Due to its integration with Calendar and News, it provides an all-around view of the current market situation in connection with global economic events and historical context. Trade Explorer. First, one can utilize it for in-depth market analysis. However, in addition, it offers advanced automatic trades recording, which allows seeing all the details of the deals accomplished and evaluating their efficiency.
As a result, a user obtains a clear vision of his merits and demerits and understands how to change his record for the better. Brokers Monitor. It is a complex and detailed menu displaying rates, spreads, and terms offered by available brokers in real-time.
It includes standard features like data charts, event feed with filters, data stamps, and others, which are constantly updated, adjusted, and monitored so that users can get a comprehensive and true-to-life picture of market conditions based on the full range of impactful factors. In sum, joining some kind of professional community is a must for every trader, especially a newbie seeking guidance and motivation.
We believe that Forex Factory is one of the best choices as its entire functionality except for advanced features is accessible to every member, regardless of his position, free of charge. Did you find apk for android? Here we highlight the important ones Currency: The currency code for the forex pairs most likely to be affected Impact: How likely this data item is to cause a big move in the forex market.
This is where you will get lightning fast forex news. Detail: will give you some more information about how this data item works. Actual: The data when it is released is shown here Forecast: What the consensus forecast is from economics polled by Reuters or Bloomberg. You can know how market participants are reacting to certain data releases here and use past performance to gauge future results and market moves. Previous: What the result was in the previous release, normally the previous month Graph: This shows you how the data has moved over time and is useful to see the trend Apart from these features, the calendar also allows you to change the time zone to your local time.
How to trade with the Forex Factor economic calendar The next step is trading the forex market for professional forex traders using the economic calendar. To do this we need to understand how economic data can impact the forex market. Using the news to trade forex is called fundamental analysis. To learn more, try reading our blog What is fundamental analysis? However, a deep understanding of what each data point means or an ability to do economic forecasting is unnecessary for forex trading success by trading the news.
News trading using Forex Factory News trading involves buy or selling a forex pair the moment news comes out. The economic calendar on Forex Factory is a useful tool for seeing when the news arrives. Bearing in mind the Forex Factory calendar is free to use so there can sometimes be a lag. A Bloomberg Terminal would almost certainly deliver the news quicker, but it costs thousands of dollars per month, something most retail traders cannot afford.
If there is a lag, use an alternative news source as a backup option or if the currency price has already moved, then skip the trade. How to trade the news Forex traders compare the actual data result with the forecast as well as the previous reading.
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