Author Bio

One of my Treasury market colleagues brought up an interesting subject today by way of asking me how many euros the Swiss National Bank (SNB) owns as a result of its intervention to prevent the franc from being too overvalued against the Eurozone currency (which I’ve discussed before). The discussion point he was working toward was that the SNB likely has been a major buyer of German government debt as a result of its euro purchases. That and the flow of capital out of the EZ periphery (Greece, Spain, Portugal, etc.) in to German paper has served to depress yields there.

Consider this. The ECB has set the overnight rate for the euro at 1%, yet the German 2yr yield is currently running at about 0.14%. Compare that to the US were the Fed has set overnight rates at basically 0% and 2yr yields are currently about 0.27%. This negative yield spread (-13 basis points currently) is part of what’s been keeping EUR/USD under pressure.

The chart below shows the relationship between the 2yr Germany-US yield spread and the EUR/USD rate. The upper plot is EUR/USD. The middle plot is the yield differential. The lower plot is the rolling 20-day correlation between the two. Notice how that correlation has been positive the vast majority of the time.

The big question out there among many market participants is why the euro isn’t weaker given all the problems in Europe at the moment. We can look at the low rates in the US and Germany as part of the equation. It’s hard for the yield spread to go too much lower from here so long as US rates aren’t on the rise and Bernanke (and the last US jobs report) has done a pretty good job of keeping them down. If the positive correlation holds, it will likely take improved US economic expectations driving US yields higher to really help push EUR/USD down.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

Even if one is a short-term trader, it is worth taking a look at the longer-term chart from time to time to see how things are developing in the higher time frames. My daily work has me usually focusing on daily and intraday charts, but now and again I’ll flip over to the weekly chart to gain that broader perspective. The thing I noticed today was an interesting development on the weekly USD Index chart.

As you can see below, the Bollinger Bands in that time frame have been getting progressively narrower since about the first part of the year. They are now very narrow. In fact, on a relative basis (as shown by the purple Band Width Indicator sub-plot) they are as narrow now as they got late in Q3 last year. Notice what happened then.

Since the USD Index is heavily weighted to the euro, we basically see the same narrow-Band situation for EUR/USD as we do for the index – just with the chart inverted.  We see similar tight Bollinger set-ups in GBP/USD and USD/CHF, which isn’t too much of a surprise given how closely related those currencies are from a fundamental (and central bank) perspective these days.

The interesting thing, however, is that once you get outside the European currencies the story is different – considerably so in some cases. The narrow-Band situation actually produced a major breakout in USD/JPY earlier this year. Now we’re seeing the market consolidate after its powerful rally.

In the case of AUD/USD, we’ve got a market basically working through a sizeable range that’s been working since the highs were put in last year. We’re now seeing the market having turned down from its latest swing up, looking quite like it’s headed back for the bottom of the zone.

If we flip AUD/USD over we get a pretty close approximation of how USD/CAD has traded. There difference, though, is in the recent action. Where the Aussie has been selling off, the Loonie has been holding steady over the last couple of months.

So what does this all seem to say?

My interpretation would be this. The relatively better performance of the CAD vs. the AUD is indicative of at least the perception of the situations with the US and China respectively. These currencies are seen as closely linked via trade to their large neighbors, so as the US data has gotten better, the CAD has been supported, and as the China data has disappointed, the AUD has weakened.

Japan is largely its own situation. There is certainly some impact from China there, but mainly the yen trades as a function of two things. One is the stagnant economy in Japan, which is showing little sign of doing anything any time soon. The other is US interest rates. The correlation between USD/JPY and the US 10yr yields is quite strong as higher US rates make the yen more attractive as a carry trade funding currency than the dollar, plus more attractive for investment returns.

Then there’s Europe. To my mind, the ranging we’ve seen in the major pairs there is reflective of the markets getting a handle on where everything stands. We’re basically waiting on the next meaningful development. My guess at this point is that will have more to do with the US than it will Europe. I say that because the market seems to see the Eurozone issues as pretty clear with little change expected out of the ECB for a while. If anything the leaning is toward further loosening of policy by that central bank.

