Experienced traders already know when major events happen. The trader keeps all the information on a specific calendar and receives notifications. You don’t have to be a professional trader to receive the updates in your Forex trading account.
Economic Calendar
If you want to join important events or be able to change your trading strategy based on the current situation, you need to have an economic calendar. The economic calendar contains all the dates that might be significant for the market. It is filled with events that possibly may change the prices. Traders and investors around the world use calendars to their advantage. With its help, professional traders can easily predict the fall or rise in stocks. You can plan trades and change your strategy based on the economic calendar. After some time in trading, you will notice the chart patterns on your own, and then you can easily open them on your trading platform. The economic calendar can be found on Forex and other platforms and is totally free of charge.
How to use it
There is nothing complicated in the economic calendar. Anyone is capable of learning how to use it. There are numerous tools you can use for your benefit and your trading strategy. Here are the most popular ideas:
- Almost every well-developed trading platform has an economic calendar that’s free of charge. Calendars can be different depending on the website. Some of them can send you push-up notifications, some can sync with your calendar, others may keep the history and stats so you can always build a strategy analyzing it. You may change the platform or use a different calendar based on your demands. Check out platforms with the trading operations you provide and pick the listing you need;
- Search by location. Pay attention to the fact that some calendars can be limited by the area. If you are using the platform from the US and you take part in the international trading processes, you have to check whether the calendar covers international events as well. Many platforms reveal only US events since they believe events in the US may have the biggest influence on the market. Use filters and enable those countries you need;
- A free calendar or not. It is up to you, but you have to know that paid calendars usually provide more features and are considered to be more advanced. Still, as a newcomer, you may need only a basic calendar, which is free of charge. Paid calendars are customizable based on your personal preferences. You may focus on specific events or specific regions, highlight important aspects, and so on.
Beneficial Knowledge
If you want to use trading events as a part of your trading strategy, you have to find a reliable calendar with all the events you need. You can check out the calendar on your platform and learn how to use it. After some time, you will be able to predict the fall and rise of stocks. Check out different platforms before you find the calendar you need. If you have used it before, share your experience in the comments below. Which calendar is the most helpful?