Get to know the Forex Economic Calendar

The economic calendar is an essential tool of forex traders which is updated in real time. The economic calendar provides information on the most important macroeconomic indicators and events that influence the behavior of certain trading instruments. The economic calendar is especially necessary for traders whose trading strategies are based on fundamental analysis. In the economic calendar, events reviewed usually include well-known indicators, such as GDP (Gross Domestic Product) or GDP (Gross Domestic Product), consumer price index (CPI/Consumer Price Index) and NFP (Non-Farm Payroll) reports. The existence of this forex economic calendar to find out the date of the next central bank meeting or major news announcements.

It is important for traders to know how to read the forex economic calendar properly in order to maximize analysis and trading strategies before and after an important release. traders can familiarize themselves with important upcoming events by checking the forex economic calendar every morning. Traders need to pay attention to economists' forecasts related to events as they can help in setting market expectations as well as the impact when posting is 'actual' relative to forecasts.

There are several main benefits of using a forex economic calendar, namely:

• Enables traders to manage risk effectively
• Allows traders to be in a position to plan ahead
• Traders have access to additional useful features for customizatio

Enables traders to manage risk effectively

When a trader is able to plan a trader's trades around the main events in the forex economic calendar, it means that the trader can prepare for potential price turbulence. When an event listed on the calendar is getting closer to its date, it may be due to a period of expected volatility if data is released far or in line with expectations. Traders need to understand the principles of risk management associated with this trade. Risk is the difference between the entry price and the stop-loss price, then multiplied by the position size.

Allows traders to be in a position to plan ahead

The forex economic calendar allows traders to plan ahead. For example, when the Non-Farm Payroll report is set to be released, traders will know that this indicator has the potential to move the forex market substantially. This means that traders can plan their forex trades based on an awareness of the timing of these events.

Traders have access to additional useful features for customization

Forex economic calendars usually offer the added benefit of special features such as customization options, offering the facility to select specific time frames to setting alerts and applying filters to make them more relevant to the specific trading strategy a trader is setting up.

Forex economic calendars generally include various features to make it easier for traders to plan and prioritize trading strategies, and usually have the following main features:

• Traders can find important releases from the world's leading countries and regions giving them wider access to important global fundamental drivers.
• Traders stay informed with super fast and new updates. Traders today have no reason to miss out on the latest releases with faster news updates delivered almost in real-time.
• Traders can adjust the economic calendar for relevance. The economic calendar will remember each trader's settings allowing traders to view only the data most relevant to their interests.
• Deeper analysis with better data because individual economic data releases have historical data plots. This allows traders to put current results into context in a much more comprehensive way.

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