Why Is Calendar Forex a Must-Have for Traders?
Calendars offered by Forex are important tools you can’t underestimate in trading. Each economic calendar Forex provides you with contains specific information you need to learn before selling or buying anything. It helps you to keep up with the latest news and be able to predict upcoming changes in the market.
Why Do You Need a Calendar?
Forex calendar is a helpful tool that tracks important market events that can change the position of your stocks in no time. A market is an unstable place, where multiple events have an impact on the stocks and money you spend. Even one country can release several announcements at the same time, which will change the situation for your assets forever. A calendar helps to track all the events in a blink. Once you understand how to read them and implement them in your work, you can predict the changes these events usually bring.
Major events to search for:
- Monetary changing policies. You have to keep up with the announcements from national banks regarding the changes in interest rates. Keep up with the information on inflation;
- Employment numbers. You can concentrate on the USA rates since they usually affect the geopolitical situations, as well as the international economy. The US is considered to have the biggest economy in the world, so you can concentrate on how high the unemployment rate jumps;
- GDP. Check out the GDP of the country you are buying from or selling for. It is the first thing you have to look for when trading commodities. Another tip is to always check the US GDP since the country has enormous influence on the market.
Benefits of a Calendar
If you still don’t know whether you need this calendar or not, you have to check out the benefits it provides. Even if you are doubtful, you can start with the tracking calendar offered on the platform you use. Usually, its basic features are free. The most popular services are:
- Best time to exit. A calendar provides you with information on the events that change the situation in the market. Use it to understand when to enter and make an order and when to exit and take the money;
- Trading together with an event. Once you see a new event appear, you can start trading in its direction. You will have a limited amount of time, but with proper knowledge, you can gain a profit. You will typically have to buy as quickly as you can and sell before it is too late;
- Change the strategy based on the news. Follow the news to quickly change your positions on the market. Act only if you expect positive news and analyze the situation;
- Avoid extra volatility. While volatile markets provide you with better options, you still have to avoid extreme situations. They are too unpredictable and uncontrolled. The calendar will warn you about it.
Forex Calendar for Everyone
The Forex Calendar contains information that is highly appreciated by every professional trader on the market. You have to learn how to use it in advance. Make sure you can analyze the situation before you enter your trades.
