hi guys im kinda new,can yall help me out…when it comes to timezones im kinda confused…my time zone is different to the time on the chart…my timezone is an hour behind the formation of a new candle and when when it comes economic news every region of the world has its own time zone,(E.G) when theres a news release at (10:00 am) in my country its (11:00 am), so when do i place a trade according to my reaction to the news?i dont know if i make sense…but if someone has a picture of what im trying to ask please help me out
If i understand you right, you want to place your trade as close to the release as possible, if that’s what you’re trading. Either before or after, depending on what you think the outcome of the release. Have you ever checked out a forex calendar. Most of the good ones will change the time based on your timezone. They recognize your computer’s timezone setting and then adjust the calendar times, so you know when an event will happen in your local time. There’s one here and another really good one is forexfactory.com.
But there’s also the question of whether you should trade the news at all, as a new trader. Best to read up on that. I say stay away from fundamentals for now. Come back to them later when you have some more experience.
Hi Lennox202,
I am new to the forum too but I have been trading for many years. I found myFXbook.com is great on posting news events. It helps me a lot.
Hope this will help you.
You can also try to use economic calendar on Investing website - it is one of the most popular websites among traders because the calendar they offer is quite comfortable. It has several columns, such as time of the event, adjusted to the particular region, name of the event, importance (from 1 to 3) and actual numbers if this is something like statistic data release. To my mind, it is very useful for the trader to check it.
By the way, almost all webistes with ecenomic calendars allow customer to make time adjustment, but in most of the cases you will have to log in to be able to make changes and set your timezone.
Checking news calendar is an important part of daily trading preparation. It is important for the trader to be aware of important news and events to be able either to avoid losses due to the huge volatility after the release or to benefit from trend movements that often take place after such events.
thank you so much fellow traders ill try out every option you recommend
“…so when do i place a trade according to my reaction to the news?..”
Firstly, don’t do this. Place a trade according to the market’s reaction to news - their trade decisions will affect your prices, but your trade decisions cannot affect anyone’s prices.
In any case, be aware that even if you have taken a trade in the same direction as the market immediately following some positive news, you could still be stopped out or have your profit drastically reduced by the increased spread - all brokers can widen the spread to any degree they wish if there is excess volatility such as around news, and this will not show up on their charts.