Economic Calendar is an important tool for every trader. You can spend only one minute or less per day but the level of profitability can be high.
A short description
An economic calendar shows the scheduled news events or data releases related to the economy and financial markets. Including GDP, Non-Farm Payroll numbers, and interest rate decisions.
Level of importance of events in the economic calendar
Each event that we publish is graded-depending on which Economic Calendar that we use. Minor events that have a low impact are not so marked by our side.
Events that have average importance are marked by the yellow star beside the event. Yellow indicates some caution is warranted at this time. Red stars/dots, or a "High" marking, indicates an important news or information release which has a high probability to move market significantly
Risk Caused by High Impact Data/News Releases
As a day trader or even a swing trader, the events marked red are the ones you need to be aware of. Whether the data comes out way above, way below, or right in line with market expectations, volatility around the event is typical.
Reducing Your Risk with the Economic Calendar
Check your economic calendar each morning, before you start trading, and jot down the times of the major data releases.
If you day trade options, you can hold your positions through a major data release. Many options strategies are designed for trading these types of specific events. Options are a little different than other markets, though. Once you buy an option your risk is covered; the added value you paid is the potential loss. When you buy an option or close out the trade you may get slippage, but it is not possible to lose more than your premium.
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