Waiting for the right set up on a forex trade can be tough you need to have patience and have self control. You should have a trading plan and stick to the goals in the plan. If you like to trade forex news then you need to pick the right news to trade. Some currency news is not good to trade and you should not trade it. Try not to get to relaxed which will lead you to making mistakes in your trading. Make sure to preserve capital and wait for the trade set ups that work for you. Try and stay in your comfort zone and sticking with your trading plan will make you a successful trader. You need to stay with your technical indicators on your charts but with out staying discipline you will not make any profits.
Trading forex news can be risky it is you against the currency market so you need to be careful. The swings during news release can be brutal it is not for the new forex trader. Experienced traders have spent years developing a trading style taking in consideration price action and focusing on their technical set ups. Most of the time the big money in the markets have already factored in the news and information ahead of the news release. This is why you need to be very cautious trading the news. The best way is to watch the price action after a news release and wait for a pull back then enter the trade staying with the trend. Watch your charts and place your trade from your technical analysis.
You are not going to be 100% right all the time sometimes the markets react in a positive or negative manner to the news. Good news can bring a sell off so you need to stick with your trading plan and be patient. Your mental process needs to include buy points and sell points. You need to know how the news will effect the market over a few days not just when the news breaks. Remember to factor in your risk ratio and money management on each trade this is important to preserve capitol. News and different market conditions need to be taking into consideration and how they will effect the price of the currency pair.
Sometime the fundamentals of the news release have a delayed impact if other news is forthcoming. You need to take this into consideration before you make your trade. This is where patience comes in and having proper knowledge of the news release. Once you factor in all the information you will be ready to place a safe trade, set your stops and watch the trade develop. The markets do not take you into consideration so keep your emotions out of any trading. Stay with your trading style watch for a few signals each day or week and place your trades. You should not risk more then you can afford to loose. This should be part of your fundamental trading plan especially if you are trading the forex market. If you keep with your system and it produces profits then your on the way to being a successful currency trader.