB (European Central Bank) — the main regulatory body of the European Union financial system.
  Elliott Waves — principles for chart analysis based on 5-wave and 3-wave patterns.
  Fed (Federal Reserve) — the main regulatory body of the United States of America financial system, which division — FOMC (Federal Open Market Committee) — regulates, among other things, federal interest rates.
  Fibonacci Retracements — the levels with a high probability of trend break or bounce, calculated as the 23.6%, 32.8%, 50% and 61.8% of the trend range.
  Flat (Square) — neutral state when all your positions are closed.
  Fundamental Analysis — the analysis based only on news, economic indicators and global events.
  Gap — a difference between the next period’s open price and the previous period’s close price. In Forex usually only occurs during weekends — between the Friday’s close and the Monday’s open price.
  GDP (Gross Domestic Product) — is a measure of the national income and output for the country’s economy.
  GTC (Good Till Canceled) — order to buy or sell of a currency with a fixed price or worse. The order is alive until execution or cancellation.
  Hedging — maintaining a market position which secures the existing open positions in the opposite direction.
  Jobber — a slang word for a trader which is aimed toward fast but small and short-term profit from an intra-day trading. Jobber rarely leaves open positions overnight.
  Kiwi — a Forex slang name for the New Zealand currency.
  Leading Indicators — a composite index (year 1992 = 100%) of ten most important macroeconomic indicators that predicts future (6-9 months) economic activity.
  Limit Order — order for a broker to buy the lot for fixed or lesser price or sell the lot for fixed or better price. Such price is called limit price.
  Liquidity — the measure of markets ,it is used to describes relationship between the trading volume and the price change.
  Long — the position which is in a Buy direction. In Forex, the primary currency when bought is long and another is short.
  Loss — the loss from closing long position at lower rate than opening or short position with higher rate than opening, or if the profit from a position closing was lower than broker commission on it.
  Lot — definite amount of units or amount of money accepted for operations handling (usually it is a multiple of 100).
  Margin — money, the investor needs to keep at broker account to execute trades. It supplies the possible losses which may occur in margin trading.
  Margin Account — account which is used to hold investor’s deposited money for FOREX trading.
  Margin Call — demand of a broker to deposit more margin money to the margin account when the amount in it falls below certain minimum.
  Market Order — order to buy or sell a lot for a current market price.
  Market Price — the current price for which the currency is traded for on the market.
  Momentum — the measure of the currency’s ability to move in the given direction.
  Moving Average (MA) — one of the most basic technical indicators. It shows the average rate calculated over a series of time periods. Exponential Moving Average (EMA), Weighted Moving Average (WMA) etc. are just the ways of weighing the rates and the periods.
  Open Position (Trade) — position on buying (long) or selling (short) for a currency pair.
  Order — order for a broker to buy or sell the currency with a certain rate.
  Percentage Allocation Management Module (PAMM) — a broker-side system that allows investor to invest with traders, and allows traders to manage investors’ funds using the broker’s platform.
  Pivot Point — the primary support/resistance point calculated basing on the previous trend’s High, Low and Close prices.
  Pip (Point) — the last digit in the rate (e.g. for EUR/USD 1 point = 0.0001).
  Profit (Gain) — positive amount of money gained for closing the position.
  Principal Value — the initial amount of money of the invested.
  Realized Profit/Loss — gain/loss for already closed positions.
  Resistance — price level for which the intensive selling can lead to price increasing (up-trend).
  RSI (Relative Strength Index) — indicator that measures of the power of direction price movement by comparing the bullish and bearish portions of the trend.
  Scalping — a style of trading notable by many positions that are opened for extremely small and short-term profits.
  Settled (Closed) Position — closed positions for which all needed transactions has been made.
  SL — see Stop-Loss Order.
  Slippage — execution of order for a price different than expected (ordered), main reasons for slippage are — “fast” market, low liquidity and low broker’s ability to execute orders.
  Spread — difference between ask and bid prices for a currency pair.
  Standard Lot — 100,000 units of the base currency of the currency pair, which you are buying or selling.
  Stop-Limit Order — an order to sell or buy a lot for a certain price or worse.
  Stop-Loss Order — an order to sell or buy a lot when the market reaches certain price. It is used to avoid extra losses when market moves in the opposite direction. Usually is a combination of stop-order and limit-order.
  STP (Straight Through Processing) — an order processing that doesn’t require any manual intervention and is fully automatic. In fact, 99.9% of all on-line Forex brokers support order handling with STP.
  Support — price level for which intensive buying can lead to the price decreasing (down-trend).
  Swap — overnight payment for holding your position. Since you are not physically receiving the currency you buy, your broker should pay you the interest rate difference between the two currencies of the pair. It can be negative or positive.
  Take-Profit Order — an order to sell or buy a lot when the market reaches certain price. It is used to fixate your profit. Usually is a combination of stop-order and limit-order.
  Technical Analysis — the analysis based only on the technical market data (quotes) with the help of various technical indicators.
  TP — see Take-Profit Order.
  Trend — direction of market which has been established with influence of different factors.
  Unrealized (Floating) Profit/Loss — a profit/loss for your non-closed positions.
  Useable Margin — amount of money in the account that can be used for trading.
  Used Margin — amount of money in the account already used to hold open positions open.
  Volatility — in a given period of time,we use it determine the number of price changes for a given currency pair .
  VPS (Virtual Private Server) —a virtual environment that hosted on the dedicated server, which can be used to run the programs independent on the user’s PC. Forex traders use VPS to host trading platforms and run expert advisors without unexpected interruptions.
  

  How did you select your forex broker?

  Hello everyone, What are the criteria you are looking for first when started going to trade? Let’s discuss.
  I am a new trader and need your advice guys……
  How did I choose my first broker? They were giving out $5 bonus on account opening, so I decided to try them out
  this is how it worked for me, It might not be the best idea but it sure is effective,
  so I got stuck with what broker to choose so what i did, and this was with three brokers,
  i had an extra 100dollars you can use a smaller amount as long as its extra money or pocket change
  -I opened a live account (to check how the deposit goes)
  -i traded for a couple of days maybe a week (to check execution and connection) I did not trade for profit, I just ent crazy with small lots.
  -I withdrew my money (to see their withdrawal)
  -I contacted support for the smallest issue.inquiries just to see how they respond!
  if you look at it you have checked the broker from top to bottom. of course it should be a known broker with good user feedback.
  thats how i ended up trading with hotforex, the other two brokers that i tried were ok but on of them had a long withdrawal period and the other one took time to get response from support
  
  

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  There are many details you can add. In fact you should know first that a broker is not your friend but it is not your enemy, you must be clear that you have to know that he will benefit if you perform most operations but not necessarily want him hurt you.