Forex Trading Fundamental Analysis Masterclass

tradersdna guide to Forex Trading Fundamental Analysis Masterclass

Forex Trading Fundamental Analysis Masterclass – Part 11

“Successful trading depends on the 3M`s – Mind, Method and Money. Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets. Each trader needs to have a method for choosing specific stocks, options or futures as well as firm rules for pulling the trigger – deciding when to buy and sell. Money refers to how you manage your trading capital.” – Alexander Elder

When it comes to making Forex trades, having the right information can be a decisive factor. While it can be difficult to know where to look, with so many sources of (often conflicting) news, data, and analysis available online, it is information that causes prices to change, so you can’t ignore it.

What you need to know is that news – such as economic reports, staffing changes at central banks, and interest rate changes – can move fundamentals, and fundamentals are what move currency pairs.

When you know why the price is moving in a certain way, it makes it a lot easier to make profitable trades. The key to success when using fundamentals to trade forex is to be able to see beyond the ‘noise’ of Forex data and news to pick out what is really important to traders at the current time, and make informed trading decisions based on these.

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Where to find market information:

“It all comes down to interest rates. As an investor, all you’re doing is putting up a lump-sum payment for a future cash flow.” Ray Dalio

There are many different places where you can find market news and data that is relevant to the forex market. Perhaps the most obvious place is the internet, as this provides a huge multitude of options, with information available to you instantly on virtually anything that you require. However, there is also useful information to be gleaned from the television, via dedicated networks such as Bloomberg TV as well as mainstream broadcasters, and print media such as the Financial Times, and while this may not be as lightning-quick as the internet, the fact that this information is professionally curated makes it in many ways more reliable and useful.

Although there are a lot of financial news websites out there, the big names – namely Reuters, Bloomberg, the Wall Street Journal, Marketwatch.com, and the Financial Times – are generally the best. These firms provide coverage of the markets around-the-clock, with regular updates on all the major news that you need to keep on top of such as central bank announcements and economic report releases. These major players have top financial analysts and industry insiders working for them, providing analysis and insight beyond the raw data.

List of top news and financial trading websites:

top 10 financial news website worlwide — top 10 financial news website worldwide

TV can also be a useful source of information, particularly because of its real-time nature and the fact that you can have it on in the background while you are doing other things. Financial TV networks exist 24 hours a day, seven days a week giving you the latest info on all of the world’s financial markets. The most useful ones for Forex traders are Bloomberg TV, and Fox Business, although other networks such as the BBC, CNBC, MSNBC, and CNN can also be useful.

Finally, newsfeeds in your Forex trading platform can provide you with a source of up-to-date market news that is both relevant and within easy reach. Many brokers provide newsfeeds free of charge with their platforms, although you may need to pay a little extra to receive the best quality or most specialised newsfeeds – such as those available on Bloomberg Terminals.

“I think it was a long step forward in my trading education when I realised at last that when old Mr. Partridge kept on telling other customers, “Well, you know this is a bull market!” he really meant to tell them that the big money was not in the individual fluctuations but in the main movements-that is, not in reading the tape but in sizing up the entire market and its trend.” – Jesse Livermore

Other articles in this series: