What is Forex factory? Do I need it? You need continued access to currency trading information to become a successful foreign exchange trader. All of the foreign exchange news items such as financial index status changes, interest rate changes, world events and fiscal reports are important.
Therefore, Forex traders need to know about foreign exchange news. It is very important. You have to pay attention on the economic and general news, because if you are a Forex trader that prefers to use technical analysis for your trading analysis. It is very important to find out which events are happening in the world and when it happens.
Forex Factory is a website that gives an overview of the financial news events happening in the world. However, you can read this news events on a calendar format. It is free to view. The information helps you on your trading analysis.
Forex Factory Services
Forex factory is website that provides updated information on the market and relevant news items. All information comes from across the world. They are shown instantly as they are added to the internet. Hence, it would help you to analyze information that you may not have a clue about. This website also improves your networking skill with other traders.
If you open the website you will find that Forex factory website provides 3 main services, they are:
Forex Factory Calendar
Forex Factory calendar provides information about the upcoming economics reports and fundamental announcements. You can also read this information on calendar format. It is so visual and easy to read.
A color coding system gives an indication at a glance as to how volatile the announcement is expected to be:
- Yellow – Low Impact
- Orange – Medium Impact
- Red – High Impact
Another good feature is that you can customize the time of the Forex factory calendar to your own time zone. You don’t have to add or subtract a certain number of hours from GMT to arrive at the time of the economic report in your country. Since you can set the calendar according to your time zone and see the time accurately displayed.
This feature is very useful for a newer trader. It saves some confusion and prevents them from leaving a trade in around a volatile news report because of getting the time mixed up.
Forex Factory News
Forex Factory News provides a number of news reports. You can find this news report every day. The news reports come from authorities and advisors in the financial markets. As a result, traders can come up to speed on the latest economic factors that might impact the market within a few minutes
Forex Factory Forum
The Forums at Forex Factory have a huge appeal. It is indicated by the thousands of users online each day. Then the forums divide into various themes including:
- General Discussion
- Trading Systems
- Broker Discussion
You can use the calendar based on your level of expertise. Certainly, you can use the news and forum features to gain a better perspective of daily market activity.
There is no question that you need Forex Factory, because they provide an outstanding group of services for newer Forex traders. And it would be useful for you to determine the performance of currency exchange rate.