In the case of the US, though, the situation is on more of a knife’s edge. As we saw from the reaction to the FOMC meeting minutes Tuesday afternoon, there have been a number of market participants looking for another round of QE3 from the Fed (including the likes of Goldman Sachs). At the same time, though, we have others who see the US on a good sustained growth path. The USD is likely waiting to see which side is going to win that argument. How the USD Index moves out of its current consolidation will be indicative of which way that fight ends up going.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

A while back I wrote the blog post Be Careful Trading Against the Masses. In it I talked about how much trouble one can get into thinking that the bulk of retail traders are generally wrong and thus that you should trade against that collective. I can’t blame people for that attitude as it’s been put forth among market participants for decades. The problem is the masses aren’t as wrong as you might think – at least in the short term.

Tuesday on CNBC there was a representative of FXCM on the broadcast and one of the things he talked about was research they did looking at their customer accounts. He put up three pairs on the screen showing the win% of FXCM account-holders for trades done in each of those pairs. The best one was AUD/NZD which was above 70%. Granted, that’s not a pair a lot of people trade, so the data might be a bit less significant than others, but even EUR/USD was in the 60% area. In other words, retail traders get it right more often than not, so you don’t just want to fade them.

Winning often, but losing money
Now here’s the rub. These same traders are losing money because their winners are much smaller than their losers. The FXCM guy actually showed the comparison. It was a very direct indication of the old wisdom that losses need to be cut short and/or winners allowed to run. Even academics have come to realize that the human inclination is to do the exact opposite. We are risk averse, so we tend to book profits too quickly for fear of losing them while holding losers in hopes they come back.

These figures also back up comments I’ve made in the past (such as in Why You Shouldn’t Fixate on Winning Percentage in Your Trading) about how win% gets too much focus. If 60% of EUR/USD trades done by the FXCM customer community are winners, but the losing trades are something like twice as big as the winning ones then what’s the outcome? That’s right. It’s a net loss.

Sometimes it’s worth trying to increase Win%. For most developing traders, though, it’s the size of the losers relative to the winners that are the more important consideration in need of addressing.

Don’t let the marketers get you

The warning here is also that we shouldn’t allow ourselves to get sucked in by marketing which promotes a high win% for some trading system or trader. If you don’t have the other side the expectancy equation – namely winner/loser ratio – then you don’t have all the information (you’ll notice Currensee includes both sets of figures in the Trade Leader data sheets).

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

This is the second post on our trader interview series. Currensee Trade Leader TCM Spencer Beezley (Ticker: SPBJP.A) uses a simple, common sense approach that adheres to strict money management and uses proven trading techniques. He mainly trades the major pairs and always uses stop losses. Trades are usually closed long before the stop loss is triggered due to a dynamic time based exit that reduces overall exposure to the markets. TCM Spencer Beezley uses a breakout and scalping strategy as the two main strategies traded on this account. He opens up to five positions at a time and always maintains a low amount of leverage per position.

Do you believe 2012 will be as volatile as the end of 2011 has been?

I believe volatility will continue to be high due to the many unresolved issues that much of the world is still facing or has yet to face.  When we see news and rumor affecting currency pairs to the degree we’ve seen in much of 2011, you have to consider how much is still yet to come in the attempt for resolve in these issues. With weak fiscal policy or short term fixes that ‘kicks the can further down the road’, the market thrives off any relevant news resulting in higher volatility.

What types of Forex strategies will continue to prevail in 2012?

The types of Forex strategies I believe will always have a chance of prevailing are ones that can be stable in a multitude of market conditions, use a tight stop loss, and do not rely on high degrees of leverage to be successful.  It is also important to have a diverse mix of strategies to help smooth out the equity curve when one or more of the strategies is experience periods of slight drawdown.  I prefer also to hold trades short-term to reduce overall market exposure and being liquid by the end of the week.

