How to Make Money With Forex Factory

The forex market has grown so big in the last decade that websites have emerged to connect traders and help them make sizeable profits.One of these websites is the Forex Factory. It is a forum where traders take advantage of several features to enjoy a more fulfilling trading experience. Forex Factory was launched in 2004 with unique features that help traders to perfectly time their trades. As such, it has features such as Forex Factory News and Forex Factory Calendar to help traders make timely trading decisions.
 
Their website is a great tool for both the experienced and newbie forex traders. Its popularity emanates from the fact that it provides members with the market intelligence they cannot find elsewhere. The website has a forum when traders can place their reviews and help others make better trading decisions. With the information sourced from this site, traders stay ahead of the pack with great investment strategies with guaranteed profitability.
However, some online reviews have cautioned traders against scammers who could prey on them on the Forex Factory website. Thus, traders have to be careful not to end up losing their hard-earned cash. In this write-up, we delve into the features of Forex Factory that are bound to make your FX trading experience profitable.

Why Do People Love Forex Factory?

When it comes to presenting content in a simple, uncomplicated manner, the Forex Factory truly stands out. The designers of ForexFactory.com understands that it is not having great content but how you present it to the users that really matters. By and large, Forex Factory delivers quality in an intuitive easy-to-understand way.

Quality Services

Traders like it that way. When they are able to get quality without having to sacrifice on elements of design, the user experience is heightened. The website is geared towards making it easier for forex traders. Getting all the necessary details is possible within no time. Some online reviews consider it the easiest to navigate and most accessible forex-oriented website. It is possible to access troves of information without the fear of making unnecessary errors. With this information, it is possible to improve your ability to trade and make greater gains.

User Interface

When it comes to the user interface, the website has
easy-to-master operation procedures. It is easy to trade and authenticate market news before using them to trade. Using the navigation tool, you can easily move between tabs without much of a hassle. The website has quick hyperlinks to give you access to the latest information first.

Responsiveness

Despite having been in business since 2004, ForexFactory.com continues to be responsive to the growing needs of forex traders worldwide. Every year, they keep introducing fresh elements to make the trading experience even better. Right from the home page, you will get all kinds of data and information concerning exchange rates, latest news, and updates.

Features of Forex Factory and How They Work

The best way to gauge Forex Factory is to critically analyze its key features and how each one of them plays a role in helping you to make more profits. The following are the features that define ForexFactory.com as a forex website:

1. Forex Factory Forums

Forex Factory forums are one of the best features of this website. The forum is full of activity with various traders making contributions to the conversations. World over, this could be the most active forum with huge numbers, a variety of topics, and in-depth discussions. On this platform, you have the opportunity to become more knowledgeable when it comes to forex trading.
It is estimated that ForexFactory.com forums have
audiences from all over the world. The forums bring together traders from all over the world making the information available current and in conformity to
prevailing market trends. Apart from being interactive, Forex Factory provides very useful lessons on forex trading.

Solutions

If you are looking for solutions to trading issues, this is the forum to join. You don’t have to be an active participant on the forum. By following the discussion thread which runs on a 24/7 basis, you will learn a lot from your fellow traders. For solutions to specific trading issues, all that’s required is to search for a particular topic.
For newbie forex traders, the forex factory forum has
information geared towards sharpening their trading skills to make then professionals within the shortest time possible. To enable ease-of-access to information, the forums are classified as Rookie Talk, Broker Discussion,Trading Systems, Interactive Trading, and so on. All it takes to get specific information is to join any of the specialized forums to interact with like-minded traders.

2. Forex Factory Calendar

Forex Factory Calendar is one of the most popular features for traders on this website. With the help of this feature, traders are able to maximize their profits. According to most of the online reviews by Forex Factory users, the calendar is the biggest reason they sign-up on this website. This is hardly your regular calendar. Rather, it is a comprehensive economic calendar that provides you a lot of useful information.

Innovativeness

Due to its innovative nature, the calendar is hailed by some reviewers as one that has altered existing financial and economic calendars. Some of the unique elements of Forex Factory Calendar include impact ratings,adjustable time zones, economic charts, real-time data release, links to sources of events, and dates of important economic data.

Relevant Filters

Add to that relevant filters and a detailed viewing chart and you have a tool that can make your trading very efficient. It gives you to access timely news which you can filter according to topical relevance.
Given that markets react to news of economic and other environmental issues, it is necessary to have such information. It impacts movements in the money market and can provide key intelligence for traders. Whether you are a professional trader or a newbie, the data and information released to properly position their trades.

