Best Way How to Use Economic Calendar 2023?
Learning How to use Economic Calendar is important while doing currency exchange trading. Every big and small Forex traders need to use the Economic calendar in Forex Trading.
The economic calendar analysis is a part of fundamental analysis. Many traders use support and resistance levels with custom indicators like the Bolinger band and tools like Fibonacci, to trade using the calendar to trade currencies. You can get a definition of the economy of the calendar, where to find and, and how to use the economic calendar in this post.
Big players use and know the economic calendar to get detail about the overall economic outlook of their traded currency. Small Traders must use The calendar to identify the big player’s next move. It is important to know How to use Economic Calendar to trade currencies online.
Economic Calendar in Forex Trading.
- What is the economic calendar?
- Why Economic calendar important?
- Where can we find an economic calendar?
- How to use Economic Calendar?
- Best Economic data Providing Site
- Economic data Providing App
Forex Economic Calendar Explained.
Big Players do move the market price by pips according to fundamental analysis. The economic calendar is the place where every country locates its next economic and political move as a timetable. It is a good tool that every trader should use.
From Economic Calendar you can get past, present, updates, and forecasts which help traders to know what happens in a specific country.
European and US Economic Calendar.
The European and us economic calendar is the most important news section which helps people to understand their economic outlook.
For example, If you need to find out about European news events, then the economic calendar will show you all past and upcoming events of the European zone.
From US Economy, Market Watch, and Trading Economics sites will provide more piece of information in detail. By using these sites, you can know on How to use Economic Calendar for Forex trading.
Why Economic Calendar is Important?
I mentioned to you, in my Advance guide to forex trading post, about the Big Players who drive the market. The Big Players in the foreign currency exchange market do Fundamental Analysis to identify the overall outlook of their traded Currency.
Small traders need to follow the Big player’s trends. We need an Economic Calendar to find out the institutional trader’s next move.
With the updates of the Economic Calendar in Forex Trading, the big guys do open and close their trades. That is why the Economic Calendar is more important for all traders.
Where can we find an Economic Calendar for Forex Trading?
There are bunches of sites, that provide the economic calendar to their users. Here are some sources where you can get the detail of economic events and forecasts.
- Forexfactory.com
- investing.com
- fxstreet.com
- bloomberg.com
- reuter.com
- bbc.com
What is the Best Economic Calendar data Providing Site?
This Is about forex trading audio or radio options. Many sites you can find on the internet to get economic data and news releases. This Question is changing to News Traders and Non-News Traders.
Non-news Traders, Who avoid the news, medium, and long-term traders can use Any site, that provides the data with some delay. But, news traders need on-time data on the news release. Because, if a trader is late to get the news, then sometimes he cannot achieve his targets.
In my vision, Ransqark {also known as newsquawk} is the best site that provides you with Economic data on time. And this is the most popular site that uses many professional Traders.
Newsquawk.com offers you 7 days of trial Free. Register and try it out to test their service.
They do offer different packages for different sections. Here are the packages that Forex traders can choose from, News quack.
Best Forex Economic Calendar Data-Providing App
I researched an app that provides you with the same service as the Newsquwark site. And Finally, I found an app that you can get on your computer.
The data Flash app offers you 14 days of the trial period. Get registered and try their service. This is the cheapest way to get information as a News Trader.
Economic Calendar In Forex Trading Post is over now. I hope you had learned many things about Forex Trading Calendar here.
Still, if you have questions, then the comment section is always open for you. Ask me any questions, and I will reply soon. Visit Daily To Get The Latest Updates Instantly.
How to use Forex Economic Calendar?
As a Scalper trader, you can make a trade with news using the economic calendar. I saw on Facebook and forums, many day traders and scalpers use the economic calendar to avoid their trading time. They trade when the news is not available at that time.
Some Scalpers like to trade forex as News Trading with Low spread and High volatile major currency pairs like Eur/USD, USD/JPY, NZD/USD, and GBP/USD. Small retail forex traders like to trade during news to make pips, under a regulated Forex Broker with their meta trader 4 or mt5 or easy-to-use trading platform.
Related: Find Best Forex Broker According To Trading Style
Swing Traders and Position traders monitor Economic data on the calendar and take an overall idea about the leading targeted country or zone.
How use Economic Calendar to Trade?
I mentioned this topic in our news trading strategy post in detail. You must read and understand the monetary policy report to know How it will impact the news.
You have to practice to get on how many pips can you get with that Economic event. As a trader, you must arrange a fast-performing internet connection to do news trading in the fx market.
After getting some understanding, then you can jump to analyze the currency chart to get the best entry point to get into the trade.
You can read how to enter a trading post and Forex trading checklist post to improve your forex skills more. It will help you to know How to use Economic Calendar.
Forex Trading Economic Calendar Strategy.
Foreign exchange trading can use to make money online in different styles. When doing Live trading in the fx market we do use different forex trading strategies.
We all know about the four types of traders. Scalper, Day Trader Swing Trader and positions trader are those four trading techniques. News traders are scalpers. Because they do not trade for the longer term. Scalpers close their trading positions within a few seconds to minutes.
Trade with an Economic calendar is not an easy job. You must arrange a super speed internet connection. A true ECN broker which offers market execution-type accounts is best for news trading.
You can get news trading strategies in our Strategy section in our main menu.
Final Note on How to use Economic Calendar for Forex trading.
Only a few amounts of technical traders do win constantly on foreign currency exchange trading without using a forex calendar. Many of them don’t know How to use Economic Calendar.
We suggest every trader must use an Economic calendar, and it is easy to use. You can learn How to use Economic Calendar from Google and YouTube easily.
From Forex factory, Trading Economics, Market Watch, and FX street sites, you can get details on How to use Economic Calendar and past and forecast data.
You must monitor and compare monetary policy reports and forex economic calendars to know What is the overall economic situation.
Any fresh currency trader can use our blog to learn how to trade forex by using our free learning section. We provide Forex trading signals too.
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