Young women of colour navigate the risky world of forex trading - The Guardian
Young women of colour navigate the risky world of forex trading - The Guardian |
- Young women of colour navigate the risky world of forex trading - The Guardian
- Forex Trading: What you need to know before investing - Loop News St. Lucia
- FOREX-Dollar drops as risk appetite improves - Investing.com India
- FOREX-Dollar gains as retail trading frenzy rattles investors - Investing.com India
| Young women of colour navigate the risky world of forex trading - The Guardian Posted: 28 Jan 2021 03:01 AM PST For 21-year-old Lina Khalid, it's her grandmother's dream of visiting Mecca that drives her while trading currency. "I'm gonna do it. Even if I have days where I'm not going to sleep, I'm gonna do it," she says. A car for herself, some Air Jordans for her sister and being able to spoil her mum would also be nice, she adds. The Wolf of Wall Street is what comes to mind for most people when thinking of the world of high-stakes finance, but Khalid, who works as a dental nurse, says she is one of a growing number of young women of colour who have taken up foreign exchange (forex) trading during lockdown, whilst remaining conscious of the risks. The risks are significant and have led many to advise young people against taking part in currency trading, one of the riskiest form of trading there is. While traders who work in banks work with other people's money, those who do it at home take a huge gamble with their own – and risk losing their life savings. Khalid and 20-year-old Cheila Gongo Balde, who took up currency trading after she was furloughed, feature in a Channel 4 online short called The Wolf of High Street, along with two other women. The short film follows the group as they navigate the risky world of forex trading, while supporting each other in group chats, sharing tips and advice. The film explores how social media, including YouTube, Instagram, Snapchat and TikTok, has introduced a new generation to trading. Technology has simplified the process: people can now download an app and start trading from their phones. Ayo Akinwolere, a broadcaster who co-owns Milk First, the production company behind the short film, with Alex Thomas, says they were keen to capture both the highs and lows of this industry. He describes the women as being part of a growing trend among young people to find "side hustles" to survive in the cities they have grown up in. "What's important … is that we tell an authentic story about the people we were talking to. These are all young women that grew up in areas like the ones me and Alex grew up in," he says. Kia Commodore, the 22-year-old founder of Pennies to Pounds, a financial literacy platform created to demystify the world of finance for young people, agrees there has been an explosion of interest in finance. As well as trading, many are also keen to learn more about investing since the country first went into coronavirus lockdown.  Commodore says those interested fall into two camps. "There's people who during the pandemic have lost jobs or income. They have to tighten their belts and try to get through this period as best as they can. Then there's some people who have been unfazed by this or even managed to get salary increases in this time. As they're not travelling to the office any more, they've cut down on costs and there is this extra pool of money." Before lockdown, Pennies to Pounds had 4,000 followers across its social media accounts. It now has almost 10,000 followers on Twitter and 20,000 on Instagram, as well as a podcast. People come seeking advice on pensions, mortgages and credit cards. While Commodore has welcomed the increased interest, she stresses there is an important difference between trading and investing, and wants young people to focus on the latter. "We're not looking to make a return in the next half hour, we're looking to make a return in the next five years." The women in the film speak openly about the predatory undercurrent driving the increased interest in forex trading. The Financial Conduct Authority has warned people are increasingly being targeted by "unauthorised forex trading and brokerage firms offering the chance to trade in foreign exchange, contracts for difference, binary options, crypto-assets and other commodities" and offering "very high returns and guaranteed profits". It is an issue of which Khalid is all too well aware: a fraudster on Instagram told her she could easily turn £200 into a huge profit, but disappeared shortly after she had transferred the money. "I was in my room and I was miserable and depressed," Khalid says. But her experience of being scammed did not put her off, and she decided to teach herself as much as she could about trading. Balde has done the same. "I've never seen anyone in my immediate family just be comfortable. It's always been a struggle and it's just come to show me that yes you can be comfortable, yes you can be successful." As for Khalid, it's the support system around her that keeps her motivated. She