Economic Calendar ~ forex trading tax irs
Earlier, actually in the last post i wrote about importance of knowing what economic data that affect Forex market will be relased and when. This information alone can save you a lot of pain, because, after some key economic indicators are relased, prices in just few minutes can go +200 pips up, and then out of sudden 300 pips down.
This mainly affects day traders or scalpers, and the EURUSD currency pair. I belive there are many ways you can deal with market moving indicators, but i will list two of my ideas i have came up with:
- Few minutes before economic data announcement hedge your position.
- Not all Forex brokers allows to hedge, if yours not, then you can close your position before data release and open a new one after market will "calm down".
More over important economic data dictates trend of the market, so you can use it for simple Forex fundamental analysis.
But the most important question here is, where do i get this data and how will i know which is important and which is not? My all time favourite source for economic data is bloomber economic calendar, which you can find here: ECalendar.
I like this calendar because, it places icon next to particular event, which tells me how important this event is, so i do not have to make my own research on every single event.
From my experience i can tell you that, two events responsible for the biggest moves are: Employment situation and FOMC meeting.
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