Today we are going to present the complete tutorial of Forex Factory website in the simplest and clearest way possible.
If you have read the previous lesson, you are certainly aware that one of the most important tools for fundamental analysis is the Forex Factory website.
Forex Factory website is one of the best reference websites that consists of different sections. In this article, we will tackle with different sections that we have specified in the table below. You can easily work with this professional and useful website by getting familiar with each section.
Forex Factory Forum This is one the most useful environments which is web based. Different users ask questions and share their ideas. You can profit from it.
Trades Section In this section the users share their trades with others and challenge them.
News Section In this section you will be notified of the latest news of the financial market
Calendar Section This section is widely used by the traders in which they will be informed of the economic reports and the impact they have on market in past and future.
Market Section If you don’t have access to the charts. Do not worry. You can easily find and see all the charts in this section.
Brokers Section We will see reviews of different brokers from all around the world.
What is Forex Factory Calendar?
Forex Factory Calendar is an economic calendar that displays important economic news and reports from all around the world in the form of an economic calendar.
Forex factory website in the economic calendar section allows you to see information about any economic event in the past and future.
In this website, you can have any economic news of the past and see the results.
On the Forex factory website, you have the ability to filter the items and it is free to all the users.
Forex trader in Forex and financial markets, whether to use the technical analysis or the fundamental analysis if he wants to work as a professional Forex trader, he must necessarily learn to work with this section of the Forex Factory website very well.
How to Use the Forex Factory Website?
In this part of the tutorial, we will explain the different sections of the Forex factory website.
At the end of this section, you will be able to make good use of the economic calendar of the Forex factory website.
We will provide you this Forex tutorial in a few steps.
#1: Set the Date in the Forex Factory Economic Calendar
The news and events published in the Forex Factory calendar section are updated real time.
So the first thing that is very important for us is to set the time so that we can be informed of the time update in our location and of the moment of news release at a specific time local time so that we could be able to arrange anything both technically and fundamentally.
Financial and market information in industrialized and important countries of the world is followed by the people all around the world, and therefore the Forex factory website has provided the possibility of setting the clock based on different time zones.
#2: Importance of Economic News in the Forex Market
You can see the news published on the Forex factory website in four colors: red, orange, yellow, and gray. This rating of colors shows the importance of the economic news.
In any economic news, the impact of that news in the market is different.
The news highlighted in red represents as the highest importance.
News such as the speeches of important political and economic personalities or, for example, the interest rates news or the unemployment rate in the United States are classified as important news in this category.
News displayed in orange are one degree less important than the red news.
News that is highlighted in yellow is one degree less important than the orange.
The news that is shown in gray is also very important news, which is generally non-economic news that can be useful for analysts.
#3: Reports Analysis in the Forex Factory Calendar
If we examine countries according to their local currencies, specific information and data can be found on the Forex Factory website. For example, the economies whose economic news has the greatest impact on global financial markets.
The United States, the United Kingdom, the European Union, and Canada are among the largest economies in the world, and you can see the news related to each on the Forex Factory website in the specified color section.
In the filtering section at the top right hand of the table, you can access any news you want faster.
And a phrase is written in front of the title, such as:
Actual ’greater than ‘Forecast ’is good for currency. meaning; the Actual figure, is good for the currency more than the forecast. To understand better the matter, we explain to you how to analyze in the Forex Factory website using an example:
Of course, note that this sentence may be different in each news item and this is just an example.
If we close the details window, we will follow the news analysis in the last part. The rest of the market analysis is related to two columns: Actual and Forecast.
We have described these two columns in the table above and you can see that the numbers Actual: 52.5 and Forecast: 52.0 are listed in it. The meaning of these two numbers in one word is that the real rate is higher than predicted.
So according to what is stated in the news description in this section of the Forex Factory website, if the news release (the actual data) is better than the forecast, this will be considered as a good point for the currency. We will realize that the coming news for the mentioned currency can be useful and helps it to go up.
If you look at the image below, you will find that you can click on the details option of the news and read its additional description.
Forex Factory Website: Other Sections
Perhaps the most important part of the Forex Factory website is the economic calendar section.
But there are other sections on the Forex Factory website that we will discuss them each below briefly.
Forex Factory Forum
In this section, which is a forum for discussing, you are able to discuss along with other Forex traders.
In the Forex Factory Forum, you will see sections such as Forex Strategies.
Also, in another section of the Forex Factory Forum, you can use experts and indicators published by others, or if you may have an expert or indicator, you can publish it in this section and share with others.
If you are fluent in English, the Forex Factory Forum can be of great help to you in solving your problems and questions.
Trades Section in Forex Factory Website
In this section of the website you can view and check the list of traders.
In this section, you can see the best traders rating by day, week and month, and you are able to filter your trades by following them.
This section is exactly like the portfolio management accounts section in Forex brokers, with the difference that this time the people present in this section are not just active in one specific broker, but also work in different brokers and you can check it.
Among all Forex brokers, Alpari Broker is the most powerful in terms of portfolio management accounts, and among all popular websites in this regard, the Forex Factory trading section is very strong too.
In this section of the website, important economic news is placed and it shows you that from which source a news was published.
You can also see the impact of each news and the importance of that news in the details part of each news. Some of the news have colors that we have explained them all above in the economic calendar section.
Fundamental Analysts are the section's lovers and they check this section all the time.
In this section of website, you will see several markets that are located in this section. News related to these markets are published in the news section. In the Markets section you can see charts and practical tools in the Forex market.
In this section, you will see different markets such as the cryptocurrency market, the metal market, and the energy market. The markets listed in this section are multitude that have a lot of price fluctuations.
There are several brokers in the brokers section of Forex Factory website and you are able to see all of them by referring to the brokers tab.
A good and famous broker in this section that provides good services to people is Alpari, which shows the high credibility of the broker.
The brokers introduced in this section have very high trading volumes in the Forex market.
Forex Factory Training: Conclusion
In this tutorial, our biggest effort was to you introduce to the economic calendar section. However, various other useful sections are available to you on this website.
But in fact, the economic calendar section will be the most useful for you. It does not matter If you are a technical trader or a fundamental trader. In any case, you need to be aware of the economic news in the Forex market daily.
It is necessary to know the time of the news release. For basically, you should not have an open position a few minutes before the news release.
Or if you have an open position, by knowing the time of the news release, you can follow the correct risk management, whether by placing a SL or hedging an open position against it.
We hope you find this tutorial useful.