First Observe the Market to Hit the Best
It is very necessary to grasp the relevant forex news in such a way that it could prove fruitful for you in trading since right information regarding research on news events is required to improve our trading style.
There is a little discrepancy between the positive news and negative news, it depends on you what you choose which can better suit you and even your trading personality.
Use your sixth sense while perceiving forex news! Because there are lots of websites expressing their best to make you understand and you are still in confusion for sure. Research can make you knowledgeable. It is helpful for you to implement market ideas. Just remember one thing; nobody has done mastery in Forex trading! It is a never ending learning process where you will learn and attain knowledge about market conditions and how it changes on news announcements.
Identify the nature of news
You might have seen an option “calendar” in various sites of forex dealers from where you can see Forex news. Go with the news, press releases or upcoming events updates which are highly important for you. You can mark any such relevant piece of information which according to you might be of high priority, for you to perform more efficiently.
Mark the levels
The first thing to mark the support and resistance levels since you place a buy order above the resistance level while you place a sell order just below the support level.
Now it’s time to choose trading pairs
Choose the pairs which have considerably large distance between resistance and support levels, just like gbp/jpy pair for example, a very volatile pair in the market.
Place trend lines
Just before the announcements, place trends with little pips just below the support level and above the resistance level.
Place order and stop losses
If you are a beginner, it would be advisable not to put too many trades in one direction. Start placing order just before any release. You should start with the level from which price has greater distance. Suppose if the price is 15 pips from resistance and 45 pips from support level, then go with the sell order first just below the support level and vice versa for buy order. In conclusion, put your buy and sell order according to the levels and the price. Also think twice for placing stop order losses. Try to not exceed the risk factor above 2 percent on any trade.
Let’s get ready to exit now
Platform has been designed in such a way that you will exit automatically, once you have reached the profit target. You should remain in the market until you don’t reach your target but sometimes you exit without hitting the target for prevention from the fear of further losses.
To conclude, one should try to understand how market reacts on every news event. It might be good news for some traders while the same news might not be so great for some. It all depends which type of news is beneficial for your trading. There is a prevailing opinion in the forex trading among the traders where traders tries to compete against the traders who are trading against them, and tries to prove them wrong.
There is a little discrepancy between the positive news and negative news, it depends on you what you choose which can better suit you and even your trading personality.
Use your sixth sense while perceiving forex news! Because there are lots of websites expressing their best to make you understand and you are still in confusion for sure. Research can make you knowledgeable. It is helpful for you to implement market ideas. Just remember one thing; nobody has done mastery in Forex trading! It is a never ending learning process where you will learn and attain knowledge about market conditions and how it changes on news announcements.
Identify the nature of news
You might have seen an option “calendar” in various sites of forex dealers from where you can see Forex news. Go with the news, press releases or upcoming events updates which are highly important for you. You can mark any such relevant piece of information which according to you might be of high priority, for you to perform more efficiently.
Mark the levels
The first thing to mark the support and resistance levels since you place a buy order above the resistance level while you place a sell order just below the support level.
Now it’s time to choose trading pairs
Choose the pairs which have considerably large distance between resistance and support levels, just like gbp/jpy pair for example, a very volatile pair in the market.
Place trend lines
Just before the announcements, place trends with little pips just below the support level and above the resistance level.
Place order and stop losses
If you are a beginner, it would be advisable not to put too many trades in one direction. Start placing order just before any release. You should start with the level from which price has greater distance. Suppose if the price is 15 pips from resistance and 45 pips from support level, then go with the sell order first just below the support level and vice versa for buy order. In conclusion, put your buy and sell order according to the levels and the price. Also think twice for placing stop order losses. Try to not exceed the risk factor above 2 percent on any trade.
Let’s get ready to exit now
Platform has been designed in such a way that you will exit automatically, once you have reached the profit target. You should remain in the market until you don’t reach your target but sometimes you exit without hitting the target for prevention from the fear of further losses.
To conclude, one should try to understand how market reacts on every news event. It might be good news for some traders while the same news might not be so great for some. It all depends which type of news is beneficial for your trading. There is a prevailing opinion in the forex trading among the traders where traders tries to compete against the traders who are trading against them, and tries to prove them wrong.