Forex Experts

The uniqueness of Forex Factory goes beyond the large
library of information. There are hundreds of highly trained forex experts who not only keep watch but also provide regular updates for the consumption of
traders. Traders will benefit from insights and updates from a group of financial economists working for Forex Factory. Thanks to their work, the calendar is always up to date and reliable. Given its reliability, a number of forex trading websites have adopted the Forex Factory calendar for use by their
subscribers.
Here’s a short guide on how traders can use Forex Factory Calendar:

Step 1. Starting Out

Once you open the Forex Factory Calendar, you will see a screen with multiple activities.

Step 2. Configuring the Time Zone

The first thing to do one you open the calendar tab is to set the time zone. There is a timestamp in the upper corner to the right. On the next page, you can set the time zone. This synchronizes the time for every news event with the local time in your area. Once that’s done, you can toggle the DST (Daylight Savings Time) on or off. You may also change the time format between am/pm and the 24-hour system. 
Make sure you go through all the settings you wish to change before clicking “Save Settings”. If you want to retain the settings for longer, do not clear the cache in your browser. After saving the settings, the correct time will be displayed on the screen.

Step 3. Setting the Event Filter

By now, the Forex Factory Calendar should be fully displayed with all available news events reflecting the local time. Now what needs to be set is the event filter. The purpose is to set criteria for the news and currency types to display. It works well if you are following specific currencies or news events.
Start by clicking “Filter”, an icon on the calendar page.This will take you to a screen where you can filter events by currency, event type, and expected impact. In the expected impact boxes, yellows mean
low-impact news, orange indicates medium-impact news while a red represents high-impact news. To get a complete picture of what to expect in the near
future, you may want to pick the medium-impact and high-impact news. You will get specific news items without the fear of being bombarded with unnecessary
clutter.
Review your options to be sure that you have chosen
everything you want. After clicking “Apply Filter”, you will be able to get only the currencies and events you picked. Whenever you need to change the settings, you can do it at virtually any time.

Step 4. Selecting a Time Frame

By now, you have set your time zone and configured the filter. Next, you should select the time-frame you desire. This is the length of time the calendar will show. Depending on what you want, the time-frame can be a day, week or month. If you want, you can pick the predetermined time-frames appearing on the navigation pane. Most professional forex traders opt for an entire week to enable them to get ready for days to come and not just a few hours.

Step 5. Getting the Most Out of Forex Factory Calendar

Apart from surface content like scheduled time, expected impact, and event name, there is additional information you can get from Forex Factory Calendar. The only problem with this feature is that it can take you to unnecessary details in the news and not just the analysis that aids your trades. Some of the additional details include the event source, history, and frequency. If you are a technical trader, these details may not help much. The things to concern you the most is the news timing and expected impact. 

3. Forex Factory News

News about the forex markets and economic situation has an impact on the direction in which the market moves. The change in the market due to certain news could be sudden or swift leading to a possible reversal in a whole trade.
To be in a position to deal with possible changes in the forex market, it is important to follow up on news and trends in the economic circles. The good thing about Forex Factory News is that the sources of
information are varied, thus, giving you a complete picture of what to expect.
Besides, Forex Factory has an editorial team that ensures that fakes news and the falsely reported ones don’t reach the readers. What that means is that what you get on this platform is fully authenticated. However, before making a trading decision, first, check your accuracy of the news to be sure. 
 
To recap, it is important to follow up on the medium-impact and high-impact news. It is important to follow up on news about Nonfarm Payrolls, Federal Open Market Committee (FOMC), unemployment rates, Final Gross Domestic Product (GDP), monetary policy announcements, and an announcement from the central bank on rates.

4. Forex Factory Market

Forex Factory has many innovative features and this is just one of them. The Forex Factory Market has elements such as the Scanner, Chart, and Sessions. This feature collects and displays data from a number of different brokers. The purpose is to show the best instantaneous rates more comprehensively. There is nowhere else you will be able to get rates that are
as close enough to the actual thing as possible.
Due to its accuracy, the MDA (Market Data Application) is hailed by different reviewers as a “True Pricer”. You can use it to compare prices from separate operators and get a centralized rate for your forex trades. The charts and scanners are free-of-charge and can be accessed by all users. They enable even the inexperienced traders to make their trades without much of an effort or glitch.
For traders who are not adequately tech-savvy, there are several guides on ForexFactory.com to enable you to learn how to use these features. Any doubt you had about the relevance of the charts is adequately addressed through these charts.

