How can I get the latest news or info that can help me to make the right decisions when trading?
forexfactory.com
yahoo finance
etc…
I visit forexfactory and investing.com
Thanks a lot you guys…I appreciate
Always before looking for answers, make sure you’re asking the right questions.
Why would the latest newsflow be important for trading decisions? Probably because you either wish to trade intra-day based on the news or because news will impact your short-term stop-losses.
Either way, assuming you’re a new trader, I think you’re going to be in the wrong track and finding efficient newsflow sources is only going to make things worse.
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So,I should not use info from the news? Also,it seems like you’re not an intraday trader. So, do you mean that the news doesn’t affect your trades because you trade for longer periods of time?
Fundamental issues, including news, affect prices. But if you check the charts for what you’re hoping to see you will notice when price starts to do what you want and other TA features such as MA’s, indicators etc. start to confirm these things.
If news doesn’t move price, why wold you be interested to collect it?
Yes, I only trade long-term and usually find news has a neutral to positive effect on my positions. Rarely seriously negative. But depending on risk tolerance some traders will like to get out ahead of interest rate announcements, especially in thinner currencies like AUD and NZD. But then these are subject to data very few people watch anyway, like Chinese warehouse capacity etc. so they’re already high risk.
I would always recommend new traders stay out of intra-day trading until they can trade and need to expand their profit stream.
The currency market is particularly prone to short-term movements brought on by the release of economic news from both the U.S. and the rest of the world. If you want to trade news successfully in the FX market, key considerations to keep in mind are knowing which releases are expected when, which ones are most important given current economic conditions and, of course, how to trade based on this market-moving data. A variety of exotic options are available for traders who want to capture a breakout in volatility without having to face the risk of a reversal. Do your research and stay on top of economic news and you could reap the rewards.
These key points must be taken into account:
• Economic data tends to be one of the most important catalysts for short-term movements in the forex market.
• U.S. economic releases tend to have the most pronounced impact on the forex market.
• The most common way to trade forex on news is to look for a period of consolidation ahead of a big number and trade the breakout on the back of the number.
• A variety of exotic options are available for traders who want to capture a breakout in volatility without having to face the risk of a reversal
My right decision on the high voltage news: just close my trading chart! Lol!!
Hmm… there are tons of websites about that, there are even some database of stocks which are showing what is what really. If that is what you mean there ? It’s that or not ? I hope you understand me, cause I want to help as much as I could.
So,what type of trades should I aim for? How many days?
Go for long-term trades only. Use the D1 chart as your main reference, plus H4 if you find you really need to but don’t forget you can set entry orders in advance, which obviates some of the need for H4 to flag up entry signals live.
Avoid chasing reversals. Prices in an uptrend can always go higher, and in a downtrend they can always go lower. Which means look for trends and follow them.
Always use a stop-loss, based on s/r levels and/or ATR.
Getting out with profit is the most difficult question. Right now my exit rule is simple - (in an uptrend) any daily close below the 3EMA, but there are as many ways to do this as there are traders.
Good luck.
Your broker?
I’m spreadbetting (for years now). This is possibly not available in your jurisdiction.
Thanks you all.