How to Read Forex Factory Calendar
Trader, already know what Forex Factory is and how to read the correct Forex Factory calendar?
If not, find out more information with this article, OK!
Summary
- Apart from being a gathering place for traders, Forex Factory also has many benefits that can be felt by traders.
- Members are free to join and can access the entire course information at no additional cost.
- Although the Forex Factory calendar is the feature that traders pay the most attention to, there are still many traders who do not understand how to access the feature optimally.
Understanding Forex Factory
If you are an active trader, you should know the information about Forex Factory.
Forex Factory is a forum site or gathering place for forex traders around the world to easily monitor the movement of foreign currency rates together.
In addition, Forex Factory also allows traders to make the right trading decisions, whether to enter or exit through discussion forums with traders around the world.
Not only that, Forex Factory also offers many other advantages, one of which is that it provides a basic educational platform.
All these features are provided for free by Forex Factory, which makes Forex Factory more attractive to traders around the world.
Anyone can join as a member absolutely free of charge. Members can also access the entire information cycle at no additional cost.
In addition to the discussion forum, here are some other features that members can take advantage of:
1. Economic Calendar
The first feature that traders also pay the most attention to is the economic calendar.
Through this feature, traders can access all of a country’s microeconomic activities, from the release of economic data to central bank policies.
Therefore, through this feature, traders can perform in-depth price analysis, and are able to take the right decisions.
2. Trading Explorer
The next feature that most traders are looking for and utilizing is Trade Explorer.
Trade Explorer is a feature that has a similar function to a trading journal, which allows traders to track information about previous trading positions, to get references about trading performance.
In particular, all members can set the visibility of this feature to the public, so that they can control who can see the performance of their trading account.
3. Markets and Brokers
This feature allows traders to see currency movements at any time.
It also displays charts that can be used as a technical analysis reference for traders.
4. Trading
The last feature is trading, which allows traders to see the activities of other traders.
In this feature, traders can see the currency trading activities of other Forex Factory members complete with the returns we get that we can identify with their account name.
For beginner traders, in addition to learning trading from Forex Factory, you can also get information and knowledge from the free e-book below, you know. Don’t forget to download the e-book to understand better, okay?
How to read Forex Factory calendar
Among the five features available, including discussion forums, the Forex Factory calendar is one of the most important, and many traders take advantage of it.
Unfortunately, many traders do not quite understand how to access this feature in full.
Because in reality, there are some terms that still feel unfamiliar and difficult for us to understand their meaning. Here’s the list:
- Date: indicates the date of the event
- Time: Displays the time of the event
- Impact: as an indicator that shows the estimated impact of events through color, where yellow means low impact, red has high impact, and orange has medium impact.
- Currency: Displays a foreign currency number, which tells the trader where the currency is coming from and which country you have.
- Events: Reduce important events that occur in the forex market, which will appear in date and time format depending on what happens.
- Details: Is a description of the event that occurred, which appears in the event column.
- Actual: Displays economic data that has been released. The column will be empty if no economic data is released.
- Predictions: Displays the estimated amount of data released according to the mathematical forecast issued in the previous period.
- Previous: Displays the numbers obtained in the report in the previous period.
- Graph: Displays a graph of the movement of data over time, which investors can use as a reference for the results displayed in the chart, and investors get the results of past and current data revisions.
Among the many columns available on the Forex Factory calendar, there are a few that investors should explore in more depth, including:
1. Currency
Traders should pay attention to the currency pairs that will appear in the news, since not all currency pairs will be published.
The information we got in this column was very helpful in deciding whether to trade on the day using the currency in the Currency column using volatility.
Furthermore, through this column, you can also select other currency pairs so that your technical analysis runs normally.
So you can avoid paired transactions containing currencies.
2. Impact
The next column is Impact, which allows you to assess the risk of impact we get from the story.
3. Time
News times aren’t displayed in indonesia’s time zone, so when viewing news make sure to change it to Indonesia’s time zone by clicking the clock, and then pressing Set Time Zone.
4. Previous
We can use this column as a reference and comparison of the value of the latest news that is officially published.
5. Forecast
For some traders, we can use this estimated value as information on the direction of market movement.
If the trend has good prospects, usually traders will not hesitate to trade.
