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Preparation is Key
Whilst learning to trade one of the most important aspects you need to be aware of is that of preparation.
It was once famously said that by failing to prepare we are preparing to fail.
Well let us help a bit and guide you through the important events during the week ahead.
Early Highlights of UK GDP and IFO.
Monday sees a typical quiet start in terms of data, with nothing of interest being released. Tuesday, we see a raft of European Purchasing Managers Data in the morning but very little from the US again as we head into the afternoon session.
Things pick up on Wednesday when we see a bit more data. UK releases GDP numbers whilst we get Business Sentiment from Germany’s IFO half an hour later. The afternoon sees US Durable Goods and Housing Data released before we start to get a look at the latest Central Bank Interest Rate decisions.
Central Bank Interest Rates.
Wednesday afternoon sees the focus shift to the world’s Central Banks. We start with the Bank of Canada giving us their latest decision as well as having the usual Press Conference from Governor Poloz afterwards.
Thursday, we see Sweden rate announcements followed by the main event for European Traders in the latest European Central Bank announcement followed by the Press Conference from President Draghi. Expect some good volatility and some major market moves as we consider the mindset of the ECB and discover what their plans are likely to be for tapering or further asset purchases.
We round off the week with Friday seeing some US GDP data and some Confidence data from Michigan University.
Preparation again and again.
The highlight of the week is, of course, going to be the ECB meeting. An event that every professional trader will be highly anticipating. Large numbers can be made on these days for the trader who is well prepared and able to act decisively over the announcements and the Press Conference after. Ill prepared traders or those who have simply not had the time to learn the process of trading events well enough could easily become unstuck if they choose to trade. The Hub always prepares its traders well in advance for these meetings as they know how they can affect a trader’s career for good or for bad. Join us on the Thursday if you want to see how elite traders prepare for these events.