LET’S GET TO

KNOW FOREX

AN INTRODUCTION TO
TRADING CURRENCIES
A GFT EDUCATIONAL GUIDE
gft.com.au / 61 2 9028 7500 / 1800 624 080
WEB/LIVE CHAT SYDNEY MAIN TOLL FREE
 LET’S GET TO KNOW FOREX
AN INTRODUCTION TO TRADING CURRENCIES

4 INTRODUCTION: THE BULLS & THE BEARS

6 WHAT IS FOREX TRADING?

12 WHAT CURRENCIES CAN I TRADE?

14 PIPS, LOTS AND LEVERAGE

16 FOUR STEPS TO MAKING YOUR FIRST TRADE IN FOREX

22 HOW DO I CREATE A TRADING PLAN?

23 HOW WILL I ANALYSE THE MARKETS?

28 GET STARTED WITH GFT

3
INTRODUCTION

Whether you’re a power trader or a financial

newbie, you’re likely to hear just about
anything—market movements, outlooks and
stocks—being described as bullish or bearish.

While traditional bull markets offer traders the opportunity to buy

most financial products and sell them at a higher price, traditional
bear markets have heavy restrictions on shorting, or selling a
financial product to buy it back at a lower price.

Fortunately, there is a financial market called

forex that gives traders the choice to enter a
buy or sell trade whenever they want, without
those restrictions.
LET’S TALK ABOUT THE
BULLS AND THE BEARS.

A BULLISH TRADER A BEARISH TRADER

Buys a financial product to sell at Sells a financial product to buy at
a HIGHER price. a LOWER price.

IN A TRADITIONAL BULL MARKET IN A TRADITIONAL BEAR MARKET

Stocks and bonds are rising in value. Traders buy Stocks and bonds are declining in value. Traders
to enter the market and find profit potential. sell to exit the market and minimise losses. Most
traditional markets don’t allow traders to sell to
enter the market to find profit potential.

IN THE FOREX MARKET

One currency is always strengthening against another (bullish), and therefore, one currency is always
weakening against another (bearish). Because of this, you have equal opportunity to buy or sell to
enter the market.

IT’S TIME TO RETHINK EVERYTHING

YOU KNOW ABOUT BULLS AND BEARS.
You may not realise it, but the bulls
and bears aren’t at odds. In fact, they
represent two opportunities to find profit
potential in the forex market.

5
WHAT IS FOREX TRADING?

Also known as foreign exchange or currency

trading, forex is one of the largest markets in
the world. In forex trading, traders hope to
generate a profit by speculating on the value
of one currency compared to another. This is
why currencies are always traded in pairs—the
value of one unit of currency doesn’t change
unless it’s compared to another currency.

CURRENCY PAIRS APPEAR LIKE THIS: A SAMPLE QUOTE FOR THIS PAIR COULD BE:

EUR/USD 1.3038
The first currency listed The second currency is called The base currency is always worth one. The
is the base currency. the quote or terms currency. quoted price shows how much of the quote
currency you’ll get for one unit of the base
currency. So in this case, 1 EUR is worth
approximately 1.30 USD.
TWO TRADE OPPORTUNITIES

SCENARIO 1: SCENARIO 2:
BUY TRADE SELL TRADE
If you believe the current value of the euro is Conversely, if you think the current value of the
strengthening against the US dollar, you might euro will weaken against the US dollar, you might
enter a trade to buy euros in the hopes that the enter a trade to sell euros in the hopes that the
currency’s value will become stronger compared currency’s value will become weaker compared to
to the US dollar. In this scenario, you think the the US dollar. In this scenario, you think the euro
euro is bullish (and the US dollar is bearish). is bearish (and the US dollar is bullish).

DID YOU KNOW?

The buy or sell action you take to enter a trade always applies to the base currency. The opposite action
automatically applies to the quote currency. So, if you buy the EUR/USD, this means you’re buying euros and
selling US dollars. If you sell the EUR/USD, you’re selling euros and buying US dollars.
7
 SELL

DID YOU KNOW?

When you exchange currencies
while travelling in a foreign
country, you are technically selling
your currency and buying that of
the country you are visiting.

EVEN IF YOU’RE NEW TO FOREX, YOU MAY

HAVE TRADED CURRENCIES BEFORE.

