The Forex Factory internet site is an extremely popular site among developing Forex traders as shown by an Alexa rating close to 5,400 favorite sites on the net. Any web site inside the first 100,000 gets serious traffic!
Forex Factory provides 3 main services indexed by our order worth focusing on:
Calendar
News
Forum
Calendar
The main attraction with the Forex Factory calendar of upcoming economic reports and fundamental announcements is it is really visual and simple to learn.
One coding system gives an indication at a glance concerning how volatile the announcement is anticipated being:
Yellow - Low Impact
Orange - Medium Impact
Red - High-impact
One other good feature with this calendar is the power to get a new time for you to your personal time zone. So as opposed to having to add or subtract a particular variety of hours from GMT to arrive at enough time from the economic report within your country, it is possible to set the calendar in accordance with your time and effort zone and find out enough time accurately displayed.
This feature saves some confusion and prevents a more moderen trader from leaving a trade in around a volatile news report because of having the time mixed up!
News
A number of news reports are featured daily from authorities and advisors in the real estate markets.
Within minutes the trader will come up to speed on the latest economic factors that may impact industry.
Forums
The Forums at Forex Factory have a big appeal as indicated by the thousands of users online daily.
The forums are divided into various themes including:
General Discussion
Trading Systems
Broker Discussion
Forex Beginner Answers and questions
Ways to get The Best From Forex Factory
Personally, the calendar is certainly one of the most useful feature at Forex Factory. I consult it daily in planning for the following trading session and be sure I am out from the market around volatile news releases (flagged through the red icon) and in addition often times the medium impact reports (flagged from the orange icon).
What is the news feature is also beneficial to obtain a broad overview of market sentiment. At the same time caution is necessary if you use technical analysis as your main trading tool since the comments and opinions of others can sometimes blur your own analysis and cause flawed trade entries.
You could have detected a superbly good trade setup and also the trade goes well. Then because it actually starts to stall should be genuine of the news analyst one thinks of and also you exit prematurely from what has been a very profitable trade.
So it is good to look at what is the news objectively and coordinate it with your own technical analysis.
Forums - Be A Little Cautious
For newer traders the discussion forums is a good idea in bouncing ideas off other newer traders. One of the primary benefits is encouragement and motivation from hearing how other medication is making.
However, whether you may get good trading tips and methods from the forums is within my thoughts a bit doubtful.
When i attended a Forex seminar run by way of a licensed professional who trades the Forex every single day and it is a fund manager, I noted his comment that the really successful Forex traders rarely have enough time to see online forums and take part in discussions. They are too busy making money on the Forex!
So as long as you approach forum discussions with the realization that most participants may also be in the learning stage, you are able to evaluate their comments and suggestions accordingly.