What Should You Start Trading First? Stocks, Options, Commodities, Forex?
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I would consider myself a day trader, however if I’m in a position and it goes against me and I’ve got full confidence in that position I will continue to hold that position over a period of days, weeks, or even months – that’s very important to bear in mind. I call myself a day trader, but I do sit down the charts on a daily basis and try to take short-term gains out of the market. The key to trading the Forex markets is having a premium news feed, because what’s key to day trading is focusing on something called sentiment. A premium News feed is designed to give you need up-to-the-minute, constantly updated news on a daily basis so that if anything happens pertaining to the markets or geopolitical developments it’s on the news feeds within twenty to thirty seconds and we can observe the affect on the markets and consequently trade that information.
So basically what you need to do is come to your charts in the morning, you need to look at the currencies that have been moving overnight or the previous session and you need to figure out the reasons why those currencies have been moving.
If there is a good fundamental reason or a good sentiment based reason why say the pound has been going up, that’s a good reason why it might continue to go up over the current session so you will then look to buy that currencies or sell the currencies that are going down.
It’s key that you only trade a currency that has a good reason for moving, some currencies will go up for no apparent reason don’t trade those, only trade currencies with a sentiment of fundamental driver. The reason it’s pivotal to have a premium newsfeed is because whilst the session is in play the sentiment can change, so you need to know what’s happening across the markets and what those reasons for price fluctuation are.
Of course sometimes price action will change and there will be little reason for it essentially just the market pushing price around, but if you’re tuned into all the economic news affecting the markets you will begin to notice what the market is focussing on and how it reacts to specific data points and of course we can look to take some pips once we’re tuned into that information.
http://fxbootcamp.com/live-forex-training/ In this forex training video I show you how to plan your week for trading forex. We review the Commitment of Traders report by the Commodities Futures Trading Commission for large speculative trading positions by hedge funds. We then go through the calendar to look for key trading events like GDP, FOMC and such. Lastly, we review trending technicals for the USD pairs and a few JPY pairs. (EUR/USD, GBP/USD, NZD/USD, AUD/USD, USD/JPY, GBP/JPY, AUD/JPY)
– EURUSD hits fresh 11-year low below $1.1100 before rebounding.
– Non-EUR: NZDUSD looks vulnerable w/ FOMC, RBNZ on Weds.