How to stay updated with the latest political and economic headlines and use it the right way in trading? Here we discuss the importance in reading the signals, analysing the market in order to make logical and profitable decisions.
The forex markets are highly volatile, and currency values tend to fluctuate due to the political and economic events that take place across the world. This is one thing that even an amateur trader would know. The importance of understanding global cues or signals and how they affect the value of currencies cannot be stressed enough. So as a trader, you should actively stay updated about the latest events across the world, so as to make better trade decisions.
Now that is easier said than done. When you are a currency trader, you are likely to focus on more than just one currency pair. So if you are interested in trading multiple currency pairs, you have to keep a tab on the political and economic situation of several countries across the world. The good news is that you can stay updated with global cues easily. Here are five ways for that.
Forex Trading Platform
One of the easiest ways to stay updated is to activate news alerts service provided by your forex trading broker. Currency trading platforms today are designed to identify cues and analyze them too, and trigger an alert if they can in any way affect the value of your currency pairs. With regular alerts, it becomes easier for traders to keep track of what is going on, without ever having to read the newspaper or switch on the TV.
Subscribe to Finance e-Magazines
Relying completely on alerts is not a very good idea. It is imperative that the traders, both experts and the novices, are able to analyze the situation and judge how to place the trade to benefit most. To increase your knowledge about how the markets work and how events across the world can affect the currency values, you can rely on content published in magazines online, either financial or those that are dedicated to forex trading. Look for a reputed forex trading magazine or blog and subscribe to it.
Subscribe for Daily Alerts/Newsletters
If you do not have the time to read everything, then simply subscribe to newsletters or specific alerts that are triggered when there is a piece of news that would be of interest to you. Check for forex sites that offer information through their newsletters. Select the kind of news you wish to receive and every day, and you will be sent an alert, update or a daily newsletter based on your preferences. After you subscribe, you will get the global cues delivered straight to you inbox. To get the right kind of news, make sure you select the right options when you subscribe.
Searching for relevant news on Google may seem easy, but it is time consuming. So how do you get the relevant news delivered to you, without having to search for it? By creating a Google news alert for the specified keywords. For instance, you want to stay informed about a fiscal policy for the Eurozone, you set an alert for the key phrase “Eurozone fiscal policy”. Similarly, if you want to know the predictions for the USD, you create an alert for the key word “USD forecast”. Depending on what your key word or phrase is, Google will keep sending emails that it finds suitable to your request.
Get a Mobile App
If you are entirely into forex trading, you should be able to a bit of research and also read up the newsletters and mails sent to you by your forex broker, a site or a forex magazine. But if you are a part-time forex trader and are on the go most of the time, the easiest way to get updated with global cues is to get a mobile forex app that alerts you and also allows you to place trades from wherever you are.
There are a number of forex trading platforms that allow trading on mobile. Choose a platform that enables you to not only place trades, but also access the latest global cues and decide your position based on that.
Regular interaction with your forex Broker, who is involved in forex transactions every day, is also one of the easiest ways to stay updated with the global cues for making better trading decisions.