Table of Contents
Forex Factory
Welcome to the Forex Factory User Guide! The Forex Factory website is a compact application that can take a long time to research and understand. Although this user guide covers only a fraction of the website, it gives you a significant advantage in understanding the functionality of the website and the reasons behind it.
Forex Factory is solely focusing on preserving currency market information for traders. This information is primarily real-time (that is, what is happening), and its scope ranges from economic data to member analytics. You can read about the Forex Factory website and the goals that drive it on the missions page.
Forex Factory houses seven products: Trade Explorer, Forums, Trades, News, Calendar, Market, and Brokers.
Time Zone Setting
The Forex Factory website can customize for any time zone you choose. Once the time, all site-wide date and time stamps will be displayed at your preferring time, eliminating the need for mental time conversions.
Homepage
The home page is the most flexible – it’s essentially a blank canvas that you can fill out and arrange however you like. Not only can blocks be moved and deleted.
Selection of important headlines
Knowing whence to set up the Forex Factory calendar is one thing, and learning how to do it properly is quite another. The last thing to understand is that you only want to focus on the events that move the market.
It means that the filter will be configuring to include only medium and high-impact news events. That way, you don’t have to search low-impact news to find the events likely to cause the most evaporation.
Pro Tip For Forex Factory
Top news events to watch out for when trading the Forex market
- Federal Reserve Open Market Committee (FOMC)
- Payroll outside agriculture (NFP)
- Unemployment rate
- Final gross domestic product (GDP)
- Monetary Policy Announcements
You should now have set the time zone, filter, and time frame for your calendar. You need to know how to view additional details about a news event and which events are most likely to cause an expansion in volatility.
Strategically Position Your Trades Around Major News Events To Minimize Your Risk
- Trade the news
- Forex news event
- We need to use the Forex Factory Calendar to know when to expect news of market movement and therefore avoid or prepare for periods of high volatility.
So I want to go over some basic rules for exchanging messages. All of the following situations find that the news event in question would hypothetically affect your operation—for example, trading USDJPY with Non-Farm Payrolls (NFP) on tap.
No Vacancies Before a News Event
It is the safest place with big news right around the corner. You do not have any risk, and you can objectively analyze the price movement formed due to the information.
But what if the news is not around the corner? How long will it take between filling a new position and a scheduled news event that could negatively affect that position?
Several Factors of Forex Factory
The trader comes to mind: trading style and risk tolerance. Every trader is different and therefore has additional requirements regarding their aversion to risk.
The time frame: On average, trade on the 4-hour chart takes less time between entry and pending news than a daily trade.
Also Read: About Paragon Software Leaders in Routing and Scheduling Software
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