Forex calendar – why you need a good one and how to use it

Which is the best Forex calendar and why do you need one?

Trading Forex is an appealing work from home option for many because you are your own boss. 

But you can’t totally shut yourself off from the world and trade away. You need to keep in constant touch with what is going on around you. 

And also in places far away from you. 

And not just world events but seemingly minor economic announcements. 

You need the best Forex calendar you can find! Fortunately there are lots of trading calendars available free online. 

Which Forex calendar is best for beginning to trade Forex? Trading tips and aids. The Forex basics. Work from home ideas.
Forex calendars are essential for helping you make the best trading decisions.

First of all, why do you need to check your Forex calendar?

Because the market is constantly anticipating and reacting to political and economic news. 

Obviously, any announcement about Brexit with have an impact on the Pound and the Euro. 

But seemingly smaller announcements are vital to track too. The something will have an impact on the New Zealand Dollar. Which in turn will have an impact on the value of the Japanese Yen. 

The reactions of the markets can be dramatic. It’s highly recommended that beginners steer clear of trading through significant announcements.

But do keep an eye on what the market does during these times – it’s a great learning opportunity. 

Speeches by heads of industry and politicians, official trade, unemployment, manufacturing and productivity figures, and of course, world current events, will directly impact the markets. 

Fortunately, a Forex calendar collects all those events together and even gives them a rating so that you can judge the impact on your own trading schedule. 

The trading year has a rhythm to it. Over time you’ll get to know when the major announcements are made. 

How to use your Forex calendar

 

As a beginner, start with the month ahead. Take a look at the Forex calendar and make sure you have made a note of entries that are highly significant to your own trading strategy.

Then, at the beginning of each week, check the calendar again for added events. 

Then, before the market starts to anticipate any significant entry, make sure any open trades are closed. 

Of course, this advice applies really to those who are learning day trading. If you plan to hold your trades for days, weeks or even months, it’s obvious that many significant events will occur in the Forex calendar during this time.

But day trading is a favorite way for traders to begin and learn their craft. As an extra protection, while you are still on a high learning curve, you can make sure you’re not trading during major market reactions. 

Which Forex calendar is best

 

 

Can you be a Forex trader 9-5? Is trading the markets a good side hustle for you? Trading Forex for beginners and all the Forex tips and info at theforexbasics.com. A work at home option with a difference! Learn more about Forex calendars and working schedules.

 

Do currencies trade on weekends?

It’s a simple question but an important one when you’re planning your work at home life: do currencies trade on weekends?

The most straightforward answer is: no. 

Of course, the precise time of market close depends on your location and time zone.

When do the markets close and when does the weekend start?

The Forex market is open 24 hours, but that time can be divided into 5 sessions, according to which location is most active at that time. 

Sydney, Tokyo, Frankfurt, London, and New York.

Despite being open 24 hours per day on working days, the Foreign Exchange market does close on weekends. 

So, what are the actual closing times?

Friday at 5pm (EST) and 10pm (GMT)

 

Forex begins trading again on:

Sundays at 5pm (EST) and 10pm (GMT)

 

At other times, Forex is open but it is just quiet. This is usually due to national holidays in key trading countries. 

Sometimes it’s due to pending key financial or political announcements. 

The low volume of people trading means greater volatility in the market. It’s best to stay away. 

So, do currencies trade on weekends? No. And there are lots of reasons why that’s a great thing. 

Do currencies trade on weekends?
Do currencies trade on weekends? Time for some perspective.

1. Traders have to take a break

Overtrading is a real danger – the weekend forces you to take a break and regroup. 

2. A work at home business with boundaries is gold

Forgive the pun, but you know why it’s worth celebrating. Running your own business is all consuming. It’s a bottomless pit, and it’s difficult to take time off. The close of the market legitimizes taking a break. Every weekend. It keeps your business in it’s rightful place. 

