Wednesday, 31 December 2008

How to Read Forex Charts

Forex trading can become quite a confusing way to make a living if one does not learn much about the Forex market overall.

However, there are indeed automated Forex trading software applications that do all of the work for you, such as Forex Tracer, but overall it is a good idea to have some understanding on how to actually read the analysis and know what is going on in the Forex markets and trading world.

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As ForexGen believes that its success depends totally on its client's satisfaction and success, ForexGen is sharing its growth and new site release with wonderful promotion packages.

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Claim Your Bonus ]
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Live Account Contest ]
*
[ Demo Account Contest ]
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Forex Review

Forex trading software can vary in many ways, it can allow you to do all the work, or like Forex Tracer, it can do all the work for you. Forex Tracer seemingly is a good way to trade in the Forex market without having to learn the entire system as it has been developed based on algorithms and processes developed by professionals in both the financial world and mathematics.
Basically, Forex Tracer does everything for you, so long as you leave your computer on 24 hours a day and have a live internet connection. What Forex offers is a way to enter the Forex trading world with no experience needed. It has a proven profit system which is implemented in the Forex Tracer software application in addition to no hassles in trading as well as no human error as it completely automated. The Forex Tracer software can work with any MT4 broker and offers a no-risk demo so that new users can try out the automated forex trading that Forex Tracer can provide.

In addition to all of the options available with the Forex Tracer package, it also offers a 60 day refund policy to its customers. Now in regards to how much money one may need in order to start using Forex Tracer, this all depends on who your broker will be. Many brokers can allow new Forex traders to get in at around $500 and maybe less.

It is a good idea to find a Forex broker that best suits your needs before starting with the Forex Tracer software. And remember, many brokers offer free Forex trading demos. Be sure to take advantage of the demos that are offered in order to learn how Forex trading actually works.
In addition to the automated Forex Tracer software, new customers are able to receive additional software applications such as the FX Cherry Picker software which indicates the buy and sell signals in order to help guide Forex traders along if they are interested in taking part in the Forex trading activities.

Overall, Forex trading does not have to be as difficult as many deem it to be. All it may take is to simply leave the computer running and letting the automated Forex Tracer software do the rest.
We recommend that you try Forex Tracer out for about 50 days, just before the refund policy expires. See how much you have made and if it is worth keeping to you. If not, then, nothing lost. However, if you see the results many have seen, you may just decide to keep it for a lot longer.
You can try Forex Tracer out simply by visiting Forex Tracer here and see what everyone has been talking about in the Forex trading world now. Remember to always do your research on the products and services provided by Forex Tracer as well as the brokers that you may be working with in order to ensure that you make the best decision based on your own Forex trading needs.

[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.


[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
Complete and submit your application online in just a few minutes.

ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.


Choosing the Best FOREX Trading Software

In an industry where a majority of Forex traders cannot survive, it is important to understand what advantages those who DO survive utilize in order to perform and profit in the Forex market. A lot of this success can be attributed for many to the usage of FOREX trading software and applications.

In order to survive, financially speaking, a new trader should always remember to only use the money that they can afford to lose. Period. But, before trading in the Forex market, many brokers offer free Forex trading software demos and more so that the newer forex traders can better acquaint themselves with the Forex market and see if trading in Forex is the thing for them to do.
It is usually much better to simply utilize the free Forex demo accounts that many brokers provide access to before risking any real money in Forex trading until you finally get the hang of it and can earn a profit for a few months using the free Forex trading software or demo without the use of your own funds.

As for Forex trading software, there are different types of software at different prices. Some are automated, some are completely manual. If sitting in front of the computer all day with a more “hands-on” approach to Forex trading is for you, then there is software which can accommodate that.

There are also automated Forex trading software applications available to those who would like to pre-program all of their actions beforehand.

There are many decent Forex trading software programs for under a couple hundred dollars.
Be sure to look into the reputation of the Forex trading software provider before making ANY purchases as there are several manufacturers that offer lower quality Forex trading software products versus that of their higher-quality competitors’ Forex trading software…at the same price.

