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  1. #1
    Rookie Member

    Economic Data and Forex Impact !!!

    Hi CommuniTraders -

    Although I am not entirely new to trading (Call/Put Options), I AM new to Binary Options. In doing some research, I chose to go with Nadex (Being in the US, I don't entirely trust the 60 second guys from what i've read on boards/forum). I currently have a demo account at the Nadex site, and am trying to understand a few things. Help/insight/resources would be greatly appreciated. I have a few questions:

    1. I have been looking at various economic reports to determine when to get in. I'm currently using FXStreet. Is this a trusted source?
    2. I followed the US news this morning and it seemed fairly positive. How does this impact the Forex, and where do you specificly go in at. (I had a few bucks in EUR/USD, but it tanked. Why?)

    These are a few questions i have to get started, hoping someone can point me in the right direction.

    Humble Student
    D.

  2. #2
    Senior Member grindtime's Avatar
    Let me try to answer your questions for you

    FXStreet is a very trusted source. You can also check out DailyFx.com , ForexFactor.com and a handful of other FX sites , I would also go through the school on the BOTS home page http://www.binaryoptionsthatsuck.com/school/

    Looking at eco reports is what we call fundamental analysis which is important but I would advise you to learn technical analysis as well ( Chart reading, use of indicators, ect ) . This forum is a great place to ask questions as there are many helpful people here that can help you along the way.

    Usually when the U.S news is good/Bullish the USD is stronger. Thus the exchange rate on EUR/USD would go down. Always remember that the base currency is the first listed in the pair. Works like this
    EUR/USD -133.770 Means you exchange $1 of EUR for $1.33770 of USD.

    USD/JPY would go up when USD is strong. Because USD is the base currency. So for USD/JPY -102.661 means for every $1 in USD exchanged for 102.661 of JPY

    This is basic and if you understand this I don't mean to insult you but from your comment about having a few bucks in EUR/USD and it tanked , I'm assuming you saw USD looking good on news and bought EUR/USD.

    I have a book that goes over the basics of Forex. Currency Pairs, PIPS, everything you need to know if you want to PM me with your email I'll send it to you
    Last edited by grindtime; 07-30-2014 at 02:35 PM.

  3. #3
    Rookie Member
    Thanks, Grindtime!
    It makes total sense regarding the base currency, and the impact. As I stated, i'm still in the learning stages and thankfully it's all on my demo account.
    I will PM you, as i'm trying to soak up as much (trusted and accurate) knowledge as I can before i stick my toe in with real money.

    D.

  4. #4
    Moderator Kolyo's Avatar

    ok icon !!!

    Quote Originally Posted by danimaltex View Post
    Hi CommuniTraders -

    Although I am not entirely new to trading (Call/Put Options), I AM new to Binary Options. In doing some research, I chose to go with Nadex (Being in the US, I don't entirely trust the 60 second guys from what i've read on boards/forum). I currently have a demo account at the Nadex site, and am trying to understand a few things. Help/insight/resources would be greatly appreciated. I have a few questions:

    1. I have been looking at various economic reports to determine when to get in. I'm currently using FXStreet. Is this a trusted source?
    2. I followed the US news this morning and it seemed fairly positive. How does this impact the Forex, and where do you specificly go in at. (I had a few bucks in EUR/USD, but it tanked. Why?)

    These are a few questions i have to get started, hoping someone can point me in the right direction.

    D.
    Hello Danimaltex and welcome to our binary options trading community!

    The answer you just received from Okane is detailed and accurate so check it twice. I have to say that understanding the direct impact of the economic data is very difficult task and it depends very much on the market situation and the other news and factors. For example last Friday the good NFP data couldn’t give strong impulse to the stock markets and they remained on negative territory. If you have more questions write them in CT and you will quickly find answers to them

    Wish you good luck and successful learning!

  5. #5
    Solid Member
    Check also OANDA, good source of information and Ducascopy news wire. I am monitoring constantly the myfxbook news calendar to see the upcoming news and the result of their announcements.

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