Perhaps this advice is something you?ve heard before, but you have got to have a well defined trading plan, that includes a set of trading rules, and you need that all before your first trade. Let?s be truthful ? without a good FX trading strategy, you ? the FX trader ? are destined to fail. And believe it or not, a great many traders actually have no FX trading plan in place whatsoever. And what?s even harder to believe is that they expect to be successful without it! And one of the most important components to a good trading strategy is simply this, regularly and faithfully reading FX news.
As you no doubt know, trading currency is a global phenomenon, and it happens 24/7. What that means is that while you slept something happened that affected some currency ? maybe even the ones you plan to trade today? Without awareness of how global events impact your trading strategy you may find that your trades are in the losing column, as opposed to the winning one.
When you understand how events impact the currencies of interest to you, you can plot your future trades and take advantage of unfolding events, or you can sit your future trades out ? which sometimes ? is the best course of all. Reading forex trading news helps you to prepare for the unexpected, so that you will know how to handle every eventuality as it occurs, almost reflexively.
There are many sources available online, as well as in the print and broadcast media, that provide excellent information. Reading FX news should not be limited to just current events, but also to analysis of past events. One excellent source is the report known as the Commitments of Traders or COT, and many seasoned FX veterans looks to the COT report for what they consider ?insider? tips. The report, issued every Tuesday, identifies market extremes and shows when a reversal of a major trend might be imminent.
Your chances of becoming a successful FX trader are significantly higher when you ensure that you are reading FX news regularly, and putting what you?ve read into action.
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Source: http://www.lanecs.org/reading-forex-news.html
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