The best way to do this is to simply search the name of the software or simply visit some of the sponsors here at this site and do your research from there.
Overall, like any business, there will be less than par products being offered and it is a good idea to check out all of your options before committing to anything. Some more reputable brokers include GFT Forex and GCI. And some good ideas for automated Forex trading software includes Dealbook FX2, COESfx, and FX3K in addition to the many other options offered in the listings here at our site.
Remember, do plenty of research before jumping into anything and learn how the Forex trading system works before making any costly mistakes. Use those demos that are offered.

[ForexGen Money Manager]

An individual who is responsible for the entire financial portfolio of another individual or another entity. A money manager receives payment in exchange for choosing and monitoring appropriate investments for the client.

Benefits of being a Money Manager with [ForexGen]:

* Providing three different commission sources.
* Weekly commission plan.
* Easy & fast commission withdrawals.
* Fixed percentage of the profits.
* P = k * D “P=Profit, k=Variable Parameter, D=Deposits”

The money manager gets a fixed percentage of the profit previously agreed upon with the client for managing the client funds as a bonus feature.

The most competitive trading conditions:

* 2 pips spread on six currency pairs.
* Providing online trading services without maintenance margin, margin call and no automatic closing of positions below the initial margin on weekdays for accounts with initial equity of up to $1 million US. The margin level have to be recognized Fridays at 23:00 CET and before public holidays.
* Leverages up to 1:200 for accounts up to $1 million US.
* Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.

What is the Quality of the Forex Broker’s Trading Platform?

In many cases, you can actually use such programs as Forex Tracer to do the trading for you through your broker so long as they are compatible. So be sure to look into this by visiting Forex Tracer here.

When looking into a Forex broker, be sure to read all the fine print, especially the font is a lighter color. The fine print in many cases may be explaining all the high cost fees that may be involved with that particular Forex broker which may not be charged by most of the others.

Be sure to take advantage of the Forex broker’s demo account before using real funds and most of all, do your own research on who the Forex broker you are speaking with actually is. Look at what others are saying about them and how long they have been around. Due diligence, just like in any other business, is an essential step in any decision making process involving your own finances.
There are many great Forex brokers out there and we recommend checking them all out through visiting the sponsoring Forex brokers listed here on the site navigation bars as well as through word of mouth. With proper amounts of research and learning, Forex trading can prove to be quite an amazingly profitable venture once you find the best way to achieve your Forex trading goals that best fit your needs and more.

[ForexGen White Labels]


Forex White Label partnership allows the trader a quick access to the online foreign currency exchange market.

[ForexGen] provides two types of trading White Label partnerships, a limited and a full solution. ForexGen different types of forex White Label partners are able to access ForexGen's trading platform entirely branded under each partner's unique company image and name. We provide a customizable online trading platform for the different types of the two White Label solutions.

How to Find the Best Forex Broker

Unfortunately, there are many brokers in all financial areas that are not as good as they should be. Some can even be outright scammers. So how do you find the best Forex broker and not end up with a lousy one who just overcharges in fees and does a bad job? Here are some tips on how to find the best Forex broker. First and foremost, do all your due diligence. Whatever they give you…read it.

There is always a little fine print in everything these days it seems and when it comes to market trading, fees and conditions can get outrageous. Be sure that the Forex broker that you decide to go with provides you access to their client support whether by email, phone or both. There is nothing more frustrating than not being able get to someone or even get a response at all by bed Forex brokers. You can really find out what the broker is all about by simply trying them out using their free Forex broker trading accounts. There you will become more active and get to see how they operate and how the Forex broker customer support holds up. The Forex broker should be taking good care of you as a demo user as you may very well turn into a paying client using real money. If they don’t, then it may be better to move to another more reputable Forex broker.

One major thing to consider when choosing the right Forex broker is the spread that they are currently offering. All spreads are not created equally to the Forex broker. If a broker’s spread is over six pips then it will take you a lot longer to earn a profit than most other Forex brokers. Try to find a Forex broker with a much lower spread, or at least average compared to the rest. This is found by simply comparing Forex brokers and what each of their spreads currently are at the time you are doing your research. The reason some Forex brokers will have a very high spread is because this is how the Forex broker actually gets paid as the spread is simply the difference between the purchase price and the selling price. Another thing to look at regarding Forex brokers is their leverage offered. How much leverage do they provide you in the market? 100:1?

