FOREX FACTORY

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How lớn Use Forex Factory Trading Tools For Free

Forex Factory is one of the few websites that hold high quality, reliable information for traders for free. Used in forex trading for beginners and experts.

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As individuals learn how lớn trade, costs associated with trading can eventually showroom up, which means one has khổng lồ trade better!

Which is always a positive whilst forex trading.

With the tools provided on the website, it is extremely helpful.

You can get the following completely free:

Economic CalendarExplorer – Record your own resultsForex Market ScannerForex Factory Forum

All of the above can quickly help you analyse the market’s bigger picture for just a few minutes a day work.

Now don’t get us wrong, this article isn’t the definitive be all and end all in terms of research – there is a lot more to lớn cover with different topics to highlight that.

We will also highlight some of the information on the trang web that is slightly misleading – for example the market sentiment tool they have. More details on that later.

Let’s get started with the main không tính phí tool – the Forex Factory News Calendar.

Forex Factory Calendar – How khổng lồ Set It Up

Admittedly, the Forex Factory News Calendar provides a fantastic resource because it is so simple yet incredibly informative.

Ideally from a trader point of view is you want to lớn be able to digest the entire data & log it to memory in seconds of reading it, which is achieved here.

As you can see from the image above the layout showing the forex factory news calendar is “glanceable” meaning, you can take a quick glance at the calendar to get an idea of an impact of an economic data release.

It covers:

The Date và Time – When it is releasedThe Currency Affected – Where the announcement will come fromIt’s Impact – How much impact it could have on the marketThe NameIn-Depth Detail – what the data means and it’s impact + source of the dataActual ResultForecastPrevious Release

And as an added touch, it plots the graph for you of the historical data – which is super useful as you can generate trends from the data.

As a quick reference;

Red = High Impact – Major News Event

Orange = Medium Impact News Event

Yellow = Low Impact News Event

The forex factory news calendar will be updated automatically, usually within seconds of the official data release.

Which is great for major news events.

Now, all this being good there are two downsides of using the forex factory calendar in its default state:

Potentially the wrong time zone – default is based on Eastern Time US

Shows all data points by default on the news calendar.

These can be resolved & personalised khổng lồ your needs in seconds.

Below you can just read over or get your hands dirty & apply the information lớn personalise the news calendar.

To change the time to lớn your own time zone, simply click the time at the top right corner (no need to login).

This will then allow you lớn define your time zone. Once changed, it will be reflected on the news calendar immediately.

As you can see above, we have switched it to our local time zone và preference, including 24-hour format. You will see the changes immediately.

Next, you can choose the timely view of the data – whether you want it day by day or have a weekly view. Because in the next section we filter out the data, we keep this at a weekly view.

Technical Note: This will be saved in a cookie so you won’t have lớn keep changing the time zone back, but once you clear your cache/cookies it will revert back to lớn the mặc định time zone.

The next thing we can change is the type of data we see in the news calendar.

To vì this go to lớn the right-hand corner again & hit the filter.

As a forex trader, you want to lớn select the red & orange impact because these events can cause volatility during your day.

Keep all the sự kiện types.

Select the following currencies as a minimum:

CNY, EUR, GBP, USD. The rest are optional depending on what you trade – for example, if you trade JPY crosses then include JPY news events.

Click apply & you will have a new, more concise news calendar.

Easy, right?

Now you have this tool in place, you can quickly glance each morning what news has been released, what data will be released today, & keep notes on what to look out for during your session.

This single tool alone can improve your knowledge & help avoid bad timings, so we recommend you give this tool a go.

To view the tool, click here: https://www.forexfactory.com/calendar.php

How lớn Use The News Feature, Easily.

Now you can use the forex factory calendar and the market tool lớn read the markets going forward & get an understanding of market behaviours surrounding the data releases.

(You can use this with the currency strength meter too)

Forex Factory provides a great news stream that also shows the impact a major news sự kiện may have on the markets.

