Paying attention to details in the markets will always help your trading. This economic calendar will keep you continually updated on different activities in the markets that will have an impact on currency values. I would recommend you bookmark this page, and visit it to plan your trading day, but all forex brokers should have this information available.
If you are a fundamentals trader, this data will become your start page. The major US reoccurring events like the monthly release of the NFP report are scheduled and can be traded for big profits. Also, the release of the notes from the meeting of the United States Federal Reserve is scheduled and can have a big impact. As a trader, you need to know when these events will happen and be prepared to trade the volatility created by them.
It is not just the reoccurring events however that can impact the currency markets. Currently, presidents are in meetings and there are press conferences following them. There are press releases that are going to affect the value of the GBP after Brexit. Every time the North Koreans fire a missile over Japan, currencies move.
While some of these one-off meetings will be in the above calendar, keep your head down and read sources of news will teach you about events that will affect the fundamentals of the currencies you trade.
Besides an economic calendar, there are other tools that are important to traders. Most of these tools are built into the platforms you trade with, but it is also handy to have them outside of the tools to test your ideas. There is a whole set of trading tools that you should know how to use, and some of them are well worth the subscription fees.
The bottom line – you need to know the type of trader you are. Once you have figured that out, you will know how an economic calendar fits into your strategy. Setting a trading plan, and understanding the risk associated with different trades will help you become a responsible and profitable trader.