Due to its prominence as the go-to source for significant news events, Forex factory has been dubbed the “Forex Wikipedia” by many. It is significant for individuals who market and sell Forex news. Trading on the Forex factory platform is made easier and more convenient for traders.
All sorts of traders may easily utilize the Forex calendar offered by forex factory. The calendar keeps timely information available to assist you in getting ahead. To learn how to make the most of the calendar and how to utilize it to your advantage by designing a unique discount for each currency you want to sell, you may search through many guides.
You must master the talent of fundamental analysis, which is just as crucial as technical analysis, before you can improve your trading practices and begin profiting from the forex market. Being wise means incorporating market theory into your trading plan.
Comparing and contrasting one country’s economy with another’s performance is known as critical analysis (or a group of countries if they share the same income). The greatest website for forex news, according to many traders, is Forex factory, which also serves as a guide. When you trade live and make trades and reacts to the news, brokers like easy markets and City Index provide Live news index via their partner broker platform.
Using the Forex factory Calendar: A Step-by-Step Guide
As is obvious, Forex factory is a knowledge-based website. Someone new to the market could find it challenging in the beginning to comprehend certain terminologies and how certain news events effect the specific currency they are seeking to evaluate (see our Fundamental Analysis guide).
Although it’s possible that you’ve heard many times that the forex market and currencies are driven by technical factors (such as price action, price sentiment, support & resistance, etc.), in reality, important news that is broadcast or controlled by the central bank or the government drives up and down currency prices.
1) Configure the Forex factory news calendar.
Create your calendar as a first step. You must sign up for a Forex factory account and log in to achieve this, however. You must visit Calendar once you have logged in. This will display a lot of events! Be direct with news happenings! It would be beneficial if you concentrated on these things.
On your screen, in the upper right corner, you may locate your watch face. To change the time zone, click it. This is significant because your calendar page will only list events that coincide with your time zone (i.e. the country you live in).
What do news events signify in Step 2?
In the past, traders would follow the latest news and trading-related events by watching the news on television, newspapers, or other media. But a lot has changed since then. These days, trading systems itself provide traders regular updates on a variety of news and events, and forex factory is no different.
- How do I utilize filters?
You must learn how to filter news so that it appears on your dashboard since the majority of news doesn’t have a significant impact on the market. You must choose “filter” in order to accomplish this. It may be accessed in the top right corner. It will let you choose the kinds of money and events you wish to be informed about.
You should decide to solely watch the news stories that might have the most impact on the market. Simply check the red and orange boxes to only get high- and medium-level news events. When you’re finished, you may save the settings so that your forex factory app always displays the most crucial information.
- High Impact – Red Flag
- Medium Impact – Orange
- Green – Low impact
What major events occurred in Step 4?
Are you prepared to utilize filters at this point? However, what events do you decide to attend? Despite the fact that you may choose high- and medium-quality news events, which will automatically appear on your dashboard, you still need to know which of those events will matter to you.
It is advised that you verify carefully before making the purchase since not all events designated as essential or breaking news will be relevant to you.