lends itself very well to the currency markets, so most forex traders use technical analysis as the predominant tool in their decision making process when taking trades.
Experienced traders also know that fundamentals cannot be ignored. In fact, if you’re swing trading or position trading, you really should be looking at the fundamental picture of the markets BEFORE you look at the technicals.
So how do you determine what affect various fundamental factors have on a currency, like economic news announcements and monetary policy decisions? You have to look at the affect these events have had on a specific currency historically
. And, it might not just be one news event that pushes a currency into a long-term trend, it might be a series of events spread out over a number of days, weeks or even months!
Trade on Track makes the process of tracking the importance and effect of news events simple, by allowing you to set up your own “news types” in the system, then record the various “news events” and the affect those events have had on a currency. The system can calculate an “importance” value for you, or you can override it with your own manual importance value.
To utilize these features in your trading today, register with Trade on Track
and start making your trading life simpler and more profitable.
Good luck and trade seriously!
Trade on Track