Some Forex brokers may use very high leverage options as a way to lure new traders into their business only to cause major falls in the new users account if the new user is not trading properly or is just making some bad decisions in the Forex market trading. Always take advantage of the demo account the Forex broker provides. If they don’t then move on. You have to learn how to trade before putting real money into a Forex broker account. One more item to be discussed is the Forex broker trading software or platform.


ForexGen offers three types of business partnerships:

*Introducing Broker
*White label
*Money Manager

ForexGen Introducing Brokers, White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a huge income sharing plan.

[ForexGen] provide appropriate services satisfying the needs of all business partner's specified situation and requirements.

Tuesday, 30 December 2008

How to Trade Both Trend and Range Markets by Single Strategy?

Seven years ago when I was about to finish a long time study on how to understand the real meanings of economic concepts and in a shiny day when apparently everything did worked out well , I found myself a leading scientist of economics, someone who will be rich in couple of months. Seasons passed but nothing really happened with my saving account and I was fully desperate when I did get into disappointment hole.

One year later I met an old friend of school days, and he told me something that made me feel like a baby found his mother, a passion of life. Yes, he introduced me the global currency market.
Just like anyone else in the beginning of a long road, I asked my friend about how to trade? He has guide me how to take the courses and I did .one more year has passed and I was still thinking why every time I get into trade using trend based tools, the market turns to a boring range market, the situation of forcing me to close the trades loosing what I earned from last couple of trades and much worse when I use overbought/oversold strategies and the market turns to trend situation. That was my destiny while I've ruined two consecutive accounts like a peace of cake.
After those failures I decided to not open any trading accounts unless I know how to trade both moods of the market and to be an approved Emotionally Controlled Trader. Well, what happened next..? I have a real account now.

Before any specific suggestion, I must do first advice to not to do what I did unless you prove yourself just like last part of my story. Second advice is to avoid complex trading systems. Yes I mean customized complicated experts or trading systems, why? Because the only elements that can take you to gold mine is your understanding of the market behavior and sticking to what the simple indicators say and more importantly the passed license of Emotionally Controlled Trader. Don't go far while a simple Moving Average line next to a simple oscillator like RSI can give you enough signals to make money, but not easily as I say.

[ForexGen Introducing Brokers]

Introducing Brokers may be individuals or institutions who gain their income from the commissions and/or rebates by introducing customers to ForexGen trading.


WHAT are the advantages of being an INTRODUCING BROKERS with ForexGen?

* Providing the most huge income sharing plan
* Providing several ways for our IB's to charge commission.
* ForexGen IB can also charge commission for each lot the traders execute.
* Moreover, ForexGen IB is able to increase the spread for all or certain clients and have ForexGen Investments rebate the difference.

In case the IB does not increase the spread or charge their clients a commission, ForexGen rebate the IB a minor predefined amount for every client's executed lot.
Commission is paid out every month.

Individualized service

[ForexGen] offers our IB's individualized service created according to the individual needs and specified business situation for each IB.
Our Introducing Broker program provides a highly organized program for individualized services and organizations in order to introduce their clients to the online foreign currency exchange market, moreover they will enjoy the benefits of being a part of the ForexGen family.

ForexGen offers 1 pip spread on 10 pairs with high trading techniques that make ForexGen
incomparable to any other rival.

Discretionary Trading vs. System Trading

There are two main types of traders in the financial markets…discretionary traders and system traders. A discretionary trader will apply any approach that they see fit for the current market conditions while a system trader will use a defined set of rules to identify trading opportunities. I think new traders should learn as much as possible about fundamental and technical analysis, but should be thinking about developing a set of rules to determine when to trade.