What would a breakup of the euro mean for your strategy?

In my strategy, the EURUSD is the currency pair that I trade the most.  I am always working in the background to identify new trading strategies that trade different currency pairs.  As a Forex trader, it is always important to be prepared for shifts in the market and to be able to accommodate for those shifts as seamlessly as possible.

Next week: JLFX Network  (Ticker: JOLSU.G)

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

There was an article on Forex Magnates yesterday which brought into question the future of the US retail forex industry. The main focus of the article is the on-going debate in the wake of Dodd-Frank as to whether, and potentially in what manner, forex transactions should be forced into exchange trading. The big question has primarily to do with the swaps and forwards markets because they are the area where liabilities between and among banks exist that create the kind of domino effect that was the major issue during the recent financial crisis. That hasn’t kept folks from extending the discussion to suggest that retail forex in the US could be forced on to exchanges as well.

The demise of the US retail forex industry has been declared on several occasions in recent years in the wake of the no-hedging, FIFO, and margin requirement changes implemented by the NFA and CFTC. So far, it’s weathered the storm. The US brokers are now subject to considerable scrutiny, as we can see from the number of enforcement actions the regulators have made in the last couple years. If forex trading is required to go exchange-traded only, though, will that be the thing that finally kills the business?

On the one hand, forcing spot forex onto the exchanges could kill off a number of the current batch of US brokers. They would suddenly face considerable competition from futures brokers and/or stock brokers, depending on whether the forex contracts were considered securities or futures (most likely the latter). That said, several futures brokers are already in the retail forex space, so it’s not like we’d lose everyone. Also, some of the bigger brokers could yet survive the change – if they want to, and don’t just decide to leave the US market and focus on their overseas efforts.

And lest we thinking this just impacts the retail side of the business, consider that the same rules would apply (in theory) to banks. The inter-bank market is the main driving force in foreign exchange. If we were to go to an exchange model it would twist the knife in the gut of the forex bank dealing world that has been suffering for years thanks to the creation of the euro (reduction in the number of traded currencies) and the dramatic improvement in technology (most dealing is electronic these days). When I started in the business in the 90s, the spreads for the most active currency pairs were 10 pips and up. Volumes are up considerably since then, but we routinely see 1 pip spreads, and even narrower for the likes of EUR/USD. That’s a major profitability squeeze for dealers.

That doesn’t sound particularly good for the US broker and banking community, but it could be really good for the retail forex business overall. Consider the following potential benefits:

• Single-source exchange rate pricing
• Volume data from a centralized source
• No opportunity for broker price manipulation

Many folks out there still look at retail forex as the Wild West of the trading world. Forcing it into an exchange-traded structure could very well open the market up to a much wider array of traders and investors. I, for one, would be very curious to see how things shook out.

All that said, this is not a cut-and-dried sort of situation. Foreign exchange is, basically by definition, a cross-national operation. That makes it VERY hard to implement any unilateral changes. It wouldn’t be too good an idea to have US banks forced to do spot trades on an exchange here when not only their foreign competitors, but even their foreign offices, were trading off-exchange everywhere else. It would take a global arrangement to facilitate that sort of thing, and we’re nowhere close to that happening.

That said, it could happen on the retail level. The retail forex business is largely a self-contained (and relatively small) structure with only limited interaction between it and the inter-bank market. That makes it easier to force into a new structure. But really the retail arena isn’t the major focus of what the regulators are after in terms of avoiding hidden cross-liability linkages between the major financial institutions. As a result, we probably won’t see anything major happen, so I’m not sweating it.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

We sat with our Currensee Trade Leaders and asked them three questions on volatility, trading strategy and the euro. The interviews give a brief glimpse inside the minds of our traders and shines some light on the coming year. The first post in this series starts off with Gabor Asirikuy Trading.

