Previously we wrote an article about Forex Factory. We said we were very impressed by the great economic calendar they have. I agree it is a fantastic economic calendar and most traders tend to use Forex Factory. However personally I use DailyFx economic calendar for a number of reasons. I have written this article to give my opinion on why all traders should use DailyFx for their trading.
DailyFX also have a great economic calendar. It gives you all the details you need such as:
Whether the news should have a heavy impact on the market or not.
The previous months results and the forecast results for the current month.
The current figures as soon as the figures are released.
In addition to a great economic calendar DailyFx also give market news which is very useful. If you want to know what is moving the markets you can find out on DailyFx. They also analyse any of the news which has affected the markets. So if you want to know why certain news has moved the markets, you can find out easily. Likewise you can also find out what the general market sentiment is. If there is lots of negative news articles coming out about the USD coming out, you can gather the market sentiment is pretty poor.
Additionally for all traders who use pivot points or support and resistance levels DailyFx calculate these levels for you. This takes all the hassle out of calculating your pivot points and support and resistance levels. I use this for my own trading.
DailyFx also have a candlestick summary. Candlestick formations can often be difficult for new traders to spot so this is an excellent feature. Candlestick formations are a great weapon for any trader to know.
Tips and advice
The analysts at DailyFx also give tips and advice on what trades you should be looking at and at what areas. You can sign up for detailed analysis from the traders at DailyFx. This is very useful for beginner traders because they can get a real sense of how experienced traders analyse the market and where they look for moves.
So in summary I recommend that all traders have a look at DailyFx. It has some great information which can really help with your trading regardless of experience. It is certainly worth a look at.