) and E-Trade (NASDAQ:
) are teaming up to bring traders the
in Las Vegas. Scheduled to take place from November 2 through
November 4, the FXCM Expo is an educational event designed to help
traders learn the financial markets and improve their trading
"This one's gonna be great -- two large brokers partnering
together, making it all about education," said Jeremy Wagner, head
of DailyFX Education, which serves as the educational arm of FXCM.
"Education is the number-one priority."
Wagner said that the way FXCM puts on an expo is "vastly
different" from other companies. "We're gonna give you a ton of
education, we're gonna generate this good will with you," he said.
"Then if you want to open an account with us -- because we've given
you the tools and resources to become an effective trader -- you'll
talk to us about opening an account. Some of the other expos take
the other approach, trying to sell you a tool or resource so that
you can go out and trade."
During the expo, Wagner is scheduled to speak three times. His
first session, "Appropriate Strategies for Appropriate Markets," is
aimed at helping traders avoid a crucial mistake. "Oftentimes the
one thing that isn't right is that [traders] take their strategy
and apply it to the wrong currency pair," said Wagner. "We all look
for that Holy Grail type of strategy, that thing that we just plug
in and the computer just starts cranking out money. Those
strategies don't really exist."
In order to become a more effective trader, "we've got to know
the personality of our strategy, and what market condition it's
going to tend to do well in, and then we go look for the instrument
for which to apply that strategy to," Wagner explained. "A lot of
people have a hard time making that connection. They just think,
'Here are my buy and sell rules. I'm just gonna go out and apply
this to the market. Man, it didn't work, the strategy stinks.' No,
the strategy is probably fine, it's just that you're probably
applying it in the wrong market condition. You're trying to use the
wrong tool to go out and fix your car."
With regard to trends that exist in the forex market, Wagner
said that he thinks people would be "shocked" to "find out some of
the trends that exist in trading foreign exchange." As an example,
Wagner pointed to the euro/Aussie cross-pair.
"Even though market volatility has been fairly low, the
euro/Australian cross-pair has created an all-time low," he said.
"People are obviously selling out of the euro and then moving
towards what has been a relatively strong currency in the
Australian dollar. That has created a very strong trend."
Wagner will host another session, "Stock Market and Forex
Correlations," which will teach traders about the correlations
between currency pairs and the stock market. "Australia has about
20 to 25 percent of its imports and exports coming from China or
going to China, and China is a large worldwide leader when it comes
to economic health," he said. "Therefore the Australian/U.S. dollar
is often viewed as a proxy for worldwide economic health. If the
stock markets start to fall because the prospect of future growth
is not so good, then the Aussie dollar tends to fall. If the
outlook is good -- China is growing, the U.S. is growing -- the
Aussie dollar tends to move higher."
Beginners are encouraged to check out Wagner's third session,
"Using Trendlines to Time Entries."
"This is geared for the beginner -- basically, how to utilize
charts to time entries and exits using one of the most common and
popular tools among new traders and experienced traders," said
Those who are interested in attending this event can sign up now
FXCM Expo website
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