Forex News Trading Forex Pips Leader
For the first few years I traded in the Forex market I wasted hours upon hours every week trying to decode the technical details like the Relative Strength Index, Fibonacci and Stochastics.
I would nervously select my trades and question every move that I made. I was killing myself trying to win in the Forex market, but no matter what I did I couldn’t keep myself from losing.
Forex News Trading Points
What to look at if you want to be a Forex news trader.
Trading on Forex news yields certain advantages, but has its own disadvantages and features.
- Monitor news sources (media, blogs, TV channels) in order to get the information as fast as possible.
- Choose a Forex broker that has fixed spreads, that don’t increase during news releases.
- Be ready for the market to move unpredictably – false breakouts and micro-term corrections are possible.
- It is a good idea to set stop-loss and target profit levels when the position is opened. Market can move very fast during news releases.
- Setting limit and stop orders to open positions before the news releases is a good idea if you want to trade on a news while you can be away from the trading platform.
- Mind your stop-loss and take profit levels – news trading is about quick profit or small loss – don’t make your positions to last for days.
- Don’t forget about slippage. During news releases one tick can move currency pair price by 10-20 pips, so be ready for your position to be less profitable than you could expect it to be.
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