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.

 

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.