It is strongly recommended to apply Risk and Capital Management when trading in financial markets. The https://nitter.poast.org/search?q=%23dotbig calendar will be updated automatically, usually within seconds of the official data release. Before trading the news, the forex trader might do well to read market analysis about the Canada CPI data release before it comes out. By now you should know how to configure your Forex Factory calendar as well as how to manage news events. Let’s finish up this tutorial by discussing how price action plays a role in all of this.
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There are few others under the legend as you can see which I have mentioned here but are really self Forex news explanatory. Now I will go through each one of the calendar features numbered as shown above.
- By default, the reported figures are calculated using the account equity.
- By the end of this tutorial, you will know how to use the calendar as well as how to read it in a way that is beneficial to your trading.
- Here, Canada CPI has seen a shock decline from the previous month as well as missed the forecast.
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I always set my time on Forex Factoryy website to my local time zone because the time you see there is not your local time zone. Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He’s been interviewed by Stocks & Commodities Magazine as a featured https://www.forbes.com/advisor/investing/what-is-forex-trading/ trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.
Now, both the forecast column and actual columns are really important because many traders react to the differences in the forecast and actual. This column simply lists the all the names of the news that are scheduled to be released. These two strategies have a common thread – they are both the byproduct of news. Whether it be something that was just announced or a more gradual flow of news that causes market sentiment to either fluctuate or remain constant. Your other options are to take a partial profit and leave the remaining position on or keep the entire position open throughout the event. I’m not a huge fan of taking partial profits so I usually opt to go all or nothing. But one thing is certain, you have a lot more options with a position that has run into considerable profit.
In an ideal world, every trader has access to all market-moving information at the same time, and every day Forex Factory is working to making that a reality. Right after the actual column, you have the forecast column. Forex The forecast column shows you what economists were forecasting BEFORE the news was to be released. Whether they were right or not not is determined by the “actual” figure that comes out in the actual column.