The advantage of system trading over discretionary trading is that emotions do not have the same influence over the decisions that systems traders make, since the rules for entry and exit are clear. Discretionary traders will react to the current market conditions, but may rarely react the same for two trades in a row, increasing the chance of poor decisions by the less experienced traders. Also, the systems trader can go back to see if the rules they intend to use in their trading decisions are good enough to result in profitable trading over a series of trades. If it does, then the systems trader just has to make sure that they take the trades that their system identifies and make sure that they execute according to the rules. This can lead to consistent results and make it easier to take trades even after a few losses in a row. After all, you have historical results to back up your trading decisions. I think that the rules should cover at least a few key points to include these:

1. Determine whether you are looking for a buy or a sell.
2. Find your entry.

3. Identify your initial risk.

4. Find your exit.


In the FX Power Courses, we recommend trading in the direction of the trend on the daily chart and to use a risk:reward ratio of at least 1:2 on your trades. If you are risking 50 pips on a trade, then look for at least 100 pips in profit. This way, you only have to win about 40% of your trades to be profitable. But I think that if a trader uses the daily chart to identify the trend and then moves down to the 4-hour or hourly chart to find their entry and exit, a 50% win ratio of attainable. If you win more when you are right than you lose when you are wrong, this can lead to consistently profitable results. Next week we will take a look at different ways to identify the direction of the trend.

[ForexGen Demo Accounts Contest]


Win Cash Prizes

[ForexGen] has the pleasure to announce the launching of the Demo Account contest on the first of every month.

Interested clients who wish to participate in this event shall send an e-mail request on demo.contest@forexgen.com including the following information:

- Full name:
- Phone number


Also provide us with the following identification document:
" Certified copy of the information pages of account holder current valid passport or government issued photo ID"

For more information about our current and future promotions, kindly contact one of our customers support agents at promotions@forexgen.com

Ranging Price Action

Now this is where the chart can become interesting. By using the price action counting of the swing highs and lows we can know at a very early stage IFprice is going to start to develop range bound activity.

• Price is not making new highs OR new lows
I don't mean all time highs/lows or new day/week/month highs/lows... just simply a new chart swing high or low. Price will start to stall and not make a new swing high/low and typically will stay contained within the last swing high and low that was made on the chart. Isn't that a simple definition?
Range rule definitions
• Price doesn't make a new high or low on the move
• If price stays contained within the last swing high and swing low to be made, price will remain range bound until it makes news move highs or lows.
• Price confirms the range when a lower high and a higher low is made within the previous swing high and low.

In the chart below you can see that from the left side of the chart price is making LH's & LL's all the way to the first blue arrow which in real time would be the latest lowest low. Price then moves higher to make a HH. These two swing levels have been highlighted.
At the point of the chart, in real time, price needs to either start moving higher past the last swing high (red Arrow) making a new high OR move lower past the last swing low (blue arrow) making a new low. Until either of those things happens price will most likely remain range bound. In this example that is what happened.



[ForexGen Promotions]



As ForexGen believes that its success depends totally on its client's satisfaction and success, ForexGen is sharing its growth and new site release with wonderful promotion packages.

* [
Claim Your Bonus ]
* [
Live Account Contest ]
*
[ Demo Account Contest ]
*
[Refer A Client ]
*
[Scalping enabled Account]

Forex Money Management and Trailing Stops

After having identified your trade entry price and your initial risk which if the difference between your entry and initial protective stop, many traders will also enter a limit order to take profits.
In the FX Power Courses, we normally recommend using a 1:2 risk:reward ratio to determine that exit level. If you are risking 50 pips on the trade, you should look for a minimum of 100 pips in potential profit. This way, if you are able to maintain close to a 50% win ratio on your trades, you can be consistently profitable. However, having the patience and discipline to wait for the market to reach that price level to take profits is much harder than it sounds.

If the market moves up towards the profit target and then reverses and moves back towards the entry price, many new traders will exit taking a small profit. While this sounds like a good move, in the long run this usually results in a good win percentage but no profits. The reason is that the trader will end up with bigger losing trades than winning trades.
How do we work around this?
The answer is normally to set your initial protective stop and limit order to take profits and then just the trades play out on their own. To keep you from losing on a trade that showed a decent profit at one point, the use of an automatic trailing stop can be of great value. I recommend using a trailing stop the same size as your risk. Otherwise, if you are risking 50 pips and looking for a 100 pip gain, use a 50 pip automatic trailing stop.

