What is Forex Factory?
So what exactly is Forex Factory and why is it important? Is it a manufacturing environment that cranks out currency pairs with the use of child labor? Not exactly.
It happens to be one of the best resources you can find on the Forex market. Here are a few things that "The Factory" has to offer.
One of the main things that you can get from the site is the news. No, this isn't your local 10 o'clock news...this is economic news that can have a drastic impact on your Forex trades. To check this news, you get on the site and check out the latest Forex calendar.
They use an easy-to-understand color coding system that tells you the severity of each news announcement. If the news event has a red color beside it, you might want to steer clear of the market. Orange is a medium impact and yellow is a low impact event.
Their foreign exchange news calendar is one of the best around. Before you place a trade, you may want to double check with them to see what's going on in the market.
Another nice feature of the site is the forums. You can talk with other traders about anything and everything Forex. If you have any questions about trading, you can easily make a post and get several replies relatively quickly in most cases. This can be a good way to check up on a strategy that you are interested in or get some tips on a Forex broker.
Forex market news
calendar, one of the coolest features on the site is the trader sentiment. This section allows you to see what other trader's opinions are on the market. Traders can give their opinions on whether they are bearish or bullish on a certain currency pair.
This gives you an easy way to check and see what others think about a pair before getting involved with a trade. Of course, just because several traders in the market think something about a pair, that doesn't necessarily mean that its true.
The site also provides you with some of the latest news stories on the Forex market. You don't only have to look at a color-coded calendar to get your Forex news. You can read analysis from some of the best experts in the industry.
Why It's Important
If you're not familiar with why the economic news is so important for traders, check out
this article on Forex news trading
. Unless you've got a Shaq-sized appetite for risk, you probably want to set out of the market during big news announcements.
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Return From Forex Factory to Forex Trading