Good day guys!!!
I have since past through the part of the baby pips academy that talked about various kinds of market analysis and the technical analysis aspect so far has been fun and kind of easy to understand but the aspect of fundamental analysis has really been a problem for me as been able to really get information from economic news has been a big deal for me, I can’t seem to understand how to make inferences from them, please I would really appreciate if someone can help me with this, like what kind of information should I look out for in an economic news
Hi @Adewilson! Welcome to the BabyPips community!
Take a look at this article written by Forex Gump:
You chose a promising direction, because this is what characterizes the real market position and its characteristics. Start with the simplest, basic things and over time you will definitely learn to notice even small patterns.
Economic calendar.
Analytical reviews and articles.
Assumptions.
Working out in practice (at least on a demo for a start).
Conclusions.
Subsequent work.
even though i always like to depend on technical analysis but i do believe fundamental is the real something to predict the market , its all about permanent something.
when trading during news first of all i depend on fundamental news , fx Factory economic really supportive , actually to be experienced about fundamental is a long time approach.
Fundamental analysis is an approach that extends across time, which is why it requires a considerable amount of patience. So make up your mind if this is what you really want to do.
Fundamental analysis is only a way of looking at the forex market by analyzing economic, social, and political forces that may affect currency prices. When conducting fundamental analysis in the forex market: Keep an economic calendar on hand that lists all the indicators and when they are due to be released.
It certainly has some specifics, but here you can start - at least with some key events.
And actually absolutely any news - political, economic, social can be used for active trading.
I have tried so many methods of determining price trends and found that simple price action is the best strategy that works. The higher highs and higher lows mean an uptrend and lower highs and lower lows mean a downtrend. It is all about knowing what you are doing.