Assignment 7. Complete the text with the following sentences and phrases

a)real-time currency prices and charting, technical indicators, up-to-the-minute news, and analytical tools;

b)the trader’s positions in their account are closed;

c) Remember that the forex market moves very rapidly;

d) and is applied as a percentage of the trade size;

e) as your trading proficiency increases;

f) Training and education are two key factors in the ultimate success or failure of a forex trader when deciding to use real money for speculation;

g) offering a more robust and fully integrated product at the best possible cost − free.

1. To get started on forex, it is important to understand margin requirements for your trading account, which can vary from dealer to dealer. The initial margin requirement is the amount of funds required by a foreign exchange dealer to begin buying or selling a set amount of currency, _______. With forex dealers, there is no margin call like in futures. Customers, however, are required to keep equity in their account above 25% of the margin requirement.

2. When an account falls below 25% of this initial obligation_______. Market positions can be reestablished if the trader meets new margin requirements set by the dealer.

3. Most forex trading firms make online trading software available to their customers, but not all trading software is created equal. Some companies make third–party software available to traders, but this software sometimes lacks the most advanced features available today, as well as the support and customer service that comes from owning and maintaining your own solution instead of outsourcing key business components. Other companies develop their own proprietary currency trading software, _______!

4. A company’s trading software should be a major factor to consider when choosing a forex dealer. The range of technologies varies greatly, and it is necessary to research the features of the software before choosing a firm with which to trade. The software needs to consistently offer stability during fast–paced market conditions such as economic announcements and major world events. Some companies, offer free software to their customers with value–added features that are fully integrated, such as _______.

5. While you may not think that you need 70 technical indicators or 60 currency pairs, you will want trading platform that grows with you _______. Also, make sure that these additional tools you will be using are based on the currencies quoted, and not a secondary price feed. Otherwise, the price you see on a chart is not necessarily the price at which you can trade.

6. It is often helpful to practice trading before opening an account. _______. Many forex companies offer free demo trading accounts, personalized training with a licensed forex specialist, and helpful customer support. You can never underestimate the advantages of having experts show you how to operate new trading software and share their knowledge about the forex market. Remember that the forex market moves very rapidly, and you need to be comfortable with your software before trying to trade the market.

(After GFT’s Introductory Forex Trading Guide).

Assignment 8. The FOREX market is composed of many currencies. Listen to the brief overview of the seven largely traded world currencies. What are their roles in the world economy? Fill in the table with relevant details about the majors.