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.
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