The economic calendar of the trader is a universal tool that allows the trader to always stay up to date with upcoming and current events in the world of finance, economics, and politics. Forex trading processes are largely determined by factors that do not need to be predicted or subjected to complex calculations – it is enough to know the dates and times of important economic events. That is why the first thing any player should have in their stock is not even a sufficient amount of deposit or the presence of their own trading strategy, but an economic calendar that allows you to keep abreast of global changes in the economy.
You can learn more about trading on the news in the article “Trading on the news: the subtleties of the process”
Why do we need a similar tool for a trader who, at times, opens and closes a dozen trades per hour or even makes no more than one or two trades per month? In fact, every participant in the financial market needs an economic calendar, because it is he who largely determines the strategic ways for traders to work, regardless of the direction they choose for themselves.
What is a trader’s economic calendar? In fact, this is a summary that allows you to track the onset of all more or less significant economic events in global markets. The calendar automatically marks events depending on their significance, organizes the data, placing them in chronological order. There are many versions of such auxiliary tools. They may differ in their functionality and design, but they are always united by a common essence – displaying important dates for a trader in a certain sequence.
How to choose a trader’s economic calendar? There are no clear selection criteria. But practice shows that it is important to consider such parameters as:
- the availability of the choice of the time zone in which the trader works;
- the presence of a built-in “translator” that adapts not only the basic content but also incoming bulletins, news, and other data to the norms and rules of the language chosen by the user;
- the presence of a clearly arranged chronological sequence that allows you to make working with the calendar convenient and quick;
- the presence of a real-time data display function is an important point for users who prefer to keep track of all incoming updates;
- the sorting function helps to highlight those events that cannot be missed. If there is no such function, you will have to prioritize yourself, which is not always convenient and rather absurd if you have an economic calendar at hand.
Experienced traders, as a rule, are not satisfied with the capabilities of one calendar and use several at once, gaining access to all the capabilities of tracking important events and data at the same time. In fact, this is a completely justified measure, allowing to provide maximum control over the release of important news for the market. And if experience allows a trader to work with several sources of information at once, this opportunity should not be neglected.
Our site offers you the most up-to-date economic calendar containing the most relevant events from the world of finance and economics.