This way your protective stop will move to the breakeven level when/if the market moves halfway to your target. Now one of two things can happen, you can break even or take the full profit. That is a good position to be in and a great way to play the FX markets 24 hours a day.

[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.


[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
Complete and submit your application online in just a few minutes.

ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.


Forex Money Management and The Use of Leverage

Last week we talked about the use of a 1:2 risk to reward ratio on our trades and the use of a trailing stop to manage those trades in an attempt to be consistently profitable. But we also have to keep track of our account balance so we have funds to be in a position to take the solid trading opportunities we find.

Too many new traders will open a trade using too much leverage in an attempt to get a big win. More often than not, these trades end up as losing more money than was necessary. I recommend only risking about 5% of your account balance at any one time. If you have a mini account with a balance of $2000, then you should risk no more than $100 on a trade. This way your losses will not keep you from having the funds to take the next trade.

This does not mean to open 10 trades at once and risk $100 on each one, but to risk no more than 5% at any one time. Buying the GBP/USD and the EUR/USD at the same time is not really that different. You are looking for USD weakness in both trades which means that you are more than likely to profit on both or to lose on both. A better approach would be to open one trade risking 5% of your account balance and not open another trade until the trailing stop on the first trade is moved up to breakeven.

Then your risk on the first trade is theoretically at zero and you can now risk that 5% on a new trading opportunity. If the market is trending strongly and offering many trading opportunities, you can take advantage of the situation by having multiple positions open at the same time while still risking no more than 5% of your equity.

So when you think of money management, think about how much you are risking on the trade and how much of your account balance you are risking. They are both key elements to successful trading and should be an important part of your trading approach.

[ForexGen Money Manager]

An individual who is responsible for the entire financial portfolio of another individual or another entity. A money manager receives payment in exchange for choosing and monitoring appropriate investments for the client.

Benefits of being a Money Manager with [ForexGen]:

* Providing three different commission sources.
* Weekly commission plan.
* Easy & fast commission withdrawals.
* Fixed percentage of the profits.
* P = k * D “P=Profit, k=Variable Parameter, D=Deposits”

The money manager gets a fixed percentage of the profit previously agreed upon with the client for managing the client funds as a bonus feature.

The most competitive trading conditions:

* 2 pips spread on six currency pairs.
* Providing online trading services without maintenance margin, margin call and no automatic closing of positions below the initial margin on weekdays for accounts with initial equity of up to $1 million US. The margin level have to be recognized Fridays at 23:00 CET and before public holidays.
* Leverages up to 1:200 for accounts up to $1 million US.
* Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.

Monday, 29 December 2008

Brazil to Sell Bonds to Finance Sovereign Fund

Brazil plans to sell treasury bonds to finance sovereign fund after Senate nixes funding

Brazil will sell treasury bonds to finance its new sovereign wealth fund, circumventing a legislative hurdle that had limited its cash supply, a treasury official said Friday.
The bond issue will allow Brazil's government to deposit 14.2 billion reals ($5.9 billion), or 0.5 percent of gross domestic product, into the fund by January, Deputy Treasury Secretary Cleber Oliveira said, giving no other details on the sale.
Brazil's Senate had approved the fund's creation, but refused to tap 14.2 billion reals from the nation's 2009 budget to finance it.

The sovereign wealth fund is intended to protect Brazil from future financial crises and help Brazilian companies boost trade and expand abroad. Finance Minister Guido Mantega, who proposed its creation in May, suggested that it be financed by public income in excess of the state's target primary budget surplus of 3.8 percent of gross domestic product.
Legislators debated the plan intensely, with some arguing it was unwise to store, rather than spend, so much public cash amid a global financial crisis.
But a provisional measure authorizing the bond sale was part of a law establishing the fund that President Luiz Inacio Lula da Silva signed on Wednesday.

[ForexGen White Labels]


Forex White Label partnership allows the trader a quick access to the online foreign currency exchange market.

