Successful trading in any market is based on knowledge, plus some less tangible skills such as the ability to spot trends, act on gut feel, and have the courage of your convictions. These can be trained, but the best guys out there appear to have a degree of natural ability that seems almost unfair to the rest of us. But even the most instinct-driven traders need to know whats happening around them.
With the Euro lurching from crisis to crisis with no magic solution on the horizon, foreign exchange markets are at their most volatile, or should we say exciting, in a long time. Keeping up to date has never been harder!
There are so many sources of information it can almost create a paralysis just trying to determine where to turn, but once you have found the sites that give you what you need you are unlikely to search elsewhere. One place to get news and opinion from pretty much every denomination across the world is forexfactory.com. Based in Tampa, Florida, forexfactory takes news feeds from contributors across the world and then applies its strict editorial guidelines to ensure that there is consistent output despite widely differing views. Established back in 2004 the site is now the main place to turn to for news and comment for traders around the world.
The site offers forums on every major topic that are actively followed by the 12,000+ members. Youd expect a forum topic like interactive trading to be popular, but we were most impressed to see that it has nearly a million and a half comments! The site extends its usefulness with a calendar of all sources of information coming out over the past days, with instant summaries. Its news section is interesting for the articles it posts, drawing from sources from around the world, but just as interesting are the posted comments that follow each news piece.
In its own words the site is currently the number one most viewed forex site in the world, but just as impressive is that it is the 1,648th most visited of any site in the world.
Another source of expert forex information can be a forex platform itself. Many trading platforms, for example CitiFX Pro, offer live streaming news to their clients directly within the fx platform interface. This allows traders to stay up to date in real time as they trade, and make informed decisions on the spot. News can include both fx commentary and forecasts in related markets like commodities and equities.
With independent sites like forexfactory.com offering crowdsourced news and views, and forex services offering their own commentary to paying customers, theres a wealth of information out there to help traders navigate these volatile times.