News Trading – Know When Important Economic Reports Are Issued Before You Start Your Day Trading

The Department of Labor, the Federal Reserve, the University of Michigan and various other entities issue important economic reports regularly that impact the markets! As a day trader, before you start your trading day you must know what reports are scheduled for that day. You should always be aware of the news events that lie ahead. You can get this information free by googling the keyword, ” Economic Calender.”
Financial newspapers and magazines like the Barrons also detail this information. Barrons, a financial newspaper that is published weekly does a very good job of detailing the financial reports of the past week as well as for the upcoming week with the forecast how the market will respond when the anticipated news comes out. So you must always know what economic reports are being scheduled so that you are not taken unaware.
It is always wise that you stay away from the market and don’t trade when some of these important economic reports like the NFP Report or the FOMC Release that are considered to be important market movers and shakers are issued so that you are not caught on the wrong side of the market.
Often when these important economic reports are released their will be a quick and strong reaction by the market. You cannot predict in which direction the market will move! The first five minutes after the economic report release are very important so don’t trade in the first five minutes. However, some traders have made news trading their forte! News trading is highly risky but if you know how to do it, it can be highly profitable!