Introduction
Forex Factory stands out as a highly popular online platform for forex traders, with its history dating back to 2004. Remarkably, the website offers a comprehensive range of resources and tools specifically designed to cater to the requirements of the global forex trading community.
What is a Forex Factory?
Forex Factory stands out as a leading online platform for forex traders. Its calendar offers valuable information for traders of all kinds. This resource can enhance your understanding of how news impacts the market, potentially leading to increased profits in your account.
Operated and overseen by Fair Company Inc., Forex Factory stands as a highly advanced platform designed for professional traders actively engaged in foreign exchange transactions. Forex Factory has three sister sites: Metal Mines, Energy EXCH, and Crypto Craft.
The primary objective of the platform is to facilitate connections between traders and the market, fostering interaction among like-minded individuals in the trading community.
Factory directly offers traders access to streaming charts and fundamental data through its website. Additionally, users can follow other traders like FXSWay Review to gather insights into their trading activities.
Forex Factory Economic Calendar
The Forex Factory calendar presents a compilation of global economic-impact news releases. This schedule encompasses crucial releases such as
- Housing data
- Employment data
- Inflation data
- Interest rates
News releases from various countries are displayed at different times and dates.
The Forex Factory calendar is a crucial tool for any Forex trader. To optimize its utility, you must initially customize the factory forex calendar according to your preferences.
Customise Forex Factory Calendar
STEP 1: Set your time zone by clicking on the time display in the upper right-hand corner of the calendar. This step is essential to ensure accurate timing for each news event on the platform.
STEP 2: Once the time zone is configured, filter the type of news and currencies you wish to display. The filter option can be found in the upper right-hand section of the calendar.
STEP 3: Once configuring your preferred settings, you can easily click “Apply Filter” to implement them.
Forex Factory News
In the center of the screen, the trader will find the listing of news events with several crucial details. Moving from left to right, the Forex Factory calendar indicates the release date and time of the news. Traders can adjust the displayed time zone by clicking on the time tab just above the time column. This allows flexibility in changing from the default Eastern US time to another time zone.
Following that, the currency of the country affected by the news is displayed. Typically, this corresponds to the country from which the news is released. For example, if the news originates from Australia, the currency symbol shown will be AUD (Aussie Dollar).
Market Impact Colour Codes
The market impact colour codes are a crucial feature of the Forex Factory calendar. They use three colours to indicate the anticipated impact of a news event on the market.
- Yellow signifies low impact, indicating minimal market influence with insufficient tradable volatility.
- Orange denotes medium impact.
- Red signifies high impact.
- Grey is employed to indicate bank holidays on the Forex Factory calendar. This suggests the currency will likely experience low trading volume on that particular day.
Traders often favour high-impact news events due to the substantial market volatility they generate. News is an essential indicator in trading, Trade245 helps your trading needs by offering daily updated news.
News Title
The title of the news release is displayed alongside the market impact buttons on the Forex Factory calendar, along with the news details.
Clicking on the news detail tab, positioned to the right of the news title, provides insights into the nature of the news, its significance to the market, and a hint about the frequency of trading that particular news item experiences in a calendar year.
Gain immediate access to breaking news today to stay informed about new information that may affect your trades. Follow these steps:
STEP 1: Click “News” at the top of the page.
STEP 2: Go to “News/Hottest Stories” on the right.
STEP 3: Check the “Breaking News” and “Latest” boxes.
STEP 4: Enjoy viewing only crucial news updates on the right side of your screen.
Forex Factory Indicator
Forex indicators are tools traders use to forecast price movements in the trade market. These indicators analyze both the volume and price of a chosen financial instrument, predicting its future price direction. Such indicators can be found with RCG Markets.
The MetaTrader 4 platform visually represents these calculated indicators through graphs for easy understanding and interpretation.
Forex Factory provides a vast range of indicator tools on its platform to assist traders in their investments.
Forex Factory App
With the Forex Factory app, you can receive rapid news and updates directly to your phone through push notifications. All the features available on the official website, including Forex Factory Timezone, Forex Forum, Forex Calendar, and Forex Market, are accessible to users of the Forex Factory app. Such educational resources play an important part in trading and RoboForex is the source where traders can access these.
The app is compatible with all Android phones running version 4 and above, and it is consistently updated by the Forex Factory app team. The team actively addresses queries from platform users, aiming to respond to all inquiries.
Forex Factory App and USD
Discussions about Forex volatility and its root causes often begin with the USD. As the world’s reserve currency, it exerts unparalleled influence on the Forex market. The presence of the dollar categorizes currency pairs into two groups: majors and crosses.
Any major pair includes the USD in its composition, distinguishing it from crosses which do not.
Conclusion
Forex Factory proves to be an invaluable platform, functioning akin to social media in terms of features and accessibility. Beyond serving as an educational hub for trading activities, it offers a range of features to enhance your trading experience. These include the Forex Factory calendar, indicators, comparison tools, a real-time market viewer, and a journal tool.
Moreover, Forex Factory hosts numerous forums covering diverse topics related to trading. This wealth of information is particularly beneficial for individuals researching the field, those considering independent trading, or anyone seeking additional knowledge to enrich their trading expertise.
FAQs
What is a Forex Factory?
Forex Factory is dedicated to aggregating real-time information specifically for forex traders. The content encompasses a wide spectrum, including current economic data and analyses contributed by members, providing a dynamic and up-to-the-minute resource for traders.
How to use a Forex Factory?
Steps to use Forex factory:
Step 1: Open Edge on your computer and go to the website.
Step 2: In the Edge app, select Settings > Advanced > Manage.
Step 3: Locate Forex Factory and toggle the switch to the right to enable notifications.
How to trade NFP on a forex factory?
On the day of the NFP release (Friday), wait until 15 minutes before the end of the day. If the current price is higher than the open price of the day, initiate a SELL ORDER. Conversely, if the current price is lower than the open price of the day, execute a BUY ORDER.
How to read news on the forex factory?
You can read news by following these simple steps:
- Start by selecting “News” at the top of the page.
- Navigate to “News/Hottest Stories” on the right side.
- Tick the boxes labelled “Breaking News” and “Latest.”
- Delight in seeing only essential news updates on the right side of your screen.
How to use a Forex factory calendar?
You can use a forex calendar by following these simple steps:
- Begin by adjusting your time zone; click on the time display in the upper right-hand corner of the calendar. This crucial step ensures precise timing for each news event on the platform.
- After configuring the time zone, move on to filter the types of news and currencies you want to see.
- Locate the filter option in the upper right-hand section of the calendar.
- Once you’ve set your preferences, simply click on “Apply Filter” to implement your chosen settings.
