Out of all trading tools that you can use to improve your success rate, very few can match the importance and usefulness of an economic calendar. This handy list of upcoming market events is absolutely essential for any strategy because it allows you to plan ahead and to fully prepare yourself for all possible outcomes. If you want to be a serious and successful binary options trader, this is something you really must master and we are going to help you do it. In the following few paragraphs, we will tell you everything you need to know about using this important tool, so stay with us and keep reading!
Economic Calendar | Basics
Every decent economic calendar will give you the exact time a Market Event is scheduled to happen. This way, you can plan your trading strategy almost by the minute and be able to react immediately. However, you must also know which currency/economy/industry will be most affected by a market event. Usually, only one country will feel the consequences, but sometimes news can be so important that they affect multiple countries or maybe even the global economy. An economic calendar gives you time to research the consequences of an event. Furthermore, this tool usually has some sort of metric incorporated into it to help you distinguish more important events from those that have little impact. With all this data you can make a fairly accurate prediction, but don’t go away yet – we have more to tell you.
Economic Calendar | Most important parameters
All parameters you get from the market are called economic indicators. This is the data you base your decisions on. However, there are some indicators that are more influential than the rest. GDP is a good example of that because once that is made public, it can change the way investors look at a particular country, especially if the GDP is dropping or increasing quickly. There are also many popular indices you can follow to get some interesting data and other numbers that can help you: retail prices, unemployment rate, and industrial production are all excellent examples of that. Just check your economic calendar to see when these numbers are published and prepare yourself for trading after that. You really don’t want to miss out on them.
Economic Calendar | Conclusion
As you can see, without an economic calendar it becomes nearly impossible to plan things out properly. This very helpful tool allows you to know what’s going to happen in the world economy next and helps you to find a way to predict market movements. See when an event is going to happen, what will be most affected by it and then make your decision. Obviously, keep in mind that not all economic indicators are equally important so that you don’t waste any time unnecessarily. And if you need more educational articles, just take a look around our website some more – there are plenty of them here.