THE COMPLETE BEGINNER'S GUIDE TO THE FOREX FACTORY ECONOMIC CALENDAR IN 2020
As a Forex trader, keeping your finger on the pulse of all things Forex-related is essential. It is a skill you must master as you develop into a profitable trader. This will be one of the most beneficial tactics of your trading career and raise you above your competition.
With all of the resources readily available, it can get overwhelming, too. There seems to be something new and happening every minute, which can lead to information overload. But with so much to keep up with, you might miss out on some events or news that may prove to be crucial! Thankfully, The Forex Factory economic calendar is here to ease the burden for every trader who wants to perfect their craft and keep up with the latest forex news.
What is the Forex Factory calendar?
The Forex Factory calendar is one of the most useful tools of the trade. It is user-friendly and accurate, helping you stay on top of current Forex events. It is definitely one of the things you should have in your arsenal!
In a nutshell, the Forex Factory calendar will show you the scheduled news events for the week. It streamlines and arranges these news bites, ranking them from low to high impact. You can even personalise and input your time zone so that you will be able to view news events based on your local time.
With all of the amazing, user-friendly features that this forex news calendar has, it is inevitable you will hear get used to it being mentioned in the industry. Mastering this tool will help you make the most out of your investment, through careful considerations based on this application.
The forex factory calendar It is undoubtedly one of the most advanced and understandable economic calendars out there. If you’re a beginner, you won’t be daunted or put off by numbers or unfamiliar words. It has been designed to be accessible to every kind of trader from every experience and skill level.
What sets the Forex Factory calendar apart?
If you are keen on finding out just what makes Forex Factory calendar so special, then we have a lot of bases to cover.
Apart from displaying the dates of the key economic data featured, the Forex Factory calendar also contains data of impact ratings, an adjustable time zone, real-time data release, real-time links to event sources, and economic charts.
These pieces of information are neatly organised on a comprehensive viewing chart that allows for you to set your sights on what you want to see by setting your preferred relevant filters. Through this, you will be able to access only the things that will be relevant to you.
Having these at your fingertips is definitely useful and provides a great level of insight as you make your Forex trading decisions! You will be able to know exactly how to best position your trade, based on these data releases.
The Forex Factory calendar is a cornerstone of useful information, but it does not end there. Its strongest backbone is its team of highly trained experts. These professionals are consistently keeping tabs and updating relevant information at regular intervals.
You know you will be in good hands, since these trained and experienced financial economists are working hard to keep the calendar updated and give you the freshest, most useful pieces of information and forex trading nuggets.
Forex Factory Economic calendar: Accuracy and Reliability in One
There is a reason why the Forex Factory calendar has gained and retained the trust of many traders over the years. It is because of the accurate news and information that they deliver, aiding in the decision-making of many traders.
The fact that it is developed and maintained by some of the most experienced Forex professionals says a lot about the quality it puts out. However, its reliability is one of its strongest suits as well. In fact, many other Forex trading sites adopt the Forex Factory economic calendar and incorporate it into their own internal calendars!
How do you use the Forex Factory calendar?
If you have set your sights on using the Forex Factory calendar to take your Forex trading skills further, then we have got you covered with this handy guide. All you need to do is follow our step-by-step guide and you will master this tool in no time!
1. Open the Forex Factory calendar.
Thankfully enough, you don’t need to download anything in order to use this tool. The first thing that you need to get done is to pull up the site for Forex Factory calendar.
2. Set up your own time zone.
As we mentioned earlier in this article, one of the greatest strengths of the Forex Factory calendar is that you can tailor fit the news events to display according to your own time zone.
All you have to do to get this done is to hover your mouse over the upper right hand side of the screen. Click the time stamp and set it up to your own preference. This will then configure the news events to appear in compliance with your local time.
Don’t brush aside this part so easily! This is definitely one of the first things you should do, as it is crucial for you to set the right time for the platform to present the correct time for each event. Don’t worry; You won’t need to do this every time as you can save settings and not have to worry about it on your next visit.
Make sure that you set it to the correct time to get the best results.
3. Set up your event filter.
While it may be nice to get as much information as possible, it will probably be better for you to get the data you need right off the bat. Instead of scrolling through news events that are irrelevant to you, you can set up an event filter instead.
The event filter of the Forex Factory calendar allows you to restrict what you see to only the news and currencies of your preference. you will need to utilise this if you are a trader who is only interested in certain currency pairs.
To get the event filter set up, just scroll up to the “filter’ icon on the upper right-hand corner. SA list will then show up, and you will be able to filter data to currency, event type, and expected impact.
4, Determine the time frame that you want to see.
With your time zone set up, and your filter up and running, it’s time to select the specific time frame. The time frame we are referring to in this context is the span of time that will be featured on the Forex Factory calendar.
There is a mini calendar on the left side of the screen. From here, you will be able to set any time frame.
5. Go beyond the surface of the Forex Factory calendar.
There really is more than meets the eye here, and this tool is definitely a testament to that. Once you know the basic ins-and-outs of this platform, you will be able to go beyond the surface content and see additional information!
We recommend that you tread this carefully though. It is all too easy to get sucked in and lose sight of how the news event factors into Forex trading.
Watch this video: Trading Events on the Forex Factory Calendar - How to Trade the ECB Interest Rate Decision (21m 54s)
Extensive knowledge on Forex Factory trading is helpful to Forex traders from all walks of life.
Knowing how to use the Forex Factory calendar, and knowing how to use it to your advantage are two very different things. With the step-by-step guide we have provided above, you will surely be able to master the forex factory economic calendar in no time.
The Forex Factory calendar is a no-frills site that has been trusted for many years. If you embrace it and utilise it to your advantage, you will be able to strategically position your trades so that you can minimise the risk and maximise potential!
In short, the Forex Factory Calendar is one of the easiest and most comprehensive economic calendars available to traders. It shows you dates, times, and the impact that each event is likely to have on the markets. For example, the Non-Farm Payroll report is a high-impact event in the FX market as the shift in the dollar can affect a multitude of other currencies, commodities, and indices.
Knowing about these events and when they'll occur is vital to the success of any trader's account, and will determine how well they will perform as a professional trader.
Last minute tips on the Forex Factory calendar:
If you are just beginning on your Forex trading journey, don’t jump into this just yet. First, you must learn the basics of trading, before you get well-acquainted with the calendar. If you dive in head first, without knowing the context of what is on the calendar, you may just find yourself frustrated and disappointed with the results
However, if you are just someone who is looking to strengthen your trading skills, then the Forex Factory calendar is definitely worth investing time in. You will be able to enjoy a distinct advantage that your competitors won’t have.
Check out Platinum Trading Academy if you want to learn more about how you can go beyond the basics of Forex trading!
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