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Most common mistakes in news trading

There are many forms of forex trading and rookie traders often gets confused which trading style is the best. To be precise there is no best trading style in the forex industry. Most of the professional traders have developed their trading strategy based on their personal skills and risk tolerance level. In the forex industry, fundamental news releases are the price driving catalyst. There are many professional traders who make a huge amount of money by trading the fundamental news releases in the market. But trading the fundamental news successfully requires pin perfect trade execution and extreme level of skills.

Most of the novice traders in the forex industry often incur a huge loss in the forex industry in the event of the major economic news release. During the event of the major economic news release, the market becomes extremely volatile. In the eyes of the professional forex trader extreme volatile condition is considered to be profit making time. But research shows that most of the traders fail to make money due to some common mistakes in news trading.

One of the most common mistakes in forex that every trader makes in news trading is overlooking the spread. Most of the time the spread becomes extremely wider on the event of the major news release in the market. As a news trader, your prime goal is to catch the quick move in the market. So if you don’t consider the spread then you might end up with a loss in the news trading session.

Slippage is one of the most common things during news trading. There are many rookie traders who often don’t know about the heavy slippage facts during the news. On the event of extreme volatile conditions, the market might exhibit extreme slippage which might double or triple the potential loss you intend to take. So always be prepared for slippage while trading the important news releases in the market.

Fundamental news releases are the price driving catalyst in the forex market. There are many new traders who often jumps into news trading without having proper knowledge about the fundamental analysis. Always remember that news trading is one of the most advanced forms of forex trading. As a news traders, you must know how to interpret the major economic event in the world.

There are two types of market behaviors upon the event of the fundamental announcement. Some of the fundamental will have a long-term impact on the currency pair and some will have short term impact. Based on that most of the traders set their potential take profit level in the market. Always make sure that you understand the news release in the market very precisely.

There is saying the forex market that buys the rumor and sells the fact. This statement is extremely important for the news traders since market often react violently to the rumor and settle down with fact. If you truly want to become a professional news trader then you must know how to identify the rumor and the fact. If you don’t know how to identify them then news trading is not the right trading style for you.

The professional news traders always draw a fine line of similarity with the technical analysis and news release in the market. Most of the time the market news comes in favor of the technical analysis. To be precise, if your technical analysis perfects then you can trade the news with an extreme level of confidence. Even the most advanced traders in the forex industry use the price action confirmation signal to execute the trade in the market. But before you execute any orders in the market make sure that you are trading the key levels in the market. Don’t trade the minor support and resistance level during the high impact news release.

Choosing the right time frame is extremely crucial for the news traders. As a professional news always use the smaller time to trade the important news releases in the market. But before executing the trade in the market expert always take trade in favor of the long-term prevailing trend in the market. If the news conflicts with the long-term prevailing trend they simply stay away from trading. To be honest new trading is extremely different from normal forex trading. The market will be extremely volatile and you need to be extremely careful about your trade execution in the market.

Trading the news perfectly requires clear knowledge about the trading environ and forex market. If you have lacked in any of the following section then you can’t expect to make a decent profit by trading the news. To be precise only the professional traders who have been in the trading for more than years are able to generate decent income by trading the news. So if you are a new trader then don’t jump into news trading. Concentrate on developing a valid trading strategy. Try to find out our key strength and weakness in this sector. Once you identify your problem, try to sort them out in an orderly manner. To be precise you need to develop yourself as technical traders before you start dealing with the fundamental factors.

Forex is such a lucrative business that every single successful trader can make a decent income by trading the financial instrument. Due to the extreme volatility created on the major news release, many new traders prefers news trading. If you truly want to become successful in forex trading then you should not try news trading in the early part of your trading career. Develop yourself a successful trader and once you are making consistent profit in the forex market, go for news trading with proper risk management factors.

Article was written by Dwayne Buzzell – Forex Trader.

 

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