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Forex Trading and Artificial Intelligence: Interview with Steve Rich, the CEO and founder of Steve Rich FX

Artificial intelligence-led solutions lower the risk of failure

Forex Trading and Artificial Intelligence: Interview with Steve Rich, the CEO and founder of Steve Rich FX

NEW YORK (UnitedStatesForex.com) – The use of artificial intelligence has become increasingly widespread in foreign exchange market over the last few years. The foreign exchange or forex market is the biggest financial market in the world. Artificial intelligence (AI) is wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence, including use of algorithms that analyze the forex market and provide tips on how to enter the best forex trades. “Many companies have turned to artificial intelligence to lead foreign exchange processes, as the forex market continues to grow, and one major reason for this is the use of the latest technologies,” says Steve Rich, the CEO and founder of Steve Rich FX. He is a veteran in the Forex and Commodities Industry, with 38 years of experience, and one of the first international commodities traders to visit Turkmenistan. We reached out to Steve Rich to get to know him and get feedback on latest artificial intelligence (AI) updates.

The Forex Market Has A Daily Volume Of $6.6 Trillion

Forex is a trading ‘method’ also known as FX or and foreign market exchange. Those involved in the foreign exchange markets are some of the largest companies and banks from around the world, trading in currencies from various countries to create a balance as some are going to gain money and others are going to lose money. The basics of forex are similar to that of the stock market found in any country, but on a much larger, grand scale, that involves people, currencies and trades from around the world, in just about any country. Along with artificial intelligence (AI), Steve Rich claims that almost all traders in the forex market these days know about the potential of cloud computing technology, as cloud computing is a cutting-edge technology, over 90% of early cloud adopters claim that cloud technology will play an important role in the Artificial Intelligence initiatives in the coming years. Steve Rich explains that “the union of artificial intelligence and cloud insures to be a means to accelerate change. The forex market has a daily volume of $6.6 trillion. When so much money is at stake, it is natural for forex market participants to develop tools that help to reduce the risk and increase the accuracy.” One solution proposed by Steve Rich is that innovative artificial intelligence technologies will enable forex traders to analyze volumes of data easily, and simplify the forex trading processes, including constantly tracking of their performance in real time.

The Artificial Intelligence Technologies Are Bound To Evolve With Time

Different currency rates happen and change every day. What the value of the dollar may be one day could be higher or lower the next. The trading on the forex market is one that you have to watch closely or if you are investing huge amounts of money, you could lose large amounts of money. The main trading areas for forex, happens in Tokyo, in London and in New York, but there are also many other locations around the world where forex trading does take place. The most heavily traded currencies are those that include (in no particular order) the Australian dollar, the Swiss franc, the British pound sterling, the Japanese yen, the Eurozone euro, and the United States dollar. You can trade any one currency against another and you can trade from that currency to another currency to build up additional money and interest daily. The areas where forex trading is taking place will open and close, and the next will open and close. This is seen also in the stock exchanges from around the world, as different time zones are processing order and trading during different time frames. The results of any forex trading in one country could have results and differences in what happens in additional forex markets as the countries take turns opening and closing with the time zones. Exchange rates are going to vary from forex trade to forex trade, and if you are a broker, or if you are learning about the forex markets you want to know what the rates are on a given day before making any trades. According to Steve Rich, the artificial intelligence technologies are bound to evolve with time and cloud platforms will switch from the level of basic support for artificial intelligence capabilities to a much flexible model where artificial intelligence programs are as widely supported as web and databases function today. The stock market is generally based on products, prices, and other factors within businesses that will change the price of stocks. If someone knows what is going to happened before the general public, it is often known as inside trading, using business secrets to buy stocks and make money – which by the way is illegal.

A Giant Amount Of Investment On The Capabilities Of Artificial Intelligence

There is very little, if any at all inside information in the forex trading markets. The monetary trades, buys and sells are all a part of the forex market but very little is based on business secrets, but more on the value of the economy, the currency and such of a country at that time. Every currency that is traded on the forex market does have a three letter code associated with that currency so there is no misunderstanding about which currency or which country one is investing with at the time. The euro is the EUR and the US dollar is known as the USD. The British pound is the GBP and the Japanese yen is known as the JPY. The artificial intelligence-based tools will use predictive analytics and machine learning to predict market movements. The AI tools use historical data and complex algorithms for real-time data analytics. Forex Traders can use artificial intelligence predictions to design their long-term strategies, including customizing of algorithms based on risk level and preference. The artificial intelligence-based predictive analysis can also assist traders with real-time pricing data. To get time and information to adjust positions accordingly in order to avoid or minimize losses in the forex market. According to Steve Rich, artificial intelligence and real-time data analytics, forex traders get the data that is relevant to them and the analyses of the data.Steve Rich claims that with streamlined data and real-time data analytics, forex traders are able to spot problems quickly and adjust their position accordingly. “We have seen a giant amount of investment on the capabilities of artificial intelligence in the cloud platforms in the last few years. With tech-giants leading the charge. This has led to the development artificial intelligence-led solutions that not only make it easy for traders to execute transactions but also lower the risk of failure,” Steve Rich concludes.

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Written by Lynn Cervantes

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