But information is king when it comes to making successful trades. Currency price moves because of all of this information: The internet is the obvious winner in our book, as it provides a wealth of options, at the speed of light, directly to your screen, with access from almost anywhere in the world.
Individual forex traders will be amazed at the sheer number of currency-specific websites, services, and TV programming available to them. Most of them are free of charge, while you may have to pay for some of the others. While there are tons of financial news resources out there, we advise you to stick with the big names. These guys provide around-the-clock coverage of the markets, with daily updates on the big news that you need to be aware of, such as central bank announcements, economic report releases, and analysis, etc.
Many of these big players also have institutional contacts that provide explanations about the current events of the day to the viewing public. You could even throw a little BBC in there. Another option for real-time data comes from your forex trading platform.
Many forex brokers include live newsfeeds directly in their software to give you easy and immediate access to events and news of the currency market. Check your broker for availability of such features not all brokers features are created equally. The good ones let you look at different months and years, let you sort by currency, and let you assign your local time zone.
Yes, economic events and data reports take place more frequently than most people can keep up with. This data has the potential to move markets in the short term and accelerate the movement of currency pairs you might be watching. We look no further than our very own BabyPips.
Keep in mind the timeliness of the reports you read. A lot of this stuff has already occurred and the market has already adjusted prices to take the report into account. If the market has already made its move, you might have to adjust your thinking and current strategy. Economic data rumors do exist, and they can occur minutes to several hours before a scheduled release of data. The rumors help to produce some short-term trader action, and they can sometimes also have a lasting effect on market sentiment.
Are we talking analysts or economists, economist or the owner of the newest forex blog on the block? Maybe a central bank analyst?
Those who report the news often have their own agenda and have their own strengths and weaknesses. If you can imagine it, you can achieve it. If you can dream it, you can become it. Partner Center Find a Broker.More...