subject: Discover The Rare Secret to News Trading [print this page] Discover The Rare Secret to News Trading Discover The Rare Secret to News Trading
There are two commonly ways of trading foreign exchange market, is either technically or by fundamentally. If one can only know the way he plays his game in the market, these two ways of trading are capable of making a trader consistent income.
This time I will be talking about you can simply make your profit through fundamental analysis in the market without any stress.
Mind you, if you ever think of making foreign exchange market a do or die affair, I am afraid you might not be able to make something throughout the history of your forex trading career. You must always have at the back of your mind that you must do away with anything related to greediness because it is going to ruin your investment without any form prior warning.
No matter the kind of strategy or methodology you are given to trade with online, if you cannot be disciplined, I doubt how you can ever make it in forex trading. I am emphasizing it because I do not want you continue wasting your resources through re-funding and wiping.
Now to go straight to the point, to trade with fundamental analysis, you are some things you must. Number one, you must understand what we call forex factory and be very usual with it. It is through forex factory you can easily access forth-coming trade able news. What I mean by trade able is that, there is some news that is non- trade able. Such news could simply wipe away your account in the blink of an eye through an event we usually call whipsaw in the market.
So in order to stay away from trouble, you are to stick with the trade able ones I am going to list in the next paragraph.
The news are 1. CAD- employment change USD/CAD 10 Pips
2.USD- core retail sales USD/JPY 5pips
3.GBP- Retail sales GBP/USD 10 pips
4.GBP- Prelim GDP q/q GBP/USD 10pips
5.AUD- retail sales AUD/USD 10 pips
6.AUD- Employment change AUD/USD 10 pips
7.NZD- Core Retail sales NZD/USD 10pips
8.NZD-Employment change q/q NZD/USD 10pips
9.NZD-GDP q/q NZD/USD 10 pips
10.AUD-GDP q/q AUD/USD 10 pips
11.JPY- Prelim GDP q/q USD/JPY 10 pips
12.NZD- CPI q/q NZD/USD 5 pips
13.AUD- CPI q/q AUD/USD 10 pips
14.USD-Advance GDPq/q USD/JP 10 pips
You are to notice every datum included in these news parameters and strictly follow every information given in order to achieve the finest result expected that would only compensate for your time resources expended.
Mind you, all these pieces of information I have given you would amount to nothing if I fail to give this last part of the analysis and that is the big players secret to trade fundamental analysis.
The secret has to do with use of pending orders during the period of news trading. How to use is very simple, all you need to do is to go to forex factory during the weekend to know which trade able news that is available for the next week. By doing, you will be able to give yourself a fore-knowledge and a prior preparation towards the forth-coming event in the market.
For you to have the adequate information about the time the news will be coming on, you will have sign up in forexfactory.com and become a member. After that, you can think of normalizing the time format of the forexfactory by simply clicking on the time icon displayed at upper side of the website almost at the left hand side of the screen. This will enable you to synchronize the time code to suit your country's time code and save it. And whenever you sign into your account the time you will always see your saved time code there which will easily make you discern the real time the news is coming up.
Now to the strategy, let us say that the news is coming up by 15.30 GMT. You are to be on your computer by 15.00 GMT. The reason for this is that you will be able to wash away the accumulated pressure that might have come on you. Immediately as it is seven minutes to the news time, you will start setting your orders. Of course you know it is going to be pending orders (one buy stop and one sell stop). You will have to set these orders fifteen pips difference from the actual market price, both the buy stop and the sell stop. So that whenever the news comes, whichever direction it takes it will always give you your profit. Beware, you are to be going for just ten pips at every trade you take in order to be on a save side.
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