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Ways To Make Use Of Forex News Trading As A Widely Used Trading Strategy For Some Forex Investors
Economic news releases typically evoke strong movements in the currency market, resulting in lots of short-term trading opportunities for breakout traders.
But, not all news reports are tradable. A number of them may not have significant effect on the forex market while others do. Therefore, before deciding on trading the forthcoming news, forex traders may want to find out if the news is worth trading or not. Forex traders can find the worthiness of the news by looking at the economic calendar's special features, such as, for example, taking note of all significant news in red.
There are generally two methods in forex news trading. The first is by "guarding" the breakout channel. Forex traders simply set Buy and Sell limit orders on both sides of a price range, so when the economic data comes out one of the orders will possibly be triggered. Although this technique is very simple, it also includes real risks of potentially hitting the 2 orders as the market is shaken by the news release. During such "double-hit" situations, traders will accept losses on one, or sometimes, even both trades.
The next approach to currency news trading is by actually analyzing the info. Forex traders can predict the most probable result of the news by browsing at such economic calendar fields as: "Forecast" and "Previous". Figures in those fields could give an idea about the expected info that is to come up.
Then, traders would keep an eye on the news report and pay attention to the actual numbers released. If the figures come as a shock, meaning that they are not close to what was forecasted, then market traders would consider opening a trade position regarding the situation. If the news data carries a beneficial surprise, they would open a Long position. And if it is harmful, then they open a Sell position. This news trading needs more attention from forex traders, but is also more effective as it features lesser risks.
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