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The tips for trading in ranges

How to make the best of a situation where markets are ranging What if the market lacks a trader's main friend, a trend? When the price is moving sideways, trend trading strategies won't do you any good. At the same time, that doesn't mean that you should twiddle your thumbs. The solution is to use special strategies that give you an edge in range trading. First of all, it's important to understand the logic of a range bound market. It's actually quite simple: neither bulls nor bears are able to move the market in their favor by much, so the price consolidates. The period of consolidation may occur after a trend move. In this case, it will be related to profit taking. At the same time, the price may start fluctuating in a wider range due to fundamental, i.e. economic reasons. This can happen when the future is particularly uncertain and market players see contrasting scenarios, both of which are quite probable, so traders are reluctant to make longer-term bets. As a result, the price settles down within a horizontal range. A range trader bets that it will remain there for some time. The process of range trading may be broken into several steps. Step 1. Locate the borders of the range, i.e. the levels of support and resistance that prevent the price from going lower or higher. The previous highs of the price chart should be located in the same area. You should also be able to say the same thing about the preceding lows. Notice that as the market is not perfect, we are talking about areas here. In other words, don't expect all highs to be right at the same horizontal level. The most important thing is that the market shouldn't make higher highs and lows or lower highs and lows because these are the distinguishing features of an uptrend or a downtrend respectively. You can also use the help of Bollinger bands: this indicator provides dynamic support and resistance corridor for the price.  Step 2. The obvious logic of trend trading is that you sell when the price is at the top of the range and buy when it's near the bottom. That's necessary, but not enough for making good entries. To increase the probability of success, use oscillators. Technical indicators of this type show whether the asset in question is overbought or oversold. If the price is near resistance and the indicator sends an "overbought" signal, it's time to think about a sell trade. When the price is at support and the indicator says that the market is "oversold", consider a buy trade. Among the indicators of this sort, we like the Stochastic Oscillator the most as it's visually clearer and easier to interpret.  If you spot a reversal candlestick pattern near the borders of the range, consider yourself lucky: the odds of successful range trade will become higher. A failed attempt to break out of the range is also a sign that the price will likely move to the middle/opposite border of the range. Step 3. At this point, you can make your trade. Don't forget about proper risk management. The natural place for a Take Profit is the opposite border of the range. We also recommend putting a TP not exactly at it but several pips closer to your entry point. This way the probability that the price reaches your target will be greater. The Stop Loss may equal to about half of the range size or less.      Finally, we should mention that it's better to avoid range trading when volatility is high. Think carefully if you see important releases in the economic calendar as they can lead to a break out of a range. In addition, remember that the knowledge of fundamentals will increase your chances of getting profit, so check economic articles to see what's happening at the market and why the price isn't trending. This article was submitted by FBS. ForexLive