For example, if you’ve ever travelled to another country, you had

to exchange your native currency for that of the country you were
visiting. At that time, you probably realised that your one dollar was
not exactly equal to one unit of the other country’s currency: it’s
value was either more or less.
 SELLING US DOLLARS AND
BUYING JAPANESE YEN

Exchange Rate Difference

$1 = ¥98

BUY

EXCHANGING CURRENCIES ISN’T JUST FOR TRAVELLERS.

THE PRICE DIFFERENCE IS SOMETHING YOU CAN TRADE.

In the global economy, thousands of business transactions take place every day that require organizations to
exchange the value of one currency for that of another. When a United States manufacturer buys Japanese steel,
they need to convert dollars to yen to pay the bill. A British clothing retailer converts pounds to euros to pay for
garments from a French textile company. In every exchange, prices need to be adjusted because one currency is
typically weaker (has less value) while the other is stronger (has more value).

WITH SO MANY CHANGES TAKING PLACE, CURRENCY VALUES ARE RARELY STATIC.
Throughout the course of the day, the value of one currency compared to another can change in response to political
news, economics and interest rate changes. This means that a currency that was weaker than another in the morning
may be stronger by the afternoon. These frequent changes in the value of currency are what drive forex trading and
a trader’s profit potential in the currency markets.
9
 US$819.3 BILLION

DID YOU KNOW?

Forex trading is so popular that
it makes up 95% of the foreign
exchange transactions on the
market. Conversion transactions
only make up a mere 5% of the
forex market.₁
US$84 BILLION

95%
FOREX
LUM
E ME
VO VOLU ME
EX IN IN OLU
FOR TRILLIONAY OND
S ION
BILL Y CKS IN V
4 D B . 3 N
STO 4 BILLIOAY
US$ URS A EEK 819 DA
O
24 H AYS A W US$ URS A EEK 8 D
O US$ URS A EEK
5 D 8 H YS A W O W
5. 8 H YS A
5% CONVERSION
TRANSACTIONS
5 A
D
5 DA

THE FOREX MARKET IS BIG.

REALLY BIG.

While the worldwide bond and stock markets

have a daily volume in the billions of dollars, the
forex market has a daily volume of over US$4
trillion. This leads to more trade opportunities.
₁ Bank of International Settlements Triennial FX Report, 2007
 A high volume helps
traders execute trades that
get them in and out of the
market quickly. This ability
to enter or exit trades
with little hassle is called
liquidity, and it can help
provide you with more
US$4 TRILLION profit potential.

FOREX CAN BE TRADED 24-HOURS A

DAY, 5.5 DAYS A WEEK.

With stocks, bonds and most other financial products that are traded on exchange, you can only make trades during
the exchange’s business hours. Fortunately for forex traders, currencies are free of this restriction and can be traded
day or night—24 hours a day, 5.5 days a week. Here’s why.

At 5pm ET on Sunday evening, financial markets open in the Pacific (Australia, New Zealand, Japan and various
Asian countries). As those begin to close, markets in the Middle East and Europe start to open. When Europe is in
mid-session, financial markets across the Americas open. This pattern continues until 5pm ET on Friday when the
American financial markets close for the weekend. The consistent closing and opening of markets around the globe
provides around-the-clock access to traders, 5.5 days a week. This is why you may hear many people refer to forex
as a global market.

WHO TRADES FOREX?

You’ll hear of everyone from big banks and hedge funds to small- and medium-sized traders talking forex. And since
the markets are open longer than traditional markets, you can trade when it’s convenient for you.
11
 CAD
Canadian Dollar $ £ GBP
Great British Pound

USD
United States Dollar $ ¤ EUR
European Euro

WHAT CURRENCIES CAN I TRADE?

You can trade almost any currency—depending

on which currency pairs your dealer offers. GFT
has over 120 pairs to choose from. As a new
trader, however, you will probably make your
first trades with eight of the most commonly
traded and exchanged currencies in the world.
CHF CHF
Swiss Franc

¥ JPY
Japanese Yen

$ AUD
Australian Dollar

$ NZD
New Zealand Dollar

WHEN YOU START TO TRADE, YOU’LL BEGIN TO RECOGNISE

THE EIGHT MAJOR CURRENCIES BY THEIR CODE.

US D
CURRENCY CODES are always three letters: the first
two identify the country name and the last letter
usually identifies the name of the currency.

The exception to this rule is the Euro (EUR), which is

used in multiple countries in the European Union.
COUNTRY NAME CURRENCY NAME

13
PIPS, LOTS & LEVERAGE

By now, you may feel comfortable and even a little excited about
trading forex: you know who trades it, when they trade it, and what
currencies are available. In this section, we’ll discuss some concepts
you need to know before you trade your first currency pair.