In this section, you will learn how to read the news event features so you can quickly digest and understand how the news event impacts the markets.

As you can see in the image above, some articles have the same impact symbols as the calendar. This is great, quick insight, into the news before you have even clicked into it.

Now, understanding the news tool is very simple.

You can find this section updated in real-time.

If the news sự kiện has a symbol next lớn it that is either red, orange, or yellow – this indicates that it may have an impact on the markets.

The symbols are the same as the forex news calendar so you will know what they mean instantly.

From this you can deduce its potential effects on the markets, therefore allowing you to lớn focus only on an impactful news event that can help or hinder your activities.

Having a quick glance at the News tool every so often should be as common as looking on social truyền thông media to see what is going on.

Keeping on top of news & data flow as a trader is important.

Ignorance is not bliss when forex trading.

If you missed out on a piece of high impact news, that has just been reported to the market – yet the market, seconds before gave a valid signal khổng lồ enter the market – you could have simply lost the trade for not being away from the recent news flow.

As exciting as technical analysis is, it pays dividends khổng lồ know about fundamental analysis too.

No matter the time frame you choose lớn trade in, whether it is the daily time frame or the 1-minute chart.

You should always kiểm tra in on the forex news calendar frequently.

You can view the news section here: https://www.forexfactory.com/news

How to lớn Use The Market Scanner Tool

Now you know about the upcoming data and what khổng lồ expect, wouldn’t it be cool if you could see what happened during previous news events và how it impacted the price?

You can vì that too.

The importance of this is khổng lồ signify how the market reacted khổng lồ certain events, knowing the movements from the data helps you khổng lồ understand the impact and where the market is now pricing in the data.

To vày this, simply click on the Market tab at the vị trí cao nhất – click here to lớn go directly to lớn it now: https://www.forexfactory.com/market.php

Now you will be presented with a chart that will display the price kích hoạt of the EUR/USD (default asset).

At the bottom, you will see the News event indicators.

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The Forex Factory News indicators show when the data was released, it’s impact, và what the news was.

You can then simply look at the chart to see if there was any impact or not on any time frame.

This will help you generate a real-time idea of how the market is pricing in the information.

For example, if the market doesn’t move or continues in direction usually means the outcome was already priced in, và thus not a shock, so the market can continue as it were.

Whereas if the market flipped the other way & reversed, it usually would indicate the market was caught by surprise and it was switching its positions aggressively.

Although you are looking at past data, you can use it lớn gauge how the market participants are reacting khổng lồ certain data releases, which can give you an edge in the future.

How to lớn Record Your Own Trading Journal Using The Trade Explorer

The key behind having a trading journal is that it will keep track of all the past trades you have made, with a description of whys & outcomes.

This is important if you desire to improve quickly as you can begin to lớn see trends in your results; what are the common patterns for your success và what patterns are causing your losses.

The information generated from a journal is vital for an up và coming trader khổng lồ succeed.

Here are our đứng top 4 reasons why you should keep a trading journal:

Track Mistakes

Trading can be fast & furious some days & as slow as a sloth the next day. You’ll get punched daily by market moves that are unexpected from time lớn time, so it is important to note down mistakes that you made with trades that resulted in a loss.

Imagine having a notepad that had all your wins & losses in and you can learn from it each week, you bet you will become a more profound trader.

Become Accountable

When you trade each day you can forget the little trades your lose và avoid realizing what led to the mistakes. By having a journal, you can stick it in there và manually watch your growth, day-by-day, as a trader.

This will give you a tremendous boost in confidence and experience with dealing in certain market conditions.

By the end of it, you want khổng lồ be looking and reacting lớn opportunities with certainty.

Not looking for opportunities, double-checking it on your notes và worksheets, react to lớn the opportunity late, and dealing with uncertainty.

Track Successful Patterns

Similar khổng lồ point one, success breeds success. Every time you succeed, cảnh báo down the one-key thing that helped you; this can then be formed as a habit of success.