Currensee Trade Leader Gabor Asirikuy Trading (Ticker: GAFLL.B and GAFLL.C) uses a distinctive automated system that leverages the signals of 10 trend-following trading systems, each leveraging different trading tactics. The system leverages the work of an international trading community that analyzes systems using purely statistical methods, and is built to take advantage of the long-term investment horizon. The system is built on the foundation of the Turtle Trading System, with volatility adjusted profit/stop targets and position sizing.

Do you believe 2012 will be as volatile as the end of 2011 has been?

The global economy is not in a good shape at the moment and probably this will be the situation for the whole year. Usually markets are less volatile when investors are optimistic and central banks gradually increase interest rates. This kind of environment usually starts carry trading in the currency markets.

However, 2012 is probably not about that, especially if Europe does not manage to find a credible solution for the sovereign debt problems. The solution would need the member countries to partly give up their political sovereignty, which is a very hard decision for them and won’t happen overnight. If the EU debt crisis extends and the EU finally breaks up, then that might lead to a quite chaotic situation in the financial markets. This would surely increase volatility as investors would escape to safe haven currencies.

Elections in the US and France won’t help either, because world leaders will be more concerned with domestic political battles then with the global economy.

On the other hand as a systematic trader I can only say that future is unknown and instead of predictions I keep looking at the statistical numbers of my systems, trade consistently and manage risk properly.

What types of Forex strategies will continue to prevail in 2012?

Well, that’s hard to answer, carry trade probably won’t for the reasons listed above. However a trader had better not to try to predict market conditions, but to trade strategies that can survive the unfavorable periods, which always come sooner or later. Some markets/periods are better for trend following systems and others for counter-trending (or mean reversion) systems, but that might change over time. Consistency and risk management are the keys.

At Currensee, I trade short-term trend following systems (H1 swing trading) on the major pairs. Major currency pairs tend to build up larger trends, because they are rather moved by global fundamental events than speculation, so for that reason trend following seems to be more apt for these instruments. But this doesn’t mean that range bounded periods would not come from time to time even during volatile periods.

What would a breakup of the euro mean for your strategy?

This is an interesting question, indeed. It already occurred at Asirikuy before, and we made experiments to model this problem. The introduction of the euro in 1999 gives us the opportunity to model the impact of an instrument change. We created a few daily trading systems with the help of our genetic algorithm framework, that were optimized on the historical price data of the DEM/USD pair during the 1990 – 1999 period. These systems were then backtested on EUR/USD from 2000-2010. Those systems that were stable during the original optimization period – which means that their performance didn’t deteriorate dramatically when we changed slightly their entry/exit parameters or the spread – did well on EUR/USD in the 2000-2010 out-of-sample period, in fact most of them did a bit better.

What that means is that before 2000 it was the Deutsch mark which represented the best the economic performance of the continental Europe, no wonder that Germany is called the economic engine of the EU. After the birth of the euro the characteristics of the market didn’t change much: the same traders in the same institutions / banks / corporations in the same time zone speculated or hedged on fundamental events of the same economic conglomerate. In addition the EUR/USD became more liquid than the DEM/USD, which means that technical trading works a bit better in this market.

The same can be assumed in the opposite process when euro ceases to exist. The economic environment won’t change dramatically, but the new currency (maybe the euro of a smaller group of countries or the Deutsch mark) will be less liquid, so technicals will work less, and this might mean slightly worse performance.

Of course if the breakup happens in a chaotic manner that might mean that the new currency pair will not be accessible for the retail traders for some time. In that regard we don’t have experience – and I personally would be glad not to have one – but time will tell.

