Forex Factory is a famous online trading forum built for forex traders and of different categories. It is well equipped with resources and tools that will enable successful forex trading. The Forex Factory website avails information that can assist both the professional forex trader and the beginner to trade successfully.
One of the tools available at Forex Factory is forex calendar. Some may choose to call it economic calendar or economic news calendar. Forex calendar is just a timed news report that influence the socioeconomic as well as the political power of the essential global economies. The news reports include inflation reports, interest rate statements, employment rates as well as data on trade. These reports come in at different time for different countries. Traders will then make use of these information from the reports to trade forex to their advantage.
The Forex Factory Calendar Set Up And Use
For anyone to make use of the Forex Factory Calendar, there is a need to get acquitted with the features. In this article, we will walk you through the main features so you can understand how it works.
The very first step is to find your way to the official forex factory website, click Here
What you will see is a replica of the image below. That seems massive, but you will understand it all soon.
The next thing to do will be to set your time zone.This is very important as it will help you with time of events of other countries in relation with yours. Locate the time settings at the upper right hand side corner as shown in the diagram below.
From here you can select if its 24hrs time reading you want or the am/pm format.
After you have successfully saved the time settings, the Forex Factory calendar should be displaying each of the news event in relation to your local time. Then you can now set the event filter to choose the type of news as well as the currencies to display. This may not be necessary if you’re not interested in some specific news events and currency pairs.
To filter out the events, click on the “Filter” icon at the upper right hand corner while on the calendar tab as shown in the image below.
The next page will be similar to the one below;
By now, your time zone and your event filter should be configured in your own way. To end the set up process, you need to set the desired time frame. This is the duration of time to be displayed on the calendar. You will do that through the navigation panel. You can set a day, week or month as you so desire. See the image below;
Now that you have set up your forex factory calendar, you may proceed to take advantage of the news events for your trading. There are some highly important news events to look out for such as Monetary policy announcements from any central banks, Federal Open Market Committee (FOMC), unemployment rate, Nonfarm Payrolls (NFP), rate decision by any central bank as well as Gross Domestic Product (GDP). These news events are your tools for a successful forex trading.