To achieve good profits in currency trading, the smartest thing you can do Hoaltokd you to update the permanent and immediate follow-up of all the economic news or any kind of news that may impact on the economy. Currency is just paper, they are not worthless. Economy is the institution which contains the work is not the real economy and the currency itself. Thus, anything that affects the economy, will ultimately affect the price of the currency and reduces circulation
currency trading
- Thread starter Joesphli79
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I make a habit of checking the news everyday to see what is up coming on forex factory. Also, Always have the news on in the background. keep ears open for breaking news regarding natural disasters etc.
Well, I trade a lot better after I force myself stop reading news. Of course, I need to know the news time to avoid trading at their period.
It's very handy to be able, through reading and listening to the goings on in the markets, to have a higher probability of what the banks are buying or selling that day.
There is a great deal to be gained from fundamental analysis, I'm not talking hours of research, just get the bones of what's happening, and add this to your method of trading.
There has been a number of times, my method has indicated Trend is Up, but by reading about the actual happening regarding the currency I Judge the trend for that day will be down, not saying I am right all the time, but my point is without that knowledge I would be trading with less in my bag of tools.
You can also find out which currency is strong, for an example, US-EUR, base currency is weak and falling, is that because the dollar is weak or is it due to the EUR being very strong, or in deed both weak and strong, you just don't know these things without the fundamentals.
We all hear so many times how 94% of all traders fail, we also hear that all the fundamentals are absorbed into the markets, and are told there isn't a need for learning the other side (fundamentals), however watch your calendar and don't trade around important fundamental declarations, wait for awhile after the markets have settled down absorbed the news, then away you go, but I ask you, what has just happened ?
Perhaps you see the dollar spike up 100 pips against the Euro, but why, and will it come back again, has the news something to do with weakening the EUR, or strengthening the Dollar, there is allot to be got, allow 20 mins a day reading about the fundamentals regarding the currency your trading that day, do this for one week, you will take that extra knowledge and without even thinking about it add this to your technical analysis. It's not hard and it's habit forming so self effort won't even be required.
I must add I am not nor will I ever be fanatical regarding fundamental analysis, I regard myself as a Technical Trader, but I would be daft to ignore the fundamentals.
Have a Great day
There is a great deal to be gained from fundamental analysis, I'm not talking hours of research, just get the bones of what's happening, and add this to your method of trading.
There has been a number of times, my method has indicated Trend is Up, but by reading about the actual happening regarding the currency I Judge the trend for that day will be down, not saying I am right all the time, but my point is without that knowledge I would be trading with less in my bag of tools.
You can also find out which currency is strong, for an example, US-EUR, base currency is weak and falling, is that because the dollar is weak or is it due to the EUR being very strong, or in deed both weak and strong, you just don't know these things without the fundamentals.
We all hear so many times how 94% of all traders fail, we also hear that all the fundamentals are absorbed into the markets, and are told there isn't a need for learning the other side (fundamentals), however watch your calendar and don't trade around important fundamental declarations, wait for awhile after the markets have settled down absorbed the news, then away you go, but I ask you, what has just happened ?
Perhaps you see the dollar spike up 100 pips against the Euro, but why, and will it come back again, has the news something to do with weakening the EUR, or strengthening the Dollar, there is allot to be got, allow 20 mins a day reading about the fundamentals regarding the currency your trading that day, do this for one week, you will take that extra knowledge and without even thinking about it add this to your technical analysis. It's not hard and it's habit forming so self effort won't even be required.
I must add I am not nor will I ever be fanatical regarding fundamental analysis, I regard myself as a Technical Trader, but I would be daft to ignore the fundamentals.
Have a Great day
Currency trading is a process of buying or selling different currencies form all over the world. The forex market is extremely volatile from where the exchange rates are constantly changing dramatically.
Most investors don’t start trading Forex because they’re bored or enjoy crunching mountains of numbers just for the fun of it. Most Forex traders start investing for one reason – to make money, lots of money.
It is vital that as you begin trading currency you keep your expectations reasonable. Don’t turn in your two weeks’ notice the day you place your first trade, and don’t take out a second mortgage on your house to fund your investments.
Most beginning Forex traders LOSE money. This is one of the main reasons we recommend opening a demo account first. Expect to lose money on the majority of your trades as you begin; however, make sure you evaluate why you were wrong and identify what you can do differently. For example, did you buy too early or sell too late? Or did you misread the impact a certain economic indicator was going to have?
Reasonable expectations will help you not to get discouraged as you start trading currency. This will allow you to avoid getting frustrated and instead learn from your mistakes and keep improving. If you are able to do this, than you can expect to become a very successful Forex trader.
It is vital that as you begin trading currency you keep your expectations reasonable. Don’t turn in your two weeks’ notice the day you place your first trade, and don’t take out a second mortgage on your house to fund your investments.
Most beginning Forex traders LOSE money. This is one of the main reasons we recommend opening a demo account first. Expect to lose money on the majority of your trades as you begin; however, make sure you evaluate why you were wrong and identify what you can do differently. For example, did you buy too early or sell too late? Or did you misread the impact a certain economic indicator was going to have?
Reasonable expectations will help you not to get discouraged as you start trading currency. This will allow you to avoid getting frustrated and instead learn from your mistakes and keep improving. If you are able to do this, than you can expect to become a very successful Forex trader.
Hmmm!
Here's how it works, global cues based on the latest updates/news/events. For example, everytime Saudi Arabia has an issue, oil shoots up. This in turn affects currency rates. So the key is to understand the relationship between global cues and currency rates,
Here's how it works, global cues based on the latest updates/news/events. For example, everytime Saudi Arabia has an issue, oil shoots up. This in turn affects currency rates. So the key is to understand the relationship between global cues and currency rates,
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