Are you into forex trading? If you are, you have probably heard about Forex Factory. It’s one of the leading forums for forex lovers for more than a decade.
The Forex Factory is one of the best websites for practising Forex trading offering its users with a variety of different tools. It has been developed over a period of fourteen years which means that you might have to dedicate a significant amount of time and effort before you can master it.
The site is dedicated to finding all the important forex-market information for its members. You will get real-time data so that you never miss out on any opportunity. When you explore the site, you will find economic data and technical analysis that will help you become a better trader. So, what makes it special?
Why Forex Factory?
Part of the reason for Forex Factory’s popularity is its ability to engage its users with useful information. Here is what you can benefit from this platform.
- Monitor trading positions as and when you want in real time
- Get up to date news and trends
- Helps you compare forex brokers side by side, ensuring that you don’t have to worry about choosing the right one
- You could even find the high probability trading setups through it
What adds to Forex Factory’s use is how useful it could be to identify the Forex trading pairs at the right times. Here is the thing – most traders enter the markets and invest when they probably shouldn’t.
The market is already reaching its high then and would crash anytime soon. With Forex Factory, you could see extreme trading situations and then wait for a valid trading setup, to identify and buy these forex trading pairs when they are down. It’s a great way to know the trends and learn when it’s the right time.
How to Use Forex Factory?
There are seven primary products offered by Forex Factory that can make a huge difference in your trading career. They are Forums, Trades, Trade Explorer, Calendar, Market, News, and Brokers. All of them can be easily navigated on the website which means that you do not need to waste time looking for tools.
Learn the Time Zone Settings:
Forex Factory is a website that deals with a market which functions 24*7 across the globe. Hence, you can adjust it according to your time zone depending on where you stat. Synchronizing the time will lead to accurate datestamps and timestamps when you are conducting trades. You will be able to view the site in your local time setting, without having to engage in elaborate time conversions.
The timezone that you belong to will be displayed in the header of all the pages you might visit. You can alternate between the 24-hour format and the AM/PM time format.
If you want to adjust the time of the website, you have to click the clock on the header. You can also visit the time zone settings. When the time in the header coordinates with your computer clock, you will understand that there has been sync.
You need to be careful about two settings in particular, ‘DST’ or ‘Daylight Saving Time’ and ‘Time Zone.’ The correct combination will give you an accurate synchronized time.
The Forex Factory site follows the New York time by default. That is the time you can see when you visit the site for the first time.
Be aware of the Page Arrangement:
Forex Factory gives you the flexibility to arrange the important pages in a manner which will help your trading. You will be able to move the blocks on these pages as you wish. When you hover over a block’s header, the controls will pop up.
- The Homepage is the most flexible page available to you. It can be used like a blank canvas which you can design as you want. Move around blocks or copy them with minimum effort. You can also go for multiple block instances.
- The Market Page Market will let you use multiple block instances. You can also remove blocks. However, there are more limitations to follow as compared to the Home Page.
- Trade Explorer can be placed on the Homepage, the Calendar page, or the Market page as you wish. You can carry out the modifications through the Settings.
- Lastly, the Default Page link will allow you to restore all the pages in Forex Factory to their original state.
Once you become a member of Forex Factory, you will have many benefits. You can join for free, and get to trading.
However, you must remember that you also have certain responsibilities. Unless you carry them out and follow the code of conduct, your membership might be revoked. If you are a trader looking to make good profits ethically, you are a perfect fit for Forex Factory.
As a member of the website, you will be able to:
- Post in the Forums
- Manage a member profile
- Create a Trade Explorer
- Subscribe to threads, stories, and members
- Retain settings across multiple computers/devices
Forex Factory functions as a trading platform that gives its users information with minimum hassle. If you create a profile, you are basically going public which means that all your actions will be visible to other members. They act as a permanent record which is why you must be careful as to what information you put up on the website. The best thing to do is to be anonymous and never reveal anything personal about you. If you do not give away your identity in any way, you will be safe because your trading avatar will be completely separate from your real life.
You can connect your personal information with your profile once you become very serious about risk management. Till then you will be able to trade with just a username and an email address.
Forex Factory assures you that your information will never be sold to a third party. However, you should still be careful.
Forex Factory uses a unique system called the Member Impact Ranking System (MIRS) in order to distinguish between the expertises of different members. As you begin to have more subscribers, you will be able to upgrade your status on the website.
It is calculated with utmost transparency so that no trader has an opportunity to complain.
What can you do on Forex Factory?
Once you become a member of this website, you will have complete control over your trading life.
You can customise your news feed according to your needs. Not only will it help reduce clutter but you will also get the most out of your forex factory calendar. The ‘Filter’ option will take you the settings from where you can eliminate the events that are useless to you. The Forex Factory calendar has all the details of upcoming news events. You can find out more about them before you take any decision. It also gives you access to links that will give you more info about the events.
: Do you want to know more about what other traders are doing? The sentiment section of the website will give you all the deets. Go to the ‘Trades’ tab and scroll down. Keeping track of what other traders are doing will prevent you from making the same mistakes. Sentiment-based traders will be able to capitalise on the information and make better trades.
Forex Factory makes sure that you are always one step ahead of the market. You will be able to access live Forex charts through the websites. Instead of checking your phone continuously for trading positions, you can just use the Forex Factory charts. The ‘Market’ tab will open up a number of charts for you.
Find good strategies
: You can even use Forex Factory to form great trading strategies which will help you improve your profit margin. You will be surprised by the number of ideas that are exchanged on the platform every day. You can add your own touch to them, and implement them in your daily trading. The Forex Factory forum is enriched with discussions about strategies, trading systems and even journals. You can even find fully formulated ideas just waiting to be used. There are experts who are willing to help you out of a tough situation and give you a solid framework for strategies. There are a number of threads that you can follow regularly.
Know the bad strategies
: You can also use Forex Factory to find out what you should not do if you want to be successful. If you find that a particular strategy has led to many traders suffering losses, then you will know that you should stay away from it. It is a counter-intuitive move that will keep you away from the nad trading strategies which can harm your trading career. Reverse it and apply so that the results turn out to be in your favour. However, be careful as to who you believe because there are traders who try to pass off good techniques as bad because of their competitive nature.
Indicators can greatly help improve your trading expertise. You will find that Forex factory is a treasure trove of homemade indicators that will help you succeed in your future ventures. The large variety ensures that you always have a trading indicator suiting your needs ready for use.
A trading journal can help you improve a lot. Maintaining it regularly will help you remain aware of your trading mistakes and achievements. Not only will you be able to keep track of the quantitative aspects of your trading, but you will also be able to preserve valuable observations that can prove to be very useful later on. Forex Factory will let you keep your own journal.
- Scanner: Forex:
- Factory has an integrated Market Scanner which is a flexible interface. You will be able to access market data gathered from trusted sources. They are aggregated by the MDA from industry-leading brokers which means that you can hardly go wrong with them.
Forex Factory will steer your trading career towards the right direction, and you should definitely become a part of this community.