Right. So it's now time to get ourselves set up as a professional trader, and more specifically to understand the resources, the critical resources that we need in order to not only plan for an economic event, but also to trade it and take advantage of it. So what are the resources that we will need to get ourselves in a position where we're replicating the approach of an institutional trader? Well, there are four critical resources, forex factory comm, FX pro live squawk feed, the Forex news gun, and an FX pro trading cane. Now you cannot underestimate the power of these tools put together, they will give you the ability to not only enter trades quickly and effectively, but also to ensure you're getting in at the same time as the big institutional traders. Remember, we never want to argue and trade against institutional traders.

We want to trade with them and let them momentum because they can physically Move the market take x rays to our profit objectives. Now, we're going to go through each one of these resources individually in this presentation. But I've also done a designated demonstration video for every single one to ensure you're confident with using each and every single one. And that you're also able to fully take advantage of their benefits because put together they are a very powerful team for trading, especially when it comes to economic news events. Okay, first things first, this is really where we're going to start. Our week with forex factory, giving ourselves a view of the next five trading days in regards to what economic events are coming out.

Remember, remember, we want to concentrate specifically on the high impact news events, those eight news events that we talked about earlier, affecting the eight currency pairs that we discussed in those developed nations. So we're only concerned with those specific data points. They have the potential for the greatest market moves. The great thing about forex factory is it gives you the ability to start planning your trades or getting some trading ideas together so that then it's just a matter of waiting for the date and the time of an economic news release. And because you've already got your plan, it's simply then a matter of clicking the button to take the trade. We want the trading bit to be the easy bit, the hard bit comes up front.

When you're building your trade plan and your trade ideas. We have a whole topic on that still to come. So don't worry too much about that. If that's not making sense just yet. We're going to go through that in detail. But for X factor is the place you will start to give yourself full visibility of the economic news events for the week ahead and to give you the ability to start being as proactive as possible and starting to build your trading ideas.

Secondly, and very, very powerfully is the effects pro life squawk feed this is very, very powerful. On bank trading floors on hedge trading hedge fund trading floors, you will notice there is a constant news feed taking place there's a guy or a girl constantly updating the market participants with Breaking News. Now normally that will cost a lot of money each month for a subscription based a subscription based news feed with FX Pro, they actually provide this news feed free of charge which is absolutely wonderful. The only slight difference to what you're getting on an institutional trading floor. It says around about 1015 second delay, which is absolutely fine. That's still much better than anything else.

If you're trying to get your news announcements from forex factory you'll be refreshing the page for around about three to five minutes of which move could be gone by then. 1015 seconds after you're still getting into the market movement. Very, very effectively and that's the most important thing is that you're getting a beat on the rest of the market because you're getting the the information or that news event information. 10 seconds after it comes out, you're still getting that news very, very quickly, enabling you to get into a trade as soon as possible because the sooner we get into a trade, the greater our profit potential is. Remember, with trading the news Time is of the essence we want to get in as soon as possible. So this news feed will really help us with that.

How do you find it? Well, this will be in the demonstration video, but I'll quickly introduce it here you will once you've set up your FX pro account, you will log into your online account. fx pro comm or.co.uk. Once you've logged in, you will notice some tabs along the top you want to click on the Tools tab and then go down to FX pro squawk as soon as you click on that it will automatically kick in and what you'll start to hear is either a lady or a gentleman starting to talk On your audio feed, make sure that you've got your speakers on Otherwise, you'll miss it. And every few seconds they will update the market with any breaking news. Now, we're not concerned about probably 75% of that audio.

What we're concerned about is the audio that takes place in and around those economic news events that we've already pinpointed on forex factory. So we're going to turn our squawk on maybe 1015 minutes before a news announcement and keep it on until we've heard that news announcement. And the great thing about it is they'll give you the countdown. So they'll say 30 seconds to go 10 seconds to go. So they'll prepare you well in advance of a news announcement and then as soon as they release it normally 10 to 15 seconds after the actual economic event is scheduled. They will confirm what the number is on that particular news item.

As soon as you hear it, it will either do one or two things. One, it will actually give you the news item that you want either better or worse. Or it will give you the wrong economic result. And then you'll simply not take the trade. So if you hear what you want to hear, and then your trade plan and your trading idea comes together, we click into the trade. If it doesn't, and your trade plan doesn't come together, we simply don't trade and we look for our next opportunity.

So really, really powerful resource really setting yourself up like a professional trader. But three, this is a really cool tool. Again, it's a it's a free resource. It's it's a downloadable item, which you can get from the from the course. I've included it in the curriculum, so you just need to download it to your desktop. Once you open it, you will notice that this box pops up.

And this is called the Forex news good and what it's doing is it's giving you in a similar way to the new school. It's giving you the actual figure of a news event. Almost in real time. This news gun gives you the news slightly quicker than The squawk. As you'll see you've got the previous the forecast, and the actual is obviously empty. When the news events happens normally five to set five to 10 seconds afterwards, this box will populate, so it'll physically give you the number, the actual number, and it is quicker than the squawk.

So you can sometimes use this to advantage and get into a trade even quicker than listening to the audio. The reason why we have the audio as well is sometimes the audio is quicker than the news gun. Sometimes a news gun is quicker than the audio so we have both. Whatever gives us the news quickest we will use to our advantage. The only downside with the Forex news is it doesn't cover every single news event. It does cover most but it doesn't cover every single news event.

So we need to make sure that we have the squawk because that will cover every news event or the Forex news gun normally covers 90% of the major news events but it is worth While having, because if it can give us that five to 10 second advantage over the school, it's certainly worth checking every single time. So get it downloaded. Again, open it up 10 to 15 minutes before the news releases coming out, and then keep it on. And then as soon as you get to the point of the news release, you want to be watching it, I have it overlaid on my charts. So I have my charts in the background, and I have this in front, and then I'm looking at the actual box. As soon as that populates.

