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What is forex?

The Foreign Exchange market, also referred to as the "forex" or "FX" market, is the largest financial market in the world, with a daily average turnover of approximately US$1.5 trillion. Foreign Exchange is the simultaneous buying of one currency and selling of another. The world's currencies are on a floating exchange rate and are always traded in pairs, for example Euro/Dollar, Dollar/Yen, Dollar/Franc, Euro/Yen etc. 

What is the minimum deposit amount in order to start trading?

Where is the central location of the FX Market?

FX Trading is not centralized on an exchange, as with the stock and futures markets. The FX market is considered an Over the Counter (OTC) or 'Interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.

Who are the participants in the FX Market?

When is the FX market open for trading?

A true 24-hour market, forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, then London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night.

How safe is my funds?

Global Forex Trading is a division of Global Futures and Forex Ltd, which is a registered Futures Commission Merchant ("FCM") with the Commodity Futures Trading Commission.

As an FCM, Global Futures & Forex, Ltd. ("GFF") is required to adhere to strict capital requirements and follow rules and guidelines of high professional and ethical business conduct. GFT are pleased of their status of FCM registration and pledge to their customers only the highest integrity in everything they do. Global Forex Trading is a division of Global Futures and Forex Ltd, which is a registered Futures Commission Merchant ("FCM") with the Commodity Futures Trading Commission. 

Verification of their FCM status can be found on the National Futures Association website: http://www.nfa.futures.org/
 

Is there a risk?

Yes there is. The common rule of "high yield, high risk" is particularly prevalent. Trading with FOREX can be exceptionally profitable, but subject to risk and therefore it is advisable that risk capital should be used. It is important that you exercise good judgment during trading and manage your risk according to the principles we will teach.

How long are positions maintained?

As a general rule, a position is kept open until one of the following occurs: 

1. realization of sufficient profits from a position; 

2. the specified stop-loss is triggered; 

3. another position that has a better potential appears and you need these funds. 

What are the most commonly traded currencies in the FX markets?

The most often traded or 'liquid' currencies are those of countries with stable governments, respected central banks, and low inflation. Today, over 85% of all daily transactions involve trading of the major currencies, which include the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and the Australian Dollar.

What does it mean have a 'long' or 'short' position?

In trading vernacular, a long position is one in which a trader buys a currency at one price and aims to sell it later at a higher price. In this scenario, the investor benefits from a rising market. A short position is one in which the trader sells a currency in anticipation that it will depreciate. In this scenario, the investor benefits from a declining market. However, it is important to remember that every FX position requires an investor to go long in one currency and short the other.

What about terms like "bid/ask", "spread", and "rollover"?

We have an extensive terminology section that provides detailed definitions of all forex related terminology.

What is the difference between an "intraday" and "overnight position"?

Intraday positions are all positions opened anytime during the 24 hour period AFTER the close of normal trading hours at 4:30pm EST. Overnight positions are positions that are still on at the end of normal trading hours (4:30pm EST).

How are currency prices determined?

Currency prices are affected by a variety of economic and political conditions, most importantly interest rates, inflation and political stability. Moreover, governments sometimes participate in the forex market to influence the value of their currencies, either by flooding the market with their domestic currency in an attempt to lower the price, or conversely buying in order to raise the price. This is known as Central Bank intervention. Any of these factors, as well as large market orders, can cause high volatility in currency prices. However, the size and volume of the forex market makes it impossible for any one entity to "drive" the market for any length of time.

How do I manage risk?

The most common risk management tools in FX trading are the limit order and the stop loss order. A limit order places restriction on the maximum price to be paid or the minimum price to be received. A stop loss order ensures a particular position is automatically liquidated at a predetermined price in order to limit potential losses should the market move against an investor's position. The liquidity of the forex market ensures that limit order and stop loss orders can be easily executed.

What kind of trading strategies are used?

