How To Know About Forex Trading And Make $50 Daily Income

In my first article on How To Know About Forex And Make $50 Daily Income Reading Forex Trading News In Nigeria, I introduced the concept of Forex trading by redirecting you to BabyPips and Betonmarket trading system.

In this short piece, Let go quickly into how to forecast currency moves: EUR/USD as a case study.



EUR/USD: If you are a business student, you will understand how economic
factors affect currency movement. For instance, when US inflation rate
increase, it will drag the US dollar downward against major currencies
and vice versa. This same moves apply to other major world currencies
when the economic report in those economies seems unfavourable.



The idea is that a  currency loses value if economic indicators tends to
potray a gloomy picture and it gains more against it pairs if the
indicators shows that they experiencing economic growth.



How Do I follow Economic News: You can check Forex Street Online
and get up-to-the-minute information on all the major world currencies
online. You can also join Forex Factory to be part of the discussions on
all various sections of the market.



What Do I need to get started?



1. A forex news website like Forex factory

2. Currency Strength Meters: This meter was developed by Henri Liu to help you Guage the strength of a currency against others currencies.

A currency meter that reads above 5 shows that the currency is strong and below 5 signals a weak move.



From the diagram, you can see that EUR, CHF, CAD, AUD and NZD are all weak against USD and JPY. The next action step is to find out why they are weak on Action Forex.



Wait for upcoming news on forex factory.



For instance, if you are expecting a news on Unemployment from EURO, merge the EURO with USD and Merge the EUR with CHF.



If the news comes out to be positive for EURO, place a bet that  EUR/CHF
will increase in the next 20 miniutes but if its comes out negative for
EURO, place a bet that the EUR.USD will fall in 20 minutes.



The reason is because, a currency that is strong against another
currency becomes stronger if a positive news come out of their economy
and a currency that is weak against other currency becomes weaker if the
news comes out negative.



That's the strategy behind my forex trading business.

I love comments!

Enjoy!

Taiwo

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To your success

Taiwo Ibiyemi