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It is a well known fact that no one except God can give hundred percent predictions. Everyone try their best to understand the global economic and political scenario in order to analyze the market situation for making a trade in the forex market. Even industry veterans do not have the ability to predict the market accurately all the time.

Because of the uncertainties in the global arena and due to the globalization one small event in some part of the world, can have a huge impact on a global scale which could affect the forex market. The integration of the global economies and instant communication also impacts the overall market on a short term.

In order to make correct predictions it is important to understand the roles played by key global players like USA, European Union, China and Japan. Currencies of these countries are the most traded currencies in the forex market and any event in these countries affects the overall forex market.

The recent financial recession in the USA had a massive impact on the forex - http://forextradingmethod.info market as the US dollar is sort of a global currency which is used for global transactions. Recession caused in the US affected the US dollar which lost its value. Traders who could understand the fact that Banks in US were under severe crisis were able to predict a massive banking crisis and made their bets against the US dollar which eventually paid off. Such predictions are hard to make and many traders who believed that US dollar could not fall made their bets for the dollar which later turned out to be catastrophic.

Not only the US dollar, UK Pound and Euro also affected the forex market severely. The prime reason for the Euro to fall was due to the risk that some of the Euro members like Greece or Spain could default in paying off their debts. These countries needed urgent bailout packages from the union to repay debt and avoid sovereign default. All these are not good news for the nation�s economy and their currencies.

The trader must closely follow all key events in all of the above mentioned economies in order to make accurate prediction. By following economic and political news of these counties the trader can greatly improve their prediction capability for maximizing their profits.

Although the trader may arm themselves with latest information and forex softwares it is important for them to understand that not all their predictions go as desired. What knowledge does is just help them to better analyze the situation and charting out a trading strategy.