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Nirvanasystems – How to Use Economic Indicators in your Trading

Nirvanasystems – How to Use Economic Indicators in your Trading

Global markets can be significantly impacted by economic news. These papers offer crucial hints regarding the economy’s future and potential effects on the financial markets. We shall talk about the economic indicators that continuously influence the market in How to Use Economic Indicators in Your Trading. There are explanations for the effects of job statistics, consumer spending and confidence, housing reports, and more. Furthermore, you will understand what these data signify for the future strength or weakness of the markets. By the end of the course, you will be well-versed in the meaning of these economic indicators, how to apply them to your trade, and how to steer clear of the unpleasant surprises that these reports frequently bring.

What is forex?

Quite simply, it’s the global market that allows one to trade two currencies against each other.

If you think one currency will be stronger versus the other, and you end up correct, then you can make a profit.

If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.

Foreign Exchange
You go up to the counter and notice a screen displaying different exchange rates for different currencies.

An exchange rate is the relative price of two currencies from two different countries.

You find “Japanese yen” and think to yourself, “WOW! My one dollar is worth 100 yen?! And I have ten dollars! I’m going to be rich!!!”
When you do this, you’ve essentially participated in the forex market!

You’ve exchanged one currency for another.

Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.

Currency Exchange

Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed.

It’s these changes in the exchange rates that allow you to make money in the foreign exchange market.

Salepage : Nirvanasystems – How to Use Economic Indicators in your Trading

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