Be Forex Informed
Be Forex Informed! People watch the news, or read a newspaper. It’s not like any individual is capable of single-handedly changing the course of history from their kitchen, but for the vast majority of the population, they like to consider themselves “informed”.
And yet, for the average Forex trader, he has no idea what is going on in the Forex related world. These are people that make their living trading Forex. These are people that can tell you the batting averages of the starting nine for the New York Yankees, but couldn’t tell you why the Euro lost ground on the dollar. Knowledge priorities seem to be skewed.
The obvious argument is that the Forex trader is a technician. He is relying on his charts, trend lines, and point and figures. It doesn’t matter what the Forex news says because his trading should be independent of the news. To a certain extent this is true; if you were trading Forex in a vacuum. But you’re not. And to be a complete and successful Forex trader, you need to take everything into account to get the complete picture.
There is a wealth of Forex news sources out there. But you shouldn’t only have a primary source and leave it at that. It would be a shame to leave the secondary sources untapped. If you go into Google and type in “Forex news” you will receive over eighteen million results. True, you may begin to lose interest past the first million or so, but the point being there is a plethora of Forex information out there. Somebody must be using it, and they must be using it to help their trading.
Be Forex Informed
Just like the evening news on television may not alter your life in a profound way, it always serves as a backdrop to your everyday activities. The same is true for the Forex news. It certainly won’t change your support or resistance lines on your charts, but it may give you a leg up as to what to do next. And worse comes to worse, the knowledge may explain why the breakout occurred when everything on your chart ruled against it. It doesn’t change anything, but it’s always good to know.
Besides, there might be a time where you’re having lunch with other Forex traders. You don’t want to be the only one at the table that doesn’t know, in fact, why the Euro lost ground on the dollar. Avoid embarrassment. Stay informed.