The science of day trading

A look at day trading and how to go about it Day or intraday trading is one of the trading styles. It implies that you hold a trade open for a couple of hours on average and close it before the end of the day. The general approach to day trading is different from the shorter-term scalping and the longer-term position trading. In particular, day trading is a good option for you if you like market analysis and are willing to devote time to plan and monitor your trade during the day. All in all, this style is rather balanced in terms of the amounts of patience and emotional resilience you need to possess to do the job well. Let's find out what things you should pay special attention to when you do day trading. The mere definition of this term leaves the door open for various approaches and strategies. Here are the options you have when you day trade: Trend trading. You can catch a rebound from support or a turn down from resistance in line with the overall trend thus increasing the probability of success. Get your hands on multi-time frame analysis (choose timeframes from D1 to M30), basic trend indicators and oscillators as well as some graphical tools like Fibonacci. Don't forget to draw trendlines: this is the simplest step and yet it should definitely be there for you. The mentioned things will help you find the moment when the trend resumes and join in for a short ride on board.Counter trend trading. The price is not always in the pro-trend mode when you open your chart to day trade. As a result, apart from waiting for a trend setup, it's possible to trade on a correction. Make sure you master reversal candlestick patterns, oscillators and different techniques that will help you find support/resistance levels and pick those of them that are really important.Breakout trading. If you pursue this approach, you focus on the most important levels of the price and initiate a trade when the price moves beyond them. The knowledge of s&r levels we mentioned in the previous paragraph will also come in at hand. In addition, you will need to know how to distinguish a real breakout from a false one. Finally, as intraday breakouts are often related to the news, you will need to stay aware of the fundamental picture and monitor economic calendar.   Notice that each approach requires disciplined risk management with some differences in each case. For example, breakout trading will require tighter stops and bigger reward relative to risk. There are many technical indicators and tools that will turn out to be helpful during day trading. ATR (Average True Range) will show the size of a typical price movement on a timeframe and alert you to the increasing volatility. Moving Averages will offer indispensable dynamic support and resistance levels (apply 200-, 100- and 50-period SMA for that purpose). Pivot points and Fibonacci will help you place the position of the price within a trend or relative to the previous price swing. Oscillators will let you know when the market is overbought/oversold/diverges from an indicator so that you could make a decision not to pursue the current move or trade against it. Here are some further tips we can offer: Choose high-liquidity instruments. Major currency pairs often represents the best solution. Don't rush into a trade or trade only for the sake of doing something. There will always be plenty of opportunities to make money, so don't give in to the fear of missing out. Mind the fact that each day won't be like the previous one. Remember that the market's behavior may differ from usual on the day of a bank holiday. Friday evening isn't a great time to start day trading either. Although trading sessions as such are not so visible on Forex, many currencies will still be more active during particular times when other markets of those regions are active. When the volatility is constantly low (the price doesn't move more than 30 pips a day), consider choosing another asset for trading. Have realistic expectations. You won't get a monthly profit for one day, so don't even ponder at this thought. Define your strategy and create a trading plan. Manage the risks and never add to losing trades. Beware of news. Remember that it's quite risky to place trades before or right after the important news releases as the market may behave in the unruly fashion. News trading requires experience and specific strategies. To make a conclusion, the majority of retail Forex traders practice day trading. This is also probably the most natural trading style for beginners. Pick the strategy you like most and bear in mind the recommendations of this article. We wish you lots of profitable trades! This article was submitted by FBS. ForexLive


What can Long-term Value Investors Learn from Traders?

While its a little quiet here during Asia a spot with some interesting reading. Its a pretty quick read, broken into bullet points (so even traders can read it ;-) )  A taste: While I believe that the success rate in trading is less than that in long-term value investing (and this belief is debatable), I also feel that good traders are far more detached than value investors.What do I mean by "detached?" By the term detached I mean the willingness to be objective about the situation. This means first acknowledging that all trading is probabilistic and there are no sure things and what should work often doesn't. The same, by the way, is true about investing.Recognition of this reality makes it easier for a trader to quickly change his mind when evidence tells him that he is wrong. here is the link for the full piece  Agree, disagree? Comments welcome! ForexLive