[ForexGen] provides two types of trading White Label partnerships, a limited and a full solution. ForexGen different types of forex White Label partners are able to access ForexGen's trading platform entirely branded under each partner's unique company image and name. We provide a customizable online trading platform for the different types of the two White Label solutions.

Sunday, 28 December 2008

Federal Judges Call For Higher Pay

Federal judges say their pay falling farther behind peers in legal profession

Earlier this year, Martin Jenkins took what looked like a step down the career ladder. Jenkins traded his lifetime appointment as a federal trial judge for a seat on a California state appeals court.
In his new job, Jenkins must periodically face the voters, but he reaped one immediate benefit -- a 20 percent jump in his annual salary.
Jenkins' case highlights what Chief Justice John Roberts and many other federal judges have identified as an emerging crisis -- the failure to pay judges enough to keep them on the job and lure talented lawyers from private practice to the federal bench.

Not everyone sees it the way Roberts does. Committees in the House and Senate this year voted nearly 30 percent salary hikes for federal judges, but neither house of Congress acted on the measure.
Judges last received a substantial pay raise in 1991, although they have been given increases designed to keep pace with inflation in most years since then.
For 2009, though, judges are alone among federal workers -- members of Congress included -- in not getting a cost-of-living adjustment. Lawmakers get their COLA (cost-of-living allowance) automatically -- $4,700 for 2009 -- but they refused to authorize the same 2.8 percent bump for judges.

"Federal judges are currently under-compensated because Congress has repeatedly failed to adjust judicial salaries in response to inflation," said James C. Duff, director of the Administrative Office of the U.S Courts. "By its failure to do so once again, Congress only exacerbates a long-standing problem it must someday address."
Duff acknowledged that the current economic turmoil makes the judges' case harder. After all, federal trial judges are paid $169,300 a year, have lifetime job security and can retire at full salary at age 65 if they have 15 years in the job. Appellate judges make more, ranging up to Roberts' salary of $217,400.
But those salaries, large as they are, are much smaller than what judges' peers make in private practice. Attorney General-designate Eric Holder said his partnership at the law firm of Covington & Burling earned him $2.1 million this year. Attorney General Michael Mukasey, who retired as a federal judge in 2006 after 18 years, made nearly $2 million in 21 months at a New York law firm.

Timothy Lewis resigned from the 3rd U.S. Circuit Court of Appeals in Philadelphia in 1999 at the age of 44, after eight years as a federal judge. Money was a consideration.
"It's almost embarrassing to say you can't survive on $170,000 or $180,000, whatever it was that I was being paid," said Lewis, now in private practice in Washington. "That's not true, of course. But it just did not seem conducive to the lifestyle I was trying to provide for my children in private schools and college tuitions, which I'm paying now." Appellate judges made $145,000 in 1999.
Yet even with the wide gap in pay between judgeships and private practice, only a handful of judges are leaving before they are eligible for retirement. In the past two years, seven judges younger than 65 quit. Of those, Mark Filip was appointed deputy attorney general of the United States. Another judge, Edward Nottingham, resigned amid an ethics controversy.

Jenkins, who did not return calls for this article, was confirmed as a California Court of Appeal judge in the San Francisco division in April, 10 years after President Bill Clinton appointed him to the federal bench.
Jenkins, 54, packed up his office in the federal courthouse and moved across the street to a state court building. The trip was worth $35,000 a year at current levels. Another Clinton appointee in California, Nora Manella, made a similar move in 2006.
David Levi also was a federal trial judge in California who gave up his seat and the prospect of judges' retirement pay in 2007. Levi became dean at Duke University's law school in Durham, N.C.
He was 55 when he left, with 16 years experience as a judge, but still 10 years shy of eligibility for retirement.

Levi said he left because of the opportunity to be dean, but thought hard about giving up his pension rights. "It was significant to me that I'd be paid more as dean of the law school," he said. "That made up some of the difference."
More important than retaining experienced judges is the growing possibility that lawyers will pass up the chance to be federal judges until their children are grown.
"I think we will see people who are prepared to be considered in their late 50s and early 60s, but who will decline to be considered earlier than that because it's too expensive," Levi said.

