| By :
Cedric Welsch
Can you make money from listening to forex news? The truth is, many investors make their buying and selling decisions based on what the news about a nation is. However, this strategy is not effective. The theory behind it is that major news about a country is guaranteed to swing the price in one direction or another, which is true. Therefore, it seems like a quick and easy way to become profitable. The problem is, tons of other traders know the same exact information you do, and therefore the swing in price will already be taking place by the time you make your transaction. That is why investors who make their decisions according to the news are always complaining about being one-step behind. So why do investors still do this? The reason is simple - less work. After all, if you rely on the news, you no longer have to do a lot of research on the country. However, while it does save time, for the reasons mentioned, this strategy is not that effective. Instead, to become profitable, you have to learn to spot investments without relying on the news. Does that mean you have to watch the market around the clock? Not necessarily. If you want to save time, go for a piece of automated software. They analyze the market for you around the clock, and find profitable investments based on the criteria you specify. Just remember that they are not an easy, get rich quick methods like many people think. Any good piece of software will require input on your part, and therefore you need to know about the market yourself. Even if you do use software, at the same time you also want to learn how to invest on your own. Nobody can make huge long-term income from relying on a piece of software, because he or she will miss investment opportunities they could have found on their own. Even the best robot software can never compare to the mind of an educated investor. The bottom line is - do not listen to forex news just to base your trading decisions from what you heard. It is irrelevant to your investing strategy. If you are investing based on the latest news, you are always going to be one-step behind. Instead, start learning by using a piece of investment software, and educate yourself at the same time. This is the only long-term method that works for getting rich in forex currency.
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