Hi to everyone

[herniurtis]

I'm a rookie trader with some modest results in the EURUSD and USDJPY.
I'd like to trade more based on the news than on the charts, but I find there are so many sources of information and data to analyze that would make my trading decisions pretty hard.

Any suggestions regarding which economic indicators should I follow?

Regards
Herniurtis

 

[tomorton]

Hi Herniurtis - Forex isn't my field but a lot of good people will say its very hard to react to the news a) in the correct direction, b) with appropriate position sizing, stop-loss and price objective and b) in time, to profit from it. Mainly because you are forcing yourself to throw out the chart TA prior to the news announcement. This is a good way to be whipsawed.

Other folks say it is best to await the market reaction to the news, then react to the reaction - not necessarily in the direction of the first move, you might see this as beng overdone so that a contrary position could be more profitable. You will find traders who plot a forthcoming news event on their charts and trading plan and have orders both above and below the price so that they catch either a long or short position, when the market reacts.

 

[Black Swan]

Hi Herniurtis - Forex isn't my field but a lot of good people will say its very hard to react to the news a) in the correct direction, b) with appropriate position sizing, stop-loss and price objective and b) in time, to profit from it. Mainly because you are forcing yourself to throw out the chart TA prior to the news announcement. This is a good way to be whipsawed.

Other folks say it is best to await the market reaction to the news, then react to the reaction - not necessarily in the direction of the first move, you might see this as beng overdone so that a contrary position could be more profitable. You will find traders who plot a forthcoming news event on their charts and trading plan and have orders both above and below the price so that they catch either a long or short position, when the market reacts.

brilliant phrase & good advice .

 

[Magos]

I'm a rookie trader with some modest results in the EURUSD and USDJPY.
I'd like to trade more based on the news than on the charts, but I find there are so many sources of information and data to analyze that would make my trading decisions pretty hard.

Any suggestions regarding which economic indicators should I follow?

Regards
Herniurtis

Economic calendar | financial calendar | Forex economic calendar
all the high important figures in those currencies