If you want to stay updated on the news every day, you can visit the website: https://www.forexfactory.com/calendar?day=today.
If you're unsure about the current news and need assistance, you can easily analyze each piece of news using Chat GPT.: https://chat.openai.com.
If you want to trade only when there is a single high-alert news event happening, you can rely on Chat GPT to ensure your understanding of the news.
Here is an example of what you can ask from Chat GPT.
Forex news for CAD - Employment Change
Tell me, should the CAD go up or down? Please only answer in one word: UP or down? If I want to speculate on USDCAD based on the news, should I buy or sell? |
If it is a single high-alert news event, wait for 1-3 seconds after the news release to confirm the intended price direction before entering the trade. Prepare everything beforehand, so that with just one click, you can enter the trade.
IMPORTANT: When you start making a profit from open trade, it's crucial not to wait excessively. Instead, consider closing the trade and securing a profit of around 20% - 25%. Greed is a common pitfall among manual traders who often prolong their trades when they see them moving toward profitability. However, it's essential to resist this temptation. Sometimes, the price may temporarily retract before continuing in the desired direction, resulting in a negative outcome if the trade is not closed promptly.
Below is another example of what you can ask from Chat GPT.
Forex news for CAD - Unemployment Rate
Tell me, should the CAD go up or down? Please only answer in one word: UP or down? Which one of the two could be the riskier news? If I want to speculate on USDCAD based on the news, should I buy or sell? |
IMPORTANT: When you start making a profit from open trade, it's crucial not to wait excessively. Instead, consider closing the trade and securing a profit of around 20% - 25%. Greed is a common pitfall among manual traders who often prolong their trades when they see them moving toward profitability. However, it's essential to resist this temptation. Sometimes, the price may temporarily retract before continuing in the desired direction, resulting in a negative outcome if the trade is not closed promptly.
Ask Chat GPT:
Which one of the two could be the riskier news? And if I want to speculate on USDCAD based on the news, should I buy or sell?Forex news for CAD - Employment Change
Tell me, should the CAD go up or down? Please only answer in one word: UP or down?
Forex news for CAD - Unemployment Rate
Tell me, should the CAD go up or down? Please only answer in one word: UP or down? Which one of the two could be the riskier news? If I want to speculate on USDCAD based on the news, should I buy or sell? |
Then the answer would be:
Chat GPT's answer:
The riskier news would be the Unemployment Rate because the forecast indicates a higher rate compared to the previous value, suggesting a potential increase in unemployment. Based on the news, if you want to speculate on USDCAD, you should SELL. |
In that case, it is very important to note that everyone calculates based on the forecast. Because we don't know if the forecast is accurate or not. Therefore, you should close your trade well before the news if you are in about 20% - 25% profit.
To effectively manage the trading process, it may be beneficial to have at least 2 computer monitors. Use one monitor to display the charts and the other to monitor the news.