has teamed up with a close friend to trade together. "She texts me trades, I text her trades. We analyse the market on FaceTime together." Both women are keen to stress that currency trading is not a get-rich-quick scheme – despite what some may say on social media. They urge people to not part with money they can't afford to lose. Commodore also warns people off signing up to things promoted by influencers. "Deciphering whether it's good or not is to understand what they're actually going to give you. If they're promising you money, how does that work? Is it you'll get money based on bringing people in? Or is that you get money based on how we teach you how to trade and you trade yourself?" Commodore added for many, there is a strong sentiment to "give back" to their families and communities. "I think it's the way we go about doing it and making sure we're doing it in a way that is ethical and has longevity in it."  |
| Forex Trading: What you need to know before investing - Loop News St. Lucia Posted: 26 Jan 2021 03:10 PM PST  By now you would have been bombarded with the many people around you who are trying to persuade you to invest in Forex Trading or teach you the art of trading. The truth is with the lack of jobs and hardships of the current pandemic; many people trade Forex as a full-time career. But what is Forex Trading? Forex Trading refers to the buying and selling of currency pairs with the aim of generating profits. The objective is simple; make profits by trading on the constant fluctuation of major currency pairs and yes, it is a totally legal way of making money. However, as quickly as one can make money, they can lose some. There are risks just like any other investment. If you are considering becoming a part of this global market, here are some things you should know before starting out.
You can trade without prior knowledge of forex, but it is not recommended as you will run up significant losses very quickly. Opening a demo account is arguably the best way to get a grip on the different aspects of forex trading as you will be able to experiment freely and adopt new strategies without the fear of financial setbacks. You can also watch video tutorials, attend webinars, and read relevant blogs and articles for both basic and advanced insights.
Forex brokerages effectively act as a middleman between you and the forex market, so it is vital that you choose a broker that is not only reliable and regulated but also well suited to helping you achieve your financial goals. Legitimate traders will provide you with a trading platform that is secure, has access to major pairs, and offers additional tools and charts to support your decision-making. Be aware that there are scam brokers that will attempt to deceive unsuspecting victims with a range of fraudulent practices such as Ponzi schemes and signal seller scams.
Several factors impact the exchange rates. To be able to successfully predict price movements, traders keep a close watch on macroeconomic and political developments, such as central bank announcements, the release of economic data like GDP, trade tariffs, inflation figures, unemployment rate, and manufacturing indices. Political instability can also lead to fluctuations in forex prices. An economic calendar can be a good way to stay tuned to the latest and accurate global financial news.
It takes a while to adjust to market movements and chart patterns. There are times when you might incur some losses initially. In fact, even the best forex traders face losses from time to time. It is part and parcel of the trading journey. The key is to not let losses deter you. Use them to learn and improve your trading strategy.
As noted earlier, opening a demo account will give you free rein to practice your trades so that you have a better understanding of when to buy and sell at the right time. This is also a perfect opportunity to try out new strategies and tactics. You should keep practicing for a few weeks at least or until you feel comfortable making the step up to real money. As much as Forex Trading can be a great source of income, you should beware of scammers. Forex scams often pitch "too-good-to-be-true investment opportunities" as a way of convincing you to part with your money. When you lack trading experience, swindlers will try to exploit your optimism, your fears, and your lack of knowledge. Forex (FX) scams are commonly seen on social media platforms such as Facebook, promisingly extremely high returns on currency investments. Watch out for the following warning signs:
As with all investments, forex trading comes with a risk. If the individual offering to manage your money is downplaying the likelihood of you losing it, or promising significant returns, alarm bells should be ringing. Also, if something sounds too good to be true, the chances are it is.
Always ask for a track record of verified stats from live trading accounts, so you can assess their capabilities for yourself. If they refuse or offer to show you stats from demo accounts, you should exercise caution.
