Forex Trading Money Making | Economic calendar in-depth | Fundamental Analysis #2

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our last post, we discussed how you can anticipate trends to make a profit if you missed it make sure to check it out!

Some of the great things about the calendar of Forex Factory is that you can adjust the timetable to suit your timezone. This means, you are going to get news reports focused on where you live, which helps a lot when it comes to planning. Follow the steps to do this:

• Position the mouse over to the top right of your screen.

• Pick the time zone in accordance to your preferences.

• Press Save Settings button

When you first start using the Forex Factory calendar, you should not forget to set - up your time zone. This way, for each event, you will have the right time. When you set up your time zone, your settings will stay that way until you decide to change it again.

Although viewing all the information is great, you'll probably feel overwhelmed by all the data the forex calendar can provide you. So, keeping focused is easier, and getting only the details you need instantly. To stop wasting time browsing through news reports which do not refer to you, try setting up an event filter.

To set up an event filter do the following:

• Go to the tab "Calendar," found at the top of the page.

• Press the "Filter" button on the right side of the screen.

• Select the orange and red box. In doing so, you are just asking the calendar to give you the news that will have a high and medium effect.

Whether you want to select small too, that's up to you.

One more thing you should do to save time is just to pick the news from the countries that you choose to monitor. We would recommend checking all of the major markets, as it is important to know what's going on and whether the main currency pairs can be affected.

You can also access breaking news when you need it so you can be aware of new developments that could affect your trades. In order to do this you should do the following:

• Press the "News" button at the top of the page, first.

• Click on "News / Hottest Stories" found on the right side of the page.

• Check "Breaking News" and "Latest." boxes

• Now, on the right side of your screen, you will see only important news updates.

Economic calendars role in fundamental analysis

The ideal way to access economic news is to have a weekly trading strategy planned ahead. The trouble is, everyone is looking at the same results. And not everybody in the Forex market makes profits. One way to excel is to make good use of the Forex trading calendar. Keep in mind that in Forex trading fundamental analysis is as critical as the technical analysis.

If possible it is best to use multiple sources of data, combine fundamental and technical analysis and supplement them with trading signals. Because of the fact that good trading signals already contain elements of fundamental and technical analysis (from well-respected providers such as Tools Trades at least), you are able to do your own comparative analysis to further strengthen your belief in the trade you are considering to make.

If your goal is to become a good forex trader and make a permanent income from trading, a forex calendar is certainly one of the instruments that you are advised to use every day.

If you begin to grasp the function of the Economic calendar and interpret the "signals" easily, you'll spend only a few minutes a day using the economic calendar, depending on the currency pairs you 're trading.

Those few minutes a day, though, will be of considerable significance and value as they can give you the essential economic, political, and general stability and security knowledge you will use to make predictions.

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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