By Mitt Berlin
Trading in the forex market can be very intimidating. Every good currency trader is always looking for a way to increase profits and reduce risk.
|What is your forex trading style consisting of? Do you trade in the forex market on the short term? If the answer is yes, you should be alert to the release of data and how it effects and moves the forex market on an almost daily basis.|
When you as a forex trader prepare for the upcoming trading day you need to be aware of the possible market moving events that present themselves. Here is an example of a market moving event that presents itself regularly and offers a great opportunity for forex traders to make a nice and quick profit.
CCI – Consumer Confidence Index
|On the last Tuesday of each month, the Conference Board covers each individual month’s data. The CCI is made up of a survey of five thousand households across the United States. It is well regarded as the most reliable indicator of confidence by consumers.|
As consumer confidence is measured this number becomes incredibly meaningful to the forex trader because the Federal Reserve uses this number when considering whether or not to increase and decrease interest rates. Obviously, this has a huge impact on the United States Dollar. This even is a great mover of the market because 2/3 of the United States economy is consumption.
Now that you have one of the many opportunities before you as a trader, the question is what to do with it? The answer fortunately is clear: Get good trading signals from a software company that you can relay on.
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