Forex Trading Tool

What is one of the most important forex trading tool that you can have access to? It would have to be a calendar of economic reports. This calendar will help you to avoid trading when the market is volatile and unpredictable. A good economic reports calendar can save you a ton of money and help prevent a loss in the forex trading market. To find the best calendar to fit your needs, shop around on the Internet and find the one that suits your needs the best. There are plenty of free resources online.


The website known as the ForexFactory has a lot of good information on forex trading and a very lively forum. It also has a great calendar. This calendar can be set to your time zone and will give you the time that fundamental announcements will be made in your local time. No more confusing conversions to GMT or daylight savings time.

The calendar does it for you. It also has a great color coding feature that has economic reports that are likely to have the greatest impact in red, medium impact in orange and minor in yellow. You can tell by just a glance the best times to trade and when to exercise some caution.

A website called the FXCM has an associated site called the dailyfx.com. This site has a daily calendar containing fundamental announcements that can be viewed online or downloaded to a PDF file. The reports that will have a major impact are in bold. The PDF file can be printed out to use as a reference on your desk or beside your computer.

Another good trading calendar is the Econoday calendar. This is the favorite among many professional forex traders and fund managers. But this calendar requires a paid subscription. If you are just starting out, there is a free version from Barrons that is good. This calendar will also give you links to detailed explanations on all the major economic reports and why the market cares about them and the effect that this will have.

Forex trading can be complicated and the market can be quite fickle. The economic calendar is your road map to success. You wouldn't want to wander around in the dark without a flashlight, so you shouldn't want to do forex trading without a calendar. A good calendar of economic reports can make all the difference between gains and losses in the forex trading world.