Factory
If you’re new to trading, you might be wondering how you can get the most out of Forex Factory. This site provides real-time rates and lets you monitor your trades. You can also check out the Trades product and see which members have made the best returns this month. The leaderboard product shows you the best returns over the past month. There are even Forums where you can meet other people with similar trading
Goals and strategies. Here are some tips to help you get started.
Forums
The forums at Forex Factory are organized into logical categories, based on thread
Data and activity. The main discussion thread is also displayed, along with thread replies, views, and activity. You can search for a specific topic by using the search function. You can also filter the results by category, allowing you to find the topics that interest you. Moreover, you can even post your own question or post a reply to a topic already started by someone else.
Another good forum on Forex Factory is Baby Pips. This forum features a comprehensive library of forex resources, organized and broken down for novice traders. Moreover, the forum is a community where traders can freely ask questions, discuss with other users, and learn from each other. There is an active moderation team of three and six members. These moderators ensure the quality of the discussions and that language is kept clean. In addition, the forum has a special section for beginners, as well.
Economic calendar
You can customize the Economic Calendar in Forex Factory according to your own time zone. You can choose from the list of economic events that are scheduled to take place and the duration of each event. The economic calendar includes a filter icon that will help you filter the data. To use this feature, click on the icon with a gray folder. After selecting your preferred setting, click the Save button. Your choices will be remembered when you return to the Economic Calendar.
If you trade currency news on a regular basis, then the Economic Calendar is absolutely indispensable. This tool shows you what major events will impact currency prices in the coming days. When these high-impact events happen, the price of a currency may drop suddenly. In this case, you can make use of the Economic Calendar to profit from the move. But remember, the Economic Calendar is not perfect. It is always possible to trade the forex market successfully despite bad news.
Live forex charts
If you’re looking for live forex charts, the Forex Factory is an excellent choice. Its charts are easy to read and understand, and it also features a variety of indicators. The Forex Factory’s Sentiment Indicator helps you find trading setups with a higher probability rating. For example, it shows you the percentage of long-term and short-term traders, and also breaks down that information by currency.
The Market tab allows you to view live forex charts for any currency pair. Default currency pair is EUR/USD, and it’s possible to display multiple time frames. The Forex Factory’s market dashboard is a helpful tool for scalpers and day traders alike. The dashboard shows you price changes in various financial assets, and it’s easy to spot high-impact events that will affect the market. Traders can also use this tool to forecast future market trends.
Trading strategies
There are three fundamental movements of the currency market – up, down, and sideways. Forex Factory trading strategies are based on these movements and help traders profit from these. However, there are a few important things that traders need to consider before implementing any trading strategy. The forex market is volatile and involves risk. That is why traders should use appropriate leverage and position sizing. It is also important to remember that leverage can work against you if you don’t follow these rules.
While candlestick patterns are profitable, they are based on a psychological factor. Traders who push the market in a certain direction should consider taking profits within a month. In fact, four candlesticks equal one month. This is a good indicator of the pressure being exerted by big traders and investors. Candlestick patterns are most effective when the next candlestick is bigger than the previous one. Moreover, traders should always set their stop loss at the close of the previous candlestick and take profit at 50% to 100% of the last candlestick.
Brokers guide
The Forex Factory’s Brokers guide is a great way to get started trading in the Forex market. It combines up-to-date information, extensive detail, and real-time spreads to make choosing the right broker easy. The editorial team at the Forex Factory actively monitors the brokers listed in the guide to make sure it contains all of the information you need. You can sort and filter the information in the guide and also read comments posted by other users.
Before choosing a broker, make sure the company is regulated. Forex Factory only features brokers that are regulated by certain agencies, meaning they must adhere to strict compliance standards and undergo regular audits. The list of regulated brokers is also organized by their trading conditions, real-time spreads, and supported languages. Once you’ve made a decision on the broker, you’ll be able to compare prices, features, and more.
