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Forex Factory, established in 2004, is one of the oldest online communities dedicated to Forex trading. Known for its comprehensive, reliable, and real-time information on foreign exchange markets, Forex Factory serves as a critical resource for both experienced traders and beginners alike.
The platform provides many resources, including a highly active forum where traders from around the globe engage in insightful discussions, share experiences, and offer advice. The forum is home to hosts on diverse topics, such as technical and fundamental analysis, trading systems, and market news.
What is Forex Factory?
Forex Factory represents a famous forex-related website, forum, and community. Users can read reviews, trading projections, and excellent forex calendars and share trading knowledge with other traders on this website.
You see, Forex Factory is more of a community than anything else. This makes total sense in the era of ubiquitous social media that connects us all. But Forex Factory is also mission-driven. It seeks to build a robust community among traders and dispel misinformation about the market. Misinformation or inaccurate data can lead traders to make rash decisions, ultimately costing them a ton of money one day.
Advantages of using the Forex Factory website
- Comprehensive Economic Calendar: The website offers a detailed economic calendar that provides worldwide data about upcoming economic events. This information is valuable for Forex traders in predicting market movements.
- Live Market Updates: Forex Factory offers real-time market updates and news feeds, which instantly help traders stay informed about market changes and developments.
- Forex Forums: It provides a platform for discussion among traders worldwide. These forums serve as a place for sharing strategies, asking questions, and getting advice from experienced traders.
- Trade Explorer: This feature allows traders to connect their brokerage accounts, providing helpful analytics and insights about their trading performance.
- Broker Reviews: The website hosts reviews about various Forex brokers. This helps traders make informed decisions while selecting their broker.
- Market Scanner: A tool that provides an overview of what is happening in the markets, allowing traders to spot opportunities quickly.
- Free to Use: Forex Factory offers a wealth of information and tools free of charge, which is a significant benefit for beginners and professionals alike.
- Educational Resources: Numerous articles and guides are available for beginners to learn about Forex trading.
- User-Friendly Interface: The website is designed to be user-friendly, making it easy for traders to navigate and find what they’re looking for.
- Trade Feed/Live Accounts: Displays live updates from the member’s connected trading accounts.
- Accessibility: The website is accessible 24/7, making it suitable for the round-the-clock nature of forex trading.
- Reputation: Forex Factory has existed for a long time, making it one of the oldest and most reliable Forex trading resources.
Forex Factory helps traders avoid this through education, community, and a robust data stream that keeps you on top of the market. Because it is an international forum, traders worldwide gather to exchange information and ensure that everyone is working from the same playbook as everyone else.
No one is born knowing how to trade foreign currency, and Forex Factory knows this with a dedicated mission to bring new traders into the market with some sense of what they’re doing.
But Forex Factory has even more advantages for you as a trader if you’re beyond that. This is because you will get to interact with traders who have a lot more experience than you do and have probably made a whole bunch more money.
The Forex Factory News section serves as a vital hub for forex traders by aggregating financial news and event information, mainly focusing on its relevance to the currency markets. This part of the Forex Factory website is designed to equip traders with the tools and information necessary to make informed decisions.
If you have been invested in the world of financial trading for any time since 2004, then you have likely already heard of the company Forex Factory. Forex Factory has been the leading forum available to Forex traders since 2004. It has become the central hub for traders interested in discussing and exploring the latest trends, news, and other pertinent events in the financial world in recent years.
But did you know that most people do not entirely take advantage of the beForex Factory’s many benefits? Head right to the popular Trading Systems thread to hunt out new trading systems and try them out until their latest venture fails, then they head right back to that Trading Systems thread and try again.
This is an unending cycle that doesn’t provide any significant financial benefits and is, as a whole, a waste of time. But there is something that traders can do on Forex Factory to improve their chances of success–as long as they know where to find it and how to use it.
The “something” in question is a series of free trading tools that can improve your understanding of trading and overall success with your trades.
If you want to take advantage of these great tools today, read on to find out what free tools are available and how to use them best.
How to use Forex Factory Calendar?
To use the Forex factory calendar, visit the page forexfactory.com/calendar, select the “Time” button at the top, and pick your time zone. This will ensure that the calendar is correct regarding the time and date of each event. The next thing you’ll need to do is take advantage of the calendar news filter, which will help you filter out any news that isn’t relevant to you.
Head to the calendar, select the “Filter” tab at the top right-hand side, and you can use the filter to include/exclude factors such as type of currency by country, an algorithm-based expected impact on trades, and finally, event type (growth, inflation, housing, etc.).
The first tool that you should look at is the Forex Factory calendar. This handy calendar contains a highlighted list of essential news that is on the horizon. This calendar benefits all trades, including technical traders, short-term traders, and everyone. Near will let you keep track of news events and help you find better trade entry placements that won’t have you in the negative after a widened spread affects your trade results.
