Best Forex Brokers:Get all the Facts with the Weekly Economic Calendar
Follow the weekly economic calendar when trading Forex
Some reduce forex trading to interpreting a set of numbers provided by indicators, charts or signals and expect to make money based on their estimates. Although technical analysis alone is capable of producing positive results, using it in conjunction with the fundamental one should be the goal of all traders. Before they get to know all the intricacies of the fundamental analysis, beginners should focus on reading and understanding the weekly economic calendar.
Take a glimpse into the future
Everyone wishes to be able to predict the future and the ones trading forex are more than others interested in what the future will bring. While it is impossible to anticipate how the markets will move on the long run, it is not even necessary, with the short term movements being more lucrative. The bottom line is that a trader who tries to extract the most of the forex tradingwill pay extra attention to the events that will take place a few days ahead.
That’s the reason why some brokers provide a weekly comprehensive report of the major events that will take place in the next seven days. The weekly economic calendar is an invaluable tool for the ones who know how to interpret the information and can use it in conjunction with other sources. Forex trading isn’t rocket science and understanding the data included in this weekly report shouldn’t be too difficult even for inexperienced traders.
Benefits of using the weekly economic calendar
The weekly economic calendar comes close to fundamental analysis and that’s why the ones who can make some connections between the information offered by the broker and the general context will benefit the most. The weekly economic calendar is a tool that even the rookies can use successfully, especially if the broker accompanies the information included in this report with explanations. By not simply listing the events, but also rating them according to importance and adding a short description about what it will be, all the data is deliverer in a more manageable format.
Knowing the estimates of the US and Euro-zone GDPs for each quarter will shed a little light on the prognosis and help traders predict with higher accuracy the impact on the market. Issues such as the consumer sentiment or the housing market conditions in the US are just as relevant as the data about the Greek debt drama, and everything has a conclusion attached to it. The weekly economic calendar is not only a useful tool, but also an educative material that will help traders financially on short term and enhance their expertize on the long run.
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