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In this week's video, we will be exploring the world of foreign exchange. It is also commonly known as the forex market to industry professionals.
The forex market is the biggest market in the world with trillions of dollars changing hands everyday. This truly is the most fluid and liquid marketplace on earth. This market trades 24 hours a day, 6 1/2 days a week and it is traded by every major bank in the world.
One of the cool things about forex is the fact that markets tend to trend very well and therefore they are very suitable for technical analysis and the use of trend following techniques such as MarketClub's "Trade Triangle."
Today, we will be focusing in on the EUR/USD exchange rate. As of right now, the dollar continues to be gaining for the year against the Euro. However, we still have about another week left to trade in 2008 and we could see the USD end up being flat for the year.
This gets back to a point I have made before... never buy-and-hold a security or a currency as events are constantly changing in the financial arena.
My new video runs about seven minutes. In the online video, which you can view with my compliments, I will show you step-by-step exactly how we approach both trends and market timing in the forex markets.
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