5. Forex Factory Trade Explorer

One of the major attractions of Forex Factory is the Trade Explorer one of several trading elements on the website. As a feature, Trader Explorer was launched in 2011 to facilitate a seamless trade. It also enables the intelligent analysis of every trade you make. Additionally, it helps to analyze a trade that’s possible to be undertaken up to a given point in time. This dynamic feature is everything you need to have seamless trading experience.

Other Things to Know About Forex Factory

Apart from the features already conversed in this write-up, there are several things about Forex Factory which makes it stand out from the crowded forex market. They include the following:

1. Live Charts

One of the things about Forex Factory is that it has great charts to help you get a detailed analysis of the market. These charts are great indicators of the positioning of the market at any particular time. On
the Forex Factory website, the charts are found by clicking the “Market” tab. No need to log in to your account. Once the page is displayed, you can click on
any chart and view it.

2. Finding Good Trading Strategies

Undoubtedly, Forex Factory brings together traders who depend on each other for the formulation of trading strategies. Every day, people share great ideas that are then used by those in need of some
inspiration. One can take advantage of the discussions on trading systems, trading journals, and trading strategies. While some posts have the general
information, others contain ready-to-use trading strategies.
Apart from explaining their trading strategies, some traders answer all the questions that may arise. Since some of the available threads have been on the site for years, you can use them to find strategies that have actually worked.

3. Finding Bad Trading Strategies

To most traders, this might seem counter-intuitive. However,identifying the strategies that have made traders lose consistently can help you to make better decisions. The idea is to scour the forums on Forex Factory with the aim of finding the worst trading strategy ever. Then flip it over the head. By doing the exact opposite of a bad trading strategy, you should be in a position to get a really good one. Beware of traders who try to deceive others by posting only a portion of their charts and results. If a trader is ever losing on his trades, don’t expect him or her to post that on the site.

4. Finding Indicators

One of the things that make Forex Factory a favorite for many traders is the multiple indicators it offers. Even if they are mostly MT4 indicators, the variety is exactly what every trader needs to succeed. If the indicators are proving hard to understand, you can modify them to do exactly what you want. Some of the indicators on Forex Factory can be accessed by doing a single search on Google. If you are already on the Forex Factory website, you can simply go to the tech platform.

5. Forex Factory as a Journal

Every trader needs to keep a journal of all their activities in the forex market. The journal may contain the numbers involved as well as other details of the trades. It is great if the journal is on the open forum so that you can gauge other people’s comments.
Regardless of whether you get good or bad comments, you will be able to get a better focus on your trades. If anything, it helps when other people question your strategy. It is possible that critics will point out a problem you may not have noticed otherwise. After all, the purpose is to get feedback, which you can then use to re-strategize.
Keeping a journal is also about being accountable to
yourself and others. Once you start having followers to your journal, you will find the time and energy to keep writing it every day. Through the journal, you
have inadvertently made a commitment to others and to yourself.

6. Networking with Other Traders

Given the lonely nature of forex trading, you need a network of other people with whom you can talk and share ideas. It helps when you are able to find traders with strategies similar to yours. The people you interact with on Forex Factory can alert you whenever something of great importance springs up. You will also never miss any trade setups. If you have a problem, you can present it to the forums and find solutions. As you get help, you should also offer assistance to others. As you extend help, you become better at making trading strategies.

7. Finding Trading Firms

Forex Factory is a great forum where you can present your ideas to a wider audience. As you write about trading, you will generate positive interest from trading firms who need people with your skills. Many
individuals have been offered jobs just by exposing themselves online and so can you. As a trader, take advantage of the opportunities on Forex Factory to
get opportunities to work for trading firms.

8. Tracking Your Trades

With Forex Factory, traders can track their trading
activities in real-time. Every time you make a trade, Forex Factory will display it to other users. With time, you will start getting positive attention from your peers on this forum. It is also about being accountable to yourself and others. You can enable live tracking by clicking “Create Trade Explorer” on
the drop-down menu on your username. That simple and easy, you will be able to display your trading to others.

Conclusion

Clearly, joining Forex Factory is a necessity for anyone who is after getting the most out of his or her trading. Apart from the Forex Factory Calendar, there are other features that make the forum worth the while. By tracking current news events and their impact on the forex markets, traders are able to make more informed strategies. Traders can make the most out of Forex Factory by starting a journal or tracking trades. Both of these are ways of sharing trades among peers on the forum. Only that you need to take time and learn how to correctly use ForexFactory.com.

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