News trading is an integral part of the strategy that every experienced market player should take into account. This tool has already proven its effectiveness. And, it is particularly evident when it comes to the multitude of events that the world is facing, thus having an impact on the global economy and business sector.
The present article covers all the basic concepts behind news trading illustrated by the platform from UTIP Technologies Ltd.
UTIP Mobile “My Trading” Leaves Room for News-Driven Experiments
To ensure successful news trading, one should monitor the most recent events and their impact on the market, compare previous forecasts, determine further price movements and place pending orders to buy or sell products. This approach allows the trader to minimize risks and open positions with relative confidence. Keeping up-to-date is the most important thing in a trading strategy. With news releases having a short-term effect, one cannot overlook an emerging price trend. However, like any other business, news trading is a matter of practice. There are more than a dozen economic events published daily in UTIP Mobile “My Trading,” and the app gives enough room for market players to experiment and upgrade their skills.
UTIP Mobile “My Trading” Provides a Calendar with News Affecting the Forex Market
In fact, not all news has the same impact on the market. Some quotes are susceptible to speculations, while others begin their movement only after the most extraordinary events take place. That's when the Economic calendar of the Mobile Web Terminal by UTIP Technologies Ltd. comes into play, where market players can find the most significant news affecting the Forex industry.
It Is Easy to Find the Necessary Event with a Convenient Filter
In order to find a suitable event for a particular currency pair, there is a specific filter in the calendar. This feature allows users to select a country, a news category, and a preferred importance. Currency price fluctuations are often triggered by news from their issuing countries, and selecting the appropriate filter is important to search for recent developments.
News Can Be Evaluated in Terms of Price Outlook
Once the event is found, a trader may proceed to the next step and assess the prospects of price movement. The news in the UTIP calendar has three basic parameters:
- 'Actual value';
- 'Forecast';
- 'Previous value'.
Most of the news published is of a periodic nature. These events come out on a regular basis, thus allowing traders to track all the changes made. A timeline with previous indicators can be found in the 'History' tab, showing modifications over the entire period: from a few months to several years.
In case the news has not been released yet, the actual value won't be reflected on the screen. At this point, there are two other parameters to focus on, i.e. 'Forecast' and 'Previous value'.
Data for the Forecasts Are Sourced from Major Financial Publications and Analytical Centers
The forecasts are based on the reports of prominent financial magazines and analytical centers. Although they cannot represent the absolute truth, there is a rough estimate of what the market might expect. A link to the data source is attached to each news item so that the user is able to evaluate them as authoritative.
UTIP Mobile “My Trading” by UTIP Technologies Ltd. comes with all the necessary features to trade on the news. This functionality will be added to the WebTrader New mobile version in the near term, thereby allowing market players to enjoy the working process without having to switch to another platform. No registration is required to access the software, and it makes the app more user-friendly. A demo version of UTIP Mobile “My Trading” is now available on the UTIP website.