Forex Factory Settlement Indicator
The Forex Factory Sentiment Indicator is the second tool you should use. This visual chart lets you find trading set-ups with a higher probability rating. The chart gives you a clear, visual representation of the percentage of short and longer traders at any given time; the chart itself is broken down by the currency (USD/CAD, AUD/USD, etc.) to make the information easy to digest.
The Sentiment indicator will help you make an informed decision about when to enter a specific trading market. The best way to use the indicator chart is to consider a contrarian approach, going “long” when the percentage of short-term traders is highest and going “short” when the long-term trader percentage is the highest.
This approach will not work for every trade or event, but it’s something to keep in mind when you want to increase your chances of success. You can also use the Sentiment Indicator to understand better market trends related to the related-and-forth swing of long-term and short-term trades. Keep an eye out for these percentages, and you will be able to see certain types of trades before they happen.
Forex Factory Market Monitoring
Another great tool you can use at Forex Factory is the ability to easily monitor your trades in real-time, no matter where you happen to be–work, home, or even during your commute. It can be frustrating when you need to monitor your trades. Still, you either have to sneak off to the bathroom to check out live market apps or Twitter updates, or you have to struggle with many mobile device tabs as you attempt to find information about your current trades and the state of the market. This is where the Forex Factory Market Monitoring section comes in; it is simple, has a clean layout, and is easy to digest at a simple glance.
To check out the website’s free Forex Factory marketing monitoring section, head to the “Market” section of the Forex site; this section tab is at the top center of the page. You will immediately see the related Forex charts on your screen; these charts are updated in real time and will give you an immediate status update regarding your trades. This chart even tells you the current market session times, which is especially essential for traders who need to know international trading sessions.
Forex Factory Find a Broker
Forex Factory even allows its users to find excellent Forex trading brokers. This particular tool is effectively a search engine that contains a database of brokers; this database can be filtered down using a variety of characteristics that will help you determine the type of broker you want to deal with.
Select the “Brokers” tab at the top right of the Forex home page to use this tool. Once you select this, you will see a database of active brokers on your screen. This chart will let you compare their relevant stats at a glance; you can also filter out results based on factors such as language, minimum deposit, how many countries they are regulated in, their real-time spread, and so on.
It should be noted that brokers do pay a fee to be featured on the Forex Factory site. However, this does not mean the site is inherently biased, or you can’t trust the results. As a general rule, trust your instinct regarding the information presented in charts and look at their trades’ statistical facts above everything else.
Forex Factory Trading Journal
Anyone genuinely serious about trading must have a proper trading journal. A trading journal lets you keep track of your trades, success, and other relevant information that will help you increase your chances of success on the market.
If you’re still unconvinced, consider these three essential reasons for using a journal: accountability, learning opportunities, and essential information storage.
A trade journal will help improve your accountability due to the trading journal’s public nature, which will make you more likely to take responsibility for your decisions. A trade journal can also help you find like-minded traders interested in discussing and offering feedback and networking with you based on your journal. Finally, a trading journal will give you a cloud-based journal that backs up your pertinent trade information.
Setting up a trade journal using Forex’s tool is easy. All you need to do is first select the “Forum” tab at the top. Then, select the “Trading Journals” tad towards the middle of the page. From there, select the “Start New Thread” option. This thread will be the first entry in your journal.
You can write whatever you’d like in your trading journal. Still, as a general rule, your first entries should involve making a commitment declaration six months, explaining your trading plan, posting current charts of your trade entry and tradeexistitrade existing and offering you. However, you’re in the current trading week.
The key to benefiting from a trading journal is doing it consistently. Commit yourself to updating the journal on at least a weekly basis for at least six weeks. You keep up the trade journal for those six, six, and sixty-six, and you are much more likely to benefit from having this information available. You are also more likely to continue journaling as you go about your trading business.
Even if you think you know all there is to know about foreign currency markets, Forex Factory will introduce you to new ideas and ways of doing business that you might not have considered. This will not only have marked benefits for your trading acumen but might even make
You’ll brush up on your skills while gaining new ones and make colleagues who could help you with your trading career.
Final Thoughts
Forex Factory is so much more than a forum; the many free tools offered through Forex Factory can go a long way towards improving your trades, improving your chances for financial success, and helping you better understand the ins and outs of the touting world. Using one Using the Forex Factory site has many excellent tools just waiting to be utilized by the Forex Factory user base.
He is an expert in financial niche, long-term trading, and weekly technical levels.
The primary field of Igor's research is the application of machine learning in algorithmic trading.
Education: Computer Engineering and Ph.D. in machine learning.
Igor regularly publishes trading-related videos on the Fxigor Youtube channel.
To contact Igor write on:
igor@forex.in.rs
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