How Calendars Help Trading the Foreign Exchange Rates

Foreign Exchange Rates Calendars

When you trade the foreign exchange rates you need to keep up to date with all the forex news.  Forex news will affect the foreign exchange rates and how you trade them.  There are a number of ways that you can find and keep track of the forex news.  However, some of these methods are going to be better than others.  The methods that you can use are to look at financial news websites, using new feeds and using the forex calendar.

The Use of Financial News Websites

There are a lot of traders who think that the best way to keep up to date with all the forex news is to use a financial news website.  This is not actually the best way to do this.  These websites are going to have news from a number of different markets and it will take you time to find the information that you need.  You will also need to know what you are looking for.  Another issue that you may have with this method is that you are going to be getting the news a lot later then you should be.

The Use of News Feeds

Forex news feeds are available from a number of different sources.  You can get these tools from third-party vendors and from your forex broker.  The problem with this method of keeping track of the news is what these tools tell you.  Many of these tools will offer financial news from all market.  This means that a lot of what you see is not going to be valid for your trading.  The other problem is that if you get a forex news feed then you are going to be getting the news for all of the currency pairs.  This means that you will need to sift through all of the news to find what you need.

The Use of Foreign Exchange Rates Calendars

The best way to keep track of the forex news that you need to trade on is through the use of a forex calendar.  This tool will list all of the forex news that is going to be coming out.  The tool will also tell you what the impact level of the news is and which currency the news relates to.

Most of these tools offer you a filter features that will look at a number of different points of the news.  The two most commonly filtered features are the impact level and the currency that the news relates to.  When you filter the news by the impact level you will ensure that you are not looking at any news that you cannot use.  A lot of trading strategies call for the use of certain impact levels and you have to look only at this.

As there are hundreds of news releases each day you do not want to have to take the time to sort through all of them.  When you do this you will be wasting time that could be spent trading.  This is why you should filter your calendar to only look at the currencies that you are going to trade.

 

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