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Posted on Mar 09, 2018 at 11:32 AM
Did you know that it is not enough to only know technical analysis when you trade? You really do need to use fundamental analysis (Forex News Analysis) also.
Joe started trading Forex three years ago. When he started trading, he only learnt how to trade using indicators such as Parabolic Sar, Moving Average etc.
He was making money using these indicators and he thought that was the best thing that could ever happen in the history of Forex trading.
He didn’t know that the mother of technical analysis is the Fundamental analysis i.e News Trading.The Forex market is driven by high impact news events and this is what determines the market movement.
Forex news is the primary driver of the Forex market and by understanding how to take advantage of these events, you can increase your profitability.
Forex News Trading, or Fundamental News Trading, is the primary driver of currency markets.
Here’s How to Take Advantage of High Impact News to Make Some Profit from the Market
Step 1: Launch the platform and place 2 orders (buy and sell) immediately 30 minutes to the news time.
Step 2: One or two minutes before the release of the news, modify each trade order by double clicking on the S/L or T/P column on each order placed.
Step 3: On the dialog box that appears, type in the number of pips you want for your TP and SL in the box labelled as "level/points".
E.g, you can set 5 pips for your SL and 30 pips for your TP by typing in 5 and 30 into the boxes above the red and blue boxes respectively.
Step 4: After setting your SL and TP click on the red box (SL) and blue (TP) boxes for your modified trade order to appear highlighted in red on the long rectangular box having the # sign attached to your order number and the instrument you are trading.
Step 5: Click on the same long rectangular box again as the same in (4) above.
Step 6: Click "ok"
Kindly be informed that you can only modify one order at a time