Lesson 1: Check the news schedule

Placing orders before the news is a lousy trading idea. That trader should check the news schedule
If speeches or press conferences are scheduled, we should avoid them. Because price movements before and during that event can make a trader's trading order vulnerable to a stop loss.

However, for other important news, a trader can plan a trade.

Lesson 2: Choose the right currency pair

As you can see, some news for certain countries can be released at the same time. So choosing a trading currency pair is important.

For example, the US non-farm payroll may be released at the same time the news of the change in Canada's job. So if you trade USDCAD it will be more difficult.

Another currency pair that can be better than trading is EURUSD. However, EURUSD has better liquidity so price volatility is likely to be high.

The less liquid currency pair with a more dovish price reaction is the USDCHF.

As the 2 graphs below:

It can be seen that USDCHF trended before the news was announced, but that trend remained unchanged.

In a nutshell, you should choose forex pairs that have news of one currency caused. Then, depending on the trading style to choose the appropriate currency pair.

Lesson 3: Don't trade right away if you have no intention of trading news

The effect of news can take place over a period of time. Many traders easily get caught up in post-news price action and make many wrong decisions even though their intention is not to trade news.

Ideally, you should stand out of the market so that the influence of news is over and then join the trade according to your method.

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