You don’t have to be a genius to be a successful trader. What you need is to have all the right tools at your fingertips that’ll help you earn a fortune. Since there are lots of economic events that change the market’s situation and you can easily get lost in them, it is better not only to have an economic calendar Forex but know how to use it.
About Economic Calendar
The economic calendar contains the major events that happen both nationally and internationally and have an influence on the market. These events can push stock prices up or down, impact popularity of companies and even commodities. To be able to earn money from a price change, you need to keep up with the events. The impact is visible right after or even during the event. Changes can impact bonds, commodities, CFD trading, indices, and Forex trading.
Whether you are an active trader or long-term investor, you still have to follow these events. Advanced economic calendars usually offer the ability to track only the events you need. You can sort them by features.
Important Events to Keep Up With
If you want to survive in the sea of events, you have to limit them. Those new to the market may not know that not all of the events are driving volatility, and you can drop half of them. While the first and the most important event is the Non-farm payroll data release that takes place the first Friday every month, you have to follow several more events:
- Non-farm payrolls;
- Consumer price index;
- Employment indicators including payroll, labor strength, and data on unemployment;
- Retail sales;
- Rate decisions from Central Bank;
- Meetings of OPEC. Happen rarely but are incredibly important;
- EIA crude oil inventory;
- Gross Domestic Product;
- Produce Price Index;
- ISM information;
- Sales of new homes;
- Home sales that already exist;
- Orders of durable goods;
- Trade balance.
You have not only to follow these events but also learn how to understand them and when to use this knowledge. Try to check the data every morning before the market opens. You can also customize the calendar picking events by their dates. Check out the volatility, consensus, and actual data about the event. There are charts with the true range, actual and deviation, as well as volatility ratio. This may be enough to start. Yet, if you want to go deeper, you can customize the filter up to your needs. Don’t forget to check not only international but local events.
Benefits of Using Calendar
The main benefit is that you can earn money on such events. Learn how to analyze them and use this analysis as your tool on the market. Check out the calendar every day and decide what you need to do next with your stocks. Professional traders avoid doing anything before they read the economic calendar and find the charts with the significant data that may influence the following prices. After some time, you will be able to make plans for the upcoming events and prepare for any situation on the market.