University of Chicago law professor Eric Posner questions the case for raising judges' pay.

Posner said if judges were underpaid, there should be trouble recruiting them in the first place and then retaining them.
"Existing judges could make more money if they retire, maybe three to four times their salary, and yet they don't retire in great numbers," Posner said. He recently wrote a paper with fellow law professors Stephen Choi of New York University and G. Mitu Gulati of Duke, raising doubts about giving judges more money.
Judges have better job security than almost anyone and good retirement pay, Posner said. "For many people, it's more rewarding and less stressful to be a judge," Posner said. His father, Richard Posner, is a judge on the 7th U.S. Circuit Court of Appeals in Chicago, and also skeptical of the need to increase pay.


ForexGen offers three types of business partnerships:

*Introducing Broker
*White label
*Money Manager

ForexGen Introducing Brokers, White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a huge income sharing plan.

[ForexGen] provide appropriate services satisfying the needs of all business partner's specified situation and requirements.

Thursday, 25 December 2008

China to Let Yuan be Used in Some Export Deals

China seeks to boost exports by allowing yuan to be used in some foreign trade transactions

China will launch a pilot project allowing its currency to be used in some international trade transactions, the government announced, a move aimed at shoring up the country's battered exporters.
The program would permit use of the yuan in trade between the self-governed Chinese territories of Hong Kong and Macau and the heart of the mainland export industry, Guangdong province and the Yangtze River delta, the central government Web site said in a statement late Wednesday.
The statement also said transactions would be allowed between the southwestern Chinese regions of Yunnan and Guangxi and the 10-member Association of Southeast Asian Nations.

Other details were not announced, and it was not known when the program would begin, how long it would last or what mechanisms would be put in place to allow the money flow back and forth.
The program was one of several economic stimulus measures announced by Premier Wen Jiabao, including an increase in the number of stores in rural areas and a rise in export tax rebates for high-tech products.

The currency pilot project aims to "improve financial services for exports" and "help small and medium-sized companies," the government statement said.
The Chinese yuan is currently not internationally traded and mainland companies seeking to do export business mostly work with dollars and euros. The pilot program would simplify the process at a time when Chinese exporters have been hammered by a drop in foreign demand, leading to thousands of factory closures and layoffs.

The malaise is also spreading inland as domestic demand for steel, autos and other goods weakens. Communist leaders have warned that more job losses might fuel unrest and are pressing employers to minimize cutbacks.
In the longer term, the program could be a small first step toward allowing the yuan to be traded internationally, with increased demand for Chinese currency helping to boost its value.
The U.S. has long argued that the yuan is undervalued, giving China's exporters an unfair price advantage and adding to its trade surplus.

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Wednesday, 24 December 2008

Risk Trends to Hold AUDUSD in Wide Range Ahead of 2009

With volume steadily falling ahead of the Christmas holiday, the lack of momentum behind previous trends should hold the AUDUSD within range over the near-term. Moreover, as investors remain risk adverse, the odds for an Australian dollar rally are negligible as global equity prices fall lower.

Why Would AUDUSD Hold a Range?

·Levels to Watch:

-Range Top: 0.7050 (Fib, Swing High)

-Range Bottom: 0.6010 (Trend)


· The AUDUSD held within a 1000+ pip range over the past two months, and as risk trends remain a dominant theme across the market, the pair should continue to hold its range over the near-term. Moreover, as demands for carry trades remain subdued, the probability of a major breakout is nominal.

·In the previous week, the pair made another attempt to test the 0.7050 level, but the lack of momentum to push above this level suggests that pair will continue to face resistance over the near-term. As adverse price risks are our main interest, the notable 61.8% Fib supports our range trade strategy as it falls close to 0.7050.

Suggested Strategy

· Short: Half sized entry orders will be set at 0.6675 – the 20 Day SMA.

· Stop: An initial stop at 0.6775 should suffice to account for any adverse price movements. To secure profit, move the stop on the second lot to breakeven when the first target hits.

