There are plenty of websites that would like you to believe that they are the best source for all of the Forex news that you need. The question is, where are the best places to find the actual news that you can use in the Forex world?
Information is your number one resource when it comes to making great trades. You need to know that the vast majority of news that actually moves the Forex markets is news that falls into one of just a handful of occurences — like an economic report or a change in a national bank’s position on interest rate.
Ultimately… News changes the fundamentals and that, in turn, moes currency pairs.
There is a chain reaction between what the news does and how it impacts various currency pairs. For example, the news is known to change the fundamentals of the market itself. As such, it is common practice to see that a major news story may cause at least some people to develop a new strategy for how they are trading in the market.
Where are the Best Places to Find Market Data and Information?
You will be spoiled for choice as far as where you can find the information that you require about the Forex market. You will need the Internet for the most up-to-date information. You simply cannot allow information to become stale.
If you are a newer trader, you may be shocked to learn about the number of currency-specific websites, printed materials, and television programs that cover the matter. There are a lot of interested parties out there when it comes to learning how to trade the markets profitably, and you will quickly discover that the market data and information that is available to you is more vast in nature than you may have realized at first.
Plenty of these services are completely free to use, but you may have to pay up a little if you come to find that you need access to a premium service of some kind.
Traditional Financial News Resources
It may be tempting to venture into the obscure financial news resources that exist out there, but we must advise against this. The fact is, traditional financial news resources remain the top dog when it comes to the best ways to get your information. There is nothing worse than trying out a new financial news resource and discovering that you are unable to get the information that you require. Fortunately, you can stick with the known news resources such as:
- Wall Street Journal
If you stick with these top players, you can rest assured that you be receiving information that has been vetted by the professional reporters who cover financial news all the time.
Real-Time News and Updates
There are a lot of real-time news and financial reporting channels that you can access from the comfort of your home whenever you want. Plenty of people leave news channels such as CNBC or Bloomberg TV on all the time. These are channels that report on the markets around the clock. You can gather new information about the markets and how real-time events are impacting prices just by watching these channels.
Another option that you can rely on for real-time information is the trading platform that you use. The best trading platforms make it easy for their users to see what kind of news stories are shaping the market at any time.
Don’t forget to keep an eye on the economic calendars that can impact trading conditions as well. These calendars will list important announcements and activities from central banks and other entities with a stake in the Forex market. There are certain data releases that have to occur at specific times on the calendar. If you are aware of when those events are going to be announced, then it is possible for you to set up your trades around those events.
There are several choices for a serviceable economic calendar, including:
- Baby Pips
- Forex Factory
- Trading Economics
Market Information Tips and Whispers
Bare in mind the fact that certain bits of information that you have acquired from a specific report today may not be as useful in the future. This is to say that there are bits of information gathered from reports today that may become stale over time. You need to ensure that you are only using the latest and most useful information possible. If that is not the case, then you may need to update the sources from which you are receiving information.
Also, keep in mind the fact that the information that you receive may be factual and useful, or it may be a rumor that cannot serve you in the ways that you would have hoped that it could. It is vital that you recognize that both of these things are a possibility. If you understand that there are players in the market who will sometimes look to provide you with information that is simply not useful for you. Don’t let that get in your way. Only focus on what you know is true and useful.
Disclaimer: All information provided here is intended solely for study purposes related to trading financial markets and does not serve in any way as a specific investment recommendation, business recommendation, investment opportunity, analysis, or similar general recommendation regarding the trading of investment instruments. The content, in its entirety or parts, is the sole opinion of SurgeTrader and is intended for educational purposes only. The historical results and/or track record does not imply that the same progress is replicable and does not guarantee profits or future profitable trading records or any promises whatsoever. Trading in financial markets is a high-risk activity and it is advised not to risk more than one can afford to lose.