Websites I use for making trading decisions

Forex Trading Nigeria

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Posted by on Wednesday December 21, 2011 20:30:18:

When it comes to trading forex, although you may not always make the best or perfect decisions, it is always good thing if you decisions are based on available facts so that in case the unexpected happens, you won't be losing too much.
If you are an active forex trading and do trading like I do sometimes, you would probably need to be connected to the internet, if possible for 24 hrs of the day as news and forex reports are constantly updated.
As long as you have positions open or you are looking for an opportunity to enter, then staying connected to forex news is something that can really help you.

Forex economic calender
This is probably the most important tool a forex trader needs to use especially if he wants to get an idea of where the market trend is heading. It's true you can trade just based on price action and by following the crowd, they may have been times when you actually want to know which side the market woukd eventually go based on a recent report. This is where the economic calendar comes in. It is a list of daily, weekly and yearly programme that details reports related to the economy of top currency markets. Reports like Unemployment rates, Fed and ECB actions, interest rates, Trade balance, GDP, Current accounts and so on. These are the macro items that move the currency prices when the reports are finally released. There are many sites you can get an economic calendar from but the ones I prefer using are:

- www.forexfactory.com - Needs manual refresh
- www.forexpros.com/economic-calendar: Constantly updating

You would need the adjust the time to suit your time in Nigeria and this would be in GMT+1


Forex News
Therea are also sites that release news reports on the go and they may or may not be directly related to what is already in the forex economic calendar. Sites I normally use for these are:

- www.bloomberg.com/news/currencies
- www.forexlive.com

Keeping a tab on forex prices even on my mobile
When I'm asleep and probably in a short position but looking for a good time to close in some profit, it normally happens most nights when I am no longer connected to the internet so I normally use my mobile to check the current prices and the highs and lows and I do this by going to m.fxstreet.com. This just gives me an idea of the current prices so that I may make a sudden decision to buy, sell or close in some profits.

- m.fxstreet.com