Is it worth using analytical data in Forex?.

Every newcomer to Forex typically follows the same path taken by thousands of traders.

Initially, they attempt to simply guess the trend, then move on to automated trading, and then rely on forecasts from analytical agencies or individual analysts.

How realistic is it to make a profit trading Forex using other people's analytical data?

Surprisingly, it's entirely possible, the only caveat being that trading using analytics is best done on medium timeframes, such as M30 and H1. Longer forecasts are extremely rare, and when scalping, you simply won't have the time to fully utilize the analytical information.

Where can I best get analytical data and forecasts on exchange rates?

Almost all forex dealing centers , but the key here is not the attractive presentation of information, but the accuracy of the forecast.

To do this, you will need to independently analyze the history of the forecasts provided and then compare how they matched the actual behavior of exchange rates. Using this selection method, I managed to find my analyst, whose forecast accuracy reached 80%; unfortunately, after several months of work, the brokerage company replaced him with another employee.

technical market analysis is also essential .

In fact, analytics only serves as an additional reference point that allows you to confirm the correctness of the conclusions reached during technical analysis. The timing when the obtained data coincides is the best time to open forex trades.