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The main aim of Forex trading is to predict the movements of price. In other words, each trader earns money when his prediction of the price trend is correct, and loses money when his prediction is wrong. There are many different tools that may help a trader in making right predictions. One of such tools is Forex economic calendar, which is used by traders to keep updated about most important economic data publications. This calendar shows the time, when the next important macroeconomic data is published, as well as consensus of this data and the previous value. For example, information about publishing such data as “AUD AiG Performance of Construction Index” or “USD Change in Non-farm Payrolls” may be published in Forex economic calendar.
Generally traders use different techniques to increase the accuracy of price trend predictions. Most of them use one of the two types of Forex analysis: technical analysis or fundamental analysis. While technical analysis refers to analyzing the price charts, fundamental analysis is based on analyzing economic reasons of price movements. While Forex economic calendar can be used both by technical and fundamental analytics, using it is vitally important for performing successful fundamental analysis.
Apart from fundamental analysis economic calendar can also be used for predicting the points of rapid price movements. Before making decision whether to open a position or not a trader may look through Forex economic calendar. It will help him to find out if some important macroeconomic data is published in the nearest future. If the trader thinks that this event may influence the price of the trading instrument then he may increase the accuracy of his prediction and change his mind about the direction of new position.
Though you may find different calendars in the internet we recommend using ours. Our forex economic calendar provides you with different additional functions which will be useful for convenient data analysis. As timing for all economic events is different in different countries, we provide our clients with the ability to change the time zone of the economic calendar. For example, if you live in England and want to know the exact time when some macroeconomic data will be published in England time, all you need is to select the appropriate time zone. Another feature that may be useful in our Forex economic calendar is special web-page for printing. For many analytics it is much more convenient to analyze the printed materials than those displayed on the screen.
If you are not sure how new economic data publication will affect the market, you may study the price movements on a demo account. After you become more experienced it will be much easier for you to make right predictions and be profitable on a real account.