If you're into Forex trading, you should help yourself in finding the best online Forex currency trading applications that will increase the income you will get. Expert traders start off preparation for each trading session by spending a good amount of of time and effort to review the currency pair charts and examining the numerous economic reports reports. At the same time, if an intra- day trade is within progress with a potentially risky financial statement soon to be announced, a decision can be made as to whether to get out of the trade, or perhaps move the stop to protect earnings or minimize losses.
However, how should normal Forex traders with practically no experience trading Forex is able to study and gauge the Forex Fundamental outlook of the various currencies. A newly accessible free online resource I came across is available at Fundamental Forex Outlook dot com which offers all the appropriate resources that can assist you with the complicated task of Forex Fundamental Analysis.
Listed below are four superb resources that are offered for the average Forex trader,
The Currency Outlook Score, which is basically a score that's given to each currency depending on economic indicators and high-impact news releases. A currency score of minus 3 to plus 3 is given to each planned news event based on its importance, market focus, and surprise factor.
Such as, the US Employment Change release should have a higher impact than the ISM Non- Manufacturing PMI figure in the US dollar, however, if the ISM Non- Manufacturing PMI comes out 5 points more than the estimated release, it should have the same impact on the US dollar as compared to the Employment Change in the long term.
The Outlook Score is the sum of all of the individual scores designated to each high-impact news release, and the score is transferred over from one month to the next; this is based on the idea that fundamental sentiments are also carried over from month to month. This score is modeled after the Purchasing Managers Index, PMI, so any score of 49 or below is regarded as a Negative Fundamental Outlook, Downtrend, a score between 50 and 54 can be a Neutral Fundamental Outlook, Neutral Trend and a score of 55 and above is considered as a Positive Fundamental Outlook or Up Trend.
From the site, you can easily click one of the major eight currencies to view each its existing rating and trend. This alone will give you an immediate complete view of the currency Fundamental Analysis without needing to use a large amount of time researching and going over the many news reports.
The Forex News Release Score Details Table and Historical Chart, is essentially a table that lists all of the scores designated to each individual news report that may influence the Forex fundamental analysis and outlook of each currency. You have the option to view the descriptions on each particular news event and also load a historical data view of its effect at the time of the news release. Besides being able to see how the market reacted to high impact news releases, you can even switch to higher time frames or view the market reaction on different currency pairs.
The Breaking News Section, in this section, you can view all of the breaking news that are impacting each currency in the Forex market. This is equivalent to sifting through all of the economic news and analyzing them to find the news that really has an impact on the Forex market.
In conclusion, the Fundamental Forex Outlook website costs nothing and helps you stick to the right side of the market by providing the applications you need. Especially in the longer term point of view, you can purchase foreign currencies that have a very good outlook score against currencies with poor outlook scores. Check out these free resources, it may help you increase your Forex trading almost overnight.