I have gone through all the lessons on BabyPips and some beyond and want to start demo trading.
I’m located in eastern Europe(Romania) so I’m on GMT+02:00. I also have work and stuff but I guess I can trade during these sessions:
6 - 14: End of Sydney - Tokyo - London Sessions
18 - 20: New York Session
Times in UTC time.
I want before setting/adjusting my trades for the day to spend some time reading the news. I already read Reuters, Bloomberg. What else do you guys recommend to get updated on the news before the starting of the trading day? Perhaps an economic calendar you guys use?
Please tell me what you recommend and/or what materials you guys use to read the news ahead of a tradeing day. Thank you!
Some strategies are badly upset by volatility and wide spreads immediately before and after news - NFPR’s, interest rate announcements, etc. You need to work out if yours is like this and adapt accordingly - some traders close all short-term trades before such events, some temporarily cancel or widen their stop-losses.
Most longer-term strategies are less sensitive but it helps the trader to watch out for news that can fire off a reversal - for example in the GBP when the government here in the UK announced it was contemplating breaching a trade treaty with the EU.
Its good to keep an eye on the other 6 charts for each currency you are long/short in - e.g. if all EUR charts go bullish and you are short EUR/XXX, you’d have to ask yourself whether its worth holding any longer.
In any case, the charts will tell you what the market thinks.