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My advice is - don't try and predict the news outcome and the reaction to the news. Just put up with the fact that there are things you can't predict and don't have control over. It is easier to avoid this guessing game and instead concentrate on things where you actually have a solid edge. Tip 2: Keep track of macro news release times This is simply a must. You need to keep track of macro news releases every day.
To be consistently profitable, you cannot afford to trade without being aware of all significant macro news that is coming up during the day. A good thing about the majority of the news is that the release dates are given way beforehand and also the release times are usually the same. What I personally do is check the Forex Factory webpage every morning and see what news is coming up during the day. If you are afraid that you will forget some significant macro news release, then you can also set an alarm to go off a few minutes before the release.
Another way to keep track of the news is to use my TD Expert Advisor available for members of my trading course. This EA can take care of the news, and it won't let you enter any trades before or during the news release. Tip 3: How to deal with unexpected news Unexpected news is an unpleasant part of trading. Such news is part of the game, and there is no way to avoid it.
More than once has the unexpected news caused me to lose a trade. Such news can be basically anything, but there are some that happen repeatedly. The most common are unscheduled speeches by central bankers, bank governors or presidents of world's leading economies currently the most unwanted unexpected news is probably caused by D.
Trump on his Twitter. It can also be things like an act of war such as North Korea shooting missiles above Japan, or some type of natural disasters like a hurricane, earthquake, or tsunami. There are ways to avoid trading at least some of them: 1. Use Forex Factory: If you see a sudden volatility spike in the charts, then check Forex Factory "All News" section for any new "red news" causing the spike or not.
If you don't see anything at first, then try refreshing the page few times as Forex Factory often has a few minutes delay in publishing the unexpected news. If you see "red news" then it is best to avoid taking any trades until the situation calms down. If I don't find any news to cause the volatility spike within few minutes, then I don't cancel any trades or trading levels, and I trade as usual. Use FX Squawk: FX Squawk is an invaluable news service that informs you of any events with audio commentary in real time.
This service is really fast, and it is probably the best and fastest way to keep yourself informed. If there is any unexpected news, you can be sure that FX Squawk will inform you almost immediately. Then you only need to cancel your trades or adjust your trading to the unexpected news.
One of the features it has is that it won't allow you to open new trades if there is a sudden price spike or spread widening which is usually linked to news releases. Tip 4: The importance and possible impact of different types of macroeconomic news A good thing about the service Forex Factory and other similar websites provide is that they rank each news based on their importance.
Forex Factory has three levels of news importance.
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