Stay afloat, don't drown: Top FX tips

With the launch of a brand-new FX offering that promises huge cost savings for traders, TIOmarkets has put together the 4 surest ways to keep your trading costs low and your potential for profit high Traders often come across what they associate as 'endless possibilities' in the world of trading. Interestingly enough, displayed across the bottom of most retail trading sites is a disclaimer that reads something like, "76% of retail investor accounts lose money when trading". The number for each broker is different - it's based on the performance of their clients - but it's usually pretty high, ranging from the high 70s to the 90s. That's why choosing the right broker is the only way to stay one step ahead. Brand-new FCA-regulated, innovative FX firm, TIOmarkets, has put together a guide on how to keep trading costs to a minimum amid an incredibly volatile market. From commissions to spreads, to account funding and withdrawal policies, all of these factors have a say in how much you lose and how much you earn. TIOmarkets is launching full throttle onto the forex scene on the 28th of May, fully loaded with its unique subscription packages. But, to get started, here are some basic rules that can save you potentially thousands of dollars on the cost of trading. Rule #1 - Keep your commissions low For every transaction that takes place, the broker will charge a commission. From the moment a position is open, the first thing that is deducted from the trader's account is the commission the broker charges. In order to make a profit, the position should move in the right direction by minimum the amount taken for paying the broker's commission. But the trader should remember that commission goes up with volume! The bigger the volume traded, the higher the absolute commission charged. In other words, if a person trades 0.1 lots and their commission is 0.9 USD, on one lot, they can expect the commission to be proportional. While commissions cannot be escaped, given that brokers will naturally need to charge something for their services, traders should learn how to interpret a commission and incorporate it as a regular cost that comes with any transaction. At TIOmarkets, their best and most elite subscription takes zero commissions for a small monthly fee. Meaning the trader only pays once, and then never has to factor in commissions for any of their trades for a whole month. Rule #2 - Find a broker with low spreads Low spreads = more money for the trader. Even without commissions factored in, the trader will start every trade "in the red", or making a loss. In order for a trade to become profitable, the trader needs to cross the spread in the direction they are trading. For example, if you buy EURUSD at 1.23150 and their spread is 1 pip, they need to wait for the price to move up to 1.23160 for them to break even and not be losing on their trade. For this reason, lower spreads are important to move out of the red and into the profit zone quickly and more often. It's especially important for day traders and those who open and close multiple positions per trading session. Be careful though, as many brokers who advertise "low spreads" compensate by charging high commissions on each trade, or by requiring a high-deposit account. No-nonsense FX firm, TIOmarkets, is offering the same low spreads to everyone, and don't sneak in hidden charges either. Their trading fees are some of the lowest on the market. That's low spreads across all major, minor and exotic currency pairs. Rule #3 - Do your homework As mentioned above, there's no point being sold on "low spreads" or "low commissions" only to be hit with high and unexpected charges somewhere else. Traders must do their research. In order to consistently perform as a trader, they'll need to understand all of the charges involved. Traders are encouraged to know exactly what charges they're in for - spreads, commissions, deposits, withdrawals, support - be in the know to avoid being suddenly short on balance. Once the trader has done all of their homework, signed up for a demo account, done their practice, and, most importantly, put a trading plan in place, it's time to go live. Once the trader is on the right track, it's time to start trading with real money. Although, it's strongly advised to start small when going live! Make a deposit, a few trades, and a withdrawal to uncover any hidden charges. TIOmarkets promises no hidden charges. Instead, they're offering one low monthly fee in return for huge cost savings on the other side, and other exclusive benefits. Rule #4 - Find a reputable broker Forex trading is booming. And while the number of online and mobile trading platforms continuously increase, we slowly see the barriers to entry decrease. And this is the exact reason why partnering with a reputable broker is crucial, because it's the only way for a trader to protect themselves against malpractice that could wipe out their account. It's no secret that the unregulated forex market is full of bad actors who are looking to profit by offering a poor or rigged service. These brokers are able to manipulate prices and spreads to ensure traders don't make a profit, or find reasons to withhold their withdrawal. Traders are encouraged not to fall for the scams scattered across the forex market. If it seems too good to be true, it probably is. So once traders have researched and compared the market, no doubt they'll stumble upon TIOmarkets. The fresh new firm, TIOmarkets UK Ltd, holds a license from the UK's Financial Conduct Authority (FCA). So now traders can trade with confidence and with no compromise on trust, security and transparency. Navigate your way to profit It's turbulent waters out there. If a trader isn't careful, they'll be drowning in a sea of unwanted charges. Instead, traders are encouraged to come up for air, fill their lungs, and trade with a broker they can trust. TIOmarkets is a regulated broker offering unique FX and CFDs trading subscriptions and a treasure-chest of benefits for one low monthly or quarterly fee. Winning with their best plan, VIP Black This subscription offers: 0 CommissionsPay nothing in commissions, no matter how large your volumes or how frequently you trade. Low SpreadsUnlike other "0 commission" brokers, they don't squeeze you with higher spreads to compensate. Zero commissions, low spreads, no trade-off. TIOreimburse - Get 50% back of your first depositIf a trader is stopped out within one month of signing up to trade with TIOmarkets, they'll give you 50% back of your initial deposit, no questions asked. TIOshield - Your trading armorFor when trades go wrong, they offer an insurance service that lets you reverse bad trades within 60 minutes in order to get your money back. And much more. Start Saving - 3 Months Free OfferTIOmarkets is celebrating with three months free of their best package, VIP Black, to the first 10,000 sign-ups. That's $150 of immediate savings, plus untold other savings depending on your trading volumes. But hurry, the clock is ticking! They'll soon be closing their 3-month free exclusive trading offer and officially open the doors for trading. ForexLive When do the doors open for trading? TIOmarkets will cut the ribbon on the 28th of May! But they've got even more good news ladies and gents, they'll be unveiling their impressive new website on the 20th of May whereby traders will have an exclusive look at the company's offerings and the chance to play around. Sign up here for their straight talking, no-nonsense trading. You're guaranteed a number of reasons to smile.


