Trading forex currency accountant London market
How To Start Trading The Forex Market? (Part 7)
HOW DO Economic Events impact Global Currencies:
When I asked several traders about their thoughts about using fundamental analysis as a part of their trading decisions, I have received two opposite responses.
RESPONSE of Trader A
Fundamentals that you read about are typically useless as the market has already discounted the price. I am looking at (1) the long term trend, (2) the current chart pattern and (3) identifying a good entry point to buy or to sell.
RESPONSE of Trader B
I almost always trade on a market view. I don’t trade simply on technical information alone. I use technical analysis and it is terrific, but I can’t initiate or hold a position unless I understand why the market should move.
There is a great deal of hype attached to technical analysis by some technicians who claim that it predicts the future.
Technical analysis tracks the past; it does not predict the future. You have to use your own intelligence to draw conclusions about what the past activity of some traders say about the future activity of other traders.
For me, technical analysis is like a thermometer.
Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. If you want to be a successful trader in the market, you always want to know where the market is- up down- trending or choppy .You want to know everything you can about the market to give you an edge.
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