In this category, I suggest you get acquainted with the important news of the economic calendar, which need to be addressed. News Time is indicated in GMT + 0. In the calendar, you need to watch the news in accordance with your time zone.
ATTENTION!!! news outlets should always be rechecked. Can add new news or canceled previously scheduled.
Trade on economic news
You can also get acquainted with my Strategy of forex / binary options trading on news.
The economic news calendar
Specifically, I imported my site for users Economic calendar on this page, thus you will be able to track news outlet online. Now there is no need to search for it on the Internet. A special thank you for it other than an authoritative resource. Economic calendar can be adjusted by yourself, choose the time zone, date, add event filtering.
Everyone who wants to succeed in the Forex market must have access to up-to-date, reliable information. The most convenient way to get it is an economic news calendar.
When a currency trader determines tactics and strategy, he applies two types of analysis: technical and fundamental. I have always considered the most important fundamental analysis. It, in turn, is based on the tracking and use of economic news, which can affect currency quotes.
With the advent of the economic news calendar, which began to appear on the sites of dealing centers, traders of the Forex market received a convenient tool. It helps to determine what number and when the news came out, and use their meaning as quickly as possible.
Let's see what an economic calendar is and how a market participant can apply it in work.
What is the Forex calendar
In fact, an econic calendar is an interactive table containing data on the exact time of publication of significant macroeconomic news. It is updated in online mode, which allows the trader to always be aware of the latest developments.
As a rule, the economic calendar is made for a working week, that is, from Monday to Friday. The indicators of the next week are usually published on Fridays. Thanks to this schedule, a trader can think about how to trade next week, taking into account the information received.
The calendar publishes news for different periods of time: month, year, quarter. Than this period is longer, the greater the importance of the news on the market.
At first, only the previous indicators and macroeconomic forecasts for the future are reflected in the calendar. Then, when the news comes out officially, the actual value also appears. At this point, currency quotes change fastest. A high level of volatility of quotations can be observed during the speeches of the heads of the Central Banks or their meetings. These events are always reflected in the economic calendar.
Thus, for traders who trade news, the economic calendar is the first assistant.
I must say that not only economic news has an impact on the market. An important role is played by the psychological factor. The fact is that millions of traders from around the world use the economic calendar. Among them there are market makers - these are players who have large sums. Of course, they are aware of how the market can react to this or that news. As a result, a huge number of orders will open in the same direction, although the news itself is not so significant.
Almost all the indicators specified in the economic calendar, to one degree or another affect the market. For example, with the growth of GDP in the country will grow and currency quotations, and with the growth of inflation or the unemployment rate, the currency begins to depreciate. But some news may have a different impact on the market.
For example, the central bank of a country increases the discount rate to cope with inflation. In response, the strengthening of the national currency may occur, although loans are becoming more expensive and the country's attractiveness for investors is declining.
If you use only technical analysis in your work, the economic calendar will still be useful to you. When the indicator or economic news is very different from previous / future values, quotes may vary, despite technical laws.
Features of the application of the economic calendar in trade
Trading news is considered not very risky tactics, so it is successfully used by professional traders. Let's see how the Forex calendar is applied in practice. To make it easier for you to work, I will describe the sequence of actions:
• Studying the calendar for a few days ahead and identifying events that can change the situation on the market.
• Select pairs of currencies that can be associated with upcoming events.
• Monitoring the movement of the selected currency for a certain time.
• Searching and studying other trading signals.
• Tracking the moment when the news will be published on the calendar in online mode.
• Opening of the transaction in the necessary direction after the release and analysis of fundamental data.
When the sales signal does not arrive as a result of the news, you can skip it until the next event. If the transaction was opened, the order is closed, and after a certain time the profit is fixed.
For myself, I concluded that when trading economic news it is worth opening orders with a potential profit from 50 points. It is better not to risk once again, opening deals that can bring losses.
Now you know what an economic calendar is and how it can be used. So learn new things, learn, increase financial literacy. All successful trading and excellent earnings!