Forex News Calendar

A forex news calendar is an essential tool to be applied during your daily training activities. Even when you’re trading is mainly based on technical analysis, it’s still important for you to have a clear picture of the main economic publications which could be influencing your trade. Novice forex traders are urgently advised to stay out of the market when important economic data, which could cause a lot of volatility, are on the edge of being published.

The best forex news calendars

There are several forex news calendars available, which will provide a sound view on the main economic publications. These forex calendars currently are detailed, to such an extent, that you’ll have an insight into all important data. On below mentioned websites you’ll be able to find very reliable and detailed forex calendars:

Explanation forex news calendar

forex news calendar

By means of the above shown forex calendar you’ll be able to see at a glance which economic publications are important. Of course you’ll see the date and the moment of publication, to which economy the publication is applying and you’ll also be able to study the details of the publication by clicking on the “detail”-file.

It’s quite easy to select the main economic publications within the context of a forex calendar. This way you’ll be able to select the orange and red coloured icons in order to pick out the economic publications, which could influence the market, on a scale ranging from “medium” to “high”.

At the right side of the calendar you’ll be able to see three columns showing several data. The “Forecast”-column shows the data, which are expected by the analysts, while the “Previous”-column shows the data, referring to the previous publication. Finally the “Actual”-column shows the actual data referring to this publication.

Consequences of economic publications

The economic publications could have a big influence on the price of a currency pair. “Buy the rumor, sell the news” is quite applicable to the forex market. Beforehand analysts indicate what could be expected as result of an economic publication and when the data are actually about to be published, most of the time the expectations are already incorporated into the price.

If an economic publication however differs a lot from the expectations of the analysts, consequently the price of a currency pair will in general strongly react to this development and as a result of this a lot of volatility could be expected. Volatility means that the price could be going up and down rather violently and when you’re in the market while this is occurring, there is a fair chance that your stop loss is going to get hit.

Novice forex traders should watch out with important economic publications

In case of the OFS Trading System it is a general rule that you’re not allowed to open positions between a half hour period before an important news publication is going to be released up to and including two hours after this important news publication has been released. As soon as you’re more experienced, you might try to take advantage of economic publications, but beginning forex traders should stick to this rule. Anyway, before you’ll even consider to open positions on the forex market, you always should check the forex calendar beforehand, whether important economic information should be expected to be published on the short run.

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Comments

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