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Tools and Tips for Forex Trading
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Trading without Technical Indicator
Many forex traders make use of technical indicators to help them make trading decisions. Technical analysis is useful but there are other methods that can also help you be a profitable trader.
You can be a profitable trader by basing on fundamental analysis. Take a long term view of where a particular currency is heading by looking at the current economic situation of the country and the future economic forecasts.
Another method is to trade the economic news releases that occur daily. This is a much more short-term method and is quite difficult to do, but it’s definitely doable. Although this is not what I am particularly good at, but I do know a couple of forex traders who make profits trading the news. After all you can get some volatile swings immediately after major announcements, which presents some good trading opportunities.
Finally, there is more method of trading, and that is trading the currencies based only on price.
A trader told me once that the best indicator, and the only one you really need is price, after all the price will tell you what has happened to a currency’s price in the past, and viewed correctly it can be used to predict where it is likely to go in the future as well.
Tags: fundamental analysis, technical analysis, trading by price, Trading Methods
What is Fundamental Analysis
As the term suggest, Fundamental traders are the ones that will analyze the fundamental of the country which currency they are trading.
Fundamental analysis looks at the intrinsic value of a nation’s currency based on the economic news that reflects the strength of a country economy.
And fundamental indicators are such news that will reflect the strength of the country currencies in relation to others. Normally, what are included in the indicators are statistical data on employment, housing, interest rate, international trade figures, retail sales, GDP and manufacturing. The performance of these indicators will have an effect on the value of the country’s currency.
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