Trading Forex For a Living: 10 Things You Should Know
Forex Factory: What It Is and How It Works?
What Is Forex Factory?
Owned and managed by Fair Company Inc., Forex Factory is a highly sophisticated platform that was created for professional traders who regularly participate in Forex trades on the foreign exchange market. One of the main tasks of the Forex Factory platform is to connect traders with the market as well as with other like-minded traders.
Forex Factory is a highly complex platform that provides curated forex-marketing information to its users in real-time. The data provided here is highly versatile as it can contain anything from trading strategies, economic data, detailed analysis reports from the users, journals, etc.
Additionally, Forex Factory is also a platform that traders can use to tune out all the misinformation and other irrelevant things such as known frauds, bad trading strategies, etc that can cause harm to individual traders.
The members of Forex Factory have dedicated themselves to weed out all things that can cause harm to the entire trading community.
At the end of the day, Forex Factory is simply more than just a platform to exchange or find new trading strategies. If properly utilized, this platform can help you stay ahead from the rest by keeping you updated with all the relevant information, help you find the right Forex trader, and many other helpful things that we will discuss in detail.
If you wish to learn more about this incredible platform then read on to find out how you can use the Forex Factory to take yourself to the next level in the trading world.
Becoming A Member At Forex Factory
To gain all the features of any platform, one must first gain membership. Signing up for an account with Forex Factory is free of cost. Doing this is very simple and requires no extra effort.
Becoming a member also comes with its list of responsibilities one of which is to adhere to the code of conduct of the Forex Factory. Some of those responsibilities include:
Among many others.
You will be required to select a public username, a password, your email as well as the country from which you will be trading. Once you have verified your account you will gain access to the full site and be able to perform a variety of activities such as:
Users can also log in as a guest but they will not be able to access the above-mentioned features. Therefore, signing up is necessary to make the most of this platform,
The Forex Factory Calendar
The Forex Factory calendar is said to be one of the most important tools for any Forex trader. To get the most out of this feature, you must first configure the calendar to suit your needs.
The first thing you need to do is set your time zone by clicking on the time display on the upper right-hand part of the calendar. Doing this is extremely crucial to ascertain the right time of each news event that you will come across on this platform.
After the time-zone has been set, you can move on to filter what kind of news you want to be shown and what currencies you are interested in. You can find the filter option on the upper right-hand part of the calendar.
After you are satisfied with the preferences you have set, you can simply click on Apply Filter.
The Forex Factory calendar can be an invaluable tool for potential traders. However, it is advised to not depend heavily on one tool alone to enter the forex trade market.
To stay updated on all events, ensure that you have a set time interval to check the calendar. For e.g, every 4 hours.
Getting to know the market is highly crucial to be successful at trading. Keeping this in mind, Forex Factory came up with another invaluable feature for everyone called the Market tab.
Forex Factory Market Tab
To save time catching up on all the information that has accumulated while you were offline, you can simply click on the Market tab on the upper part of the calendar and soak up all the necessary information regarding the ups and downs of the market.
The market tab will look something like this.
The Market tab on the Forex Factory website is a highly crucial feature as keeping an eye over your trading positions constantly will eat up a lot of your time. Having a quick look at the Market tab saves you invaluable time.
What’s even more enticing about this feature is that it does not require you to sign up for a subscription and you don’t have to download any unnecessary application to run it.
Live forex charts will be displayed on your screen showing real-time market updates for you to analyze and make decisions with.
Additionally, this feature will be synchronized with the time zone that you had set earlier on the Forex calendar making it easier to make sense of the data that it provides you with.
Forex Factory Indicator
Forex indicators refer to the tools and indicators that are used by traders to forecast or predict the movement of prices on the trade market.
Indicators work by taking into account the volume as well as the price of a selected financial instrument and calculating them to predict where its prices will lead to next.
The MetaTrader 4 platform allows these calculated indicators to be represented In visual forms such as graphs so that they can be understood and interpreted by everyone.
The Forex Factory allows for a huge number of indicator tools to be used on their platform to aid the traders in their investments. Such as Pipbreaker indicator(shown in image)
You can also access the trader’s sentiment indicator which has been attained from Forex Factory Trade Explorer by selecting the Trades tab on the top of the page.