Next week: TCM Spencer Beezley (Ticker: SPBJP.A)

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

While cookouts and fireworks were certainly on our mind last week here in the US, we still kept an eye on the news. Here’s our roundup of top stories that we’ve read in between all of the celebrations:

After the Federal Reserve ended QE2 last week, many investors are now wondering what’s next for the U.S. economy for the rest of 2011. You can watch the experts debate what they think is next for QE2 by viewing our recent webinar. The good news, however, is that after two years of rapid decline, the dollar is now entering an uptrend, gaining against every major currency. In other news, the 2011 World Wealth Report that was recently released displays the staggering estimate that in 2010, 103,000 people out of 7 billion on the planet controlled 36.1 percent of the world’s wealth. Additionally, the report shows that hedge funds are no longer a favored alternative investment among the class of high net worth individuals. On the international front, the euro continues to weaken as interest rates rise, and China has begun to expand foreign exchange reserves using non-U.S. dollar assets – a sign that investment in the yuan may be on the rise.

• Picking the Brains of the Super-Rich, and Picking Up Tips, The New York Times, June 24, 2011
• The Dollar Rebound and What It Means to the Market, Seeking Alpha, June 26, 2011
• Euro Sustained in Widest Rate Gap Since ’09 as Greeks Vote, Bloomberg BusinessWeek, June 27, 2011
• China Moves Away From the U.S. Dollar; Invest in the Yuan, Seeking Alpha, June 27, 2011
• Why High Net Worth Individuals Are Running Away From Hedge Funds, Business Insider, June 30, 2011
• As QE2 ends, market debates Fed’s next move, Reuters, June 30, 2011

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

There’s a lot of talk these days about inflation and the impact of Fed policy on the dollar and the extension through the weaker dollar into higher commodity prices. Those looking to flame the Fed for its quantitative easing (QE) and generally loose monetary policy point to the falling dollar as the cause for oil going up above $100 and gold crossing $1500. While it’s certainly true that the greenback is lower (the USD Index has been as much as about 12% off it’s January peak), is the weak dollar really to blame for things like the rising cost of gasoline at the pump? Let’s take a look at what the charts have to say about it all.

First is a comparative chart of oil prices in dollars and oil priced in euros. The chart below covers the last year’s trading. The red line is the dollar value of a barrel of oil, referencing the left scale. The black line is the euro price of a barrel off oil (using front month futures), with that price on the right scale. Both scales are logarithmic so they express similar percentage moves between noted levels.

Now, the chart above doesn’t show relative % gains for oil in the two currencies. Those are +31.3% in USD terms and +22.6% in EUR terms. This is about what we’d expected given the relative performance of EUR/USD over that time. The point of the chart is that aside from wiggles where oil has done better in one currency than the other for a period of time, the pattern of the two lines is consistent. Oil has been moving higher in roughly the same pattern, regardless of what currency we’re talking about.

Now let’s take a look at gold (again front month futures). Once more, the red line is in dollar terms and references the left scale, and the black line is euro terms referencing the right scale.

In this case, gold is up 29.6% against the USD and 19.4% in EUR terms. Again, that difference can be explained by the change in EUR/USD over the last year, which is as it should be. Here, though, we see a lot more variation in performance. In dollar terms gold has been in a fairly steady uptrend with only two relatively minor retracements. In euro terms, however, the ride has been much more dramatic. Those periods when the EUR line diverges considerably from the USD line are periods when EUR/USD was selling off.

The chart below highlights the variation between how gold and oil trade relative to the dollar. It shows EUR/USD on the top with the correlation between EUR/USD and gold plotted in red and the one with oil plotted in green.

Notice how much choppier the green line is than the red. That means the correlation between oil and EUR/USD is much more fickle than the one between EUR/USD and gold. That said, however, oil has spent more time with a positive correlation (meaning rising oil with rising EUR/USD and falling oil with falling EUR/USD). The gold correlation has been much more balanced. In particular, the gold correlation has been more negative when EUR/USD is falling.

