The Forex calendar is an essential tool if you plan on getting involved in the market. Without a good source for Forex news, your account will blow up faster than Paris Hilton's cell phone at 2:30 in the morning.
This Economic Calendar is developed and provided by FxFisherman.com, a huge forex trading community.
When using this type of calendar, you have to look at the predicted economic impact of each event. Just because there is an announcement scheduled that does not necessarily mean that it will affect your trades. You have to look at the predicted severity of each announcement. For example, with this calendar, the Forex trading news announcements that have a light yellow color are not predicted to move market very much.
With this type of announcement, you can feel relatively safe that your trade will be fine. If you see a bright red color by the announcement, you trade at your own risk a.k.a. you crazy! Trading during a red announcement is not exactly the smartest thing that you could do with your money. You might as well play Texas Hold 'em and go all in against Chris Moneymaker circa 2003.
Every time that you start out the trading day, you should most likely come check out the calendar. If you see any important announcements coming up, make a mental note of them. You might even put a reminder in your phone or use some other method to remind you. Nothing sucks worse than thinking you're killing a trade only to watch it lose 300 pips in a few seconds because you forgot about an economic news announcement. So if you plan on trading frequently, bookmark this page and come back to it every morning. It could save you a load of pips. And really...isn't that what it's all about?
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