Top habits of successful traders

Your habits will determine your success It's always wise to get the best of the other people's experience. Trading is no exception. They say that it takes doing something for 21 days in a row to form a habit. Isn't it time to get going? Below you can find a list of recommendations that will have a positive impact on the results of your trading. 1. Set goals It's hard to invent something better than a goal-driven approach. Make sure though that you set yourself the right kind of goals. We don't recommend you to have a daily profit target: a day may be full of interesting profit opportunities or it may not. If you try to reach some specific amount of profit every day, you will feel loads of the unnecessary stress. The odds that you will hate trading at some point will get high in this case. Consider having monthly and annual targets instead. They will be able to keep you motivated and help you track your performance without too much pressure. Make sure that setting a goal is not a one-time event for you. Work with your goals on a constant basis.   2. Keep a journal It's a piece of advice you will find everywhere. Yet, it's not possible to omit this point. After all, your own experience is the key source of your knowledge about the market. As a result, it's necessary that you make the most out of your past trades, no matter good or bad. A journal will help you to keep track of your successes and mistakes and improve. 3. Manage your risks If you want to stay in the market for a long time and capitalize on your trades, then risk management should be your key habit. Check that your risk exposure is reasonable in every trade. Never make trades with random parameters. Always control your position size and your risk/reward ratio. 4. Control the time you spend on trading This is important especially if you are a full-time trader. The longer you sit in front of the monitor, the lower your ability to remain in attention and think clearly will become. Get used to assign yourself specific time intervals for trading. This will help you achieve the maximum efficiency in trading and manage other tasks in your life as well.  5. Change your environment Routine can be a mood killer for everything. When you are a trader, you can enjoy a certain level of mobility, so make sure that you change your position in space from time to time. 6. Use the weekends The end of the week is a great time. Use it not only to restore energy and spend time with your loved ones but also to review the past trades and strategize ahead of the new week. It's a great idea to devote an hour on Saturday or Sunday to looking at the weekly charts, checking the upcoming events in the economic calendar and reading financial media. Be prepared! This way you will feel confident and ready to act on Monday. 7. Socialize Trading can be quite lonesome when you are focused on your ideas and strategies. Take time to communicate with other traders. This will broaden your horizons and bring you the joy of interacting with others. Nowadays there are plenty of social media and platforms that will help you accomplish this task.  8. Keep learning Even if you understand that learning is a lifelong process, you should be very practical about it. Assign a fixed amount of time a day or a week to some educational activity, for example, attending a webinar, reading a textbook, completing a distant learnings course. This way learning won't be just an abstract idea for your and you will really improve your trading skills. It's not easy to develop good habits. Don't think of the tasks above as something unpleasant. Think of them as things that will make your life easier. If you embrace them without resistance, you will see that your trading becomes more consistent and successful after 21 days or likely even earlier. This article was submitted by FBS.


