Q: What should every Forex trader know every day before they start trading each day?

A: Anyone trading in the short-term needs to be aware each day of the data releases, influential speakers, and other potentially market moving events in the day ahead. Keep in mind that the economic data calendar for the forex market is multi-dimensional. On any given day it’s possible for items coming from several different countries to have an impact on price action.

Longer-term traders obviously don’t need to be as acutely aware of the upcoming data items and whatnot. They should, however, be aware of the goings on in markets which influence forex. Those include interest rates and commodities, and even stocks at times.