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Alan’s Forex Fundamental Strategy
Written by: PaxForex analytics dept - Friday, 30 November 2018 0 comments
Hi everyone, hope all of you are having a great trading day no matter what you are trading. I wanted to share my strategy for trading fundamental news with you guys. I use this whenever there is a major economic announcement scheduled for release. All you need to execute my strategy is a forex trading account, trading capital and a solid forex calendar. I recommend PaxForex as your trusted forex broker as they offer an overall excellent service to all type of forex traders. Their tight spreads are one key profit booster with my strategy, let me explain.
The tighter the spread is, the more pips you will earn. The wider the spread is, the more the forex broker will earn. With PaxForex you can some of the tightest spreads in the forex industry which means that you simply earn more pips per trade. Here is another way to look at it, if you trade at another broker who offers higher spreads and you have a good trading strategy which earns you solid pips every month, you will earn more pips per month using the same strategy at PaxForex due to the lower spreads.
Trust me, this may not sound like much on a trade-per-trade basis, but once you accumulate it and up the pips it makes a very big difference. Just keep in mind that a successful trading strategy is not measured by one good trade, but by plenty of trades over a long time period. Let’s just say that you get a 0.5 pip spread improvement at PaxForex and that your average trade size equals 1.0 lot. That is $5 per trade more that you can earn. I place roughly 50 trades per day which means that I earn $250 more re day or $5,000 more per month. As you can see, tight spreads make a big difference.
Next you need a solid economic calendar and PaxForex provides a very good one. A lot of different places focus on major events or major currency pairs only, but at PaxForex you can get a much wider picture which also creates a lot more trading opportunities for my fundamental trading strategy. You can access the calendar on the PaxForex website, even if you are not a traders there as it is free for everyone, by clicking on drop-down in the top menu bar and then select the option. Let the calendar load.
Once the calendar is loaded you should adjust the calendar time to your own time if it not showing by default. This will ensure that you can execute my strategy at the right time. In order to change the time of the forex calendar, all you have to do is select the proper
one in the top right corner of the calendar where it reads . The drop-down menu has all global time zones with major cities as an example so it should be very easy to find the right one for you. The next thing you have to do is click on the button in order to view today’s events only. It can be a rather long lost if you look at the entire week.
Now this step is optional as I know there forex traders who prefer to only trade certain currency pairs. In my opinion this makes no sense as you never know where the next trading opportunity awaits. In the top left corner is a button labeled . Click on it and then under on the left side, click