Published On: Mon, Jan 16th, 2017

What can we expect from Forex in 2017

At the beginning of 2017, everybody could use some extra cash, and many are feeling as though bankruptcy is their lot. No matter how carefully people have planned their budget, the end-of-year holiday season has presented lots of expenses, and even the emergency fund has been used up.

Forex in 2017

People look at all sorts of ways to make extra money, and trading has become an exciting and thought provoking way to make some much-needed money. Forex trading is the world’s biggest, most liquid financial market, open 24 hours a day and most of the week.

Currencies are traded electronically around the world from cities like New York, London and Tokyo among others. Even seasoned forex investors can’t predict what lies ahead in 2017 but they can try to fathom what lies ahead.

The Right Broker Contributes to Success

Of course, the broker you choose and their trading platform will be critical issues to consider as it can determine your success as a beginner trader. CMC Markets are a reputable, regulated brokerage with an award winning platform. The amount of money you need to trade forex with them will be determined by what your goals are.

Most people are looking at forex trading as a means to offer them a second income. If you’re not a seasoned forex trader, more than ever you can’t settle for anything less than the best broker there is who offers great customer support. An FCA-regulated company guarantees competitive spreads and SSL encryption and security for their online payment processing. Always check that your forex broker offers you a demo trading account, as its the best way to familiarise yourself with the currencies before you actually start trading.

Most people trade with well-known currencies, with, trillions of dollars being traded on any given day. Some of the more commonly traded currencies is the US dollar which can be found in a pair with all the other major currencies. However, in 2017, people will also be looking to trade with exotic currencies.

For instance, the official currency of Poland is the Polish Zloty, represented by the Forex symbol PLN. There’ve been debates about whether Poland will change their currency to the Euro and become part of the Eurozone. Currently, though, the Zloty is most commonly paired with the Euro (EUR/PLN), and often with the US Dollar (USD/PLN). Many speculators with an interest in trading carry pairs look at the Polish Zloty as a preferred currency for investment.

Goodbye to a Volatile 2016

Leading brokerages are well aware that we’ve waved goodbye to a volatile 2016, what with the likes of Brexit and Trumps presidency. While Brexit for instance, was certainly news-worthy, with the pound weakening substantially against other currencies like the dollar and euro, this wasn’t essentially due to Brexit, but also because of bearish sentiment of investors and growing concerns about international trade relationships.

Both these tumultuous events had a significant impact on the markets, triggering volatility. So now everyone is wondering what trends traders should be prepared for in 2017.

Certainly, Trump’s first very fascinating year in office will be something to watch out for, and the US dollar could reverse its gains and things settle down after Donald Trump’s inauguration. But elections in Germany and France could shake thing up. One or two forex trading trends in 2017 which are likely to transpire over the first few months in 2017 include –

  • A more positive U.S. currency can subdue the boom in the Australian currency. Low financial outputs from the U.S. dollar, however, has meant investors searching for alternatives. Investors are placing their money in Australian currency. However, if the U.S. dollar strengthens in 2017, the reverse can happen.
  • Another prediction for 2017 is that the strong New Zealand currency can weaken in the early stages of 2017 if the Reserve Bank of New Zealand reduces interest rates.
  • The euro in 2017 will also be affected by the post-Brexit performance of the pound. If the British currency rebounds, its recovery can lessen the effectiveness of the European Union currency.
  • The Chinese yuan will also weaken during 2017 and beyond, brought about by government’s easing up on the booming housing market.

Forex Trading CAN be thrilling and Profitable

Forex trading can be thrilling, exciting and profitable. With the right broker, it has caused large losses to inexperienced traders. Choose your broker carefully to avoid disasters. Yes, you’re not going to be a millionaire in the next year, as instant wealth is an unrealistic goal.

If you are serious about creating a Forex trading career, choosing the right broker who understands how world events can influence trading is imperative. Forex requires hard work and patience, and with the right broker, it provides loads of scintillating fun as well.

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