Updated: Jul 29, 2022
What is Forex Factory
The Forex Factory Calendar is a very popular tool and easy-to-use calendar to keep track of all Forex-related events and news in the market. By knowing how to use the calendar, it will definitely be beneficial to your day-to-day trading and strategy planning. Let us show you how to start using the Forex News Calendar as a helpful tool when you start making trading decisions.
Although there is no need to study news for technical analysis, it is good to know when there is news. This is especially true for blockbuster news that may adversely affect the market. Such news will not only affect open positions but also cause slippage and gaps, which can cause serious damage to pending orders.
Step 1: Getting Started with Forex Factory
Strongly recommend saving the webpage https://www.forexfactory.com
Step 2: Time Zone Settings
After clicking the timestamp, you will enter the page where you can set the time zone. This will synchronize the time of each news event with your local time.
It is very important to set the correct time zone. If it is not set, it will be difficult to determine the correct time for each news event.
Step 3: Event Filter
In the Filter function, you can pick and choose what types of events or any specific currency pairs to display. You can also filter by the “Expected Impact” by looking at the high/medium impacts news of what to expect in the coming days/weeks.
Step 4: Setting up Navigation Time Frame
In this “Navigation” section, you can choose to all events/news within the selected time frame such as daily, weekly or monthly. The most common options traders use is weekly as this is most efficient when planning trading strategies for the next few days.
Step 5: Open Details information
To read more additional details of specific news or event, you can click the folder icon to expand for more information. It shows the source, measures, usual effects, frequency and history…etc. of the given event. Once finished reading, click the “X” to close this window.
Frequently Asked Questions
What is a Forex calendar?
The Forex news calendar is a critical tool for any seasoned trader. It shows the scheduled news or events for the week and ranks them from low to high impact.
What is the best Forex news calendar?
We suggest the Forex Factory news calendar. It’s extremely easy to use and is one of the more accurate calendars out there. Plus, you can synchronise your timezone so events are displayed in your local time.
Should you trade Forex news?
To new traders, the answer is a resounding no! Expecting news to push the price in your favour is gambling. We've found it far more useful to study the price action that follows a news event than to try to guess.
Can I trade on Forex News?
Similar to the previous question, it is risky to place new trades during the forex news, especially right before the news. High-impact news like the Non-Farm Payroll (NFP) could cause massive spreads widening and low liquidity.
To summarise, the Forex Factory Calendar is a very useful reference tool to help traders to plan their trading strategies. By using the calendar, the traders can have a better understanding of why the market changes and will be able to predict changes at the same time.
*If you like our content, please click the heart below.
*Risk Disclaimer: Forex trading carries high risk. Past performance is not necessarily indicative of future results.