trade

Understanding how to trade with the mass of news events with FX Coach Andrew Mitchem

how can you trade Forex realistically

when there's so much happening in the

news around the world on a day-by-day

basis let's talk about that and more

right now

[Music]

hey traders Andrew Mitchum here the

owner of the forex trading coach with

video and podcast number 313 and I want

to explain about an email that I've had

sent to me from a trader in Russia and

he said to me he said Andrew I can't

trade Forex because it's too much to

consider it involves two countries with

their politics affecting currencies and

so many things going on in those

currencies that it is impossible to keep

up with everything can you help me the

short answer is absolutely yes and when

you think about it you know as traders

you've got two different options you can

either go to be a fundamental trader or

a technical trader so as a fundamental

trader you're really concerned with news

events and what the event is and and

what the impact is on the currency

things like that and you see a lot of

images online of people watching TV

screens and news channels and all those

type of things my simple advice to you

is to ignore that and ignore most of

that information because quite honestly

don't need it and my suggestion is that

you look at forex factory say at the

beginning of the week and maybe at on

each day and just have a look at the

high-impact news announcements so to

give you an example how little there is

actually happening over there in the

market today Friday the 15th of March

2019 if you have a look on forex factory

there are only three high impact news

announcements for today scheduled for

the Friday all three of them affect the

Japanese yen now the likelihood of them

actually making any significant movement

in the Japanese yen it's quite probably

quite small the likelihood of it

happening is quite small and even if it

does affect the yen how is that really

going to affect you if you're trading

other currencies you know or even if

you're trading the yen it's likely not

to affect you because if you're a

technical

trader like I am and has I teach it's

all factored into the charts anyway but

let's say you're a trading picker

currency the Canadian against the Swiss

franc let's say you know or even the

euro u.s. the impact of that Japanese

yen those three high impact news

announcements for today it's not going

to affect you so it really doesn't

matter yes it's nice to know what's

happening in Japan or what's happening

in different countries but when you

think about it as a trader even if you

focused on on that and just understood

what was happening you know is the news

good or bad and just to get a gauge of

what's happening you've only got eight

main currencies anyway it's not like

you're so looking at stocks and shares

and worrying about different companies

and what you know it's happening with

some different boards and Chairman's and

dividends and all those type of things

that's happening all the time with

thousands and thousands of companies

we're just talking hate currencies so

really it's very very easy to do in fact

and you haven't got to worry about those

big events and as I mentioned when it

comes to the way that we trade the news

and has milestone defectors anyway it's

all taken into account and the charts

and the charts tell you everything that

you need to know so I hope that helps

simplify your life simplify your trading

don't make it difficult don't get too

confused by it at the end of the day

you're part you find the currency pair

that's showing you the good technical

setup it doesn't really matter what the

pair is I live in New Zealand do I trade

the New Zealand dollar day after day no

it doesn't matter if the news the New

Zealand dollar is showing a good trade

setup against say like the US or the N

or the Franklin Canadian or the Aussie

absolutely I'll trade it but it doesn't

matter about you know where you live or

what currencies are having news events

doesn't really matter

trade what the charts are telling you

technical trading will make your life a

lot easier and your trading a lot more

profitable so once again this is Andrea

Mitchell from the forex trading coach I

see this time next week by over net

you