Top Tips for Trading Forex as Euro Falls 0.4%

LONDON, July 23, 2012 /PRNewswire/ --

As the euro fell 0.4% against the Australian dollar on Friday 20 July - its lowest level since its inception in 1999 - how do you plan to trade the euro in the coming weeks?

In the following guide, we offer you top tips for trading forex as the euro falls against multiple currencies.

Tip 1: Research the Forex Markets

The first step in any trading strategy is to research the market in which you plan to trade - and all of those that could potentially affect its future share price.

Whilst the fall of 0.4% to AUD1.1875 against the Australian dollar on Friday was significant in the sense that the euro had met levels as low as the time of its inception 13 years ago; it did not come as any surprise to the market.

John Doyle, director of markets at Tempus Consulting stated: "Overall, the euro is falling against anything."

Adding: "Breaking new lows like it has been wouldn't be surprising."

As an investor looking to trade the euro, you would be expecting the euro to fall following ongoing negative news out of the eurozone - and in turn, you would be prepared for such falls, should and when they occur.

Tip 2: Choose a Forex Trading Provider

Deciding which forex trading provider to trade with can be a difficult decision, what with so many available to you.

For many investors, you will be looking for independent reviews by fellow traders to determine which provider offers the best customer experience, usability, trading education and overall service.

Through the reliable reviewcentre.com, the top spread betting provider is City Index with 82 reviews and 81.7% of users recommending them as a brand.

In comparison, IG Index has only 46 reviews with just over half of users recommending them through reviewcentre.com.

Tip 3: Keep On Top of Your Trades

When trading the markets - in particular currencies that move quickly and are known to be volatile - it is imperative that you keep on top of your trades.

Whether a full time or part time trader, you can take a position across the global currency markets at a time to suit you from virtually anywhere in the world with the City Trading FX mobile application from City Index.Enabling forex traders full and secure access to their accounts, 24-hours a day - you can trade the global currency markets from the palm of your hand.

To download the app for free, users must have a live City Index forex trading account.

Start Trading Forex

To start trading forex across a range of trading platforms - including mobile and tablets - you can apply for a forex trading account through the City Index website.

Read More Forex Trading Tips

If you found this article helpful, you may want to read more just like this. You can access a range of forex trading tips, guides and articles through the Forex Trading section of the City Index website.

About City Index:

Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.

As a group, we transact in excess of 1.5 million trades every month in over 50 countries. We provide access to a wide range of instruments including margined foreign exchange, CFDs and, in the UK, financial spread betting.

We constantly look to improve the performance of our platforms and expand our range of services. The result is our customers benefit from innovative trading tools with transparent pricing, competitive spreads, and a high standard of customer support. Visit http://www.cityindex.co.uk for details.

Spread betting, CFD trading and forex trading are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks.

SOURCE City Index