Finding The Right Forex Factory Broker
Finding a trustworthy broker can be a daunting task especially for those who are new to the whole online trading experience. People are often disheartened when they hear stories about how someone got duped from their broker or how complicated and overwhelming the process of trading via an online broker can be.
There is always the uneasy doubt in the back of our minds while we are dealing with new brokers whether they’re on your side of your trades, will I get cheated off my funds, etc.
This is where Forex Factory comes to the rescue of the traders who use their platform with such doubts in the back of their minds. Using Forex Factory, you can filter out the traders that you can work with.
Forex Factory provides you with a list of potential brokers who have been vetted by thousands of users.
To access this feature, all you have to do is head over to Brokers tab on the top of the Forex Factory homepage and navigate through it.
On this tab, you will be able to identify the brokers that you might consider dealing with by comparing numerous factors such as their minimum deposit amount, the platforms that they support, the languages they come in, their headquarters as well as their regulation details, real-time spread, which markets are available with them, etc.
Experienced traders often look for key factors such as how many countries the broker is regulated in, how easy it is to deposit and withdraw money from the broker, how responsive their customer support services are, what their real-time spread is during normal as well as major news hours etc.
Forums At Trade Factory
Like any good interactive platform that has thousands of registered users and hundreds of users online at any given time of the day, the Forex Factory has an abundance of forums available on their website.
Users can simply browse these forums to pick the brains of fellow traders who are more experienced at this craft and are willing to share their knowledge on a public domain.
These forums can be highly invaluable to a budding trader as these are the instruments that are responsible for keeping Forex Factory deception free.
You can find several niche forums that discuss various topics ranging from Rookie talks, Platform technology, Trading discussions & systems as well as various other Forex Factory data that pertains to trading.
Forex Factory App
In the smartphone era, it would be highly unwise for any major platform to ignore the application development step for their websites. These days everyone has a smartphone in their pockets which has made the habit of switching on a laptop or desktop to check emails completely obsolete.
With the Forex Factory app, you can get lightning fast news and updates on your phone via push notifications.
All the features that are provided on the official website such as Forex Factory Timezone, Forex Forum, Forex Calendar, Forex market, etc. are available to the Forex Factory app users as well.
The app supports all android phones with android version 4 and above and is regularly updated by the Forex Factory app team. They also take queries from people on the platform and try to respond to all of them.
Forex Trading Journal
To be a successful trader, one must keep track of all their ideas, past trading activities, data charts, graphs, strategies, etc. Doing this will ensure that you learn from your experience and grow from it.
One of the key mistakes a lot of online traders make is to not keep a journal with them. Luckily, Forex Factory has got you covered there too.
To locate this feature, click on the Forum tab on the top of the Forex Factory homepage and select Trading Journals which can be located easily in the middle of the page as shown in the image below.
Once inside you can start a new journal by clicking on Start New Thread on the top right corner of the screen and start maintaining your ideas, charts, and other relevant information.
There are a few advantages to maintaining a journal on the Forex Factory website as you can share it with other traders who can give you their valuable insight to you. Having like-minded traders interact with you can be a huge morale booster in the long run.
Another positive thing about this journal is that it is stored on a cloud system so you have no risk of losing it as personal logs can be misplaced or lost easily.
Maintaining your logs is also a crucial exercise that can help you stay consistent with your work. This also keeps other traders interested in your journey and help you make more important connections along the way.
The Forex Factory is an invaluable platform that acts almost like social media in terms of its features and accessibility. You can do much more than learning new trading activities on this platform.
The Forex Factory has a variety of features that it provides you with to make your trading experience a smoother one such as the Forex Factory calendar, Forex Factory indicators, comparison tools, the real-time market viewer as well as the journal tool.
In addition to all this, Forex Factory has an abundance of forums covering a variety of topics related to trading that is gold for people who are researching this field, are interested in starting trading on their own, or are looking for more knowledge to add to their arsenal.
By taking advantage of all these features, you can become an expert in trading who knows the ins and outs of their trading investments.
By combining all the tools and knowledge that Forex Factory provides you with, it is possible to become a very successful online trader.
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