Trader’s economic calendar, is it needed?
The trader’s economic calendar is a universal tool that allows the trader to always stay abreast of 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 that any player should have in his stock is not even a sufficient amount of a deposit or having his own trading strategy, but an economic calendar that allows him to keep his finger on the pulse of global changes in the economy.
You can find out more about trading on news in the article “Trading on news: subtleties of the process”
Why do you need such a tool for a trader who, at times, opens and closes ten deals per hour or does not conclude more than one or two deals per month? In fact, the economic calendar is needed by every participant in the financial market, because it is he who largely determines the strategic ways of traders’ work, regardless of the direction they have chosen 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 according to their importance, organizes the data, placing them in chronological order. There are many versions of these helper tools. They may differ in their functionality and design, but they are always united by a common essence – the display of dates important 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 take into account such parameters as:
- 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 reports, news and other data to the norms and rules of the language chosen by the user;
- the presence of a clearly built chronological sequence, which makes it possible to work with the calendar convenient and fast;
- the presence of the function of displaying data in real time is an important point for users who prefer to track all incoming updates;
- sorting function will help to highlight those events that cannot be missed. If there is no such function, you will have to set priorities 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 possibilities of one calendar and use several at once, gaining access to all the possibilities of tracking important events and data at the same time. In fact, this is a completely justified measure to ensure maximum control over the release of news important 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.