Central bank comments: All are reported, but not all are important

Learning to assess central bank focus In George Orwell's animal farm one of my favourite lines is 'all animals are equal, but some animals are more equal than others'. It is a phrase that encapsulates a critique of communism, namely the inherent corruption of the human soul. What started as an ideal sharing of all, becomes a tyranny no less wicked than the one it sought to replace. So, how does this relate to trading? Not all central bank comments are equal The latest RBA minutes reminded me how much it helps those starting out on their trading journey to realise this point: All central banks comments are reported  but not all central bank comments are equal The RBA's focus With the RBA their focus is made clear at the end of their statement on Monetary Policy. See here for the full report. Their focus is here at the bottom of the report, here. Labour market is their key focus, and so it should be ours too. By knowing what the RBA are looking at, we see some of their triggers that will impact their monetary policy. Strong jobs, bullish. Weak jobs, bearish. The bank is focus, the market is focused, so this means greater impact on the employment data release.  Employment data  So, armed with this knowledge we can know that the employment data out next week on Thursday May 16 will be key. The central banks focus, should be our focus. All  central banks comments are reported  but not all central bank comments are equal. Have a great day folks :-) ForexLive


Analyze this: 5 tips for good market analysis

How to evaluate the market Trading is a process that can be broken in 2 stages: market analysis and the trade itself. To the latter we attribute things like opening an order, choosing position size and making sure that your actions conform to the rules of risk management. This part of the process is very important. However, you shouldn't underestimate the relevance of market analysis as well. In this article, we have gathered recommendations regarding the fundamental and technical analysis of the currency market. Tip 1. Analysis first, trading second  It often happens that those who only start their trading career form some random trade ideas in their minds and then start looking for the arguments that would justify their thoughts. This is a very wrong approach. It's the market analysis that should provide you with trade ideas and not the other way round. When you reverse this order, you lose the ability to think objectively. You will interpret everything you see on the charts as confirmations of your initial idea. There's no point in such analysis because it doesn't really prove that this idea was good. Make sure that when you approach the market you have as clear and free mind as possible. This will allow you to grasp the real profit opportunities. Tip 2. Confirmations Once you have the idea, make sure that it's valid. Of course, there's no way to be 100% sure that a trade will bring profit. Yet, it's possible to increase the probability of success. Most trading systems are based on the simple principle: there's a certain sufficient amount of clues you need to gather in order to adopt a trade idea. Each trader has his/her own view on what "sufficient" is. In our opinion, at least 3 clues are necessary and these clues have to be of different nature, for example, a clue from price action, a clue from a technical indicator and a clue from fundamentals. Tip 3. Fundamental or technical approach? There are still a lot of people who like debating which type of analysis is better. At the same time, ask yourself a question: should we really set limitations here? After all, these types of analysis are very different. The fundamental analysis represents the study of the forces that are driving the market. These drivers become very important when you trade trends. On the other hand, fundamental analysis won't allow you to make precise market entry, while often enough every pip counts. That's where the technical analysis chimes in. It also offers visual insights in the psychology of market players. For example, a "Head and Shoulders" pattern clearly shows that bulls lose their ability to push the price higher. Many traders recognize this distinctive shape of the price action and act accordingly thus making the pattern a self-fulfilling prophecy. So, seeing merits in both fundamental and technical analysis, we propose an evident solution: combine the two! You may say that that's too general a recommendation and you will be right. How about the following scheme: for short-term trades, make your decision based on technical analysis but consult fundamentals in the economic calendar as they can make a big impact on your trade; for longer-term trades, use fundamental analysis to identify a trend to follow and then apply technical analysis to find good entry and exit levels. Tip 4. Multiple timeframes save the day Some traders go as far as to perceive timeframes as different trading instruments. Don't make this mistake! Timeframes represent merely a set of lens for different perspectives and allow a trader to get a better look at the market. Alexander Elder has established a classic approach by introducing a triple screen system that uses 3 timeframes. A trader should start with a bigger timeframe (locate the overall trend), then switch to a smaller one (find the point where a counter-trend move ends) and finally open the smallest timeframe (make a precise entry). In any case, going from a larger timeframe to a smaller one is the correct approach because otherwise you will risk falling victim of the situation we described in tip #1. So, no matter whether you are a scalper or a position trader, make sure you reap the benefits of analyzing several timeframes. Tip 5. Remember about correlations      Forex market doesn't exist in the void. Remember that currencies represent just one of the ways for investors to store their funds, for speculators to get profit and for hedgers to protect themselves from big changes in the exchange rates. As a result, currencies compete with other assets, such as stocks and commodities for public attention. The prices of other instruments are denominated in currencies and this forms yet another tie (that's why gold/oil are so sensitive to the dynamics of the USD). Finally, currencies are naturally connected to the performance of respective economies. The latter interact as well, so no wonder that problems in China will pressure the AUD: China is Australia's key trading partner.  As a result, it's necessary to have a broad view of the market, follow the general newsflow related to currencies and global economy and be aware of especially strong direct and inverse correlations. Examples of direct correlation: AUD/USD and NZD/USD, XAU/USD and XAG/USD. Example of inverse correlations: EUR/USD and USD/CHF.        All in all, market analysis should be an area of constant improvement for a trader. It's a key skill both to make your own trades or to evaluate the ideas of others. Check Forex news and market commentary at FBS website: we surf through tons of info to serve you the brief and sharp summary of the most important things. Good luck in your market analysis and trading! This article was submitted by FBS.


