Failing To Trade Forex News?

Once you start journaling your trades, it will attract like-minded traders to your thread. From there, you can exchange ideas and feedback to improve your trading together. However, I bet that 80% of you reading this right now don’t have a trading journal, or you don’t properly record your trades. I’m sure you can agree that most retail traders enter the market at the worst possible time. Like “chasing” the market after it has made a huge move, or trying to pick market tops and bottoms. This means the calendar will only reflect high and medium impacts news event .

  • All kinds of traders pay close attention to global events, as such economic calendars are one of the key tools in their fundamental arsenal.
  • However, this product was entirely designed from a trader’s perspective, and several practices have been implemented to ensure information is presented impartially.
  • So, by having a trading journal in a public domain, you’re making a commitment and have someone to be accountable to.
  • Forex Factory’s calendar is also my go-to resource for upcoming economic events.

Just below the charts, you can see what the current market session is (whether it’s Sydney, Tokyo, London, or New York). What you’ll want is to at least be aware of such news as soon as it occurs to reduce your risk exposure. Then they apply the strategies for a while and when it fails, they got back to the forum and look for “the next best thing”. These are not usually responsible for any kind of price movement as they hold no weight. I should have placed the Forex factory calendar legend in the #1 spot but hey, I got distracted whilst writing this post so that means its going to make the last of the list.

Failing To Trade Forex News? Do This Instead

The idea is to catch the move that plays out over the next few days following the event. At least that’s what swing traders like myself look for. Never take a trade without first checking the calendar. My preference is the event calendar at Forex Factory. It’s well-organized, customizable and can setup to match your time zone, so no more fiddling with time conversions. The first thing to know is that I only pay attention to the high and medium impact events.

forex factory news

This chart shows activity after the same release as the one shown in Figure 2 to show how difficult trading news releases can be. On Nov. 4, 2005, the market had expected a payroll increase of 120,000 jobs, but instead the U.S. economy gained only 56,000 jobs. The disappointment led to an approximately 60-pip sell-off in the dollar against the euro in the first 25 minutes after the release. Since the dollar is one Forex news side of many currency pairs, U.S. economic releases tend to have the most pronounced impact. The US economic calendar is the most important one since the country is the largest world economy. The most important indicators mainly impact the price of the dollar, having important effects in other markets and currencies. As long as there are no high-impact news events within the next 48 hours, I’m in the clear.

Mexico Core Inflation Above Expectations 0 65% In March: Actual 072%

Also, my first job as a trader is to protect the money in my account. I do that by staying on the sideline during volatile news events. Once things settle down, I can begin looking for opportunities. A variety of exotic dotbig testimonials options are available for traders who want to capture a breakout move, but with less volatility than trading the currency pair itself. It’s the most complete, accurate and timely economic calendar of the Forex market.

As a quick disclaimer, this won’t be agreeable to everyone. For those with a fundamental Forex edge to their trading, the methods and concepts I discuss here may not apply.

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