3. It gives you time to regroup

Trading Forex requires ongoing education and analysis, so the close of the market provides the ideal time to do some reading and thinking, without the pressure of a moving market. 

 

 

CFD trading as a work from home option

Explore CFD trading. Learning how to trade Forex and finding out if being a Forex trader is a suitable work from home option for you.

Is CFD trading a viable work from home option?

CFD trading is increasing in popularity as a business that you can truly run alone, without answering to a boss,  and entirely from home.

As forex traders, we have focused on currency markets. But we’ve written this post about CFD trading to highlight all the commodities available to trade. 

All the markets are available entirely online. Trading from the comfort of your own home, without any sapping and expensive commute. 

Explore CFD trading. Learning how to trade Forex and finding out if being a Forex trader is a suitable work from home option for you.
Work from home with CFD trading – a viable option for many

But if it were really that simple, wouldn’t everyone be doing it?

Here’s a few relevant observations:

CFD trading as a work from home option

 

1. You need starter capital

Starting a new business always carries a certain amount of risk. There are no guarantees of success and significant returns.

But CFD trading also requires that this starter capital remains in your trading account.

You need the capital for your margin, as you trade with leverage. So it needs to be money you don’t need to access.

And money that you can afford to lose. 

2. You need time to learn 

Trading on a demo account for several months is vital before you actually start trading. CFD trading is not a quick way to earn money. 

With the right kind of time investment, it’s very possible to make excellent returns on your money. But you do need to invest the time in education. 

There is lots of free training available. We recommend Baby Pips as a great place to start. 

3. You really are your own boss

Why do many people want to work from home? Because we want a flexible schedule and the freedom to fit our work around our other commitments. 

CFD trading delivers on flexibility. But it has an added advantage over other freelance job options: you really are your own boss. 

This is an important factor in Forex trading at home – your successes are your own, and your losses are your own. You set your own aims and schedule, and your re-evaluate those aims according to your own performance. 

Take a look at these suggestions to help you get started with trading, taking into account your personal aims and parameters.

4. Your hours are your own

An additional point about setting your own schedule: you are entirely in control of your own hours. 

With other kinds of freelance work, you can often work at the time of day or night which suits you. But with trading, you can choose to work or not to work on any particular day. 

You can leave it for a month, and pick it up again with no consequences (as long as you keep an eye on the news and market conditions). You don’t need to keep clients happy or keep social media ticking over. 

 

5. It involves no phone time

For the introverts among us. Or those with sleeping babies. 

All you need is a computer and a decent wifi connection. 

We recommend Think Markets as your broker. You can also download your free trading platform through them. Think Markets has excellent customer service and are very easy to understand for beginners. 

 

6. There’s no guaranteed income

This is the flip side of being entirely your own boss. You aren’t in control of how the market behaves. 

Some traders talk about aiming for a small amount of money each day. It’s an interesting system and it has some positive points, but the reality is you can’t decide in advance what trading opportunities will occur. 

There is a danger that it will lead to over-trading. Forcing an opportunity leads to more risk of a loss. 

7. You might wait for a trading set up for days

And so CFD trading definitely requires patience. You need to have that kind of character that can wait for the right opportunity and not be tempted to give up too soon. 

At times, it might not feel very successful.

If a trader sits at their computer for days on end and doesn’t trade, are they successful? Well, yes, if there weren’t the right signals to make a trade. 

It takes a lot of patience and self-discipline to wait for the right trading set up. 

8. You can definitely trade in your pajamas

This is absolutely true. No  meetings, commuting, no talking at all if you don’t feel like it. 

9. You need routine

Trading thrives on routine. Establishing your own trading strategy works best when you commit to particular pairs at precise times of the day. This is so that you get to know how the market behaves, and you can spot your trading signals when they occur. 

10. You need to stay in touch with current affairs

It’s important to know what’s going on in the world, politically as well as financially, because of the impact on the markets.

