Ensure Your Forex Data is Current
The importance of accurate Forex data cannot be overstated. If you are relying on certain
support and resistance
(S/R) levels, you need to be absolutely certain those levels are correct. There are many sources of free information including both technical and fundamental analysis. Besides the normal S/R price levels of Forex, 1.3000, 1.3050, 1.3100, etc., you need to be aware of the "big picture" S/R levels of recent highs and lows. Fibonacci levels are also closely followed by many Forex traders and you need to know where the current Fibo levels are. One of the better sources of free analysis information available to Forex traders is Daily Fx.com . They have extensive daily coverage of both technical and fundamental analysis which details the important levels to watch, as well as some excellent education articles which are great for all traders, new or seasoned. Keep an Eye on Other MarketsThe Forex market is influenced by the equity markets, and there are correlations between certain currencies and the price of commodities such as oil and gold. I will often spend an hour or two in the morning watching CNBC or other financial programs to help get a feel for how the overnight action was in overseas markets.Watch for and use the correct Forex information and it will definitely help you to trade with a greater chance of success. The more information you have on the market, the better off you'll be.
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