Economic calendars which have become essential Forex tools for traders provide the news releases for three world regions or time zones that may include inter alia the US, Europe, and Asia. Thus, with these releases which are all released according to GMT, traders are able to know about the current state of the market.
These press releases tell about the expected Forex volatility for each news release which can be either regular volatility or significant volatility. Thus, as a trader you are well aware of the changes in the Forex market and currencies’ performances around the world in the three time zones that help you trade competitively.
However, there are various ways to use the economic calendar and the traders who know how to use it for better and effective trading. Additionally, there are right ways to use the calendar and there are wrong ways to use the calendar, knowing the right way will help traders do competitive bidding on currency pairs that are sure to perform better than expected.
However, successful traders believe that no trades should be made as a result of the economic data that is announced. As there is a requirement for various other inputs that is needed before it is done. Additionally, retail traders don’t have sufficient systems and resources to respond to what they think are real time data and this may differ to a degree.
Don’t Base Your Trade Wholly on an Economic Calendar
In such a situation it is better for traders to take other inputs such as Forex signals, Pivot point calculator, etc. which are being used these days for competitive bidding. Traders must analyze the data in hand before bidding as economic calendar is just an input and not the input that you can base your trade wholly upon it.
Traders also advise that the economic calendar and the various news announcements cannot be considered complete in the sense that these are just announcements; rather, use various other Forex tools such as Forex signals which can tell precisely where the market is heading to. Such tools can be used for corroboration.
These press releases tell about the expected Forex volatility for each news release which can be either regular volatility or significant volatility. Thus, as a trader you are well aware of the changes in the Forex market and currencies’ performances around the world in the three time zones that help you trade competitively.
However, there are various ways to use the economic calendar and the traders who know how to use it for better and effective trading. Additionally, there are right ways to use the calendar and there are wrong ways to use the calendar, knowing the right way will help traders do competitive bidding on currency pairs that are sure to perform better than expected.
However, successful traders believe that no trades should be made as a result of the economic data that is announced. As there is a requirement for various other inputs that is needed before it is done. Additionally, retail traders don’t have sufficient systems and resources to respond to what they think are real time data and this may differ to a degree.
Don’t Base Your Trade Wholly on an Economic Calendar
In such a situation it is better for traders to take other inputs such as Forex signals, Pivot point calculator, etc. which are being used these days for competitive bidding. Traders must analyze the data in hand before bidding as economic calendar is just an input and not the input that you can base your trade wholly upon it.
Traders also advise that the economic calendar and the various news announcements cannot be considered complete in the sense that these are just announcements; rather, use various other Forex tools such as Forex signals which can tell precisely where the market is heading to. Such tools can be used for corroboration.