Currency traders make decisions using both technical factors and economic fundamentals. Technical traders use charts, trend lines, support and resistance levels, and numerous patterns and mathematical analyses to identify trading opportunities, whereas fundamentalists predict price movements by interpreting a wide variety of economic information, including news, government-issued indicators and reports, and even rumour. The most dramatic price movements however, occur when unexpected events happen. The event can range from a Central Bank raising domestic interest rates to the outcome of a political election or even an act of war. Nonetheless, more often it is the expectation of an event that drives the market rather than the event itself.

How often are trades made? 

Market conditions dictate trading activity on any given day. As a reference, the average small to medium trader might trade as often as 10 times a day.

Which computer configuration of the computer do you recommend?

Hardware and software specifications for Dealbook360

Microsoft Windows NT, 2000, Millennium or XP
Pentium III 233mhz, 128mb recommended
1024 X 768 screen resolution
Internet Broad Band connection recommended

What spreads do you offer?

Global Forex Trading offer 3 pip spreads on EUR/USD and USD/JPY - GFT quotes the EUR/USD and USD/JPY at 3 pips wide during all of the active Forex market sessions, and max 4 pips wide should liquidity dry up.

I just downloaded your software. Can someone guide me through it?

Our support team is available to answer any questions you may have regarding the software. Feel free to use our “Information Request” or “Chat” function on the website, or login to our live Support Forum.

Where are the prices/quotes coming from? Are they real-time?

All prices are real-time and all can be traded on. The prices in the system are submitted as orders (market, limit or stop orders) by participants and liquidity providers.

How do I access Dealbook360® if I am behind a firewall or use a proxy server?

In order to access Dealbook360® while running through a proxy server, it is necessary to make sure that the proxy server has port 8080 open for bi-directional traffic as well as have all ports from 1024 and up open to send data. If it is not possible for the proxy server to accommodate this, it may be necessary to request a connection separate from the proxy server in order to facilitate connection to Dealbook360. It would be good to note that the requirements for a proxy server are the same as what is needed to access Dealbook360 while behind a firewall. Once again, port 8080 must be open for bi-directional traffic and all ports from 1024 and up open to send data.

What do I do if I get the message "You are already registered with another demo user"?

This message means that you already had another demo account that expired, and you cannot register for another one. If you have an open account with Global Forex Trading with a balance of over $1000.00, or have begun the account opening process, we can extend your demo account for 30 days free of charge. Please send your live account number along with your Demo User ID and we can reactivate and extend your demo account. Contact Us

How do I get set up to receive SMS alarms in Dealbook360®?

Please contact us with your account number and cellular phone number of your SMS enabled phone. We will set up your SMS service to send the alarms to your phone.

Do you offer referral fees?

Yes. Contact us to discuss the options available for an introductory broker or a participating institution. 

I forgot and lost my demo account login information. How can I get another copy?

Please contact us to have your demo login information resent to you.

Can I transfer an existing account to Global Forex Trading?

Yes. Simply fill out all the Global Forex Trading account documentation and request that your current trading platform transfer your funds to Global Forex Trading by means of electronic transfer. Please contact a Currency Trader Online representative if you have any questions on transferring your account. Click here for our account documentation and deposit instructions.

Why did the entry price change after 8:00pm GMT?

The entry price changed after 8:00pm GMT because of Tom Next. Global Fore Trading executes the Tom Next process at 3:00 pm EST (8:00pm GMT)

What is "Tom Next" or "Roll over"?

Tom Next (Tomorrow Next Day) is the process of aligning the value dates of foreign exchange transactions and rolling a given spot position from one day into the next. while taking respective interest rates of crosses being traded into accordance.

What currency pairs do you offer?

How do I enter/exit a trade in case of a power failure/computer crash?

Trades can be executed by phoning the 24-hour Global Forex Trading Dealing desk. Global Forex Trading also offers a Wireless FX trading option. GFT Mobile lets you connect through your web enabled cell-phone, using 40-128bit encryption to securely check real-time prices, place orders from any location, set price alerts and stay on top of your account status, anywhere, anytime.