The
effective trading steps are needed when a fundamental data is launched. The release of important and high-impact fundamental data can be stressful for forex traders.
Maybe you're not waiting for the release of that data, or maybe you have absolutely no intention of trading based on that. However, you'll be impacted as well.
This can happen because any important fundamental data of a country will almost certainly have a high impact. It is especially on the currency of the country in question.
Therefore you should always be ready to diligently monitor the schedule of release of important fundamental data on a daily basis. Make sure to have a right follow up after that.
The Recommended and Effective Trading Steps
Since the release of important fundamental data happens almost every day, here are four steps to overcome stress when you trade close to the release time of that essential data.
1. Have a Special Strategy
One of the effective trading steps is by sorting the data. Choose which one is crucial and which one is quite normal. Relatively less important is usually less impactful or even having no impact.
You can check the impactful fundamental data and its release schedule in the forex calendar. If you haven't had any positions ahead of the release of high-impact one, you should not enter the market.
In fact, choosing not to enter is a strategy. If you currently have an open position, there are 2 options: do nothing and leave what will happen according to plan, or entry at the time of data release with a tight Stop Loss.
These effective trading steps are worked. If the open position is in a state of profit, then the Stop Loss is made less than the profit that has been obtained.
2. Wait for the Right Time
For those of you who don't have a position and want to enter, you should wait between 15 to 30 minutes after the data release even though you have obtained a good trading signal.
You can adjust the entry criteria to the new price movement conditions. This certainly does not apply to those who do trade based on the release of fundamental data.
It is because they already have their own strategy with fundamental analysis. You should try these effective trading steps to minimize loss or get more profit.
3. Reduce Leverage or Position Size
If you want entry when there is an update of essential fundamental data, you can reduce the leverage to increase the stop-out level. Some brokers are offering arbitrary leverage.
Or it is also recommended to reduce the position size. That is because you will never know the direction of the price movement with such high volatility.
4. Never deviate from your strategy
Whatever
trading strategy you have, it is better to follow that. This one of the effective trading steps determined when there is a release of important fundamental data you must execute correctly.
It is better to never deviate or intervene in any way. Deviating from a strategy when the volatility of price movements is high can end in stress.
Best Broker is also a Key
The most important steps to have for starting a trading is for sure by joining the best forex broker. This platform will let you trade safely and conveniently all the time.
There are various options right now, but Didimax forex broker is the leading one. It is a legal platform which is under a regulation of BAPPEBTI .
Didimax comes with the low spread and competitive prices which make it is also suitable for beginners. The direct market access system is available and it has 24-hour responsive customer service team.
It is for sure the best partner that you should have. Explore more about Didimax and join now for free. This is one of the effective trading steps that will bring you closer to the successful journey.