What is Forex Factory? ++ Review of the platform

If there is a lag, use an alternative news source as a backup option or if the currency price has already moved, then skip the trade. It’s the most complete, accurate and timely economic calendar of the Forex market. We have a dedicated team of economists and journalists who update all the data 24h a day, 5 days a week. In this section, you will learn how to read the news event features so you can quickly digest and understand how the news event impacts the markets. We were able to work out five advantages for traders in the https://www.forex.com/ forum in this regard and would like to briefly discuss each of them. On the one hand, the forum naturally serves to discuss current market events together. In addition, general questions about the platform or about trading Forex can be discussed in the forum.

forex factory

The Forex Market Time Converter will clearly indicate when two or more markets are open by displaying multiple green “Open” indicators in the Status column. A flag icon indicates the country of the data release, and next to it, its currency. So you can quickly scan and see what currencies might be affected today or in some specific days. Big news events can, and often do, cause big swings with a single movement going several percent in one direction.

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Activate your 30 day free trial to unlock unlimited reading. Therefore, we recommend ignoring this tool and hence why we have inserted this warning in case you thought they showed you if the market was net-long or net-short an instrument. Don’t change up to or down time frames because someone is having more success on a lower timeframe. Once you have opened an account and forex factory fill out your profile, you can open up a journal thread by clicking Start New Thread. Every time to track your trades you can reflect on how accurate that flag pattern was, or whether or not they are supply and demand zones. Imagine having a notepad that had all your wins and losses in and you can learn from it each week, you bet you will become a more profound trader.

  • Never wonder the other tools provided can also be useful.
  • Don’t change up to or down time frames because someone is having more success on a lower timeframe.
  • The Purchasing Managers’ Index is an indicator of economic health for manufacturing and service sectors.
  • According to coinmarketcap.com, there are more than 9250 different cryptocurrencies.
  • Since 2005, this calendar has been setting standards for economic calendars worldwide and this is precise because of the filtering options.
  • However, a deep understanding of what each data point means or an ability to do economic forecasting is unnecessary for forex trading success by trading the news.

There you can lay out what you want from the journal, how long you will write for and what your goals/expectations are of providing a journal. You may receive helpful comments when you are doing something wrong and learn from the community. Equally, you may be informing others on what they are doing wrong. This means anyone who is interested can read and follow your journal. This forces your brain to wire to memory the solid, successful, patterns and results then chuck out the poor examples of losing trades. This will give you a tremendous boost in confidence and experience with dealing in certain market conditions. Now you will be presented with a chart that will display the price action of the EUR/USD .

US S&P Global PMI Preview: Will markets continue to price in a 50 bps Fed hike?

The information and videos are not an investment recommendation and serve to clarify the market mechanisms. The texts on this page are not an investment recommendation. The financial products offered by the promoted companies carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose. In summary, forex factory is an interesting virtual place where Forex traders can gather. Both appropriate tools and a good community are located on the website and are waiting to be used by you.

We are sharing premium-grade trading knowledge to help you unlock your trading potential for free. Although the tools available can be used to gauge market participation we must highlight one tool that you should understand is misleading. Sometimes life can get in the way of always reporting back to trading stats and check-ups using the journal.

Forex Factory support: Reaching out to the company

There is plenty of news coming out each day from different countries. Like CPI, PPI, Retail Sales, Inflation, Central Bank, and etc. Or if you’re in an open position, you might want to reduce your risk exposure so you don’t get stopped out on the volatility spike. Then they apply the strategies for a while and when it fails, they got back to the forum and look for “the next best thing”.

Upgrade your FINVIZ experience

Thanks for opening my eyes to new trading tools using forexfactory. I hope you’ve realized that http://www.rfgeneration.com/blogs/bobbymanha/ is more than just a forum to learn new trading strategies.

In any case, the own trades and their success are disclosed. The forex market is available for trading 24 hours a day, five and one-half days per week. The Forex Market Time Converter displays “Open” or “Closed” in the Status column to indicate the current state of each global Market Center. However, just because you can trade the market any time of the day or night doesn’t necessarily mean that you should. Most successful day traders understand that more trades are successful if conducted when market activity is high and that it is best to avoid times when trading is light. Now you can use the forex factory calendar and the market tool to read the markets going forward and get an understanding of market behaviours surrounding the data releases.

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