Is the best way to trade currencies by following the news of a countries economic data?
I’m trying to learn all I can about forex trading and need to ask if this question is one of the keys to success in the FX trading markets?
First, learn how to be a trader, then you can trade anything and might still want to tackle the forex.
I’m a Petroleum Engineer, and know all about oil and how it’s produced and refined, and I know when all of the gov’t reports are going to come out and what the effect of supply and demand are, but 4 years of learning about oil or gas or gold or a currency or country isn’t going to help you in trading it.
Develop a trading plan, then test your plan on a forex simulator before you try to trade with real money.
Download the NinjaTrader platform for free
http://ampfutures.com/
Once you see how the currencies gyrate after a surprise in a GDP report or surprise hike in interest rates, you’ll see that you could end up owing them your house if you’re in at the wrong time. Generally, we try to trade 5-15 min after the release of the reports, if then.
PM Forex Trading Outlook – Daily FX News February 5, 2010
China may switch to currency basket for forex rate
Central bank official suggests move away from dollar as benchmark
LOS ANGELES (MarketWatch) — A top Chinese central bank official suggested switching away from the U.S. dollar as a benchmark for the yuan’s foreign-exchange rate, switching instead to a basket of currencies, according to remarks published Thursday.
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