I want to share with you some forex trading advice that will work to help you become a better trader. This business is new and exciting and as you grow as a trader you'll become more profitable.
When should I be trading?
As simple as this may sound, trade when everyone else is trading. I'm not telling you to follow the crowd, but this is a better because there are so many people trading that no one business or bank can manipulate a currency. What is often experienced in low volume times are big banks making these huge trades that end up causing a currency to act differently. This doesn't put you in any advantage, you just have to fall to the mercy of a bank. Stick with the busy times.
What should I watch on the news?
As cliche as it would seem, business networks. CNBC or BNN, whatever your country offers you. The reason is that economic news is released everyday, and it's usually scheduled in the morning. You should be watching this because currencies tend to follow economic news. When things are going good, so is the currency. When things are going bad, so is the currency. Pay particular attention to interest rate changes by the Federal Reserve. These interest rate changes are the central banks way of changing the supply of money in the economy.
This is my forex trading advice that works. Just try to incorporate this all into a daily routine. Keeping it as a routine makes much easier to apply and you'll start acting without thinking or pressuring yourself to do it.
I'm currently giving a 7 day free forex training course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
Reuters - The U.S. economy is in recession and will contract at a faster pace in the fourth quarter, extending the decline into early 2009 as high unemployment crimps consumer spending, a survey showed.
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