The volatile nature of this forex market demands traders to keep a constant check on the market happenings. While market fluctuations are a regular phenomenon, for major news and data releases one needs to consult a forex news app. A forex app can be of various types. It may be a trading app, a demo server or a forex calendar. If you want to get hold of latest data updates, then a news app will serve your purpose.
What is a forex news app?
Basically, on opening the app, one will see the screen divided into columns. These columns specify days, months and year. News updates are categorized into these columns as per their emergence. As per its impact on the trading market, this story is segregated by markers. These markers help a trader to differentiate the priority of one news from the other.
How to read data?
As mentioned above, markers play a significant role in deciding the nature of a press or data releases. They are colored as green, yellow or red. News marked in green come under daily updates and do not have any substantial effect on the currency prices.
On the other hand, carry traders are attracted most by the news that comes marked in yellow. They are also indicated as a medium by a forex news app. A country’s budget announcement is the one that mostly falls into this category. Such press releases require traders to analyze and forecast currency prices technically.
The most crucial segment of news is those that pop up in red. When a trader’s smartphone displays any such notification, it is time to take some serious action. For example, an individual natural calamity has occurred in specific part of Europe. As a result, the forex market is sure to go through some serious oscillations. In such situations any wise trader will look to hedge his position until all market fluctuations have calmed down.
Why go for a forex news app?
Well, by using an Android forex news app, you will benefit in ways more than one. Experts list below two major benedictions:-
- Easy access:
Imagine switching on your computer, logging into your forex account and checking the news. By the time you learn about a news and place your trade, you might have lost 3 to 4 pips.
On the other hand imagine your smartphone, where with a single touch you can scroll through all latest data updates, budget announcements, and press releases. This comparison explains it all.
Suddenly news of a flash flood in the US takes the world by storm. If you are stationed far from your home, you will lose a priceless chance of going long on the US currency. However, with the help of a forex news app in your smartphone notifications alert you of the same even without unlocking the device.
Therefore, the only task left for you is to make your bid and place your trade.
A trader’s sole aim is to make profits and yield returns from the forex market. To do so, he needs to be aware of the market scenarios and a forex news app helps him do so. Therefore, if you are still locked up in the age of the dinosaurs get that news app today from a reliable broker and give yourself a better chance to profit from this market.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.