Choosing a forex third-party signal provider

What to look out for in a forex third-party signal provider? When choosing a third-party signal provider for your forex account you need to be careful. Here are a few tips and things to look for when making your decision. With the growing popularity and easy access to the foreign exchange market, more and more people are drawn to it as their financial vehicle of choice. Along with this popularity comes all the extras.  This includes all kinds of software, trading systems for sale, books, videos, and third-party signal party providers. Today this article is going to touch on a few points when seeking out a third-party forex signal provider. What is a third-party signal provider? Before we get into choosing a provider we need to have a good understanding of what a third-party signal provider is. A signal provider is a trader or analyst that generates trades that in turn get placed on your account. You can have several signal providers trading your forex account or just one.  Like anything else, all third-party signal providers are not created equal.  At first glance a trader may look like a home run. That same trader may well end up completely torpedoing your entire account in one afternoon.    To help make sure this doesn't happen we'll set down a few guidelines. These guidelines will give us something to look for when choosing our third-party signal provider. 1.  The first thing to look at is weather the trader is a winner or a loser. This may seem obvious to nearly everyone, but often it's normal to see losing signal providers with 50-100 people trading their signals. 2.  The next thing to look for is how long they have been a winner. If a trader has been winning for a week that means nothing. We recommend that you don't trade any signal provider with less than a few months of results to show you. Anyone can place a few good trades one week and get lucky. If you are going to be trading this trader's signals they need to be established. 3.  Look at the max draw down. This is the largest peak to trough draw down in equity that the trader has historically had. Some traders refuse to take a loss. This causes them to hold on to losing trades forever or until they turn to a winner. Turning a loser into a winner sounds great, but it will eat up a huge chunk of margin and may never turn around. If it doesn't turn in your direction, you will have your entire account destroyed by a trader that could have taken a 30-pip loss but held on until it was an 800-pip loss. 4.  The first three are easy to look at. They will be displayed right on the main screen of signal providers to choose from. Once you get a few signal providers you are thinking of using, it's time to dive a bit deeper into their history. a) Look at their actual trades. Do they have a good win rate because they have opened a ton of trades all at the same time on the same currency pair? They may have 20 winners in a row.  This looks great, but if you look a bit deeper you will see that its really only 1 winning trade places 20 times. Not as impressive is it? b) Look at their draw down on individual trades. Do they let a trade go 300 pips against them and then close it out when it hits 5 pips of profit? This is a trader who lets their losses run out of control and cuts their winning trades short. It's not a trader that you want in control of your money. c) Do they add to losing positions? A trader who constantly adds to losing positions hoping it will turn for them is not someone you want trading your account. 5.  Choose a signal provider that suits you. Some traders may provide larger returns over time, but take bigger risks leading to bigger draw downs. This might be OK with you. If you are more conservative and cannot stomach large drops in equity you probably should choose a more conservative trader.  These are just a few things to look for when choosing a third-party signal provider to trade your forex account. You should always trade a demo account before opening a live account with real money. Remember it's your account. In the end you choose the signal providers, and you are responsible for what happens. This article was submitted by UBCFX. ForexLive