Trade announcements, elections, budgetary figures all lead to exaggerated peaks and troughs. You don’t want to be caught by surprise.

We highly recommend keeping a good eye on Forex Factory. All the important events and announcements are easy to see in the trading diary. 

11. You’re never just punching your time

All work has its ups and downs. But CFD trading is never boring. 

There’s so much to learn. And the market is always changing and reacting to our changing political and economic circumstances. 

Work at home jobs can be monotonous – it can be the compromise we make for flexible working. But trading – you’ll never just be punching your time. 

 

 

 

 

7 steps to take when learning how to trade Forex

7 simple steps for forex trading beginners - The Forex Basics, forex trading strategies, forex as a work from home option, forex basics

The sheer amount of information and the diverse range of opinions is overwhelming. Learning how to trade Forex can certainly be daunting. 

But everyone has to start somewhere, and the trick is to take it one step at a time.

Getting to grips with Forex is a truly absorbing business; it’s a good idea to have a plan for how to go about it. 

Here’s 7 fundamental steps to get you started with learning how to trade Forex:

1. Get familiar with the definitions of Forex terms

You need to know your Bear Candle from your Dumpling Tops. And what about your Market Order or your Pivot Point?

We recommend checking out the free educational material at Babypips. It’s really thorough and easy to follow.

All the Forex vocab can be off-putting – don’t let it hold you back. Just start off with a focus on learning and reviewing what the terms mean, and it will all be so much easier when you start to trade. 

7 simple steps for forex trading beginners - The Forex Basics, forex trading strategies, forex as a work from home option, forex basics

2. Choose a broker and a platform

We wholeheartedly recommend Think Markets . You can sign up with Think Markets for free and get familiar with how it all works. And their customer service is excellent

Through your Think Markets portal, you can easily install your trading platform on your computer. We use trading platform MetaTrader 4. It’s really intuitive to use, and everything you need is in one place.

3. Set up a demo account 

This is the key component of learning to trade. This is where you get to try out every idea, without any risk at all. 

Set up your account on the MetaTrader 4 platform and spend a good amount of time playing around with how it works. 

 

  • Make sure you arrange your currency graphs as you want them – you can change the colors and the sizes. Keep them as simple as possible to start with so that you can really see the candles and interpret them. 

 

  • Get familiar with the actual buying and selling mechanisms. 

 

  • Check out what happens when you buy and sell with different lot sizes and different leverage – get familiar with how quickly your gains and losses can run up and down. 

 

4. Investigate trading strategies and variables

There are lots to choose from. One of the first things to take on board as you get into Forex trading is that you need to follow a strategy. You need to be able to watch the markets for signals and indicators. 

Take a bit of time to familiarize yourself with different approaches to trading. Nial Fuller’s website is a great place to start when getting to grips with signals and strategies. 

There are lots of variables to consider when choosing a trading strategy: which market; timeframe; currency; leverage; lot size and so on. 

With your demo account, you’ll be able to play around with the variables and test which suits you best. 

5. Review your own Forex aims

Which brings us to Point 5: review your own Forex aims to analyse your choice of trading strategy.

  • What are your hopes and aims in learning to trade?

 

  • What finances do you have available?

 

  • How much time do you have to trade?

 

  • When is the optimum of the day (or night) for you to trade?

 

All of these variables will be factors in the most appropriate trading strategy for you

 

6. Test a strategy in your demo account

Do not be tempted to skip this part. Make sure you are committed to testing your trading strategy in your demo account. 

Test it out for a couple of months. Get yourself wholly familiar with your signals and indictators. 

Practise how to begin a trade. Practise placing your stop loss and your take profit lines. 

Practise losing. Practise not over-trading. 

7. Repeat stages 4-6

Be prepared to take your time when settling on a strategy. Learning how to trade Forex is worth doing properly; think marathon, not sprint. 

Review what works for you and your trading aims, and keep building on your trading education as you dive into the markets.