One of the effective methods of conducting successful trade is the Forex market economic calendar, which is very popular. To improve the possession of skills in trading affects a combination of several factors. First of all, the trader needs to choose an authoritative broker with high-quality services provided access to the international currency market.
To work on Forex, you need tools such as the MetaTrader 4 trading platform, technical indicators, advisers, experts, etc. Having resorted to automatic advisors, you can remove a little psychological and physical stress, which is very useful. Tension should not dominate the making of important decisions. If you think that the price has reached a certain level, you can make a profit by manually closing.
However, this is not all. The newest technologies only help to cope with the technical task, but the final decision is made by the trader. It is necessary to understand the movement of prices in one direction or another, why this happens, to constantly analyze the events that have occurred. Provide a complete overview of the market will be an economic calendar that points to important news throughout the day. After a detailed study of the information material, you will see when it is best to open a buy or sell order.
Economic events for the current day or week
The knowledge gained about previous events will significantly reduce the risks, help you navigate and make the right choice. Forex market economic calendar offers a full list of forecasts of varying degrees of significance. What are the important Forex news:
- Consumer price index.
- Data on unemployment.
- Sales of new, secondary housing.
- Speech of representatives of banks.
- Foreign trade balance of the country.
- Elections, holidays.
- Gross national product.
List of indexes, auctions, speeches and other important events can be supplemented, depending on the date and day of the week. It is noteworthy that all important events are scheduled for the first week and the end of the month. In this period it is desirable to refrain from hasty actions, it is better to wait out, draw the appropriate conclusions. The market becomes volatile when the speeches of the heads of state, the Central Bank, changes in the indices of business activity, oil reserves, etc.
How to use the economic calendar
It's easier to work with news using filters. All events are displayed in the news feed, sometimes it is difficult to cope with a mass of information. Fast, efficient analysis can be done with several settings:
- Select the date range, day, week.
- Decide on the category expected by the volatility.
- Specify the country.
- Set the necessary time zone.
You can use several different sources to create a more understandable picture. It is also recommended that you read the forecasts of Forex analysts for a certain upcoming event, which preliminary results are outlined. The opposite column sometimes indicates the percentage of past and expected data. The most significant news is marked by three icons, of medium importance by two, and the most insignificant by one. For example, the US interest rate indicators are able to influence the world ejonomy, have more weight than the indicators of South Africa.
The exact schedule will help the trader to understand when the Fibonacci levels will be crossedwhen or the market will simply remain in the sideways trend. In the period with a small number of news, there is usually no significant fluctuation in the Forex market, this can be used and profit in calm conditions.