Forex Factory available at forexfactory.com is a resource that is known to almost all the traders that are familiar with Forex. It is mainly a forum where thousands of users post their trading strategies, market views, charts, and other useful information. Novice traders should treat this resource as a starting point in their trading career as a free tool to get everything they need for successful trading. Professional traders, that shortly call it Fxfactory, use it to get new ideas for their trading portfolios.
It connects traders in several ways — to the markets and to each other. Their main idea is to influence every trader so he comes away from every single visit with various, helpful, and fresh ideas, as well as with additionally received knowledge.
Forex Factory helps not only in terms of supporting fx community members all over the world but also to defend against various misinforms that exist in the trading world and other disadvantages that traders may face. The key point is all the valuable information is provided for free and is available for everyone regardless of the country, location, or financial standing.
It is also mentioned on the website of Forex Factory that it is owned and operated by Fair Economy, Inc. This company states that it is dedicated to the democratization of financial information.
Ways to use Forex Factory
A trader that has visited Forex Factory for the first time might face the avalanche of information available on this website. Even experienced traders might not know about some features of Forex Factory so it definitely required to mention all of them.
The main benefit of Forex Factory is its forum. It contains thousands of threads and millions of replies. It is splitted into categories so visitors can easily find the topics that they are interested in.
Interactive trading. This division is related to intraday trading of the particular assets where users post their views, entries, and exits. Mostly there are mentioned currency pairs like NZD/USD, GBP/USD, or EUR/USD that contains more than 1 million replies.
Trading systems. This forum category has threads with various trading strategies and systems. At the beginning of the thread, the topic starter usually explains briefly or sometimes in detail the entry and exit setups, posts screenshots, and shows some examples of the trades.
Trading discussion. The current section of the forum is more common and has threads about the macroeconomic situation, various trading videos, risk management approaches, trading indicators, and more. People discuss there the music that they like to listen to during trading sessions, the influence of COVID-19, and other topics partially related to trading.
Platform Tech. This division is created to discuss the technical aspects of trading activity. Users discuss the popular trading terminals like MetaTrader and cTrader, share some valuable trading tools, give some hints like exporting data to MS Excel, and discuss some issues that might appear with the automated software.
Broker discussion. One of the most important sections on the forums that is usually undervalued. Choosing the right broker is important and in our brokers’ reviews we usually mention the licenses that the company has, the available trading terminals, funding methods, and other useful information. Users post their replies related to the particular broker and it is valuable because the brokers themselves can not delete negative posts if they appear there. The popular threads are about well-known brokers and on our website we as well post reviews about such brokers as OANDA, Exness, and Tickmill, where all the required and unbiased information could be achieved in one place.
Trading Journals. This category is similar to trading systems but differs from it slightly because there are posted threads where users describe their overall trading activity that may not be related to a particular trading system. For example, if a trader implements scalping, day trading, and swing trading activities altogether, then his thread will be definitely posted in the trading journals.
Rookie Talk. A forum section is created for newcomers not only on the Forex Factory but as well in Forex trading. Users that have just come into the trading world can ask questions there about the types of orders, risk management, investing, account types, and many more. For experienced traders, it will be not much use unless they want to help others to get started.
Commercial Content. Last but not least division of the forum is created specifically for companies or individuals that sell their software. They created a thread where they post a description of their tools, its benefit for traders, entry and exit setups, and usually continuously post replies in it with news about updates or trading setups.
Key points about the threads:
- Watch for threads with thousands of replies. As mentioned earlier, there are plenty of threads on the forum and it might be hard to find decent ones. The most simple approach is to sort it by replies number which will help to find the most valuable threads that users are most interested in.
- Find the long-living threads. It is a known fact that trading has a low success rate that is why it is definitely a more smart approach to search for those topics that exist for several years rather than for several months. Especially if the thread is active not only because of other users’ activity, but the topic starter himself.
- Test before trying. Internet is full of messages that are misleading people and it is wise to always think twice before trying to put real money into something. Backtest, make an own review of something, share some more time for additional research that will definitely add more confidence.
Besides the forum, there is also such a valuable feature of Forex Factory as Trade Explorer. Registered users can attach their live trading accounts that will allow crypto, indices, or forex tracking on Forex Factory and as well show these verified results to the public.
There exists a trade feed where it is possible to see the latest trades of users that have linked their account with FF, so it is easy to define the so-called ‘hot’ assets where several traders have spotted something that could help to earn some money.
A leaderboard is also a handy feature of the Trades Explorer so it is easy to see the most successful traders in one place. There are displayed the return, the trader’s name, and a small graph of the equity. Some of the traders not only connect their accounts but as well make threads on the forum where they describe their strategies so it will be possible to understand the basics beyond the trading strategy.
Probably, the most valuable feature of the Trades Explorer is the overall positions tracker. It captures all the accounts linked with FF and displays the exposition of the trades opened on currency pairs. It allows to get an overview of live traders and either to join the majority or to take the opposite trade if the asset is ‘over-crowded’ and all the traders are holding positions in one direction.
Forex Factory has one of the most assembled news feeds in the industry. There are automatically posted news by Bloomberg, Moodys, Reuters, DailyFx, and other well-known sources. Therefore, users do not have to have several bookmarks opened in their browser to be updated.
There are also posted not only news but also stories where some macroanalysis could be posted by the mentioned above resources. They might be handy for those who are involved in investing and other long-term strategies.
One of the most valuable features is that users might leave comments to news and stories that allow them to easily define the most important news that has the largest impact on the market and that is noticed by traders.
It is a known fact that some planned statistical macro indicators and events have a high impact on various markets. If a trader is involved in scalping or day trading, monitoring of calendar should definitely become a daily routine. Among all the existing calendars with market stats, Forex Factory Calendar is the most complete and has a user-friendly interface.
There are events, sorted by date (time zone could be adjusted in settings of the profile) by default. Besides the date, among the columns, there are currency, that may have the largest impact because of this news, the importance of the news (Low, Middle, and High), the event name itself, forecasted, previous and actual values (updated after the stats release) for macroeconomic events and chart to see how the specific indicator changes over time.
The current tab of Forex Factory is created as a web terminal where users can get access to charts of popular trading instruments like Forex pairs, some major indices, and several cryptocurrency pairs.
Besides the main chart, there are available mini-charts where users can see the last candles of the desired instruments so it is possible to see some active movers, potential correlations, or other significant facts. There is as well presented a handy sessions indicator, where there are mentioned Tokyo, London, New York, and Sydney periods of local market open hours.
The last section available on Forex Factory is the Brokers. There are mentioned around 20 largest brokers with the main information about them. Regulation, headquarters, leverage, trading platforms, and some other facts are located in the form of the table to get a brief understanding of each company.
Objectively, it is hard to choose a broker by relying on these facts because it is not enough. In forex brokers reviews by TradingKit.net, there are analyzed various aspects about the company like regulation, tiers of the licenses, trading platforms description, available funding methods, customer support, and more. Users can get an unbiased overview of the brokers from the list to make their own decision if the company is suitable and trustable enough to work with it.