I can then click a trade within a second after that news event has been given to me. So a very, very powerful resource that you can use in conjunction with your score to give you that breaking news as quickly as possible so you can execute the trade as quickly as possible and these are both free resources, but they can give you an advantage a time advantage which can translate into some decent decent profits going forward. Because if you can generate another an additional 20 to 30 pips every single time by getting into the market quicker than having to use forex factory that's going to start to add up over time. And finally is your trading platform. So I've recommended FX Pro, as I mentioned earlier, when I was encouraging you to set up your account, you don't have to use FX Pro, but make sure you are using a platform where execution speed is very, very fast and they don't have a dealing desk.

We don't want any intervention with our trades, because that will slow down our execution. Because if we're getting the news fast from our squawk, and from our news gun, the last thing we want is a slow platform holding us back. The reason why I've suggested FX pro mt four or C trader is that I personally have had a great experience with them. They're very, very fast, the trades are executed within milliseconds. And that's massively Important. So both platforms are excellent.

The mt four platform is more commonly known. So you may want to, you may have a preference for the MT four platform because you may be familiar with it and used to it. The C trader platform is very similar in terms of its functionality. But as you'll see on the demonstration videos, it has some things that are slightly different. The only major difference is see trader has smaller spreads. So see trade has smaller spreads.

So it means that you're getting into profit a lot quicker than potentially with mt four. But the only downside of C trader is that they will charge you a commission on every single trade. So there's pros and cons to both have a play with both and see what your favorite is. And the key thing is that you're getting into the market quickly based off the news and that the platform is giving you a very fast execution speed. That's the really critical ingredient. It doesn't matter which one you choose both have their pros and cons but always always be using a broker where they don't have a dealing desk and Do not interfere with your trades because that can scupper your profitability.

And as it says right at the bottom, we will use these platforms in conjunction with our squawk, and news gone to execute a trade instantly, after unusually, so we'll hit a news release as soon as it comes together in regards to our plan, we will then execute the trade as seamlessly and as efficiently as possible. Okay, so to bring the full set up together. So we start with forex factory. This gives us the ability to start planning our trades and to generate some trade ideas in terms of what we want to trade, what we don't want to trade and how will trade them. We're going to look at that in a future topic. Then we have the live news live squawk feed in the background, that's going to be audio so we don't really need to have that visible because we can have the audio we can just have it running in the background.

And then we have our charts, which is where we're going to be placing the trade so our either our C trader or FX pro account doesn't really matter. We'll have that in the background and then top of it, we'll have a forex news gun. So there's our forex news going on top of our charts, I will wait for the actual figure to come out if it comes out and my plan, my trading idea comes together, then I will simply place the trade. So it's bringing you together this team all comes together to give you ability to not only plan a trade, but also to execute it is instantly as possible. And that will make the difference between a big profit and a medium term profit and the speed of execution if it can give you an advantage of 20 to 30 pips every single time as I mentioned earlier, that's going to start to add up and also add to your profitability.

And then we've got a couple of extras. forex live.com is a website or a resource that I use just to get a little bit more information before and after a news event. We don't use it to trade off we will use the Forex news gun and the squawk but what I like to do is just do a bit of research before and afterwards and this is a great site because it's got guys That will break down the news for you in real layman's terms, and just give you an a better understanding of what the markets expecting before the event. And then how the market reacted after the event just to give you a bit of clarity on the situation, because naturally, news events can stir the emotions get you all a bit uptight, because things are moving quickly. So just having the breakdown of the news event can just just calm me down a little bit and leave get you to leave the trailer alone.

So it's a it's a great resource, you can refer to it before and after a major news release. And they will digest it in easily understandable language, the news that's about to come out and then after it comes out, they'll give you an understanding of what the markets thinking before and afterwards. And this helps with your understanding and when you do this on a regular basis. So when you tune in to the market every day, do a little bit of a little bit of research every single day. What you'll do is you'll get very, very well tuned into the market, and then you'll know what currencies are strong. What a week.

Because you'll have tuned in to that frequency of the market, you'll know the markets mood, and that will naturally have its benefits in regards to your confidence in taking trades and also building trading, building trade ideas. And then finally, is ensure you have a good internet connection, we've gone through everything that's going to set you up and put yourself in a position where you can execute things very, very quickly. If you have a bad internet connection, that's going to just literally screw up your plans. If the internet goes down at the point you're placing a trade or just after you place a trade, then that's gonna, that's going to really stress you out and obviously interfere with your trading potential. So always make sure that you've got decent internet connection. If you're connected to wireless, make sure that's a strong wireless connection as well, because we don't want any interruptions to our connection because that can impact on our execution, which we know is important.

Okay, so just to summarize this section, talking about setting yourself up for success to give yourself the the platform to give yourself the edge in the market. You want to align yourself with the professional traders which we now know that we're doing. And give yourself the edge by getting the news first and then having the trading platform to execute rapidly so that everything ties in. So you've got the news, the breaking news, and then you've got a very quick execution platform to take advantage of that news very, very quickly. utilize these resources together as a team to create a very powerful setup for trading. And always, always make sure that your technology is up to speed, your computer's good, your Internet's good because you don't want those things to impact.

Everything else that you've set up to give you efficiency with your execution and enjoy it. It's it's a great it's a it's a nice feeling to to be sat there and to have everything all set up and to feel like a professional trader and when you start acting like a thinking like a person professional trader, you start acting like a professional trader and that's what we want to get to is where we start to take the returns that the professionals do, where that's enjoying consistent profits on a regular basis. So I'm going to wrap up there and I will catch you on the next video where we're going to start looking at building a trading plan.