The FOMC sets the discount rate or federal funds rate and because interest rates are set higher to induce foreign investment and therefore fight inflation during times of prosperity and lower to increase spending during recessions they are one of the main factors influencing the strength of the dollar. Unfortnaley my account transfered over from FXCM today. Sad to say this app in comparison to FXCM is a joke. You should have transfered your clients to their platform. I will be pulling my money out and taking my business else where. Your app needs to be scraped. I truly can't believe how you have even kept customers with this hunk of garbage. Maybe I was just privileged with FXCM but I'm sad to see them go.
The Forex account could be opened with any amount between $300 (mini) and $2000 (standard). After opening the account, a person is required to learn how the Forex market works, demo trade and after a while go live trading. Moreover, there are some secrets that have to be followed.
Among Forex pairs, there are majors and exotics. There are several definitions of major pairs but the consensus states 6 or 7 pairs. The major currency pairs are those in which the trading volume if the highest. In fact, over 80% of the entire volume of the market takes place among these pairs so they are the most liquid and the least susceptible to market manipulation or outside factors.
And to further simplify Forex trading, you could easily limit your trading to the two most liquid and widely traded pairs, the EUR/USD and the GBP/USD. This really starts to reduce demands on your time for trading activities without giving up good profit potential.
The Demo account serves an educational function; in fact its deposit consists of virtual funds, and it enables a trader to practice trading and gain professional skills without risking any real money. When trading on a demo account, both profit and loss will be virtual, whereas trading experience is remarkably similar to real-life conditions. However, you can earn on a demo account by taking part in InstaForex contests and getting real prize money to a live trading account. Each step of opening a demo account is comprehensively described in this section.