Do you know how a live Forex news feed can save you thousands of pounds every single month?
Will you let me share my 5 reasons I use a live Forex news feed?
What Is A Live Forex News Feed?
For those who don't know, a live news feed is in simple terms, a talking economic calendar. This means, all the SCHEDULED news, I hear in REAL-TIME. This also means UNSCHEDULED news releases I hear in REAL-TIME too.
No longer do I need to keep hitting F5 on my Windows laptop to refresh my economic calendar. Now I flip one switch and I'm good for the day.
1: How The News Feed Saves Me Money Every Month
Now to the juicy stuff, because I know you want two things.
To know how to make money trading Forex
- Good tools which will save you money
This does both!
It Keeps Saving Me Money
Now being honest, this wasn't a tool I had starting out as a trader. This is probably why I like it so much. And if you have been following this site long enough, you know I rarely recommend any kind of tools. Simply put you don't need many to trade Forex and make money.
The lives news feed is one however. Because time and time again, it saves me money.
When I first started trading, there were loads of times I would place a trade. All of a sudden the market just starts moving quickly against me and I would lose a trade. I had no awareness of news. And because of this, news would effect my trades.
Do you ever find yourself losing a trade so quickly and asking, I can't be that bad as a trader?
You might be right because you may just be taking trades at the wrong time. If you know when significant news is being released, you can plan your trades much more easily.
I still use an economic calendar but not how I use to. ForexFactory has a good calendar but a live news feed is on another level.
If you want to learn to save money, I seriously think you should consider using one.
2: Saves Me So Much Time
Like I said before, I still use ForexFactory but not how I use to. Now I use a Forex calendar as a way to see what news is coming out. So in the morning before I trade, or after my trading day ends.
This saves me loads of time because I am not going back and forth between FF, my charts and other pages.
All of the back and forth, is tiring, stressful & really unproductive. What you really want to do is spend time on the things which make you the most money.
Maybe that is
- Setting Alerts (Watch This To See How To Use Alerts)
None of these things involve checking a calendar. The Forex news feed does the job for you.
3: Very Accurate & Unbiased
I'm not really talking about common news statistics because this is easy. What I mean is the news which is not scheduled. Starting out you may not trust the news feed with unscheduled info. If it was important, it would be scheduled right?
I have found most of the unscheduled news & private news usually very accurate. I rarely base my trading on this but it could help you if this is what you are interested in.
Market manipulation is all about so you have to be careful with which news sources you allow to influence you.
If you want accurate news, in real-time, look into a news feed.
4: It's Instantaneous
I have mentioned this previously but I want to share a story. Trading the news is what loads of new traders dream about. Why wouldn't they. It's the time to make all the money really quickly. If you want to know how to trade the news, listen to this.
I didn't always trade news the way I share on that link above. But I lost money loads of times because I was trading the news the wrong way.
When I first started trading the news, I would have my economic calendar open. My order sheet would be filled out already, all I needed was the news release. To get the news I would need to keep pressing F5 to refresh the page.
If you have ever traded news before you know sites normally crash around news releases (especially the big ones). Everyone wants the data. It would normally take me a minute or two and then I would go back and buy or sell.
This was me trying to trade in real-time with the news figure which was released a minute ago. You were right if you realised I kept losing money.
Then I found out about a live news feed and things changed.
I no longer needed to wait. I had my order sheet ready as before but now all I was waiting for was the live news feed to start talking. Now I could REALLY trade the news instantaneously and in real-time.
Better tools, Better results, More money!
5: They Share Private Data
Now I don't mean anything illegal here but they obviously have access to people who are allowed to talk. So normally they are able to release rumours.
For example they may say something like:
X company/person is rumoured to be pushing price up to sell from this region.
Imagine if you were weighing up a buy position, wouldn't this make you think twice?
It is not always as direct as that but I have seen (especially in the beginning when I cared about this) things like this which were reported be very correct.
Bonus - #*6*: You Get A Trading Edge
I know I said five but I thought I would give you one more.
Despite my recommendation, I know traders out there don't all use it. You can get this tool for free but sometimes you have to pay. Because of this, many traders who realise all the benefits I have shared above, still don't purchase if they can't get it for free. This means loads of traders are not using one.
This gives you an edge over loads of traders in your position who want to start making money.
Some Forex brokers do give this away for free as part of a package when you sign up. But if not you have to pay a monthly fee which I think easily pays for itself. All of the help it provides and the money it saves you, far exceeds the cost per month.
What I Use And Recommend
If you are on the fence, let me say this. Over the next month, look over all the money you might lose trading. Then compare it with the cost of a Forex news feed.
Sign up for a news feed for one month only and compare. If there isn't a difference, stop using it. If there is a difference, and the difference is more than the cost of the news feed. I would say keep using it on a month by month basis.
You get a great tool for low risk and if you like it, you keep using it. I personally use the RanSquawk Forex news feed. I strongly recommend it because I have used it for years.
Leave a comment below if you have any questions about live Forex news feeds or If you have anything you want to add about one.