Has this ever happened to you?
You’re on a winning streak in your trades. The trends are in your favor and you couldn’t be happier. A little voice in your head says, you just won 5 trades in a row, what are you going to do next? You think to yourself, I’m going to Disney World! (Just kidding. with theme park prices these days, you’d need to win 10 trades in a row just to afford one ticket.) So, looks like taking your family out to dinner is your next best bet. You come back satisfied and the kids are fast asleep score! But, shouldn’t you check the fundamental announcements before heading to bed? Of course not!
There’s no need to; you are a trading champ.
The next morning, you wake up to check your charts and to your horror, a practically wiped out trading account is staring back at your bloodshot eyes. Talk about a trader’s worst nightmare.
As horrible as this sounds, I’ve heard similar stories from many traders. There’s nothing wrong with being confident in your trading abilities, but that doesn’t mean you should disconnect yourself from fundamental news.
Just look at what happened with the Swiss franc. Some traders were caught off guard when the currency was unpegged. I, on the other hand, knew there was a high probability of this event taking place days before it happened. Want to know how? No, I’m not psychic. (Although I wish I was so I could prevent my walls from becoming my kids’ art museum.)
I knew this market movement was on the horizon because I check my fundamental news sources daily.
Top 5 Fundamental Announcement Sources on the Web
Paired with a well-thought-out trading strategy and solid technical analysis, fundamental news announcements could help you put bread on the table. Here are my top 5 for the new year.
1. Forex Tips
I always check the economic calendar first so I can plan out my trading week. If I have time, I like to skim though the Forex Tips Forums to see what fundamental announcements people are paying attention to.
2. Forex Factory
I head to Forex Factory 2-3 times per week to browse through their News tab.
3. Bloomberg TV
When I’m busy at work, I like to listen to news updates. Bloomberg TV is perfect for doing just that.
A quick glance at their Markets tab reveals dozens of upcoming fundy announcements. I browse through CNBC regularly to see which stories apply to the trades I’m currently in.
5. Student Insight
If I’m hosting a live workshop, I like to hear from my students. Sometimes they have access to different feeds and I like to compare them to my own. I get their insights during the class and once it’s over, I wait for confirmation before I make a move.