Beyond stop losses, trade sizes and leverage, successful traders use an array of information to guide their strategies.
It’s no secret that the most advanced retail FX traders use charts religiously. But many of the traders we surveyed recently said that, in addition, they also keep up-to-date on macroeconomic events.
With that in mind, you could say being a successful trader requires you to be a keen investigator first!
Being armed with the right information is vital. Trading opportunities are largely driven by changes or perceived changes in macroeconomic relationships. That’s why our elite traders run off a multi-faceted trading plan, built on multiple sources of information so the risk and opportunities are understood in equal measure and are as clear as possible.
For more information, visit our website to download an e-book on effective risk management here.