Discuss iForex.com (.in, .hu)

[Talar]

No need man. Actually, iForex platform has the built-in economic calendar. Yeah, I forgot about that useful feature of it because I got used to looking at the calendar on other websites. You can find it in the trade ticket of the instrument. I like that iForex platform calendar has expandable info on every financial data. For beginners like you it will be very valuable to know how all the financial reports affect one asset or another.

 

[Magestaff]

Sure it is. I was reading all these descriptions and the more I read the more I realized that fundamental analysis is unreachable for me at this point.
At times it seems completely impossible to use it in trading because one economic event affects five other economic events. And they in turn affect fifty others, and so on and so forth.
No wonder why people study this at the universities. It is so complicated.

 

[Androlen]

You’re not alone in this. Fundamental analysis is considered to be much more sophisticated than technical. Therefore the majority of retail forex traders tend to use charts as their main source of inspiration.

 

[Magestaff]

Oh really? I thought that it was just me and news trading is a common thing among traders. At least I always have a temptation to open an order when the data is released. How can you not have it? Some news cause more than 1000 points of price movements on the instruments, in an hour or so. It will be a missed opportunity.

 

[Talar]

This is a classic newbie mentality. In the forex market you shouldn’t operate with such terms like “missed opportunity.” Because one of the most important things for traders is to minimize the losses. It means to avoid entering questionable deals. And news deals are very questionable, as for me.

 

[Magestaff]

So you’re saying that there is no way to earn using the economic calendar news? I’m asking because all those analysts are talking about the correlation of a certain data and the price direction.

 

[Talar]

Oh, there is a correlation but it’s not as straightforward as you think it is, especially when it comes to currencies. Cuz currencies depend on various fundamental factors, such as interest rates and global economic disposition.

 

[Androlen]

I think you shouldn’t hammer down all this economic data. Technical analysis is the way to go in the beginning. Maybe later you will come to fundamental if you’ll have this urgence.

 

[Magestaff]

Agreed! I’m so confused at times, when I try to read the description of the news in the iForex platform. It’s much easier to set up a couple of indicators on your chart layout and calculate the price levels. And it’s more fun actually.

 

[Talar]

Agreed! I’m so confused at times, when I try to read the description of the news in the iForex platform. It’s much easier to set up a couple of indicators on your chart layout and calculate the price levels. And it’s more fun actually.

I want to share my thoughts on the future of usd pairs by the way. Since Pappa Powell raises the US interest rates again in september, I expect all the usd pairs will go in the direction of usd. And some of them will go far below the parity level. I mean Gbp of course. It will display the worst performance IMO.