Fundamental news can often mark turning points in the sentiment towards a particular currency but its difficult to make these entry or exit points for private retail traders working on time horizons of minutes to days - we’re speculating on exchange rate changes rather than trying to amass currency reserves.
Most traders only pay attention to fundamentals in order to avoid announcements - even if the news is positive for your position volatility and temporarily crazily wide spreads can knock your trade out.
Good to be aware of overall financial market risk tolerance - some currencies go the same way as the Dow, which is often a measure of global risk tolerance.
I like your attitude straight away. You seem to understand that it is a long hard road ahead. That’s good so please don’t get disheartened because all successful traders have been there done that. A professional athlete does not get to that level in five minutes it takes a lot of hard work and time.
Taking notes in a notebook brilliant. Having a record of what you have done and where you want to go is great for motivation and learning.
As far as being globally away I say most definately. I am lucky I love politics and so I follow world politics closely. A lot of the market is controlled by what the political landscape is at any given point in time. Just ask yourself why does the market boom or bust everytime Trump tweets?? Having said that what I have just said about politics is then reflected in the candlesticks.
Good luck you sound like your have the right attitude to succeed.
Hi, every trader have own method how to investing on the forex market. You should try many methods and decide which kind you like. You will investing your hard earned money so you should feel like “fish in the water” with method which you choosing Regards Greg
You have to be aware of upcoming events, as they can seriously skew a market, each week before trading I suggest you read the calendars available, the one on this site, I personally use Forex Factory or investing.com,
The important events that could affect the week are flagged red, and then amber, the red are major factors and can throw the market up or down and depending how the market reacts, your issue as a trader is if that announcement moves the market quickly in the wrong direction it can close your trade out.
My advice if a lot of red activity is showing for a particular currency and your new to trading avoid those currencies, otherwise be prepared to manage your risk if you do trade.