Your success of failure whilst trading online can often be down to timing. Choose the wrong product at the wrong time, and you’re looking at a loss. However, if you’re able to predict a rising price before it happens, you could be laughing all the way to the online bank.
Trading websites often provide a list of key trading dates to watch out for. These might be conferences or training opportunities, but more often than not they’re linked to important times and dates in the trading calendar.
Here are a few general tips on times and dates to watch out for…
International market hours: depending on where you live, markets across the globe will open at different times. This means you may not be able to trade certain products or receive real time quotes if their markets aren’t open. Lists of these times are often found on trading websites.
Closed hours: markets aren’t necessarily open to trade 24/7 and may update after a weekend of holiday. To make sure your deals are secure and you know when they’ll be updated, check the website’s FAQ (these times, including warnings, are sometimes printed alongside the details of trades).
Trade-specific deadlines: certain trading methods (such as binary options) pay out at a pre-decided time and date. If you’ve made an investment which is time-dependant, make a note of the finish date.
Economic calendars: major events can affect the markets. Whilst the specifics of the effects can be difficult to predict, it’s a good idea to be aware of these dates, what’s happening and what effect they might have on your trades. Economic calendars are a common feature of most trading websites.
Retail dates: certain public holidays, celebrations and retail events might also have an impact on certain trades. Valentines day, Mother’s Day (UK, US and elsewhere), Superbowls and other festivals can see peaks and troughs for certain products. Being aware of these, particularly if you think a certain product might be affected (cocoa beans near Easter, for example) is advisable.
Dates you might not think of: there are a multitude of dates which will have an effect you might never have imagined. Forums and support sites provide comprehensive lists and advice for all such dates, including recommendations on when to donate cash, when to check stocks and shares, and more.
That’s a wrap: whilst date-checking isn’t the most exciting element of online trading, it can be a vital one. Buying or selling at the wrong time could be a costly mistake, whilst being aware of potential opportunities could help you to see a big profit headed your way. It’s worth keeping a financial calendar of your own, particularly if you think your investments could be affected by time-specific factors.