Almost all significant events in the financial market are noted in the economic calendar. Full information is developed in the table and it is simply necessary to view it for planning successful trading. Important economic extracts allow you to predict events in advance and plan your trading strategies. Thus, the economic calendar makes it possible to carry out profitable transactions, or Vice versa, to wait for a more appropriate moment for action.
Use an economic calendar on Olymp Trade
Thanks to the economic calendar, you can plan trading strategies based on significant dates. Knowing the output of economic news, moments of recovery of the financial market and its decline, you can predict the behavior of a certain percentage of the price of an asset.
How to use the calendar correctly? At the beginning of the week it is necessary to record all the news and events. It is also necessary to do this before making a deal. Some financial market news allows you to predict the upcoming events in the next few days. It is really possible to predict the volatility of assets. If you structurally analyze the information presented in the calendar, it can be obtained in the following form:
- Currency – suggests the emergence of news about certain types of currencies.
- Time — shows the events in those moments when the world market increases the activity.
- The number of icons in the news from 1 to 3 implies the importance of the note itself.
- News comments – contain a certain thread on the result of events.
- Forecast value – affects the adoption of important actions by traders.
- Actual value – indicates the results of the published note.
Study economic calendar Olymp Trade
For any professional trader or beginner, the economic calendar is an important assistant if used wisely. If it is used correctly, you can avoid a lot of errors that cause serious losses for the platform participants. To get started, you need to open the economic calendar and set the time zone in it. Next, you need to open the “more” tab and set up notifications about the currency with which you plan to earn in the future.
It is important to pay attention to the events that the Olymp Trade calendar notes for today. Always read the notes related to other assets, because the change in the price of one asset invariably affects the stability of another currency. Thus it turns out the whole chain, the links of which depend on each other. In the calendar there are tools that allow you to configure alerts from the countries where the news comes from. Such events are highlighted in red, because they are important for the entire global financial market.
Quite rarely come not so important estimated news, which subsequently change the activity of the market and the stability of currencies. This happens if the forecasts have not been justified and traders receive completely different data. The economic calendar should be very clear, all the events that are published in it should be relevant and well checked by administrators.
The calendar uses the zero time zone (London). Keep this in mind.
Every day there is a huge amount of economic statistics, high-ranking individuals make official statements, all this in one way or another have an impact on the world Forex market. In order to make a competent decision regarding certain actions, we need to know the current situation and the overall dynamics of its development in order to make a more or less reasonable forecast. This is what the economic calendar is for.
Its task is to organize a huge array of daily economic information and make it easy for perception and analysis. The economic calendar includes the most important events in the economic sphere for the current day, as well as for the week ahead. By default, each event is marked with its occurrence time in the UTC time zone. For convenience, the economic calendar works online and allows you to select any desired time zone.
The economic calendar is updated with new events directly at the time of publication of the relevant news. This allows you to respond to changes in the situation quickly enough. The economic calendar will allow you to timely learn important facts, assess their impact on the overall dynamics, and make informed decisions. This makes it an important tool when working in dynamic markets such as Forex.