Now, correlation does not mean causality. It just shows how similar the movement patterns are without looking at why that might be. The way I would tend to read the above, however, is to say that rising gold is more a factor of what’s happening in the currency arena than rising oil prices. If you think about the implications of increasing money supply (which is what loose monetary policy is), then it makes sense. Gold is something with what could essentially be called a near fixed supply (very slowly increasing), so the more dollars there are the higher the value of gold per dollar (or any other currency). Oil has a different dynamic which is must more closely tied to economic considerations and geopolitics.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

There’s been loads of talk this week about the correlation between stocks and the dollar thanks to an article in the Wall Street Journal and the reactions to it from folks on CNBC and in the blogosphere. The driving idea is that the relationship has broken down of late. Is that really the case? Well, let’s take a look at a comparative chart.

The graph below shows how stocks and the dollar have traded through the month of January. The red line is the stock market as measured by the mini S&P 500 futures. The black line is the cash Dollar Index.

So what’s the conclusion? At times the markets definitely show a strong negative correlation. The period between January 10^th and January 18^th show two markets almost totally going in opposite directions. The two markets were positively correlated during the earlier part of the month, however, and since the 18^th things have been rather muddled. The point is correlations change, even from day to day at times.

And change is the key. The chart below goes back a year and plots the 1-month trailing correlation between the S&P 500 index and the EUR/USD rate (the latter being the major element to the Dollar Index). When EUR/USD is rising it means a weaker dollar, so a strong positive correlation means stocks and the buck are moving in opposite directions.

Notice how much variability there’s been in the correlation just in the last year. Certainly, most of the time stocks and the dollar have moved in opposite directions (positive correlation on the above chart), including of late. That wasn’talways a strong correlation, though, and at several points the correlation was negative, indicating stocks and the dollar moving in the same direction.

Then there’s the relationship between gold and the dollar, which hasn’t been nearly as consistent as the one between stocks and the dollar. The chart below shows the last year worth of trailing 1-month correlations between the metal and the greenback.

Again, here we have EUR/USD as a kind of reverse proxy for the Dollar Index. If gold and the dollar consistently trade in opposite directions we would expect to see a consistent strong positive correlation between gold and EUR/USD. That clearly has not been the case, however. Most of the time, in fact, the relationship has been the other way around – gold and the dollar generally moving in the same direction.

The changes in correlations between markets reflect changes in the primary moving force underlying those markets. Stocks and the dollar have moved in opposing directions thanks to risk on/off psychology in the past. That’s less the case now, which is why the arguments are being made about the negative correlation breaking down. There are other things, however, which can cause that inverse relationship to continue. One of those is relatively low interest rates in the US pressuring the greenback, but at the same time benefiting stocks.

Likewise, gold and the dollar have traded in the same direction at times of risk-on/off because investor money flows into dollar and into gold when there’s a lot of fear in the market. The two markets trade in opposite directions when the market is more fixated on the negative impact of something like quantitative easing on the dollar (higher money supply reduces the value of the dollar in terms of real assets).

The point is, just because one set of causes for markets being correlated or uncorrelated are no longer the major driving force, it doesn’t mean that there isn’t another set of causes that can maintain the same or similar linkage.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

Back by popular demand!  Currensee and SpotEuro have partnered up to provide real-time analysis and commentary during the release of this very important economic indicator. Don’t miss out on a great opportunity to learn how to trade this economic report and ask questions while the market is moving! Webinar starts tomorrow at 8AM EST. Register here.

• EUR/USD will be emphasized
• Learn how to trade during news events.
• See how technical analysis is applied to live market charts.
• Support and Resistance levels will be determined before the release
• Ask questions while the market is moving.

Register here.

About SpotEuro:
SpotEuro Forex Trading Signals was established to help novice Forex traders trade successfully.  Throughout the first several years of trading, more than 90% of Forex traders fail. Many are not lucky to last that long and blow up their accounts within the first couple of months. Most failure is due to a lack of discipline.

About our presenter:
Alex Kazmarck brings 10 years of market analysis experience and will talk about the price action as it is occurring before, during, and after the release of the Non-Farm Payrolls data.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.