As an FX trader, aside from being knowledgeable and experienced with how the market works, there are other things you need to know. In becoming a successful FX trader, another important thing you should keep in mind is to stay updated on the market. If not, there can be significant challenges that you may encounter, especially when it comes to executing trades and improving your strategies.
However, for beginners, it can be overwhelming to learn about forex trading, improve their experiences, and stay ahead of the current market conditions.
In this article, we’ll list some of the ways you can do as a new FX trader when it comes to staying on track with the market.
1. Check Economic Calendars
One of the things that can help you stay updated on the forex market is by following the economic calendar as often as possible. It includes inflation, GDP growth, central bank meetings, and employment reports.
Suppose you’re already using an FX trading platform. In that case, you should check whether it offers a built-in calendar that allows you to filter events, so that you can specifically assess the impact of changes in currencies or levels. Checking these things as often as possible can affect your decision-making when it comes to creating strategies.
2. Read Daily Market Analysis
Many companies, including financial institutions and brokers, often issue market insight. However, it’s best to look for reliable sources. If your trading broker offers daily or weekly market insights, it’s best to check them out because you can ensure that they’re providing accurate information.
Usually, market insights include technical trends, market movements, and fundamental drivers in a more understandable format. So, as a new FX trader, you can easily understand the complicated information. You can also try subscribing to newsletters, so that you can regularly receive the updates you need.
3. Follow Central Bank Updates
Central banks can also significantly affect the currency markets. So, looking into their interest rate decisions, statements, and press conferences, take note of the things that can significantly trigger the changes in the current market conditions. If you can list all the possible things that can affect the market, it can give you an edge to improve your overall trading performance.
Besides, when deciding on how to improve your trading strategy, you can utilise the list you’ve created.
4. Use Real-Time News Feeds
When it comes to trading, time is of the essence, so you should be aware of the real-time news about the forex market. You can find a lot of trading platforms that offer real-time news plugins. However, some platforms aren’t as fast as the others, so there can be some slight delays in getting the current news.
Aside from the plugins on trading platforms, you can also try watching the news from reliable websites, especially since they can provide the exact changes happening every minute.
5. Follow Reputable Analysts and Traders
Another way to ensure that you know everything that’s happening in the world of the forex market is by exploring it through social media. No matter which social media platform you often use, you can always find the accounts of reliable FX news providers.
However, one thing you should keep in mind when using social media as your source of financial news is to verify the account. There are cases when even if an account is suing the name of a news provider, they may not be the right one. Some scammers may use another company or an individual’s name so that they can earn from it. In addition, there are also instances when the reputable account is hacked, so always be careful.
6. Engage with Trading Communities
If you like engaging with other traders, you can also look into trading forums and groups. Some specific websites or forums are about forex trading, so you should also check them out. However, when following a thread or an account, ensure that there’s reliable information, especially the claims of perspective they provide.
Besides, in some cases, even if the discussion looks reliable, you may not be sure if it’s backed by data or experience. They can make sense, but they may not always be right.
7. Leverage Technology
The modern FX trading uses significant technological aspects, which is why you should use it too. Even if you’re not chronologically online, you can still be updated on the latest FX news. Whether you’re using a mobile phone, tablet, laptop, or desktop, you can allow the notifications, so that you can be aware every time there’s news about the forex market.
8. Keep a Trading Journal
Lastly, keeping a trading journal can also help to stay updated about the forex market. As you record current events and market trends, you can build a personalised interpretation of he market that can significantly help with your decision-making.
Final Thoughts
The forex market can be volatile and overwhelming for new FX traders. However, by staying updated on the market, you can significantly navigate the market through your trades. So, don’t hesitate to check the list of news resources, as discussed.
