Being a businessman, you might have very few people or things around, which you can treasure as a friend. However, your economic calendar can be a true business-buddy. You need not to spend more than a minute with it every day. The sixty seconds you spend with it is crucial to build yourself to a fine day trader.
There are more to it that you might want to know.
Why Forex Trading Is Profitable?
It has a great potential for earning. Every day, it enjoys an average turnover of 5 billion dollars. Since many dozens of currencies are daily traded in the market, Forex trading has become the largest financial market in the world. Also, there is a minimal chance for manipulation. Hence, you enjoy the opportunity of limitless earning. Moreover, this business can be done 24/7. So even if you are employed elsewhere and look for some reliable ways of extra income, then Forex trading is the way to go. You can do it in your free hours, or when you are staying at home. As a cherry on the icing, it is quite a low risk business. This is because; you can start trading with low investments, sometimes, below $100. This makes it a great trading option for beginners, as well.
Economic Event Calendars.
With the right strategy, you too can benefit from this new age trading and this is where an Economic Calendar can help you big time. It is very easy to use. It provides you with vital information on various aspects. For example, the currency of each nation stands for its political, economic and social strength. Likewise, the economic indicators of every country affect the true value of every currency. Given that every pair of Forex Trading contains two currencies, each pair would represent the market response for the two concerned countries. The movement of such currency pairs happen very fast. Hence, it is important to know about the day by day and weekly foreign exchange trends to foresee market trends.
Accordingly, you have to depend on Forex news and economic calendar data from the politics, central banks and events, which are likely to affect the currency pairs that you trade with.
Forex Calendar and Its Events.
Just in the way an ordinary calendar would remind you of the important days and events, an Economic Event Calendar would track the events that impact particular currency instruments. It is important to differentiate between the events having a major impact on currency pricing, to that of the factors that have a minor impact on it. Some of the most important events that an Forex calendar is likely to show you include information on jobs, change in unemployment, rate of unemployment, change in employment, different aspects of Purchasing Managers Index (PMI), among others.
You also get valuable information on the different indicators of inflation. They include events pertaining to consumer confidence, retail sales, Producer Price Index (PPI), consumer Price Index (CPI), among others. You can further enjoy inflation reports, especially those pertaining to exports, imports, trade data, Gross Domestic Product (GDP), GDP Growth, Interest Rates Decision and the like.
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