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Currency Trading Software: Lights, Camera, Action!
from: TanadyThe foreign currency trading market has some of the “largest” characteristics in terms of commercial trade.
The currency trading market is so far the largest market in the investment industry, with an average international foreign exchange trading volume of $1.9 trillion daily, according to the April 2004 statistics of the Bank for International Settlements (BIS) study. It is composite of the following components:
• 1,300 billion dollars worth of derivatives (the generic term for currency trading investment from which its pay-offs over time are derived from the performance of assets and other factors such as interest and exchange rates or various indices);
• 1,000 billion dollars worth of Forex swaps (over the counter short-term interest rate derivative instrument);
• 600 billion dollars in spot transactions;
• 200 billion dollars in forward contract (a contract between two parties to either buy or sell an asset at an predetermined future point in time); and
• 100 billion dollars worth of Forex option (an option wherein the owner has the right but not the responsibility of exchanging money denominated on a certain currency into another one are a pre-agreed rate of exchange within a specified date).
Another “largest” of the currency trading is in terms of the nature of participants on different currency trades. The trading includes large banking institutions, central banks, multinational corporations, various national governments, currency speculators, and other financial institutions and markets. Add to it the small retail traders which are also a part of the growing currency trading market.
Given the massive cash value traded on a daily basis and the players within the market, currency trading also leads in terms of innovations. The growing number of players inside the market is attributed to the inclusion of Internet technology on the trading activities within the market. Thus, even in nighttime, you will be able to trade foreign currencies with other traders on the other side of this planet. Currency day trading is almost synonymous now to currency night market.
Currency trading over the Internet requires you to have a compatible software to your online trading system. In most cases, especially when you sign up with a currency trading broker, they will provide you with a computer software that you can use in executing various transactions and obtain market information. There are two major classifications of currency trading software—the web-based and the client-based.
The web-based currency trading software is not actually what you will install in your Internet-connected PC unit. Such software will run in your broker’s website and you only need to have a compatible browser installed in your computer system to access the software. On the other hand, the client-based software is installed directly to your computer system. In most cases, you will be able to obtain client-based currency trading software through downloading it on a broker’s website and installing it later on.
The basic currency trading software package will include real time quotes and information as well as letting you to enter and perform trades. In addition, it also provides up-to-date quotes for most foreign currency pairs and will let you to either close or open a position within market prices. Meanwhile, advanced currency trading software will provide you charting capability for your market analysis and evaluation.
Whether you prefer web-based or client-based software, just keep in mind that it will be of great help in achieving realistic generated revenue during your currency trading career.
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Currency Trading News
Currency Futures trade to go live today on NSE (The Hindu)
Mumbai, Aug. 28 More than 300 members will be eligible to participate in currency futures trading on the National Stock Exchange of India on Friday, when the facility gets flagged off by the Union Finance Minister, Mr P. Chidambaram, said a top NSE official.
Read more...Price war in currency futures (Business Standard India)
NSE goes live on Thursday; BSE gets nod, tries to woo brokers. The National Stock Exchange, which kicks off currency futures trading tomorrow, has got serious competition.
Read more...Canadian Dollar Edges Higher Against US Currency (Nasdaq)
(RTTNews) - During early Asian deals on Thursday, the Canadian dollar gained ground against the US currency. The greenback-loonie pair that closed yesterday's trading at 1.0467 is presently quoted at 1.0437. On the upside, the loonie is likely to target the 1.041 level.
Read more...Alaron Currency Comment (Ag Report)
CHICAGO - Aug 27/08 - SNS -- Following is the currency futures comment from Alaron Trading Corp. The EC opened higher at 1.4755 after 'hawkish' comments from two ECB members who stated that it is very likely that interest rates will not change until Q1 of 09'.
Read more...Cashing in on currency (Express India)
The move to introduce exchange-traded currency futures has been long overdue. It was in 2007 that a panel appointed by the RBI had recommended that trading in currency futures should be introduced at dedicated exchanges.
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