Trade the electric and self-driving car revolution

Here's what you need to know about the big change in the auto industry We are at the gates of probably the most significant transport revolution in history. Tesla, Toyota, Volvo, Renault, Apple, Google, and Nvidia - all these companies will be affected by the technological innovation that will come to life. You can trade the companies directly involved in the electric and autonomous car race with SimpleFX WebTrader. Follow the news, and make sure you have your account funded and ready to open the right position when the decisive news arrives. Autonomous vehicles are just behind the corner. Elon Musk, Tesla's CEO predicts we are "probably two years from now we'll make a car with no steering wheels or pedals," while Reuters reveals proof of Apple's advanced engagement in the self-driving car race. At the same time it more and more electric cars are being sold globally. Of course, the combustion dominance is still a fact, but no one knows when the electric vehicles will reach a critical mass, and replace traditional automobiles. Did Apple join the race? A minimum of four companies has been in talks with Apple as the potential suppliers for next-gen lidar sensors for self-driving cars, according to a news story by Reuters. Apple is assessing the technology from the companies as well as developing its units, according to insider information from three people. This effort to develop sensors shows Apple's desire to create the hardware that's needed to guide self-driving vehicles, joining car manufacturers as well as investors in a race to uncover the best new technologies. This gives fresh evidence that Apple continues to have desires to get into the self-driving vehicle race, also known as Project Titan within the company. The focus of the talks is the next-generation sensor which gives a 3D view of the road. Elon Musk, chief executive of Tesla Inc, said that self-driving "robotaxis" would be available in some US markets next year. He continues his habit of making bold announcements, which excite investors yet often fail to meet their deadlines. Microchips and sensors A crucial part of his new claim is a microchip designed for autonomous vehicles that he unveiled on Monday in a web-broadcast presentation. The chip, which is made by Samsung Electronics Co. Ltd. in the U.S. state of Texas, is hoped to give an edge to Tesla against its rivals, showing its substantial investment in self-driven vehicles. The exec has described it as "basically our entire expense structure. Musk reiterated that this new chip is the best in the industry as it is dedicated solely to autonomous driving, whereas others, such as Nvidia Corp, has developed chips for multi-function use. Musk began pushing the model and its potential after his launch at the event with technical descriptions in great detail of the progress Tesla has made on software and hardware by top execs. Car manufacturers globally, start-ups and large tech companies are working on self-driving, including Uber Technologies Inc. and Alphabet Inc.'s Waymo.  However, experts claim that it is years yet before these systems are set to go. Observing the upcoming tech revolution is a fascinating thing to do. Additionally, you can capitalize on the knowledge you acquire reading about it. Prepare your SimpleFX account for the next groundbreaking news. Make sure you star all the companies involved and have some funds ready to make the right order.This article was submitted by SimpleFX. ForexLive


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