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Paul Wallace, a forex trader and mentor comments. I prefer using technicals to trade for a couple of reasons; I’m a visual person and technicals help me also I sometimes question how accurate fundamentals are. Also, I’m not a trader at a banker; I don’t have a team of analysts working for me, I’m a private trader and have to make decisions for myself. It doesn’t mean that technical analysis is automatically better than fundamental analysis but the technicals help me in my decisions. As far as fundamentals go I’m just aware when the big economic announcements are coming out and I stay away. Certainly everyone has to know the markets they trade and that’s why I prefer trading currencies than UK or USA equity markets. I focus on 15 currency pairs which are made of 5 or 6 of the major currencies in the world so to keep abreast of them and what’s happening and the inter-relationships between them; that’s doable for me. As far as fundamentals go, I just make sure that I know when the big economic news are coming out or when the interest rate decisions come out as they play a big part in foreign exchange markets. People love to trade trends and tend trading can be very profitable but there has to be a framework…
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