Maybe pro trader believe that fundamental analysis is not something that must be done in forex trading. Technical analysis is seen as more reliable in predicting market movements. Some other traders have the opposite opinion. Forex news and economic calendars can help you predict future price movements.

However, just as nothing is always true in forex trading, the two opinions may not always be proven. In the end, your skills as a trader are tested by combining these two analytical techniques to get the maximum benefit from forex trading.

Before that, let's discuss the difference between investing, saving, saving gold, and trading forex. These four activities have the same thing in common, namely developing the funds they have. However, the method is different. You should learn this from Didimax forex broker before start deciding.

Differences in Investing, Saving, Save Gold, and Forex Trading

All have the same goal of saving money. It's just that in savings, money is saved in a bank account or piggy bank which is still used at any time when needed. Meanwhile, investment refers to invest a certain amount of capital to obtain profits in the future.

In terms of time, saving is generally done for short-term needs, which is less than 1 year. While investing and saving gold, you only will enjoy the results after 3-5 years. A long-term investment. The next differentiating factor is the risk.

Saving has very little risk, but the interest earned on savings is not large. On the other hand, investing offers greater returns, but much higher risks. Investing in stocks and gold has different risks. Fundamental data can have an impact on stock and gold price movements.

On the other hand, forex trading is not intended for investment. Its main purpose is trading. In forex, pro trader often uses leverage which allows you to enjoy multiple benefits even with minimal capital. Conversely, large losses are also possible.

Observing forex price movements is sometimes not enough with technical analysis. Fundamental analysis is also needed by observing forex news that occurs repeatedly at a certain period to see its effect on market movements. For this reason, a trader also needs to know how to read the forex calendar.

How a Pro Trader Avoid the Economic Calendar Trap

Fundamental analysts often spend a lot of time trying to find out the economic conditions of a country. They can examine the performance of money through balance statements, profit, and loss, analysis of current interest rates, to the consumer price index.

The best forex broker believes that the global economic climate has a major influence on price movements. This economic data can provide trading signals to make decisions. Based on the assumption that the released economic data also affect the exchange rates of certain countries' currencies.

Moreover, some of these data often change price trends or market direction, such as employment sector data, consumer price index, and GDP data. Although the majority of investors in the world support the analysis of this model, you should not pay attention to all of the data.

Focus only on the agenda that moves the market. When you open the forex calendar, try adjusting the filters to bring up only medium to high impact news agendas. The important ones are the announcement of interest rates and monetary policy, geopolitics, and macroeconomic data and indicators.

To get the latest agenda, a pro trader never forgets to set the timezone, filters, and time frame for the forex calendar. Also pay attention to various additional details on the news agenda, plus which news has the potential to generate increased volatility.

Next, try to apply a trading strategy based on forex news to minimize risk. Know how to use the pin bar and inside bar. The pin bar is generally formed when the news is released, while the inside bar appears one day after the news is released.

Forex news sometimes doesn't immediately move the market. It could be an unscheduled economic agenda or even past events that changes the market trends. However, relying on the pin bar and inside bar strategy makes it easy for you to read news through charts.

And the most important tips from Didimax, reading forex news carefully followed by a combination of fundamental analysis and technical analysis will help you achieve maximum profits. That is why a pro trader is never trapped in the economic data calendar.