The beginning of a trader’s career begins with the selection of a broker, the analysis of opportunities that provide for successful trading. The leading place among them is the quality of analytical materials, work, publicity, openness of the analytical department. A significant advantage will be the provision of a wide range of forecasts and analysts in the current market. But is Forex a forecast so necessary? Can effective trading be different from analytics? In fact, we turn to the long-standing dispute between traders and market experts about what plays the most important role for earnings in financial markets. The specified parties do not exist without each other.
Writing Of Analytical Materials
There are two directions of work in the current situation. Traders trade as part of the first. They may not know the laws of the world economy at all, they understand the movements of the schedule perfectly, explaining them in terms of technical view, indicators. Analysts (the second direction) on the contrary make qualitative versatile multi-factor Forex forecasts. The task is to predict the determining factors of the current moment where the price will go. The result of the work is analytical material that meets the requirements of:
- Building trust, interest from readers.
Analyses published on popular news resources are the most valuable. Together with the publications, the ratings of the authors they represent are growing. In some cases, third-party authors are involved to write forecasts. Criteria of product evaluation are publicistic properties, feedback, responses, which it causes. This is how the quality of forecasts is assessed. It is extremely rare for someone to review them in history, to compare them with the actual data on the outcome. There will be a new period where new analytics is needed, the cycle will start from the beginning.
Traders Focus On Analytics
No trader can exist in isolation. At the very least, he needs an economic calendar, watching a news feed. Unwittingly hit the forecasts page. The difference is fundamental: analysts only occasionally risk their reputation, traders constantly risk their money.
But in Forex forecasts they need constantly. They need to receive:
- Overall picture of the market;
- Views on situations from different approaches and analyses;
- Analysis of fundamental factors.
Abandoning analytics is the first step toward losing deposits. If you do not focus on Forex forecast, you need to know it by assessing the market. You can not take analysis as a guide to action, but you cannot ignore it entirely. It is extremely offensive to realize that the trader knowingly made deals against the forecast and lost money. In an ideal situation, analytical materials should coincide with the signals of the trading system, increasing the probability of successful transactions. But at the same time, the market is trading against the majority. Situations on the foreign exchange markets can confirm the correctness of the provided materials, but not allow to earn on this data.