By understanding the daily statistics of Forex, you will be better able to manage the risks of traders and understand the relationship between various currencies. You can also learn how different Forex pairs move over different time frames.
As a trader, you need to always pay attention to important economic announcements. If you are a day trade, please close all positions before scheduling a new announcement. After the news was released, the transaction was started again.
If you are on a swing trade, make sure you know about any major economic news that may be announced. If your stop loss is very close to the price before the press release, you may want to consider closing the position because the announcement may result in a significant sell/jump, which will result in a loss.
Current interest rate
If you want to take a long-term position and roll over every night, it may be helpful to know the current interest rates in several regions. When you credit or debit the interest rate difference between the two currencies in the foreign exchange pair, a transfer occurs.
Foreign exchange related statistics
These let you know how one currency pair relates to another. For example, you might have a pair moving to another pair in much the same way. In this case, you should choose the one you like the most and then trade. Taking the full size of both currencies will double your reward or risk, because if you lose or win one of them, you may get the same result in another currency.
Foreign exchange volatility statistics
These show how much a pair of currencies moved on average over a specified period of time. This can help you assess how long it takes for a price to reach a specific price target and can help set stop loss and target levels.
This shows that a point value is worthwhile depending on the currency pair you are trading. Each currency will have a different value than the other. Then, the amount of profit and loss generated by each spread set by the currency pair you are currently trading. The point value will also be affected by the currency currently used by your account.
By always understanding all of these statistics, you can minimize the risk of unnecessary trades and increase your chances of profit.