What is an economic calendar? Traders use an economic calendar to help them keep track of announcement about the important market movements, especially those that tell and affect what direction a specific market is headed to. Although calendars may look the same, there are still differences in how they are created.
If you are creating a grant calendar, then you should get a calendar template that is designed for a grant calendar. The same is also true if you are making a perpetual calendar. Read on to know more about calendars, especially about economic calendars. You can also download sample calendars on our website.
What to Look for in an Economic Calendar
To determine if the economic calendar you are looking at provides the essential information that you need about a particular announcement, it should include the following essential information. You may also find our printable calendar templates helpful.
- The specific date and time of the announcements or events related to the specific market you are after.
- Traders should also watch out for the holidays as they may cause an increase or decrease in sales, thus affects the movement of the said market.
- An economic calendar should also provide a description of the said event or announcement.
- Currency exchange information should also be included.
Why Use an Economic Calendar When Day Trading Is So Important?
- With the use of economic calendar template in excel, traders can avoid the risks that are caused by high impact data or news releases. Traders should take note of schedules marked red on the economic calendar.
- Aside from being able to avoid risks, checking your economic calendar every morning allows you to reduce any risks that you might encounter because of a certain announcement.
- On top of it all, economic calendars can be used for different kinds of markets.
4 Main Reasons Why Day Traders Need Economic Calendars
Economic calendars are useful no matter what kind of market or what kind of industry you are using it for. This is the reason why it has become an indispensable tool that is being used by most traders. Here we will specifically give you the four main reasons why day traders need to use economic calendars.
- News releases and events about a certain market affect the movement of the said market, that is why it is important that day traders have hold of these schedules. This allows them to make decisions that are beneficial to their business or it could help them reduce and avoid certain risks.
- The price movements during news releases and announcements are so volatile. This is the reason why day traders need economic calendars so that they can avoid doing trade during these market announcements and resume doing trade after the announcements are made.
- The use of economic calendars allows traders to move their profit close to a lock in because they know that a major event or news is about to be released.
- Economic calendars include the dates and times when a certain release is made. This gives the day traders time to exit all their trades.
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