Q&A: What kind of news should I start reading in order to make decisions about forex trading?
Question by biggs: What kind of news should I start reading in order to make decisions about forex trading?
I got a check in the mail for $ 40 from my forex account. I blindly put money into eur/usd. So now that I know this is real and one can make money off of it, what kind of news should I start paying attention too? What section of the newspaper should I start reading and things of that nature
Best answer:
Answer by falsi fiable
Stay away!
FOREX is terrible for novice investors. 75% of all investors lose nearly their entire stake within the first few months because the game is stacked. The FOREX trading company sets exchange rates, not the open market. You’re playing against the house. Due to the minimum lot sizes (usually several thousand dollars each), you MUST leverage your investment of several hundred and when the currency goes down by a tiny fraction, the company forces sale of your investment before you have a chance to recoup losses in order to meet the margin call. Stay away.
Don’t take my word on it:
http://discussions.latimes.com/20/lanews/la-fi-amateur-currency-trading-20110403/10
But if you still insist, I’m betting 3 to 1 that you lose your entire investment within 120 days.
Know better? Leave your own answer in the comments!
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The kind of news you need to look at is fundamental announcements. You can find the important ones on a fundamental announcements calendar. This is if you want to trade the news and not technical analysis. You can find an announcement calendar at:
Do we do any business blindly? I think a big “No” for that. While Forex trading can earn you good money, it can also make you big losses and hence please never take it as an easy way to make money.
In case you are very serious about it then you should keep and eye on fundamentals (economic releases) as well as technical indicators/analysis. As I always say that fundamental analysis is the canvas and technical analysis is the color on it to make the art. You get an overall picture by fundamental analysis and then use technical analysis to make your trades. You may find the details of important economic releases and some more details at http://www.forexabode.com/fundamental-analysis and for technical analysis please check http://www.forexabode.com/technical-analysis.
For the sake of repetition, please know that Forex trading needs to be taken as a serious business and not as a gamble and hence some real hard work is required.
Best regards
Reading section of the newspaper will NOT help in forex trading.
News that are published in the newspaper are late (not instant).
Therefore what ever news you have read would probably not reflect on the current market movements.
In Forex, you should not trade blindly. That’s suicidal.
I will advise you to stop trading now.
Take the time to LEARN to trade forex.
Learn about fundamental analysis together with technical analysis.
And for technical analysis – You will need to master Price Action. Which is King in forex.
After which, go ahead and practice on a demo account first before going live.
14 years of Full time forex trading experience,
Asia Forex Mentor
Ezekiel Chew
http://www.asiaforexmentor.com
Hi,
To have a clear overview of the most important financial news being released that day or for a specific time frame, your broker should have an Economic Calendar on their web site with all the information required.
News, especially financial and politics, affect the forex market, therefore you need to keep yourself up to date with all the current and upcoming releases.
If you run a search over the Internet, you will come across a large variety of online financial newspapers or news websites providing the information you are looking for.
To increase your profits,I would suggest you also learn more about trading, so that your trader’s instincts are backed up by knowledge and to have a better risk management for limiting losses and capturing profits.
Best Regards,
FXCC Representative
I am just going to quote this poster to make an important point about the Forex Market and/orTrading or any business/profession you want to embark on for that matter …..
He wrote:
“FOREX is terrible for novice investors. 75% of all investors lose nearly their entire stake within the first few months because the game is stacked”
My reply : Also trying being a surgeon is terrible for novice wannabe surgeons, also flying a plane is terrible for novice apprentice pilots, also being a bridge engineer is terrible for inexperienced novice engineers… also going to high seas for a novice sailor would be a “terrible” dangerous idea…. and so on.
Please beware that for some reason it seems that -some- of the people that failed at Forex -I don’t know if he did but it’s VERY LIKELY- get very bitter and resentful about their negative experience with Forex. Funny thing is that they also seem to feel entitled to an expert opinion after their failure. (?) Also, think about this… why would you go by the opinion of someone who doesn’t do it successfully when the truth ALSO is that there are very successful private and institutional traders statistics as well?
(Documented here is an example of a head Forex trader who’s linked to training and managing companies amounting to thousands of successful pro traders around the world : http://en.wikipedia.org/wiki/Bill_Lipschutz )
It’s the same as saying: “you can’t fly a plane because I couldn’t… and a lot of other people can’t either… ”
The question is: Which one are you? Are you the one who’ll give up before trying based on the opinion of someone who most likely couldn’t? If that’s the case by all means… stay away from Forex!! because you are definitely NOT a good candidate to succeed
I’d suggest you make up your own mind and beware of failing experts… If you want to trade Forex successfully it will take time and serious dedication (like everything you want to do in life professionally and successfully)
As far as your news question, Forex brokering firms provide you with selected news feeds that exclusively affect the currency markets. Open a demo account and you’ll have access to it.
Good Luck.