I am fairly new to Forex and FF, so I'm really excited to make my first post here! I've been lurking around FF for a couple of weeks now, reading many many posts from some of the greatest individuals here. I have a couple of questions that I hope someone here would be able to answer and I apologize if it has already been asked here before.
I've pretty much read everywhere that you should never trade during the news events. Any my first question is, what exactly does that mean? Does it just mean that we should not open any new orders during this time? Or does that mean that we should close our current orders AND not open any new orders?
Secondly, I've also read something about how you shouldn't trade on Fridays. To what extent should one follow that "rule," if you want to call it.
Thirdly, what are the important news events that affect trading of currencies... where it can turn around or enormously affect a currency pair in large amount of pips?
I go to FF everyday and check their main page, which has the news event coming out for the day or week. Please excuse my ignorance, but how does one go about reading that? There is headings such as "Actual/Forecast/Previous" ..what does all that mean? And then once again, which news events really affect trading? I know that there is the "level of impact" icon beside each news event - red, orange and yellow. So does that mean that every time there is a red icon, we shouldn't trade that currency pair during that time? And if that's the case, then how long should we wait before trading that currency pair?
I know that those are a lot of questions and I appreciate anyone taking the time to answer them for me. Just like everyone else here, my goal is to become an excellent trader and minimize my losses as much as possible. I'm in this business to stay so I want to take the advantage of all the knowledgeable fellows here who are willing to help starters such as myself.
Cheers
I've pretty much read everywhere that you should never trade during the news events. Any my first question is, what exactly does that mean? Does it just mean that we should not open any new orders during this time? Or does that mean that we should close our current orders AND not open any new orders?
Secondly, I've also read something about how you shouldn't trade on Fridays. To what extent should one follow that "rule," if you want to call it.
Thirdly, what are the important news events that affect trading of currencies... where it can turn around or enormously affect a currency pair in large amount of pips?
I go to FF everyday and check their main page, which has the news event coming out for the day or week. Please excuse my ignorance, but how does one go about reading that? There is headings such as "Actual/Forecast/Previous" ..what does all that mean? And then once again, which news events really affect trading? I know that there is the "level of impact" icon beside each news event - red, orange and yellow. So does that mean that every time there is a red icon, we shouldn't trade that currency pair during that time? And if that's the case, then how long should we wait before trading that currency pair?
I know that those are a lot of questions and I appreciate anyone taking the time to answer them for me. Just like everyone else here, my goal is to become an excellent trader and minimize my losses as much as possible. I'm in this business to stay so I want to take the advantage of all the knowledgeable fellows here who are willing to help starters such as myself.
Cheers