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Forex tools to make money online


No doubt, many financial markets are usually affected by the events that are happening around the world at any given time. A financial market such as the crypto market often faces fluctuations whenever a first-world country makes a policy against the industry.

The same thing to the forex market; the forex market is even more expensive than the cryptocurrency market, so it is more affected whenever an event occurs. The forex market involves the trading of different foreign currency pairs around the world, so it faces more risk whenever a bad economic event occurs.

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In this article, you will learn about different events that happen in the world each year, which can either affect the forex market positively or negatively.

What is Forex Trading?

Forex trading is the process of exchanging currency pairs to make profits from the outcome. Forex trading is very simple to understand, although it is sometimes hard to implement because of how complex the financial market is.

Forex was coined out of the word (foreign currency exchange); this simply explains the true meaning of forex trading. It means exchanging foreign currencies in a financial market to profit from them. There are different types of markets where you can engage in forex trading, and they are the spot forex market, forward forex market, and future forex market.

List of International Forex Brokers

Here is the list of international forex brokers, which you can use their services whenever you want to engage in forex trading.

IG

IG is a great international forex broker that offers its customers all the tools they need while carrying out forex trading, such as an extensive range of tradable markets. They are also education focused as they offer a range of learning materials and research tools.

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Saxo Bank

Saxo Bank is a multinational forex broker that offers many services, such as a superb trading platform experience and access to different trading markets.

Interactive Brokers

Interactive Brokers is an international forex broker that allows its customers to get access to different kinds of global markets. They have an institutional-grade trading platform suite and also a section that is meant for learning for all grades of traders.

TD Ameritrade’s thinkorswim Platform

TD Ameritrade’s thinkorswim platform has more than 70 tradable currency pairs and has a wide variety of tools that are used for researching, learning, and trading.

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  • Other kinds of international forex brokers include City Index, eToro, and XTB

Major World Events and How They Affect  Forex Markets

Below are some of the events that happen in the world which can either affect the forex trading market positively or negatively:

●  U.S. Non-Farm Payrolls (NFP)

The U.S. Non-Farm Payrolls (NFP) is a report released every first Friday of every month, and it is crucial for forex traders as the report can affect them positively or negatively. This report is released in line with the Employment Situation Report by the Bureau of Labor Statistics (BLS), and it is very important as the Federal Reserve considers it whenever they are making decisions.

Forex traders need to be aware of what the report contains as it is a major indicator and an event that can determine what will happen in the forex market.

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●  U.S. Federal Interest Rates

The United States is arguably the most powerful country in many areas, including the financial markets. This means that whatever decision they make with their interest rates can highly affect the whole world, even in the forex market. Many financial markets, including the forex market, are always dependent and reactive to the federal government’s decisions regarding interest rates.

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Every forex trader should always look forward to when the federal government releases a new interest rate, as it is what determines the majority of what happens in the forex market. It is also recommended, as a forex trader, that you learn how to predict and anticipate new interest rates to absorb any shockwaves on time. When the federal government hikes the interest rates, a good forex trader who knows what to expect makes a lot of profit from this event. However, note the downside of high U.S. Federal Interest Rates is that it causes a lot of fluctuations in the market and can subsequently lead to losses.

FOMC Meeting

FOMC Meeting is an event that every forex trader across every part of the world expects in each section of the year, as it happens eight times in a single year. The reason for this meeting is usually for the federal government to determine the monetary policy of the United States of America. The outcome of The Federal Open Markets Committee (FOMC)  meeting can severely affect the forex market negatively, the same way it can positively affect the market.

If The Federal Open Markets Committee (FOMC)  meeting comes out with a good outcome as predicted by market analysts, then forex traders will probably make more profit. Another importance The Federal Open Markets Committee (FOMC)  has over the forex market is that it helps forex traders to stay on the right path and have guidance to help them plan ahead. If the federal government changes the federal funds rate after The Federal Open Markets Committee (FOMC)  meeting, it can affect the USD value.

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Gross Domestic Product (GDP) Report

The gross domestic product (GDP) report of any country, such as the United States, can seriously affect the forex market. Forex traders usually look forward to the GDP report of countries with strong currency pairs, such as the USD, EURO, and Sterling.

The reason why the event of GDP reports is important is for forex traders to know if the GDP of the country of a particular currency is doing well. This is important because when the GDP of a country such as the United States is below par, this makes the value of the USD drop, and this can cause serious problems for forex traders in the market. As a forex trader, you need to follow the GDP report of the currencies you trade, as it can help you to make crucial trading decisions.

  • Other events which forex traders should look out for during the year are the employment indicators of countries, the Consumer Price Index (CPI), and the Consumer Confidence Index.

Wrapping Up

Forex trading is an avenue of making money; making money from forex comes from tons of research and being able to follow up with the recent happenings around the world. Certain events can change the forex market, and some of them are listed above.

Also, you will learn some of the international forex brokers, such as TD Ameritrade’s thinkorswim platform, eToro, and City Index.

Hope this article will help you to make some money, let me know if you need help in the comment section below. Click Here to Discover the latest Easy Making Money Online Method 

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