The economic events calendar provides you with the latest indicators and economic events from around the world. The forex calendar is a tool that tells you when major events take place in the world of forex. By major events we mean announcements and figures release by various financial institutions and policy making bodies.
These announcements have a major effect on the forex market since they give clear indications of various factors in global economies.
Forex trading is serious business where big money changes hands within seconds. As with any serious business one needs to be aware of the current market situation at all times and have one's finger always on the pulse.
Another reason that a forex calendar is a tool that is crucial to forex traders is that it determines the time when forex traders will choose to trade. Due to the fact that these financial announcements present hard figures that reflect the state of global economies, most traders and major financial institutions will open trades based on these figures immediately after the announcements.
This means that the forex market is particularly volatile in the short time after each announcement, with currency rates rising and dropping radically. Radical changes in the forex market mean the opportunity to make bigger profits (although it is riskier to trade during these times). It is important that you consult the forex calendar on a daily basis at least, because you may want to save your trading till after a particular announcement.
In the forex calendar you will have a few indicators to look out for. First and foremost you must of course note the date and time of the announcement. The next thing will be the currency that the particular announcement will affect. Most announcements in the forex calendar affect only one single currency.
Announcements that have a more international scope are very rare. The most important thing about a forex calendar event is its impact.
The forex calendar is something that you should plan your week around as a forex trader. Use the forex calendar to become more aware of the global situation in the forex market, and of course to become a better and more successful trader.