Non-farm payrolls
There are more fundamental factors that you have to watch, as well than just these five. A variety of meetings are available where you can get quotes and commentaries that sometimes affect the markets just as much as the reports. Other things that influence the Forex market are also discussed, like interest rates, inflation, etc.
Just taking the time to look at commentary and reading reports can be extremely helpful to Forex fundamental analysts when trying to comprehend long-term market trends as well as trying to weather fluctuations in the market.
Choosing Your Strategy
Perfecting your chosen trading strategy and working out the details of it is highly important. It is what most successful Forex traders will advise you to do before actually jumping into the market. There are many options available and many ways to create your own method and style. Some traders will work on a broad analysis of trends, and others will focus on a certain study or calculation. Everything is up to your decision and what you consider to fit your way of trading best.
Demo accounts and practicing with "paper money" is a highly-suggested way to develop your strategy. If you work all the kinks out of your strategy this way, you won't have to worry about risking your money in an untried investment in the market. By using a demo account, you can be positively sure that you understand trading before you actually take the dive.
Knowing your strategy and being ready to act on it is critical as the Forex market is becoming the largest in the world and so many traders are being drawn to it.
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