Forex Factory aims to offer useful information for individuals actively participating in the foreign exchange (FX) market, even if they're not professional traders. Forex trading is becoming an increasingly popular investment option in the United Kingdom (UK).
Statistics have shown the forex market had an average daily turnover of around £2,948 billion during the second quarter of 2022. Investing in forex can be lucrative, but you need to understand the market and learn forex before you start.
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What is Forex Factory?
ForexFactory.com curates market information for traders in the UK and worldwide. You can use it to read all the latest forex news and access real-time data about currency pairs like the EUR/USD, GBP/JPY, and USD/NZD and their pips.
You can use this to create strategies that help you address market volatility and allow you to make profits. Individuals who volunteered as moderators initially operated it back when it launched in 2004. Since then, Forex Factory has added different features like the trade explorer and time zone settings, helping it become more popular.
What does Forex Factory have to offer?
Forex Factory offers products and resources that can help beginners learn more about day trading and how they can use information about economic events to tailor their strategies.
Let’s look at each of these in more detail.
Calendar
The calendar is one of the most valuable resources at Forex Factory. Other online platforms, such as babypips.com, offer similar features, but they are less comprehensive and presentable than the ones provided by Forex Factory.
You can use the calendar to see all the latest events regarding individual currency pairs. This resource also has a filter feature that narrows search results based on factors such as currencies, event types, and their expected impact.
News
Another great aspect of Forex Factory is the news highlights it has to offer. The news section provides information about political events and economic activities, like gross domestic product (GDP) variations.
When using the news section, you can view results based on different categories, such as technical and fundamental analyses. You can also view the latest events and see what’s happening in major cities like London and New York.
Market charts
The market charts provided by Forex Factory help you get all the real-time information you need about the currency pair you want to trade. Some information you can access here includes live currency trading data and upcoming events and positions for the currency pair.
The section also provides you with news highlights. This feature can help determine the impact of events like central banks increasing interest rates on the pairs you plan to trade. You can tailor your strategies and trade forex more effectively using this information.
Trade Explorer
The Trade Explorer is a web-based resource that you can use to record and analyse your trading activity. It acts like an online trading journal. You can use it to evaluate the performance of your previous trades and can connect it to brokerage accounts and trading systems.
This helps you synchronise the trading data and use the analytical capabilities in real time. You can customise that trade explorer based on your trading requirements and choose where and how you want your trading records displayed. This helps you save time and make swift decisions regarding which pairs to trade.
Brokers guide
This is an advanced guide about properly regulated forex brokers. The versatile interface presents the guide concisely and comprehensively. It combines the latest data, details, and real-time spread, making it essential for traders researching brokers.
Moderators monitor and update the information provided in the guide daily. So, if you use this, you'll always have access to the most accurate and latest information available. You can use this data to optimise your trading strategies and increase profits.
Forex forums
The forums provided by Forex Factory are a great resource for traders who want to be an active part of the Forex community. Their forums have traders from the UK and other countries who share their strategies and debate ideas. Being active in these forums can help you learn a lot about forex trading and the industry.
These forums offer a productive environment where you can professionally engage with other traders. The forums are categorised into different directories: interactive trading, platform tech, and trading systems. This allows you to access and contribute to information in an organised manner and helps to improve your trading skills.
Should I use Forex Factory?
Forex trading is more challenging than it might appear to be. As a trader, online platforms like Forex Factory can allow you to learn more about the industry and help improve your trading skills. Therefore, this platform is an option worth exploring for beginners and experts alike.
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