Trader’s economic calendar, is it necessary?

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Trader’s economic calendar, is it necessary?

 

Trader’s Economic Calendar is a universal tool that allows a trader to always stay abreast of upcoming and current events in the world of finance, economy 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’s why the first thing that any player should have in his stock is not even enough deposit volume or his own trading strategy, and the economic calendar, which allows you to keep abreast of global changes in the economy.

Learn more about trading on the news in the article “Trading on the news: process details”

Why does a trader need such a tool, who sometimes opens and closes a dozen deals per hour or makes no more than one or two deals per month? In fact, every financial market participant needs an economic calendar, because it is he who 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, it is a summary that allows us to monitor the occurrence of all the more or less significant economic events in global markets. The calendar automatically marks the events according to their significance, systematizes the data and places 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 core – the display of important dates for the 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 time zone selection, in which the trader works;
  • Availability 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;
  • availability of a clearly arranged chronological sequence that allows to make the work with the calendar convenient and fast;
  • Real-time data display is an important consideration for users who prefer to keep track of all incoming updates;
  • the sorting function will help you to select those events that you cannot miss at all. If there is no such function, it is necessary to set priorities on your own, which is not always convenient and quite absurd in the presence of an economic calendar.

Experienced traders are usually not satisfied with the capabilities of one calendar and use several at once, gaining access to all the features of monitoring important events and data at the same time. In fact, this is a reasonable measure to ensure maximum control over the release of important market news. And if the 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 modern economic calendar, containing the most relevant events from the world of finance and economics.