| The Forex Factory web site is a very popular site | | | | How To Get The Best From Forex Factory |
| among developing Forex traders as shown by an | | | | For me, the calendar is by far the most useful |
| Alexa rating of around 5,400 most visited sites on | | | | feature at Forex Factory. I consult it each day in |
| the web. Any site within the first 100,000 gets | | | | preparation for the next trading session and make |
| serious traffic! | | | | sure I am out of the market around volatile news |
| Forex Factory provides 3 main services listed in my | | | | releases (flagged by the red icon) and also many |
| personal order of importance: | | | | times the medium impact reports (flagged by the |
| - Calendar | | | | orange icon). |
| - News | | | | The News feature is also useful to get a broad |
| - Forum | | | | overview of market sentiment. At the same time |
| Calendar | | | | caution is needed if you use technical analysis as your |
| The main attraction of the Forex Factory calendar of | | | | main trading tool as the comments and opinions of |
| upcoming economic reports and fundamental | | | | others can sometimes blur your own analysis and |
| announcements is that it is so visual and easy to | | | | lead to flawed trade entries. |
| read. | | | | You may have detected a perfectly good trade |
| A color coding system gives an indication at a glance | | | | setup and the trade is going well. Then as it starts to |
| as to how volatile the announcement is expected to | | | | stall the comments of a news analyst come to mind |
| be: | | | | and you exit prematurely from what could have been |
| - Yellow - Low Impact | | | | a very profitable trade. |
| - Orange - Medium Impact | | | | So it is good to view the News objectively and |
| - Red - High Impact | | | | coordinate it with your own technical analysis. |
| Another good feature of this calendar is the ability to | | | | Forums - Be A Little Cautious |
| customize the time to your own time zone. So | | | | For newer traders the discussion forums can be |
| instead of having to add or subtract a certain number | | | | helpful in bouncing ideas off other newer traders. One |
| of hours from GMT to arrive at the time of the | | | | of the main benefits is encouragement and |
| economic report in your country, you can set the | | | | motivation from hearing how others are getting on. |
| calendar according to your time zone and see the | | | | However, as to whether you can get good trading |
| time accurately displayed. | | | | tips and strategies from the forums is in my mind a |
| This feature saves some confusion and prevents a | | | | little doubtful. |
| newer trader from leaving a trade in around a volatile | | | | After I attended a Forex seminar run by a licensed |
| news report because of getting the time mixed up! | | | | professional who trades the Forex every day and is |
| News | | | | a fund manager, I noted his comment that the really |
| A number of news reports are featured daily from | | | | successful Forex traders rarely have time to visit |
| authorities and advisors in the financial markets. | | | | online forums and participate in discussions. They are |
| Within a few minutes the trader can come up to | | | | too busy making money on the Forex! |
| speed on the latest economic factors that might | | | | So as long as you approach forum discussions with |
| impact the market. | | | | the realization that most participants are also in the |
| Forums | | | | learning stage, you can evaluate their comments and |
| The Forums at Forex Factory have a huge appeal as | | | | suggestions accordingly. |
| indicated by the thousands of users online each day. | | | | There is no doubt Forex Factory (forexfactory.com) |
| The forums are divided into various themes including: | | | | provides an excellent group of services for newer |
| General Discussion | | | | Forex traders. Definitely use the calendar to the full |
| Trading Systems | | | | and depending on your level of expertise, use the |
| Broker Discussion | | | | News and Forums features to gain a better |
| Forex Beginner Questions and Answers | | | | perspective of daily market activity. |