Currency Conversions

So has foreign currency been surpassed in favour of cards? The answer is generally, yes. If you have the right card you will almost certainly save money when compared to exchanging your Sterling for foreign currency.

However, for some, any forms of cards, whether it is a credit card with charges or the new breed of prepaid cards, are off-putting and of course the wrong card can carry risks. Cash is also the easiest to use but, at the same time, is the easiest to lose or have stolen so don't take more than your travel insurance covers. In those cases, exchanging money is probably right for you – but still make sure you're getting the best deal.

Don't assume that a sign saying 'commission free' automatically means you're going to get a great rate. In actual fact you should be very wary of 'commission free' offers because the chances are that you will be offered a worse exchange rate than the bureau itself receives, allowing them to make profit that way. The only way to tell is to ask how many euros/dollars, etc, you will get in exchange for your pounds. Simple as that!

Some companies don't have commission charges – so if their exchange rate is competitive they are worth a look. However, don't rule out those that do charge commission, as their rates can still be more competitive.

Be wary however, of flat fees and minimum charges. Minimum charges make it difficult to change small amounts of money but flat fees can offer good value if you are changing larger sums of money. Watch out for handling fees too, which are normally about £3 but can be higher. Also consider your own bank or building society as they might have preferential rates for their account holders.

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ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

How to Leverage Your Capital In Order to Multiply Your Profits

Many beginning traders don’t fully understand the concept of leverage. Basically, if you have a start up capital of $5,000 and if you trade on a 1:50 margin you can effectively control a capital of $250,000. However, a two percent move against you and your capital is completely wiped out. If you are a beginning trader you should not use more than 1:20 margin until you get comfortable and profitable and then and only then you can attempt to use higher margins.
What does 1:20 margin mean? It means that with your $5,000 you will control a capital of $100,000. Let’s say you are trading EUR/USD and by using our entry strategy you have decided to enter the trade on a long side. That means that you are betting that USD will depreciate against Euro.

Let’s say current EUR/USD rate is 1.305. Again, if your trading capital is $5,000 and you are using 1:20 leverage you will effectively be exchanging $100,000 to Euros. If the current rate is 1.305 you will receive 100,000/1.305 = 76,628 Euros.
If the trade goes in your direction margin will work in your favor and 1% decline in USD will mean 20% increase in your start up capital. So if EUR/USD rate moves from 1.305 to 1.318 you will be able to exchange your 76, 628 Euros back to $101,000 for a profit of $1,000. Since your start up capital was $5,000 it is effectively a 20% increase in your account. However, if the trade went against you and USD appreciated 1% vs. Euro your account would be reduced to $4,000.

[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.


[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
Complete and submit your application online in just a few minutes.

ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

Forex Profits by buying and selling at the same time?

Let's say that a trader enters the market with a buy and sell active when a currency is at a level of say 100. The price then moves to 200. The buy will then be positive by 100 and the sell will be negative by 100. At this point we start breaking trading rules. We cash in our positive buy and the gain of 100 goes to our account. The sell is now carrying a loss of -100.

The grid system requires one to make sure that cash in on any movement in the market. To do this one would again enter into a buy and a sell transaction. Now, for convenience, let's assume that the price moves back to level 100.

The second sell has now gone positive by 100 and the second buy is carrying a loss of -100. According to the rules one would cash the sell in and another 100 will be added to your account. That brings the total cashed in at this point to 200.

Now the first sell that remained active has moved from level 200 where it was -100 to level 100 where it is now breaking even.

The 4 transactions added together now magically show a gain:- 1st buy cashed in +100, 2nd sell cashed in +100, 1st sell now breaking even and the 2nd buy is -100. This gives an overall a gain of 100 in total. We can liquidate all the transactions and have some champagne.

There are many, many other market movements that turn this strange buy and sell at the same time activity into gains. These will be covered in future articles and are covered in a free grid trading course which is available at the expert website for those traders whose curiosity has been aroused.

[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.


[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
Complete and submit your application online in just a few minutes.

ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

New York Governor Signs Indian Cigarette Tax Bill

A New York bill intended to enforce collection of excise taxes on cigarettes sold at Indian-owned stores was signed into law Monday by Gov. David Paterson.

The new law will prohibit manufacturers from selling tobacco products without a state tax stamp to any wholesaler that doesn't certify the cigarettes won't be resold tax-free by New York tribes, a practice that has caused conflict between Indians and the state for years.

"This is a new approach, and we hope it will be the effective approach in terms of fighting this problem," Paterson said before signing the bill during a stop in Utica.

The next step will be for the state Tax Department to establish a certification process for wholesalers within 60 days, the governor said.

"We are trying to alleviate an issue that has existed for a very long time, but we won't be able to alleviate it just today," Paterson said. "This establishes right in the beginning of the process that New York state intends to collect taxes from its citizens who buy cigarettes."

Violators could have their licenses revoked and could be prosecuted criminally for perjury or filing a false instrument, the governor said.

The new law does not address collection of sales taxes or gasoline taxes, said Assemblyman William Magee, a central New York Democrat who co-sponsored the legislation.

The law shifts the collection from reservations to the manufacturing and wholesale level, a tactic that has worked to varying degrees in other states.

While supporters believe collecting taxes from the Indian nations in New York could generate hundreds of millions of dollars, Paterson said the experiences of other states show the figure would probably be slightly more than $62 million a year. The state excise tax is $2.75 per pack.

Convenience stores that operate near Indian-owned land have long complained of unfair competition from Indian retailers.

The tribes see the law as an attack on their sovereignty and financial well-being. The Seneca Indian Nation, which sells more cigarettes than any other New York tribe, urged the governor last week to veto the bill.

"Attacking tax-free commerce in our territories is short-sighted and disastrous for us and all of Western New York," Barry Snyder Sr., president of the Seneca Nation, said Monday.

Snyder said the tribe is exploring its options.

"The issue here is not cigarettes, but the protection of the Nation's treaty rights. We will do what it takes at the right time to protect those rights," he said, adding that Seneca leaders have invited Paterson to come to the Seneca territory to discuss taxes and other issues.

The Oneida Indian Nation, which sells cigarettes and gasoline at a string of stores throughout Central New York, also criticized the law.

"The only thing assured by the bill being signed into law today is ongoing litigation," the Oneidas said in a statement. "None of the State's other efforts to infringe on sovereignty have worked, and there is no reason to believe this will work either. If the State is serious about resolving this issue, it will negotiate with Indian nations rather than constantly attacking them."

Officials have long argued the state constitution and treaties authorize taxing Indian sales to non-Indians and previous governors have announced plans to collect hundreds of millions of dollars in sales and other taxes only to have negotiations with tribal leaders languish.

In 1997, the last time the state tried to collect the tobacco taxes, Seneca protesters used burning tires to shut down a section of the New York State Thruway, which runs through tribal territory in western New York.

Paterson downplayed the possibility of another confrontation, saying this time state officials gave tribal leaders notice about their plan.

"We are not trying to antagonize them as neighbors. We are not trying to create the notion of a threat," Paterson said. "We are holding fast to the notion that we have the right to collect taxes from our citizens buying cigarettes."

In November, authorities in Cayuga and Seneca counties raided two convenience stores operated by the Cayuga Indian Nation in Seneca Falls and Union Springs and seized 17,600 cartons of cigarettes.

Last week, the Cayugas shut down the stores after a state judge ruled the tribe did not have sovereign rights to sell tax-free cigarettes.

State Supreme Court Justice Kenneth Fisher also ruled the counties could pursue criminal tax-evasion charges against the nation. The Cayugas have said they plan to appeal the decision.

The American Cancer Society, the American Heart Association and the American Lung Association of New York called the new law "a huge public health win for all New Yorkers," saying it would reduce the number of people who smoke and lower health care costs from cigarette-related illnesses.

[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.

[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
Complete and submit your application online in just a few minutes.

ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.