Any legitimate FX trader would want you to be entirely comfortable investing with them before you transfer any money. As such, they would never pressure you to deposit funds during your first conversation or try to tell you to act quickly with limited time offers. If an individual is doing this you should terminate your interactions immediately, as it's highly likely they're trying to involve you in a scam.
Those with nothing to hide have no reason to be evasive, so be conscious of whether the person you are talking to is answering your questions upfront or trying to divert your focus, talk over you, or even getting argumentative. Remember to always exercise caution when making investments, analyze the pros and cons and make a decision that you are comfortable with.  |
| FOREX-Dollar drops as risk appetite improves - Investing.com India Posted: 28 Jan 2021 12:49 PM PST  * Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (Adds quotes, data, updates prices) By Karen Brettell NEW YORK, Jan 28 (Reuters) - The safe-haven U.S. dollar fell on Thursday as risk sentiment improved after data showed that U.S. jobless claims fell in the latest week, while dire gross domestic product figures met expectations. The U.S. economy contracted at its sharpest pace since World War Two in 2020 as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty. Labor Department said separately that initial claims for state unemployment benefits totaled a seasonally adjusted 847,000 for the week ended Jan. 23. That was down 67,000 from the prior week, but claims remain well above their 665,000 peak during the 2007-09 Great Recession. "Incoming U.S. data was supportive of risk-taking levels, with Q4 GDP rising close to expectations, and jobless claims falling more than expected," said Ronald Simpson, managing director, global currency analysis at Action Economics. U.S. stocks also rebounded on Thursday from sharp losses in the prior session as earnings season got off to a strong start and fears eased around hedge funds selling long positions to cover shorts. =USD fell 0.26% on the day to 90.429. It earlier rose to 90.859, while riskier currencies including the Australian dollar dropped to one-month lows. The greenback was boosted by safety buying earlier this week on concerns that U.S. fiscal stimulus will not be as large as originally hoped, and due to the continuing spread of COVID-19 as countries struggle to roll out vaccines. The U.S. currency has also rebounded from three-year lows reached earlier this month on the view that last year's decline ran too far too fast. "There's such a tug of war right now between the longer-term momentum…and the shorter-term term phenomenon of maybe a dollar short squeeze," said Erik Nelson, a macro strategist at Wells Fargo (NYSE: ) in New York. The dollar index is up 0.50% this month after falling 6.75% last year. The Australian dollar AUD=D3 gained 0.42% to $0.7695, after earlier falling to $0.7590, the lowest since Dec. 29. The greenback fell 0.97% against the Norwegian crown NOK=D3 to 8.578, after earlier rising to a one-month high of 8.7286 This week investors also have been rebalancing portfolios for month-end, which has boosted demand for the U.S. currency. "Of late it's really been a position rebalance story," said Bipan Rai, North American head of FX strategy at CIBC Capital in Toronto. "The market's still pretty short dollars." The euro has also been dented as European Central Bank (ECB) policymakers step up their mentions of the euro, with the most recent comments indicating that the ECB could cut its deposit rate to check the strength of the continent's shared currency. "We're starting to hear more rhetoric from the ECB that leads me to believe that they're going to be a little bit more active with respect to euro appreciation," said Rai. The euro gained 0.19% to $1.2136, after earlier falling to $1.2079. rose 8.21% to $32,915, after briefly dipping below $30,000 on Wednesday. ======================================================== Currency bid prices at 3:12PM (2012 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index =USD 90.4290 90.6690 -0.26% +0.00% +90.8590 +90.4040 Euro/Dollar EUR=EBS $1.2136 $1.2114 +0.19% -0.67% +$1.2142 +$1.2081 Dollar/Yen JPY=D3 104.2200 104.0900 +0.12% +0.89% +104.4550 +104.1500 Euro/Yen EURJPY= 126.48 126.07 +0.33% -0.35% +126.6600 +126.0000 Dollar/Swiss CHF=EBS 0.8875 0.8889 -0.15% +0.32% +0.8918 +0.8870 Sterling/Dollar GBP=D3 $1.3741 $1.3692 +0.37% +0.59% +$1.3745 +$1.3631 Dollar/Canadian CAD=D3 1.2794 1.2806 -0.09% +0.47% +1.2880 +1.2789 Aussie/Dollar AUD=D3 $0.7695 $0.7664 +0.42% +0.04% +$0.7697 +$0.7592 Euro/Swiss EURCHF= 1.0771 1.0761 +0.09% -0.33% +1.0789 +1.0753 Euro/Sterling EURGBP= 0.8829 0.8848 -0.21% -1.21% +0.8884 +0.8829 NZ NZD=D3 $0.7191 $0.7159 +0.43% +0.13% +$0.7195 +$0.7106 Dollar/Dollar Dollar/Norway NOK=D3 8.5760 8.6650 -0.97% -0.07% +8.7275 +8.5810 Euro/Norway EURNOK= 10.4110 10.4705 -0.57% -0.54% +10.5530 +10.4040 Dollar/Sweden 8.3212 8.3523 -0.30% +1.52% +8.3990 +8.3194 Euro/Sweden EURSEK= 10.0987 10.1294 -0.30% +0.22% +10.1495 +10.0913  |
| FOREX-Dollar gains as retail trading frenzy rattles investors - Investing.com India Posted: 29 Jan 2021 01:08 AM PST  * Dollar gains but moves are contained * Euro weakens as fourth-quarter GDP data comes in * steadies, EM currencies drop * Graphic: World FX rates https://tmsnrt.rs/2RBWI5E By Tommy Wilkes LONDON, Jan 29 (Reuters) - The dollar gained and risk-sensitive currencies fell on Friday after an assault on hedge-fund equity short positions in the United States rattled investor confidence and boosted demand for safe-haven currencies. The moves in foreign exchange markets were measured, with the dollar still within recent trading ranges, but the buying of dollars underscored that concerns about the wild swings in stock prices was felt across markets. The dollar has benefited from safety buying since the start of the week, when investors fretted that President Joe Biden's fiscal spending package would not be as large as the proposed $1.9 trillion. COVID-19 vaccine rollouts globally have been running into trouble, too, adding to investor jitters. Production delays have snowballed into a spat between the European Union and drugmakers over how best to direct the limited supplies available. "We could see the greenback retain some momentum into the weekend on the back of safe-haven demand: further developments in the Robinhood story will be closely watched in this sense," ING said, referring to the brokerage popular with the retail customers taking on hedge funds. In early London trading, the -- which measures the dollar against a basket of currencies -- rose 0.2% to 90.739 =USD . It is up half a percent for the week. The euro dipped 0.1% to $1.2107 before German fourth-quarter GDP data due at 0900 GMT. The dollar gained 0.4% versus the Japanese yen to 104.64 . The Swiss franc, another currency that investors often buy when nervous, was little moved versus the euro at 1.0771 EURCHF=EBS . Risk-sensitive currencies like the Australian dollar AUD=D3 fell. So did most emerging-market currencies also dropped. The Chinese yuan strengthened to 6.4695 yuan per dollar in offshore markets CNH=EBS . Te People's Bank of China (PBOC) injected 100 billion yuan into the financial system on Friday, following a week of reducing liquidity, which had sparked concerns the central bank was in fact tightening monetary policy. L1N2K404V Despite the dollar's move higher this week, most analysts are sticking to their calls it will weaken in 2021 as the new U.S. government implements massive fiscal spending while the Federal Reserve maintains its ultra-easy monetary policy. "The overall trend does reflect these supply issues around the U.S. dollar," said Michael McCarthy, chief strategist at CMC (NS: ) Markets in Sydney. "Wide expectations of that huge issuance that's coming and the support of the Fed mean that we're looking in the medium-term for further U.S. dollar weakness." <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ World FX rates https://tmsnrt.rs/2RBWI5E ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>  |
| You are subscribed to email updates from "investing forex" - Google News. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
Comments
Post a Comment