WHY ARE CURRENCY PAIR PRICES DISPLAYED WITH USD/EUR PRICE EXAMPLE
FOUR DECIMAL PLACES?
Nearly all currency pairs display their prices like this. A few,
such as the Japanese yen, display two decimal places. No
matter what currency pair you’re trading, the last number
behind the decimal always represents a pip, the smallest
1.3037
unit price that can change for the currency pair. As you Represents one pip
trade, you’ll track your profits (or losses) in pips.

One unit of movement represents one pip. That may seem small and you may be wondering how forex can be
worthwhile if all you’re speculating on is a small fraction of a currency. Fortunately, forex is leveraged and traded in lots.

WHAT IS A LOT?
In forex, a lot is a standard unit of measurement. At most forex dealers, one lot usually equals 100,000 worth of currency.
Whenever you place a trade, you start with one lot. Fortunately, you don’t need $100,000 in your account to trade the
EUR/USD. Currency pairs usually have a 100:1 leverage ratio. This means you can control a large position ($100,000) with
a small amount of money ($1,000).

Many traders find the leverage that most forex dealers offer very appealing. Nonetheless, you should know that trading
this way can also be risky. It can produce substantial profits as easily as it can cause substantial losses.
SO HOW DO PIPS, LOTS AND LEVERAGE WORK TOGETHER?

Let’s imagine that you just closed a successful, one-lot

EUR/USD trade. You earned 20 pips.
ONE LOT TRADED ON A STANDARD ACCOUNT
Because you’re trading the EUR/USD, that means: (Lot size 100,000 with a 100:1 leverage ratio)

0.0001 X US$100,000 = US$10 per pip

SELL

For your 20 pip trade, you would have earned US$200. +11 PIPS
1.3020
USD/JPY
Not all of the pips you’ll earn will be worth US$10. The
value of a pip depends on the lot size of your trade, how
many lots you’re trading, the currency pair and your
account currency.
+7 PIPS +20 PIPS
-1 PIP

While you can manually calculate this or use online pip +5 PIPS

calculators to learn the value of a pip before you trade, -2 PIPS

most trading applications, like the DealBook® platform, 1.3000

automatically calculate pip values and convert them to BUY

the currency you’re trading.

CALCULATING YOUR EARNINGS

0.0001 X 100,000 = US$10 PER PIP

(ONE LOT)

For your 20 pip trade, you would have earned US$200.

DID YOU KNOW?

At GFT, we offer a wide selection of accounts to meet your trading needs. Learn more about our accounts
and how you can qualify you to receive free tools, news and other premium services by clicking here.
15
FOUR STEPS TO MAKING
YOUR FIRST TRADE IN FOREX

Now that you know a little more about forex,

we’ll take a closer look at how to make your
first trade. Let’s say that you opened an
account with GFT. Before you trade, you need
to follow a few steps.
1 2
SELECT A CURRENCY PAIR READ ITS QUOTE
As you learned in earlier examples, the nature Dealers will often list a price with two
of forex trading is to exchange the value of one different numbers. For example, when you
currency for another. In other words, you will always look up the EUR/USD in GFT’s DealBook®
buy one currency while selling another at the same WEB, you’ll see the forex quote is listed as:
time. Because of this, you will always trade a pair of
currencies. BASE CURRENCY QUOTE OR TERMS
CURRENCY

Most new traders start out by trading the most EUR/USD

BUY PRICE
commonly offered pairs of major currencies, but 1.30 PRICE

you can trade any currency pair you want, as long SELL PRICE
38 40
as you have enough money in your account. For this
SELL BUY
walkthrough, we’ll look at the EUR/USD.

Lots: 1 x 100,000

Example of a EUR/USD quote in DealBook® WEB

The first rate (1.3038) is the price at which

you can sell the currency pair. The second

3
rate (1.3040) is the price at which you
ANALYSE THE MARKET can buy the currency pair. The difference
Research and analysis should be the foundation between the first and second rate is called
for your trading endeavours. Without these, you’re the spread. This is the amount that a dealer
operating largely on emotion. This doesn’t typically charges for making the trade.
end well.

