The Forex market is not traded on technical analysis alone. The economic calendar 2010 is as important to a Forex trader's daily strategy as any support or resistance line. Although your charts will tell you where to buy and sell any particular Forex pair, these points naturally assume the market is working in a vacuum. In other words, as long as nothing on the outside happens, the support and resistance lines; or the trading range; or even the wave; is legitimate.
The Forex market does not trade in a vacuum. There are hundreds of factors a day that will have an affect which way the market is going to turn. The economic calendar 2010 is a necessary to have on your computer to predict the unpredictable.
Reports for everything
If you take a look at the economic calendar 2010, it will look like you won't have time to trade. You'll only be spending all day, every day, waiting for yet another report to come out. To spend any amount of time concentrating or anticipating the Industrial Orders report in Denmark might not be the best use of your time. The Imports and Exports report in Japan might not interest the Forex trader if he is only trading the EUR/USD pair. The point is, that it's on the calendar; and it's on there with the reports the Forex trader wants to be aware of.
Even though the plethora of reports contained in the economic calendar 2010 may seem like information overload, it can also spark some interest in some trading pairs not otherwise considered. There's nothing wrong with expanding your horizons and seeing when major reports come out in other countries. Even those reports might have some indirect effect on the trading of the pairs in which you're involved.
Search for relevance
The nice thing about having and using an economic calendar 2010 is that you can plan your trading around either using, or avoiding, the time that a major report is coming out. There are certain reports that you can't predict and won't be on the calendar. If a country decides suddenly to change its interest rates, there's nothing any Forex trader can do about that. When something like that happens the market is going to react and that is the reason every Forex trader uses a stop-loss. Of course there will be the occasional time you get caught on the right side of the market and you find yourself riding an unexpected profit. Be happy about that. It doesn't happen often.
Major reports in the United States pretty much affect everything worldwide. These should always be noted. It is a major reason to have and economic calendar 2010 handy. Something like the Jobless Claims report can have an impact on the interest rate of the dollar, which indirectly affects every other country. It is always something to watch. Reports of GDP for any country in any Forex pair you might be trading should be watched.
What to do
There are a couple tactics that can be used when dealing with reports available on any economic calendar 2010. The first thing a Forex trader might consider is staying out of the market when the report comes out. Wait for the market to react and not predict how the market will react. It is certainly a safer way to go.
Another way is to try to jump the gun and keep a close stop-loss. Any Forex trader must remember that once the report has come out, the results are already in the market. The huge financial institutions and banks don't like to be surprised. They know about the report and what is in it before you ever will. In either case, the economic calendar 2010 will always give you a heads-up.
The Forex market does not trade in a vacuum. There are hundreds of factors a day that will have an affect which way the market is going to turn. The economic calendar 2010 is a necessary to have on your computer to predict the unpredictable.
Reports for everything
If you take a look at the economic calendar 2010, it will look like you won't have time to trade. You'll only be spending all day, every day, waiting for yet another report to come out. To spend any amount of time concentrating or anticipating the Industrial Orders report in Denmark might not be the best use of your time. The Imports and Exports report in Japan might not interest the Forex trader if he is only trading the EUR/USD pair. The point is, that it's on the calendar; and it's on there with the reports the Forex trader wants to be aware of.
Even though the plethora of reports contained in the economic calendar 2010 may seem like information overload, it can also spark some interest in some trading pairs not otherwise considered. There's nothing wrong with expanding your horizons and seeing when major reports come out in other countries. Even those reports might have some indirect effect on the trading of the pairs in which you're involved.
Search for relevance
The nice thing about having and using an economic calendar 2010 is that you can plan your trading around either using, or avoiding, the time that a major report is coming out. There are certain reports that you can't predict and won't be on the calendar. If a country decides suddenly to change its interest rates, there's nothing any Forex trader can do about that. When something like that happens the market is going to react and that is the reason every Forex trader uses a stop-loss. Of course there will be the occasional time you get caught on the right side of the market and you find yourself riding an unexpected profit. Be happy about that. It doesn't happen often.
Major reports in the United States pretty much affect everything worldwide. These should always be noted. It is a major reason to have and economic calendar 2010 handy. Something like the Jobless Claims report can have an impact on the interest rate of the dollar, which indirectly affects every other country. It is always something to watch. Reports of GDP for any country in any Forex pair you might be trading should be watched.
What to do
There are a couple tactics that can be used when dealing with reports available on any economic calendar 2010. The first thing a Forex trader might consider is staying out of the market when the report comes out. Wait for the market to react and not predict how the market will react. It is certainly a safer way to go.
Another way is to try to jump the gun and keep a close stop-loss. Any Forex trader must remember that once the report has come out, the results are already in the market. The huge financial institutions and banks don't like to be surprised. They know about the report and what is in it before you ever will. In either case, the economic calendar 2010 will always give you a heads-up.
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