A big brain and a bunch of money won’t save you from losses! You also need to read the circumstances and prepare for the best opportunity to invest.
How can we understand what is going in this world and what impact it does to the market? Apparently there’s a highly detailed calendar called ‘Economic Calendar’ to help you seek information and providing trading opportunities.
What is the Economic Calendar?
As the name suggests, the economic calendar refers to dates of significant release or events related to currencies and markets. These events are divided into two categories: projections of future financial or reports on recent financial.
They build the economic calendar from the information released by the government and the central bank. But some top companies also share schedules to the public so they can build it into the economic calendar.
Not only the scheduled events but also reports such as the weekly petroleum status report filed by the U.S. Energy Information Administration. This will help investors to check on the report regularly.
Another example event of the economic calendar is the change in interest rate. Some markets will release a scheduled change in the interest rate or interest signaling, helping an investor like you to predict whether to put the money on the stock.
How to read the economic calendar?
The economic calendar comprises the scheduled releases of economic reports for certain countries. As stated beforehand, the events are projections of future economic events or reports on recent economic events.
How impactful is the economic calendar?
The economic calendar holds powerful information of the most beneficial moment to plan trades or portfolio reallocation. The economic calendar may alert you to the pattern or indicators certain events may cause that.
For example, if a trader plans to take a position on a certain currency pair, he or she makes sure that the announcement of certain indicators will give them benefits. They can try to trade before the release and close it within hours of the announcement.
Where to read the economic calendar?
The good thing is, the economic calendar is available for free from financial websites! Yes, you might see distinct patterns and vary from one site to another site. However, it will still focus on big and the most potent events for the markets.
Some websites even offer the option to filter certain events. From displaying to hiding events unrelated to the market you’re keen for, you can create your own economic calendar.
By creating your own economic calendar, you can pour your attention to the currency pair you spotlight. For example, you can focus on any policy statement or announcement that is related to housing if you want to heed into construction or residence markets.
Isn’t it amazing how the market already prepares you to become the best investor? You already have all the resources, and you can always look up in Juno Market in case you forget something. Now, let’s challenge yourself to move one step further by investing!