Enhance Opportunities to Learn

Every time khổng lồ track your trades you can reflect on how accurate that flag pattern was, or whether or not they are supply và demand zones.

This forces your brain lớn wire to memory the solid, successful, patterns và results then chuck out the poor examples of losing trades.

The Difference Between Our Planner và Forex Factory Journal

The key difference between the two is that with the online trade journal is that you are publishing your comments, analysis, & results on one of the world’s largest forex forums.

This means anyone who is interested can read & follow your journal.

This may sound daunting, but this holds you lớn a commitment of completing the journal & responding lớn other traders who xuất hiện up a discussion with you.

You may receive helpful comments when you are doing something wrong and learn from the community. Equally, you may be informing others on what they are doing wrong.

Teaching is the best way of learning too.

How lớn Set Up A Forex Factory Journal

To do this, you will need to open an account – this is completely free.

Direct liên kết to get a better idea: https://www.forexfactory.com/forumdisplay.php?f=49

Once you have opened an account và fill out your profile, you can mở cửa up a journal thread by clicking Start New Thread.

There you can lay out what you want from the journal, how long you will write for & what your goals/expectations are of providing a journal.

Then each day, return to your thread and update it after your day.

It is as simple as that!

Or you can use ours:

Go here to lớn learn how to use it: https://www.vmvc.com.vn/best-forex-trading-plan/

How lớn Set up The Trade Explorer For Automated Trading Reporting

Sometimes life can get in the way of always reporting back to trading stats and check-ups using the journal.

You can plug in your Metatrader 4 tài khoản to the tool & it will automatically pull your data to their platform & generate statistics based on your performance instantly.

This is really useful if you want to understand the granular aspects of tài khoản performance, plus all it takes is 5 minutes to lớn set it up and get going.

How khổng lồ Set It Up.

Go to lớn the following URL: https://www.forexfactory.com/tradeexplorer.php

You’ll be presented with the above. Simply fill out the information as instructed.

With the correct information entered and verified, you’ll be able khổng lồ automatically update your performance via the website.

Here is an example, of the output:

Forex Factory forums – A Huge Trading Resource For Free

The Forex Factory diễn đàn is one of the largest forex forums on the mạng internet with over 500,000 active members a month communicating trading tips, strategies, and news.

It would be a good idea to have a browse of the forum every so often as there are a lot of traders who openly discuss their trading strategies that you can learn from and test.

In addition, there are plenty of other miễn phí resources within the diễn đàn for you to view at your own leisure.

However, never commit khổng lồ a trading strategy or service you may come across without testing it previously before you go on a live account.

(That should be obvious!)

Not only that but you can become part of a community, make friends with traders and interact different trading ideas with one another.

Don’t forget, it is better khổng lồ learn from one another, but if you are already profitable – don’t change your own rules and strategies to lớn think someone else does it better.

Don’t change up to lớn or down time frames because someone is having more success on a lower timeframe.

If you are happy with a daily time frame and profitable, then stick lớn it.

At the end of the day, it is your money at risk – not theirs!

One cool feature that you can use for không lấy phí is when you discuss something or discover a particular thread or strategy you enjoy reading about or want khổng lồ store a backup of the strategy you have been learning about – you can tải về the thread as a PDF by clicking on the “Printable Version” of the thread. Simply save this as a PDF then voila!

You can view the diễn đàn here: https://www.forexfactory.com/forum.php

Market Sentiment Tool (Free)

Although the tools available can be used to lớn gauge market participation we must highlight one tool that you should understand is misleading.

This tool shows you briefly what percentage of traders are long/short on an asset such as EURUSD.

You must be made aware that this information is not on the WHOLE market, but instead of all the active traders who are using the Explorer tool to output đầu ra this trade data.

Therefore, we recommend ignoring this tool & hence why we have inserted this warning in case you thought they showed you if the market was net-long or net-short an instrument.

If you must review this trade data, then you can use it as a sentiment reading through the website.