Trading contest at Forextown

A forex contest is a trading contest for forex traders where traders who reach top positions in the contests earn cash prizes. There are numerous types for forex contests, they might differ depending on the aim of the contest. All forex contests take place during a specific time period and standings are updated regularly on our website . The most common timeframes are monthly contests, where the contest starts the 1st every month and continues to the 30th.
One of the most common types of forex contests is a contest where the aim is to reach the highest profit in the contest. For example, there might be a forex contest with 100 participants. Whoever earns the highest profit in the given timeframe will win the first prize. Other participants finishing in top positions will win prizes as well.
There are also forex contests where the aim is to earn as much points as possible. In this scenario, points are awarded depending on the number of lots a trader trades on a given month.
When you enter a forex contest as a ForexTown member, you will automatically take part in a forex cashback offer at the broker you trade at. There is also a good chance that the broker you choose to trade at offers a forex bonus.

Social trading - eToro’s CopyTrader

eToro’s CopyTrader is Here! Get Ready for a New Way to Trade

Let’s say that you’re one of the thousands of people who would like to give currency and commodities trading a try but don’t have time to learn all the different trading strategies, to follow economic data releases or to analyze market movements on a daily basis. Up until now, you would have had to simply give up your dreams of financial glory, but with eToro’s groundbreaking new CopyTrader feature, that is no longer the case! CopyTrader is a new function of eToro’s social trading network. The genius of CopyTrader is that it lets you take advantage of the knowledge and expertise of other traders on a regular basis. All you have to do is choose which profitable trader you wish to follow by looking at the rankings and checking out the traders’ success rate, trading style, number of followers, etc. Once you find the trader or traders for you, all it takes is a click of the button and his or her trades will become your trades. It may sound simple, but this is a genuine revolution in the world of currency and commodities trading, a shift from market-based or financial-instrument-based trading to people-based trading. Instead of agonizing over which currency to buy or sell, the only decision you now have to make is who you want to trade for you and how much of your account you want to dedicate to copying each trader you select. The more traders you copy, the more diverse your risk portfolio. Of course, you still maintain full control over your trades. All the parameters are completely transparent, starting with the spread and ending with the percentage of your balance that is invested in each trade. Don’t like the way a trade is going, or want to capitulate on the profit right away? There’s no need to wait for your trader to make a move - you can close a trade or edit the stops whenever you want. And if a trader’s strategy is not working for you in general, it only takes one click to detach yourself from him or her. The ultimate goal, as you can probably imagine, is to assemble a dream team of diverse traders who you can copy indefinitely and then simply watch your profits accumulate. Unlike forex robots or paid traders, the traders you copy through CopyTrader have no agenda other than to make profits for themselves, so you never have to worry about them mismanaging your funds. In addition, for the sake of promoting responsible trading, CopyTrader only lets you set aside a maximum of 20% of your account for copying any one trader, to ensure the diversity of your trading portfolio. eToro also intends to launch a Guru reward program in the very near future, to compensate traders with a large following for all the benefits they bring to the eToro trading community. CopyTrader is now available on eToro’s social trading network. Click here to check it out now! About eToro eToro is the world’s largest investment network, with over 1.5 million users in over 130 countries and thousands of new accounts opened each day. Through its community powered network eToro leads the social trading revolution, which enables every investor to see, follow and automatically copy the actions of other investors in real time. eToro’s mission is to open the financial markets to every individual and make them accessible through a simple, transparent and more enjoyable way to trade currencies, commodities and indices online. Based on a wide range of innovative web-based and mobile trading platforms that appeal to every level of trading expertise, eToro’s investment network facilitates information exchange between investors, accelerates knowledge sharing and shortens the learning curve for those who want to bring their trading experience to the next level. For more information, visit us at www.etoro.com. eToro’s advantages include: Social trading network - including the groundbreaking CopyTrader feature Simple visual web based trading platform Free unlimited demo account with live market rates Public and private chats Prize bearing trading challenges Flexible leverages ranging from 1:2 to 1:400 Fixed spreads as low as 2 pips Free educational tools, including specially developed forex trading e-course Live streaming news and market updates 24/5 professional support and account managers Four tier VIP account program Starting bonus of up to $10,000 To find out more about eToro and to open your free account, click here.

EURCHF wakes up after months of slumber

Will SNB Raise the EURCHF Peg to 1.2200?

Risk FX exploded higher at the start of European session trade on Friday boosted by the continuing improvement in EZ periphery bonds rates in the wake of yesterday's announcement by the ECB to support the market. Spanish 10 year yields dropped another 32 basis points to trade at 5.69% well below the 6% level and markedly lower than the 7% rate that they were yielding just a few months ago.

The sharp decline in risk premia in the EZ sovereign debt has a dramatic impact on EURCHF pair which has been moribund at the 1.2000 peg for the better part of this year. EURCHF saw a vertical move in early morning European trade taking out the 1.2100 barrier for the first time since January of this year. The market is ripe with rumors of SNB upping its peg towards the 1.2200 level, but so far Swiss officials have made no explicit statement as to that speculation. However, the sudden move the lower in periphery rates has clearly reduced the risk of fracture in the EZ and as such has minimized much of the rationale for EURCHF short.

Therefore the complacent EURCHF shorts which have been sitting quietly in the pair waiting for it to break the 1.2000 peg have started to cover their positions contributing to the ongoing short squeeze in the pair for the second day in a row. Whether this rally is sustainable remains to be seen and will most likely depend on the continued improvement in the EZ sovereign debt yields. However, after months of flat lining EURCHF has finally seem volatility revive as the pair once again becomes the proxy for the EZ convergence/divergence trade.

Forex: EUR/CHF soars to 1.2137 high

The EUR/CHF is rallying once again on Friday after a lifting off from 1.2010 on Wednesday and position itself around 1.2050 on Thursday. Already edging higher by +0.70%, at 1.2137, the EUR/CHF current upside might be triggered by speculation that the SNB will eventually raise the floor to stimulate the economy. The falling bond yields after Draghi’s announcement may also be supporting the EUR/CHF strength. The SNB isn’t making any comments on the sudden rally. 

The SNB revealed its FX reserves in August, which increased from CHF 408.6B to CHF 418.4B.

The pair approaches March 15 high at 1.2140 and March-14 high at 1.2147. After that, the EUR/CHF would be entering in January prices. On the downside, the cross continues to be supported by the SNB at 1.2000/10.