When you first start researching, you’ll find a

wide wealth of forex resources—which may seem DID YOU KNOW?
overwhelming at first. But as you research a particular Spreads will vary among dealers.
currency, you’ll find valuable resources that stand out GFT offers competitive spreads,
from the rest. You should regularly look at current some as low as one pip, on the
and historical charts, monitor the news for economic wide range of currency pairs
announcements, consult indicators and perform other offered. See a complete list here.
analysis activities. We’ll talk more about specific types
of research later on.

17
1234
FOUR STEPS TO MAKING YOUR FIRST TRADE IN FOREX
CONTINUED

4
PICK YOUR POSITION
If you’ve traded stocks, bonds or other financial products, you know that you can usually only speculate on one
direction of the market—up.

Forex trading is a little different. Because you are buying one currency while selling another at the same time,
you can speculate on up AND down movement in the market.

WITH A BUY POSITION,

you believe that the value of the base currency will rise compared to the quote currency. If you’re
buying the EUR/USD, you believe the price of the euro will strengthen against the dollar. In other
words, you believe the euro is bullish (and that the US dollar is bearish).

WITH A SELL POSITION,

you believe that the value of the base currency will fall compared to the quote currency. If you’re
selling the EUR/USD, you believe the price of the euro will weaken against the dollar. In other
words, you believe the euro is bearish (and that the US dollar is bullish).

Let’s see how these would work. Imagine that you did some research and decided to enter a trade.

DID YOU KNOW?

You can start your trading research at FX360.com, a market analysis site featuring GFT’s Directors of Currency Research, Kathy
Lien and Boris Schlossberg. FX360 provides one-stop access to meticulous research, daily commentary on market moves and
trade recommendations. Click here to learn more.
 ENTERING A BUY POSITION ENTERING A SELL POSITION
The current price for the EUR/USD is 1.3038/40. Let’s back up a moment and look at that scenario
You believe that the euro is bullish, so you decide again. Imagine now that you believe the euro is
to enter a buy position for one lot of the EUR/USD. bearish. You decide to enter a sell position for one lot
Because you are buying, your trade is entered at of EUR/USD. Because you are selling, your trade is
the price of 1.3040 to cover the spread. entered at the price of 1.3038.

EUR/USD EUR/USD

1.3038/40 1.3038/40
1.3040 1.3040

EUR/USD EUR/USD

1.3072/1.3074 1.3072/1.3074

1.3040 1.3040

Now, let’s say that later in the day, you You look at your position later in
look at your position. The EUR/USD +32 PIPS the day and discover that the EUR/ -36 PIPS
is now at 1.3072/74. Your trade has USD is now at 1.3072/74. Your trade
gained 32 pips. You decide to close has lost 36 pips. You decide to close
your position at the current sell price your position at the current buy price
of 1.3072 and take a profit. of 1.3074, to cover the spread, and
accept your losses.

0.0032 X 100,000 = Your profit is US$320 0.0036 X 100,000 = Your loss is US$360

* The examples shown here are for educational purpose only.

19
ANTICIPATING, PLANNING AND ANALYSING:
THREE SKILLS YOU NEED TO BECOME A FOREX TRADER

As you can see from the sell example, making

a forex trade can be extremely risky. Like
doing anything that takes risk, however, you
can take precautions to try to minimise its
impact. In forex, there are three skills you
can develop to help you manage your trading
risk: anticipating, planning and analysing.
 ANTICIPATING: HOW DO I HANDLE RISK?

It’s important to realise that even the best forex traders have
losing trades. While you may make some very successful forex
trades, you will also make some losing trades. Fortunately, there
are a number of things you can do to anticipate risk.

1
HELP TO PROTECT YOUR POSITION WITH STOPS, LIMITS AND OTHER ORDER TYPES.
There are a number of order types, such as trailing stops, Parent and Contingent (P&C) and Order Cancels
Order (OCO) designed to help traders manage risk and help to protect potential profits.

2
SET PROPER LEVELS.
You might say that setting a stop is an art; you need to make sure that your stop is set so that your trade
can handle smaller jumps and drops in price while protecting you from losing your shirt if the market
doesn’t go your way. A stop that’s too narrow may lead you to reenter the market, causing you to get
stopped out again. That can cause more damage to your account balance than if you entered a stop that
was too wide or no stop at all.

3
CHECK YOUR EMOTIONS.
Sometimes, the factor that determines how successful your trade will be isn’t the amount of research
you did, but your mindset at the time. As GFT’s Technical Analyst Bradley Gareiss says, “Psychology is so
important that even the best information can be distorted by a poor mindset.” As you trade, try to stay
objective and calm. Even if you have a losing trade, resist the urge to enter another trade to win your
earnings back.