·Target:
The first objective equals risk (100) at 0.6575. The second target will be 0.6425.

Trading Tip – With volume steadily falling ahead of the Christmas holiday, the lack of momentum behind previous trends should hold the AUDUSD within range over the short-term. Moreover, as investors remain risk adverse, the odds for an Australian dollar rally are negligible as global equity prices fall lower. The strategy entailed accounts for the impact of the fundamental event risks scheduled for the week along with expectations for 2009, and the implications of the state of market will provide favorable conditions to position for a range trade. We will cancel open orders before the New Year or should spot hit 0.6900 before initiating the trade.

Event Risk Australia and US

Australia – As the economic docket remains extremely light over the last days of the year, risk sentiment is expected to drive price action for the Australian dollar. Meanwhile, the interest rate outlook for the aussie continues to support a bearish outlook for the pair as market participants expect the Reserve Bank of Australia to lower the official cash rate by at least 100bp over the next year, while economists forecast the central bank to cut borrowing costs by 50bp to 3.75% at the February 2nd policy meeting.

US – U.S. durable good orders has be a major market mover for the dollar during the past, and as liquidity drops across the market, the greenback will be on defense as economists expect demands to fall another 3.0% in November, following the 6.2% drop in the previous month. In addition, personal spending, which is one of the two biggest drivers of growth, is anticipated to fall 0.7% for the same period, which continues to reflect a dour outlook for the world’s largest economy. Meanwhile, over the following week, a light economic calendar will leave the dollar at the mercy of risk trends, and may continue to benefit from its safe haven status as investors limit their appetite for risk.

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Tuesday, 23 December 2008

Euro Flat Against Dollar at $1.3961


Euro gains only marginally on dollar to $1.3961 after grim news from Toyota, Walgreen Co.


The euro held mostly flat against the dollar Tuesday in light holiday trading a day after grim announcements by Toyota Motor Corp. and Walgreen Co. helped it regain ground lost late last week.
The 15-nation euro bought $1.3961, up just marginally from $1.3958 late Monday in New York.

Drug store operator Walgreen said Monday profit fell 10 percent in its fiscal first quarter, due mostly to the costs of opening more than 200 new stores. Toyota, meanwhile, said it will report its first operating loss in 70 years.
The British pound dropped slightly to $1.4858 from $1.4865 late Monday while the dollar rose to 90.21 Japanese yen from 90.07 on Monday.


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Monday, 22 December 2008

US Dollar Benefits From Lower Trading Volumes

US Dollar Benefits from Lower Trading Volumes, Final US GDP Figures Unlikely to Make an Impact

- New Zealand Dollar Could Pull Back as Q3 GDP is Expected to Drop by Most Since 2000

- Euro Holds Near Record Highs Versus British Pound, Both Remain Under Pressure Against US Dollar

- Japanese Yen Strength Has Crippled Trade, as Exports Plunged 26.7% in November

US Dollar Benefits from Lower Trading Volumes, Final US GDP Figures Unlikely to Make an Impact

The US dollar has managed to hold on to last week’s gains, thus far, as lower trading volumes ahead of Thursday’s market closures has seen little in the way of volatility. Indeed, the most exciting price action was during the European trading session, but the US session proved to be subdued. Though we anticipate that this will remain the case throughout the week, there will be a few notable releases on Tuesday.

First, the final round of US GDP readings for the third quarter is not expected to show any revisions upon release at 8:30 ET. Indeed, annualized GDP is forecasted to go unchanged at -0.5 percent, while personal consumption is expected to hold at -3.7 percent. It will likely take a surprisingly low result to illicit any sort of reaction from the markets, as traders are already well aware that economic conditions in the US remain dismal. The Commerce Department's measure of new home sales is expected to fall 4.2% to 415K, the lowest since early 1991, while the National Association of Realtors index of existing home sales is forecasting to fall by 1.0% to 4.93M, holding near the lowest level since record keeping began in 1999. Overall, conditions in the housing sector remain weak, and given recessionary factors such as rising unemployment and contracting consumption, home sales are likely to continue falling in coming months.

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