The forex economic calendar is by far the most user-friendly and accurate calendar to help traders find forex news events. In this article, GIC Jurnal will tell you important information about how to use the forex calendar and how to read it that will help you in doing other trading strategies.

kalender ekonomi forex
how to read forex economic calendar

The economic calendar is an important tool for traders that is useful as the most basic analysis. That way, traders can minimize risk before making decisions. Brokers are very aware that the economic calendar can be profitable, so most of them take advantage of free resources. You can see the forex economic calendar through famous forex sites such as bloomberg and Investing.com, the forex factory economic calendar, the forex street economic calendar.

HOW TO READ THE FOREX ECONOMIC CALENDAR FOR TRADING

It is important for you to understand how to read the forex economic calendar properly to maximize your analysis and trading strategies. Checking the calendar every morning will allow you to get used to some important events that are coming up. Note the economist's forecasts regarding the events that are happening, this is important because it can help you set expectations in the market.

In default mode, the calendar will show you what economic news will be the topic of the main economy. For traders, this will be a lot of information, so you may need to adjust the appearance of the forex economic calendar.

Interpreting the forex calendar requires knowledge of which geopolitical and macro events can affect certain currency pairs. For example, macro releases from the UK are likely to affect all currency pairs related to the pound sterling such as GBP/USD.

Geopolitics and economic releases from the US usually have the most impact on world currencies because the US dollar is the most widely used currency as a world currency pair. If you ignore this, it can be detrimental because major releases are usually the trigger for price changes in the currency pairs that you trade later.

How to Customize Forex Economic Calendar

Customizing the appearance of the forex calendar means that you will refine the important information available to the market for you. Some unique adjustments that are in the calendar can be followed below:

  • View past, present and future events by pressing the options “today, tomorrow” or “next seven days”.

  • Change the time zone to what you feel most comfortable with. For example, click “time zone” then select your preferred GMT.

  • Click the “country” / “region” button to select an area according to the events that are important to you or the currency pair that you want to analyze.

  • In the “interests” tab you can filter events according to your interests.

HOW TO USE THE ECONOMIC CALENDAR FOR BEGINNER TRADERS

As a beginner who is learning about forex, you may be confused by the events and economic releases that affect certain currency pairs. However, you don't need to worry, you can start by focusing on two to three currency pairs first, then you can monitor the situation of the currency pairs you choose against the macro releases and news events of your choice. It is not recommended to trade more than five currency pairs for beginners because you still need to improve your trading more deeply.

You can see how each currency pair reacts to certain events and macro releases in the past if you have backtesting software. You can also do it manually if you don't have backtesting. By studying the reaction to the currency pair to the news event you choose, you can predict how it will react to the upcoming release.

However, you should not immediately conclude that the currency pair you are trading will move exactly the same as the previous news release, because every moment in the market is unique. Therefore, you must continue to use proper risk management for all your trading.

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Most beginning traders are better off avoiding trades that are likely to be affected by major news events. You should always trade after the event if the technical setup supports your speculation.

Conclusion

The economic calendar is essential for the forex market which is largely driven by geopolitical events and macro releases. Don’t ignore the economic calendar just because you are a technical trader. Remember that the ultimate goal of trading the market is to make as much profit as possible and the forex calendar can help you achieve that goal.

Above is daily information about the forex economic calendar. Keep updating the latest information through the GIC journal which will be announced every day. You can also trade on the GICTrade application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from 0 Rupiah! Also follow the GIC Gebyar Hadiah and get attractive prizes in it from GIC worth billions of Rupiah without a draw!