4
CREATE A TRADING PLAN AND STICK TO IT.
A good trading plan is crucial to your trading success. Not only will it help you meet some of your goals,
it will define the way you trade, what you’re willing to risk and how you will protect yourself when a trade
doesn’t go your way.

21
 PLANNING: HOW DO I CREATE A TRADING PLAN?

Face it. Without a plan and a rules-based approach to trading, you

are simply trading by the seat of your pants. It may seem to work for
a while, but self-doubt and/or greed will ultimately get in the way of
being consistently successful.

A trading plan serves as a steady anchor in chaotic markets, helping you forecast when to enter and exit the market. Best of
all, it’s fairly easy to create. The following steps may help you get started.

1
WHEN CONSTRUCTING A TRADING PLAN, ASK YOURSELF:

A Will I trade only one specific E If I trade on a daily basis, how G How will I use stops to help
currency pair or many? many consecutive losses will control my risk?
I tolerate before I stop for the
B Will I trade on a daily basis or day? H Will I have one profit target or
hold my positions for days or multiple targets?
longer? F How will I analyse the
markets? Will I look at news I What kind of profit can I
C How much do I want to make? and other events? Will I reasonably expect to gain?
examine charts and price
D How much am I willing to lose movements?
per trade?

2 3
USING YOUR ANSWERS, WRITE OUT A NOW, COMES THE HARDEST PART — STICKING TO YOUR
SHORT BUT DETAILED PLAN OF ACTION. PLAN. TRY KEEPING A DIARY OF EVERY ONE OF YOUR
TRADES. IT WILL FORCE YOU TO FOLLOW YOUR RULES
AND AVOID IMPULSIVE TRADING AS MUCH AS POSSIBLE.

DID YOU KNOW?

Creating your own trading plan for the first time can be confusing, but don’t worry: GFT is here to help. Give us a
call at 1800 624 080 or chat with us online to set up a personalised trading plan consultation.
 ANALYSING: HOW WILL I ANALYSE THE MARKETS?

You may have found making CANDLESTICK CHARTS

your trading plan fairly easy.

But one question may have had you scratching your
head, “How will I analyse the markets?” One of the most
common ways is through the use of price charts.
Source: DealBook®

WHAT ARE PRICE CHARTS?

Price charts plot the recent prices of a currency pair on BAR & CANDLESTICK CHARTS
a graph and provide a snapshot of market movements Bar and candlestick charts provide an easy-to-analyse
over a particular period of time. appearance that displays detailed information about the
price movements of a currency pair.

LINE CHARTS
Each bar or candle on the chart is defined by four price
Line charts are one of three common chart types that
points (high, low, open and close). The length of the
most traders use. They provide a quick way to view the
bar or candle represents the level of trading activity
changes in price movements over a period of time.
for a specified period. For example, on a chart with a
ten-minute time scale, a bar or candle would represent
all of the trading activity on the market in a ten-minute
period. When the price of a currency pair rises, the bar
or candle appears one colour (usually green) and when
the price of a currency pair drops, the bar or candle
Source: DealBook®
appears another (usually red).

Most traders switch between different time frames so

BAR CHARTS
that they can compare market movements and verify
trends. In DealBook® 360, for example, you can select
to view charts with time frames as small as a tick all the
way up to one year.

Source: DealBook®

23
 ANALYSING: WHAT IS TECHNICAL ANALYSIS?

If you’re familiar with trading other financial products, you know that
traders tend to hold on to their positions for as long as the market moves
their way. When they lose confidence in the market, they usually reverse
their positions quickly.

Technical analysis is the study of repeating

patterns and movements in the market caused
by the pattern-like behaviour of traders. Traders
use technical analysis to monitor the current and
historical price movements of a currency pair, help
determine market trends and forecast potential
entry and exit points for their trades.

Because no two traders are alike, there are hundreds of technical

analysis tools and methods to choose from. Some of the most common are:
 USD/CAD MONTHLY

RESISTANCE

SUPPORT
BOLLINGER BANDS

Source: DealBook® Source: GFT

SUPPORT AND RESISTANCE LEVELS INDICATORS

These levels are price points that the market These display trend lines either over the recent
consistently hits and then reverses its direction. market movements on a chart or in a separate area
Support usually refers to points that the price drops below the chart. Bollinger Bands, Average Directional
to but never breaks through before rising again. Index (ADX) and Moving Averages are all examples
Resistance refers to points that the price rises to but of indicators. Indicators can be either lagging (these
never breaks through before dropping again. analyse past market price movements) or leading
(these forecast future price movements).

