Currency rates are changing all the time, and no trader can take into account all the reasons that lead to its rise or fall. Because of this, it is necessary to choose several trading tools to build a profitable strategy. The forex calendar allows you to keep track of economic events and use them to predict changes in the exchange rate.
What is an Economic Calendar
The economic calendar is a desk book for each trader, regardless of their experience and level of professionalism, especially for those who trade on the news. A good economic calendar takes into account all important events and accumulates forecasts of experts on them, that is, it allows you not only to react but also to prepare for possible changes in advance.
The calendar is a kind of online chronology of global economic events and, at the same time, a list of important Forex news. Events are ranked by levels of significance. All fundamental factors (GDP growth, retail sales, consumer price index, etc.) are published regularly and seriously influence the price movement of the country’s official currency.
This can be easily seen by comparing the charts of trading instruments’ value in any trading platform with the moment of release of these indicators. That is why the calendar of economic events on Forex is always rich in food for thought and for building profitable trading strategies. For bulls and bears alike, the economic calendar is a treasure trove of information revealing the state of the world markets.
Events and News in the Calendar
The TeleTrade calendar contains all the important events for the international market in the main economic centers of the world, as well as forecasts of the experts in them and the history of their revision. The forecast/actual indicators’ ratio is published after the event is released. The analysts’ task is to create such an economic calendar, which for many traders will be the best of available alternatives.
Advantages and Disadvantages of the Forex Calendar
The main advantage of the calendar is its user-friendly interface. It is enough to click on the name of the event in the column and get full information about it.
Notable pluses of the service are:
- simple navigation;
- the fullness of tables;
- chronological order;
- fast information presentation;
- historical data;
- sorting by importance.
The disadvantage can be called the tardiness of some news coming to traders. At this time, the market can move in any direction.
Setting up the Forex Economic Calendar
Setting up the forex economic calendar means refining the available information to the most relevant to the markets. Some of the unique economic calendar tweaks that can be made include:
- view past, “today” and future events by clicking on buttons such as “Today,” “Tomorrow” and “Next Seven Days”;
- change the time zone to the one you are most comfortable with, this is done by clicking the “Time Zone” button;
- select the areas with the events most relevant to you or the currency crosses you are going to analyze;
- filter the events by their level of importance.
Conclusion
The economic calendar is a good helper. Forex has analytics, filters, and a user-friendly interface. Some experienced traders successfully trade on the news with little or no technical analysis.
