In the 24 Forex market, having access to current market data can make the difference between profit and loss. Fortunately, most online broker/dealers provide their clients with a host of real-time information. This information can be used to make trading decisions throughout the day.
Real time quotes are arguably the most important market information you can receive. Without real time quotes you will be "behind" the market and miss out on valuable opportunities. Real time quotes also ensure you are getting the price you want for your trade. Real time quotes should be constantly updated to reflect the most current market price. Live intraday charts are another valuable tool online broker/dealers provide their clients. Live charts can help you visualize the day's activity. You can easily identify key points of resistance and support. Longer term charts, namely daily and weekly, can be used to identify long term trends and price patterns. When used in conjunction with real time quotes, live charts can be used to time entry and exit points.Market driven data isn't the only useful information traders can use. A currency is valued against the fundamentals of a country's economy. Knowing where to find important fundamental information can aid in your analysis process. Knowing when key reports--such as GDP or employment report--will be released can help you anticipate day trades. Financial websites like Yahoo!Finance offer weekly calendars that highlight key U.S. economic reports.
