In this informative section we will give you information about one of the most common and most used resources by investors, both by beginner investors and by expert investors. We will explain what an economic calendar is and why it is important to use one in our day to day.
What is an economic calendar?
It is a journal of all data announcements and news related to finance, financial events of interest. As the words economic calendar well mention it, an economic calendar. It is usually divided by countries or regions. These financial events can be events such as inflation, interest rates, unemployment rates, data from highly influential companies, all kinds of events that can affect the economy of a region or country.
Why should we use an economic calendar?
Why these events can potentially affect the markets where we are investing (Forex, CFDs, and other types of financial products, including cryptocurrencies). As investors (or also called traders) it is our duty to be aware, to be informed of financial events, ESPECIALLY if we have money already invested in a certain position, action, raw material, etc.
For example, we have money invested in the GBP / USD currency pair or say, in the financial index FTSE 100 (financial index of the London Stock Exchange) and they will announce today the UK unemployment rate, this can potentially affect The British Pound, it is our duty to be aware and have as much information as we believe necessary to be able to try to anticipate movements in the financial markets and make money, or at least not lose money.
Another important fact is the standards, a large financial event can dramatically change a pattern we are following to reverse. Keep it in mind.
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