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Methods To Make Use Of Forex News Trading As A Favorite Currency Trading Technique For Many Forex Investors
Economic news releases often evoke strong movements in the forex market, providing a lot of short-term trading opportunities for breakout traders.
However, not all news data releases are tradable. Some of them may not have significant effect on the market while others do. So, prior to deciding on trading the forthcoming news, traders may want to find out whether the news is well worth trading or not. Traders can find the significance of the news by looking at the economic calendar's special features, like, for example, taking note of all important news in red.
There are primarily two ways in forex news trading. The first is by "guarding" the breakout range. Traders simply set Buy and Sell limit orders on both sides of a price channel, so when the news comes out one of the two orders will most likely be hit. Although this method is pretty simple, it also possesses real risks of potentially hitting the two orders as the market is shaken by the data release. In such "double-hit" situations, traders will face losses on one, or occasionally, even both trades.
The second approach to currency news trading is by actually analyzing the data. Traders can forecast the most probable result of the news by looking at such economic calendar fields as: "Forecast" and "Previous". Figures in those fields can offer an idea about the expected data that is to come up.
Then, traders would watch the news report and pay attention to the actual figures released. If the data come as a surprise, meaning that they are not close to what was forecasted, then traders would take into consideration opening a trading position regarding the situation. If the data carries a positive surprise, they would open a Buy position. And if it is unfavorable, then they open a Short position. This news trading requires more contemplation from traders, but is also more effective as it carries lesser risks.
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