What is ForexFactory? - What is ForexFactory

What is ForexFactory?

Author: Michael view: 1360 Update: 02/10/2023 Downloads: 0

ForexFactory is one of the world’s largest foreign exchange market forums. This is where traders, analysts and experts in the financial sector come to exchange information, ideas and Forex trading strategies.

With millions of visits each month, ForexFactory provides a rich source of information for traders from amateurs to professionals. In this article, we will learn more about what ForexFactory is and how to use it most effectively in 2023.

1.What is ForexFactory?

ForexFactory was founded in 2006 by Nick Bencino – a professional trader. Initially the website only provided some basic tools such as news, economic calendar and some technical indicators.

However, what makes ForexFactory successful is the exchange forum, where members can post, comment, and share ideas and trading strategies. This is a place that connects a community of foreign exchange market enthusiasts, helping people learn from each other to develop.

Currently, ForexFactory has become one of the largest Forex websites in the world with more than 490,000 registered members and millions of visits each month.

2. Forex Factory main features

Here are some key features of Forex Factory:

  • Main exchange forum – where lively discussions take place among members on all topics related to the foreign exchange market.
  • The categories share experiences, trading strategies and technical analysis.
  • Market news and economic calendar – continuously updated information to help traders seize opportunities.
  • Live Forex price list with many different currency pairs and time frames.
  • Technical analysis tool with many indicators to help evaluate trends and find entry points.
  • Function to send email alerts when there is important news or trading signals.
  • Large community, high interaction between members.

ForexFactory’s interface home page

What is ForexFactory? - What is ForexFactory

Thanks to the above features, Forex Factory truly becomes a useful knowledge center for traders around the world. Connecting with the community helps members learn many valuable experiences.

3. How can you personalize these tools and content?

For Scanner block: displays information of currency pairs. To set up the display of this tool, click on the Settings icon.

What is ForexFactory? - What is ForexFactory

  • Rows Displayed: select the amount of information displayed for currency pairs. Currently there are 4, which are 4 lines of information including Bid price, chart, price change expressed in pips and percentage price change. Here, you can choose up to 8 different types of information.
  • Columns Displayed: number of currency pairs you want to view
  • Show Pipettes: show the last decimal in the exchange rate or not.

Then click Apply Settings to complete the installation.

For the information displayed, you can also customize it according to your wishes by clicking on that information line.

For example, the price chart being displayed is in the M15 time frame of 4 hours ago. You can change the time frame by clicking on the line Chart: Last 4 hr.

What is ForexFactory? - What is ForexFactory

Click on the down arrow marks to select the time frame and price chart type. You can also choose the candle color here.

  • For the Calendar block: you can use the news event filtering feature, but this part will be presented in more detail later.

For the remaining blocks, you can perform the operations of moving the block up/down, left/right and expanding the block.

What is ForexFactory? - What is ForexFactory

Bring the cursor to the line displaying the block name and arrow icons will appear. Click on those arrows to move the block as you like. If you don’t want to display the block, click on the “x” sign. ”.

To display more information, click the More button at the bottom, left corner of the block.

4.How to use Forex Factory effectively

Here are some effective ways to use Forex Factory to improve your trading skills:

4.1. Follow news and economic calendar

This is an important source of information to help you grasp events that can greatly impact the market. Forex Factory updates news 24/7 with a calendar of upcoming economic events such as inflation, interest rates, employment data… This helps traders prepare mentally and make the right decisions.

4.2 Research quality articles

Take time to read good articles on Forex Factory. Many authors share trading strategies and in-depth market analysis. You can learn many good ideas from the experience of seasoned traders.

4.3 Join the discussion

Actively participate in discussions, share experiences and ask questions in the topics. This helps you learn many new perspectives and perspectives from the community.

4.4 Use technical analysis tools

Forex Factory provides many effective technical analysis support tools such as trend indicators, momentum, support and resistance points… Using them in combination with basic analysis knowledge can help you improve your accuracy rate when trading.

4.5 Set up alerts

Use Forex Factory’s alert feature to receive timely email notifications when there are major market movements. This helps you not miss out on potential opportunities or risks.

The above are just some examples of how to leverage Forex Factory to improve trading efficiency. Depending on your goals and users, you can choose the appropriate usage method.

5.Conclude

Forex Factory is a community and useful information site for forex traders. With a vibrant forum, diverse support tools and rich information sources, Forex Factory deserves to be the leading knowledge center for investors.

Hopefully through this article, you have a better understanding of Forex Factory as well as how to use this website to improve trading efficiency. Take full advantage of the resources here to develop your skills and achieve your financial goals. Good luck!

Frequently asked questions

1. Is Forex Factory reputable?

Forex Factory is considered one of the world’s leading prestigious forums on the foreign exchange market. With over 15 years of development and millions of members, Forex Factory is a place to share reliable information for traders.

2. How to register a Forex Factory account?

Signing up for a Forex Factory account is very simple, just go to the homepage and click the “Join” button in the upper right corner.

Then fill in the necessary personal information such as username, email and password. The registration process is completely free.

3. What knowledge can I find at Forex Factory?

Forex Factory provides in-depth knowledge of technical analysis, market news, effective trading strategies and experiences. You can hone your analytical skills, get acquainted with support tools and learn from the trader community.

4. Can I make money from Forex Factory?

Forex Factory is not a place to make money directly but a knowledge sharing platform to support trading. By applying the shared knowledge effectively, you can increase your profitability from real trading activities.

5. How much knowledge do I need to start using Forex Factory?

Forex Factory is suitable for both beginners and experienced traders. Regardless of your level, you can find a lot of useful information on the forum. However, some basic knowledge about the foreign exchange market will help you understand and apply better.

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