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Note From Kalen: I include the full spectrum of articles that show all sides of investing. That being said, remember that before you make any investment decisions, make sure you fully understand the investment. Forex trading can be extremely risky if you don’t know what you’re doing, so please only make informed investment decisions.
Foreign exchange trading or Forex can be a tricky business, those who are successful use numerous resources to help them decide what to trade and when. So what lesser-known resources can you call upon in order to improve your chances of making money trading on the biggest and most fluid market in the world?
The News of the World
Many would agree that keeping a close eye on world news and events is essential if you are to trade Forex profitably. It is important that you receive accurate news quickly and so where can you get this information? There isn’t one simple answer to this question, however, social media is now often the first place you can hear about breaking news and so setting your Twitter account, or suchlike, up as a news feed is a good place to start. Use a range of sources, respected news agencies such as Reuters should be complemented with a range of other sources allowing you to quickly check and cross reference the information you are receiving. Setting up Google Alerts is also good practice to make sure you don’t miss any breaking Forex news.
Today’s the Day – Keeping a Calendar
It may seem basic, but keeping a calendar or diary will help you keep track of important events and report release dates that happen throughout the year.
Announcements from key world banking figures and reports detailing information like the Consumer Price Index can all trigger market activity and so you need to know when they are going to happen.
A Platform for Success
Finding the right trading platform is an integral part of a winning formula, you need a trading platform to be secure and fast. Make sure the platform you choose is regulated and that it is easy to use, not only on your desktop computer, but on your tablet and phone. This way you can be sure that you are always able to log in and check the markets.
Jargon Buster – Knowledge is Power
Particularly important if you are a new or inexperienced trader, knowing all the terms associated with Forex trading will set you off on the right track and stop you making fundamental mistakes. There’s plenty of information online that will help you navigate what can sometimes feel like a bewildering map of new words and phrases. So do your homework!
Cultivating an holistic approach to resource building, that includes both technical and news based information should help you find a position from which you can confidently make decisions about Forex trading and reap fantastic financial rewards.
Use the comments below to share your Forex experiences and good luck!