PATTERNS
GBP/USD 30 MINUTES
A chart pattern is a series of price points that move in a
particular arrangement and, once completed, forecast
market movements. Some common patterns are flags,
channels and triangles. You can also plot more complex
patterns, such as ABCD patterns or Fibonacci levels.
PRICE CHANNELS

Source: GFT

DID YOU KNOW?

You can access more than 100 technical indicators in GFT’s DealBook® 360 software. But if
CLICK TITLES TO you want to learn more about technical analysis before you use it: get GFT’s two free guides:
DOWNLOAD FREE Riding the Price Rollercoaster, which examines the Relative Strength Indicator and Bollinger
EDUCATIONAL Bands, and Harnessing Market Volatility, which provides more information on various
GUIDES FROM GFT. patterns and indicators. GFT can also help you learn how to understand and apply lagging
and leading indicators in DealBook®. Contact us at 1800 624 080 to get started.
25
 ANALYSING: WHAT IS FUNDAMENTAL ANALYSIS?

Earlier in this guide, you learned that the value of a currency pair
changes in response to news, interest rate changes, government
decisions and other events. As you watch the charts, you’ll notice
that events and news on the state of a particular country’s or region’s
economy can cause currency markets to shoot up or down dramatically.

Fundamental analysis traders track these

political, social and economic forces and then
forecast whether the value of a currency will go
up or down.

Many new traders will develop their fundamental analysis skills by

following news events and scheduled economic announcements. But
there will be times when the price movements of a currency pair won’t
behave as you believe it should based on your fundamental analysis.
That’s when it becomes important to incorporate technical analysis into
your strategy as well.
 TROPICAL STORM
WANDA UPGRADED TO
HURRICANE LEVEL IN
THE ATLANTIC

EUROZONE CONSUME
PRICE INDEX (CPI)
RELEASED

FED RESERVE
CHAIRMAN TESTIFIES
BEFORE CONGRESS

DID YOU KNOW?

As you begin to follow economic announcements, you may understand why some events—like the consumer price
index—may cause markets to move. But you may wonder why it’s important to follow lesser events, like the food
price index. Usually, a major event provides an indication of the state of the economy. But traders follow lesser events
because they provide an indication of upcoming major announcements. For example, a jump in food prices may
mean the consumer price index will jump as well. You can view major and minor upcoming economic announcements
as well as analysis of these events and currency-related news by visiting FX360.com.
27
GET STARTED WITH GFT

OPEN A LIVE ACCOUNT.

With as little as $225, you can start trading forex for real. Deposit more and you’ll get additional trading
tools, news feeds and services from GFT. OPEN NOW.

OPEN A PRACTICE ACCOUNT.

Check out the forex market for free with a GFT practice account. Trade on real-time pricing using any of our
three DealBook® platforms. PRACTICE NOW.

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Let us introduce you to our software, show you how to create a trading plan and give you a tour of FX360.
com, our commentary and analysis website led by Kathy Lien and Boris Schlossberg. SIGN UP NOW.
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product. In Dubai, GFT is the business name of GFT DMCC, where GFT is Registered & Licensed as a FREEZONE Company under the Rules and Regulations of DMCCA, License Number DMCC-31136.
™, ™, GFT™, CFD 360™, Chart Studio®, DealBook®, Foresight-A.I.™, FX 360®, Spread Betting 360™, are either registered trademarks or trademarks of Global Futures & Forex, Ltd., in the
United States and/or other countries. The absence of a name or logo in this list does not constitute a waiver of any and all intellectual property rights that Global Futures & Forex, Ltd. has established in
any of its trademarks, service marks or logos. All other trademarks, service marks or logos are the property of their respective owners. Each investment product is offered only to and from jurisdictions
where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. Trading of foreign exchange contracts, contracts for differences (CFDs), derivatives and
other investment products which are leveraged, can carry a high level of risk and may not be suitable for all investors. It is possible to lose more than the initial investment. The risks must be understood
prior to trading. Past performance is not necessarily indicative of future results. © 2010 Global Futures & Forex, Ltd. All rights reserved. CD03A.092.070810.

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