Economic News and Forex
Economic News and Forex
Information is the most important tool for Forex traders. Successful traders spend a great deal of time in research and develop the ability to equate particular types of information with currency movement. They also learn to distinguish between credible news and sponsored content and opinion.
As a new trader there are a number of news sites and services that warrant some attention:
Obviously you are going to use your brokerage site for news and insights. Look for a site that offers a wide range of information such as webinars, tutorials, white papers, and in-depth analysis. CMC Markets is a good example of a robust site with information that is valuable to new and experienced traders alike.
Forex Specific Sites
A simple Google search will show you thousands of Forex specific sites; the hard part is picking one the right one.
The first rule is to avoid any of the ones that promise to help you get rich, offer “secrets” for beating the market etc. Forex trading is work, albeit interesting and fun, but still work. If something looks unbelievable it probably is. Pick sites that offer straightforward advice and are updated regularly, which in this case means throughout the day.
ForexLive, FXStreet, Forex Crunch are examples of excellent news and information sites. You will soon discover that sites have their own particular specialty and you will end up with sites that you rely on for specific types of news. Be sure to include a good forum site like ForexFactory.
While Forex specific sites are important, they are no substitute for straight-ahead news content. When it comes to financial news you want facts delivered in a clear manner.
Bloomberg is probably the single best site for financial news. The site is easy to navigate and the categorisation makes finding news fairly easy. The Financial Times provides a nice counterpart to the US-centric sites that dominate the financial news sector. Reuters Business News is another excellent source of international financial news. Forbes and The Economist are excellent sources for analysis and in-depth reporting.
As your trading becomes more fine-tuned you will discover that certain sites fit your needs perfectly, which will allow you to streamline your research. When you are first starting out, more is often better.
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