DAILY FORECAST WEBSITES

First thing in the morning, I go to http://www.fxstreet.com to check out some forecasts and news release times for the day.

I always check before I start trading and I write down the support/resistance, trend, trading range, target highs & lows, news release times, etc. on my Daily Trading Sheet, which is provided in the Day Trade Forex Advanced course.

This is an interesting forecast site that I also like:
http://www.fxstreet.com/nou/content/107780/content.asp?menu=technical analysis
Another place to find out when the world economic news releases are: http://www.forexnews.com and scroll down to the bottom of the website for the list of the current week news releases that impact the Forex markets.
Most often, the economic news release is scheduled for 8:30 AM EST. If you are in a trade at this time, make sure you have your stop loss at a place you are happy with. The volatility is scary and fast, but if you aren't already in a trade, you can jump in once you see the major trend, usually after the first 5-15 minutes. Look at a 30 min chart to see the major trend.

IMPORTANT NOTE: Most of the forex brokerages have now stopped guaranteeing their stops during fundamental news release times, as the volatility is so extreme, that the price can often move faster than their servers can keep up with. Thus, please be very aware that getting into and out of a trade when you want, can sometimes be next to impossible. You can possibly encounter several things during news release times: whipsaw of the price, slippage, freezing of the platform, disconnects, re-quotes of price, loss of money, etc.
Don't bother calling up any dealing desk to complain, as they are all now distancing themselves from this problem, and they all have a disclaimer on their websites. It is a buyer-beware type of situation. If you choose to play the news, you have to be aware of it's risks. The rewards can be very great in just a few minutes, or it can go against you. Make sure that you immediately put in your stop.

Erol Bortucene and Cynthia Macy are co-authors of 'The Day Trade Forex System: The Ultimate Step-By-Step Guide To Online Currency Trading'.
Visit: http://www.daytrade-forex.com
Sign up for the free 'Trade of the Week' for examples of actual trades using the Day Trade Forex System.
Visit their other websites at:
http://www.successtrading2000.com
http://www.shortterminvestingsite.com

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