The Forex Factory internet site is an extremely popular site among developing Forex traders as shown by an Alexa rating close to 5,400 popular sites on the web. Any web site within the first 100,000 gets serious traffic!
Forex Factory provides 3 main services placed in my personal order worth focusing on:
Calendar
News
Forum
Calendar
The main attraction of the Forex Factory calendar of upcoming economic reports and fundamental announcements is that it is really visual and easy to see.
A color coding system gives a sign instantly regarding how volatile the announcement is predicted to be:
Yellow - Low Impact
Orange - Medium Impact
Red - High Impact
One other good feature of the calendar will be the ability to customize the time and energy to your own personal time zone. So rather than needing to add or subtract a specific variety of hours from GMT to get to time of the economic report in your country, you can set the calendar based on your time zone and see 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 getting the time confused!
News
A number of news reports are featured daily from authorities and advisors within the financial markets.
Within minutes the trader can come on top of things about the latest economic factors that may impact the market.
Forums
The Forums at Forex Factory have a big appeal as indicated by the thousands of users online every day.
The forums are split up into various themes including:
General Discussion
Trading Systems
Broker Discussion
Forex Beginner Answers and questions
How To Get The Best From Forex Factory
For me personally, the calendar is certainly the most useful feature at Forex Factory. I consult it every day in planning for the following trading session and make sure I'm from the market around volatile news releases (flagged through the red icon) as well as many times the medium impact reports (flagged through the orange icon).
This news feature can be helpful to get yourself a broad breakdown of market sentiment. Concurrently caution is needed if you are using technical analysis as the main trading tool since the comments and opinions of others will often blur your own analysis and result in flawed trade entries.
You may have detected a superbly good trade setup and the trade is certainly going well. Then since it starts to stall the comments of a news analyst one thinks of and also you exit prematurely from what might have been a really profitable trade.
Therefore it is good to see the News objectively and coordinate it with your personal 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 main benefits is encouragement and motivation from hearing how other medication is making.
However, whether or not you will get good trading tips and methods in the forums is in my head a bit doubtful.
Once i attended a Forex seminar run by way of a licensed professional who trades the Forex each day and it is a fund manager, I noted his comment how the really successful Forex traders rarely have time to see online forums and be involved in discussions. They are too busy making money about the Forex!
So as long while you approach forum discussions using the realization that most participants will also be within the learning stage, you are able to evaluate their comments and suggestions accordingly.