The best ways to stay alert to Forex market changes

The forex market is the largest and most liquid in the world, experiencing value changes literally every second it’s open. While a lot of these are minor and only affect those with a scalping trading strategy employed, many larger changes will introduce challenges and opportunities for traders. It’s important to prepare for and be aware of the latest forex market changes as they happen to be successful trading, and these are some of the best ways to do so.

Read Financial News

From Reuters to the Financial Times, there are many great online sources reporting on the latest developments in the financial news. Many of these have their own apps as well, so you can get news sent direct to your smartphone and set up alerts, often customised for certain information that’s of most interest to you. It’s also important to keep up to date with the wider news as many political events can affect currency prices, so if it looks like there will be political unrest or an election in one country, be prepared for its currency to react.

Focus on Trends

Historical and current trends can give a good indication of when prices might change. If you’re forex trading on a new platform or starting out with a different currency pair, then it’s worth reviewing previous trends. This can highlight certain occasions when and where price changes usually occur and plan your strategy around this.

Set Price Alerts

Many platforms offer the feature to set price alerts so that whenever a particular currency you are tracing increases or decreases in price you receive a notification. Parameters can be adjusted in most cases so that you only receive alerts for price changes by a specific number of pip movements at least, otherwise notifications would be constant. For those with a smartphone trading app this means you can react to any changes almost instantly.

Trust Fellow Traders

One of the biggest forex trading signals is what other action traders are taking. Especially for those new to forex trading, it can be worth following the crowd and putting your trust in the common decisions of other, more experienced traders. This can be through following their advice on social media to seeing if there is a sudden interest in buying or selling one currency in particular. Keeping up to date with their advice can help.

There are many other ways to stay alert to the latest forex market changes but these are some of the best ways to start