EUR/NOK Spread Betting
Where Can I Spread Bet on EUR/NOK? |
At the moment, investors are able to speculate on EUR/NOK by trading with any of these spread betting providers:
Advert:
EUR/NOK Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on EUR/NOK with
Financial Spreads.
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Where Can I Spread Bet on EUR/NOK for Free? |
Investing in the financial markets always has risks. Having said that, if you want to try an entirely free Practice Account, that lets you try spread betting, then see below for more details.
When deciding which investment option is right for you, don't forget that in the UK, spread trading is currently free of stamp duty, capital gains tax and income tax*.
Assuming you want a low cost spread betting site, note that you can take a view on EUR/NOK without having to pay any brokers' fees or commissions through companies such as:
If you want to have a look at a completely free Demo Account where you can get to grips with spread betting on markets such as the DAX 30, GBP/USD and EUR/NOK, then you could always have a closer look at:
The above companies currently offer a risk free Test Account that lets users apply an array of trading orders, test new trading ideas and check charts.
Where Can I Find Live Spread Betting Prices and Charts for EUR/NOK? |
The following CFD trading chart and prices offers you a useful look at the EUR/NOK forex rate.
The Plus 500 chart above normally follows the near-term EUR/NOK futures price (not the spot price).
To analyse real time financial spread betting charts and prices for EUR/NOK, you might need a spread trading account.
A spreads account would also let you trade on the short term daily markets. Please note that all accounts are normally dependent on credit, status and suitability checks.
Should your application be accepted, you will be able to log on and make use of the prices/charts. These are normally free. So what's the catch? You could receive an occasional sales call or newsletter from your chosen online spread betting provider.
Of course, if you want to trade then remember that CFDs and spread trading do involve a high level of risk to your funds and it is possible to incur losses that exceed your initial deposit.
Advanced Charts for EUR/NOK |
Although charting software and packages tend to differ between firms, in order to help your trading analysis, they usually have valuable features, including:
- A wide range of intervals such as 30 minutes, 4 hours, 1 week etc
- A variety of chart types such as line charts and candlestick charts
- Tools for drawing features such as Fibonacci fans, arcs and time zones
- Technical indicators and chart overlays such as Moving Average, RSI, True Strength Index etc
Charts on Capital Spreads also have advanced features such as:
- BackTesting tools
- Custom email notifications when a market hits a specific price
Example Financial Spreads FX chart
The spread betting firms in the following list offer their users real time trading prices/charts:
How to Spread Bet on EUR/NOK? |
As with a wide variety of markets, you are able to place a spread bet on forex rates, like EUR/NOK, to go up or down.
Looking at a site like Capitalspreads, you can see that they have put the EUR/NOK Rolling Daily market at kr 7.41041 - kr 7.41541. This means an investor could put a spread bet on the EUR/NOK pair:
 Rising higher than kr 7.41541, or
 Falling lower than kr 7.41041
When financial spread betting on EUR/NOK you trade in £x per point where a point is kr 0.00010 of the pairs movement. As a result, should you choose to risk £5 per point and EUR/NOK moves 27.0 points then that would change your bottom line by £135. £5 per point x kr 0.00270 = £5 per point x 27.0 points = £135.
Rolling Daily FX Markets
One thing to note is that this is a Rolling Daily Market which means that there is no predetermined closing date for this market. If you decide to leave your trade open at the end of the day, it will just roll over into the next trading session.
If you allow your forex trade to roll over then you'll be charged a small overnight financing fee. For a worked example please see Rolling Daily Spread Betting.
EUR/NOK Rolling Daily - Forex Trading Example |
Now, if you continue with the above spread of kr 7.41041 - kr 7.41541 and assume that:
- You have completed your analysis of the forex markets, and
- Your analysis leads you to feel that the EUR/NOK market will rise above kr 7.41541
Then you might choose to go long of the market at kr 7.41541 for a stake of, for the sake of argument, £2 per point.
With such a spread bet you win £2 for every point (kr 0.00010) that the EUR/NOK rate increases higher than kr 7.41541. Conversely, however, you will lose £2 for every point that the EUR/NOK market moves below kr 7.41541.
Looked at another way, should you buy a spread bet then your P&L is calculated by taking the difference between the final price of the market and the initial price you bought the market at. You then multiply that price difference by your stake.
With this in mind, if after a few hours the forex rate rose then you might want to close your position and therefore lock in your profits.
So if the market rose then the spread, determined by the spread betting company, could be adjusted to kr 7.42357 - kr 7.42857. To settle/close your trade you would sell at kr 7.42357. So, with the same £2 stake this trade would result in a profit of:
Profit = (Final Price - Initial Price) x stake
Profit = (kr 7.42357 - kr 7.41541) x £2 per point stake
Profit = kr 0.00816 x £2 per point stake
Profit = 81.6 points x £2 per point stake
Profit = £163.20 profit
Speculating on currencies, by spread betting or otherwise, is not easy. With this example, you had bet that the forex pair would rise. However, the currency rate can also go down.
If the EUR/NOK rate dropped then you could close your trade in order to restrict your losses.
So if the market dropped to kr 7.40651 - kr 7.41151 you would settle your trade by selling at kr 7.40651. As a result, your loss would be:
Loss = (Final Price - Initial Price) x stake
Loss = (kr 7.40651 - kr 7.41541) x £2 per point stake
Loss = -kr 0.00890 x £2 per point stake
Loss = -89.0 points x £2 per point stake
Loss = -£178.00 loss
Note: EUR/NOK Rolling Daily FX market taken as of 11-Sep-12.
Advert:
EUR/NOK Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on EUR/NOK with
Financial Spreads.
|
Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'EUR/NOK Spread Betting' by DB, updated 17-May-13
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