The next step is trading the forex market for professional forex traders using the economic calendar. To do this we need to understand how economic data can impact the forex market. Using the news to trade forex is called fundamental analysis. You can then customize the forex factory economic calendar to only show you high and medium impact news releases only for the EUR and the USD currencies. Now that we know what is an economic event and what is a forex economic calendar, let’s go into the details of the forex factory economic calendar. Unscheduled economic events are those that are not scheduled but are formed depending on the market developments. For example, a major crisis could trigger a central bank governor to make a statement.
- By the end of this article you should be able to build your own economic calendar in terms of personalization and be able to better read news releases.
- We recommend that you focus primarily on high and medium impact events to get an overview of critical upcoming factors that will affect the market.
- Hence, the importance of setting filters to only high and medium impact news events.
- This third part of our guide, we examine how to use the Forex Factory calendar news to reinforce your forex trading and make it more profitable.
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Therefore, you must know how to use the Forex Factory calendar properly. Spend some time on this step to get the filters tweaked to your exact personal preferences. Otherwise, you run the risk of missing what’s relevant dotbig forex amid all the other noise. You can filter news events by impact, event type, and currency. Forex economic calendar developed by LiteForex specialists shows the most important events of the financial market.
For those of you who have traded stocks, you would know that the equity markets also has a calendar known as the earnings Forex calendar. The earnings calendar basically tells you when a company will be reporting on its earnings and so on.
What Is A Forex Economic Calendar?
It is possible to drill down further by expanding an event to review the additional details. Beware that you do not lose sight of the bigger picture by being distracted by fine details, which is more critical for price-sensitive trading. Hovering the cursor over the colored boxes below https://www.plus500.com/en-US/Trading/Forex “Expected Impact” pops up a color-coded explanation. We recommend that you focus primarily on high and medium impact events to get an overview of critical upcoming factors that will affect the market. The next step is configuring the Forex Factory calendar to suit your needs.
If there is a lag, use an alternative news source as a backup option or if the currency price has already moved, then skip the trade. Once you make the above customizations you can have your own personalized forex factory economic calendar. You can find a majority of economic news schedules coming https://djinni.co/r/89430-hr-specialist-at-dotbig/ under this category. The news impact of the orange folder icon can depend on market conditions. For example, the Eurozone’s flash PMI’s are one such news releases falling under this category. Before we go any further, let’s break down the different sections of the forex factory economic calendar.