Traders , already know what a forex factory is and how to read the correct forex factory calendar ?
If not, immediately find out more information through this one Finansialku article, OK !
- In addition to being a gathering place for traders , Forex Factory also has many benefits that traders can feel.
- Members can join free of charge and can access the entire information cycle without any additional fees being charged.
- Although Forex Factory Calendar is a feature that traders are most interested in , there are still many traders who do not understand how to access the features to the fullest.
Understanding Forex Factory
If you are an active trader , then you should know information about the forex factory.
Forex factory is a forum site or a gathering place for forex traders around the world to monitor the movement of foreign currency values together easily.
In addition, the 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 provides various other benefits, one of which is the provision of a fundamental learning platform .
All of these features are provided free of charge by Forex Factory , which makes Forex Factory more attractive to traders around the world.
Anyone can join as a member free of charge at all. Members can also access the entire information cycle without any additional costs being burdened.
In addition to the discussion forum, here are some other features that members can take advantage of:
#1 Economic Calendar
The first feature that is also the feature that most traders are interested in is the economic calendar .
Through this feature, traders can access all microeconomic activities of a country, from the release of economic data to central bank policies.
Therefore, through this feature, traders can conduct in-depth price analysis, and are able to make the right decisions.
#2 Trade Explorer
The next feature that most traders look for and take advantage of is Trade Explorer.
Trade Explorer is a feature that has a function similar to a trading journal , which allows traders to track information on past trading positions , to get references about trading performance .
In particular, all members can set the visibility of this feature to the public, so 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.
This feature also displays diagrams that can be used as a reference for traders ‘ technical analysis .
The last feature is Trades, which allows traders to see the activity of other traders .
In this feature, traders can see the currency trading activities of other Forex Factory members complete with the returns we get which we can identify through their account names.
For you novice traders , besides learning about trading from Forex Factory, you can also get information and knowledge from the free ebook below, you know . Don’t forget to download the ebook to understand better, okay?
How to Read Forex Factory Calendar
Among the five features available, including a discussion forum, Forex Factory Calendar is one of the most important, and many traders take advantage of .
Unfortunately, many traders don’t really understand how to access this feature to the fullest.
Because in fact, there are some terms that still feel foreign and difficult for us to understand the meaning. Here is the list:
- Date : The menu shows the date of the occurrence of an event
- Time : Shows the time an event occurred
- Impact : As an indication that shows the estimated impact of the event through color, where yellow means low impact, red has high impact, and orange, has medium impact.
- Currency : Shows the foreign currency number, which tells the trader where the currency is from and the country that owns it.
- Event : Brings up important events that occur in the forex market , which will appear in the date and time format according to what has happened.
- Detail : It is a description of the event that occurred, which appears in the Event column .
- Actual : Shows the economic data that has been released. The column will be empty if no economic data is released.
- Forecast : Shows the approximate number of data released in accordance with mathematical projections released in the previous period.
- Previous : Shows the numbers that have been obtained in the report in the previous period.
- Graph : Displays a graph of the movement of data from time to time, which investors can use as a reference for the results displayed in the graph, investors get from the results of past and latest data reviews.
Of the several columns available in the Forex Factory Calendar, there are several columns that investors should explore in more depth, including:
Traders should pay attention to the currency pairs that will appear in the news, because not all currency pairs will be published.
The information we get in this column is useful for deciding whether you should make transactions on that day using the currency in the currency column using the volatile .
In addition, through this column, you will also be able to choose other currency pairs so that your technical analysis can run normally.
So you can avoid transactions in pairs that contain currency.
The next column is impact , which allows you to assess the risk of the impact we generate from a story.
The news time does not appear in the Indonesian time zone, so, when viewing the news, make sure you have changed it to the Indonesian time zone by clicking on the clock, then pressing set time zone .
We can use this column as a benchmark and comparison with the latest news values that are officially published.
For some traders, we can use this estimated value as information on the direction of market movement.
If the direction has good prospects, then traders usually do not hesitate to make transactions.
Then, how to do trading armed with information from the forex factory calendar?