Forex Factory and its Features
Economic calendar features are the most widely used on this forex portal website because it is easy to use. Traders can view the following economic news release schedule with explanations and predictions made by the website team concerned. In the features of the online economic calendar, traders can do things such as set the currency displayed, set the type of news in the form of economic speech, inflation or central bank, and set the type of high impact news or medium. All that convenience you can do by changing the settings column located at the top right corner of the image.
The featured features of this economic calendar are:
- Information when the news is published (date and time news)
- Type of news whether in the form of high impact or medium impact. The type of high impact news is news that has a major impact on price movements in the money market, such as news on payroll hikes in countries whose currency is influential on the money market, such as the United States, while medium impact news is not too big on foreign exchange market conditions.
- For details, you can access it by clicking on the details column of related news. That way you will get information on how to read the news, news sources, the impact of economic news, and others. Traders should access this column to learn many things related to the forex factory.
- The forecast column is the predicted value of the news to be released with the previous column showing the predicted value on the previously displayed news, while the actual column shows the value of the current news.
- The graph is a section on the website that shows a graph of a news that can be additional information for your forex transactions on the market.
In addition, you can set the news time to be equal to the time in our country. The way you stay logged on this forex website then make the display settings on your user profile. In addition, you are also possible to get newscasts in time period every day or every week on the menu located at the top right.
This feature helps you know which time and money market sessions are open and running actively. Market session will help you determine the type of strategy you want to apply to your trading activities. By going to the website idforextrading.com you will be able to find hours and money market sessions. Market On the market page, you can get general information about the money market. The information displayed on the market feature is a news release layout on charts, charts, and so on. The pages on this website are developed directly by a team of forex expert experts.
If you’re looking for an outside investor, this feature is right for you because your account information is visible to active traders around the world. This feature can connect your trading account so that it shows its statistical information. This view is a simple version of the service myfxbook.com or other forex websites. The good news, this forex factory calendar can be used for free by traders, but remember to keep using regular financial management even if you have used the forecast of the economic calendar. One factor that can lead traders to the success of the transaction is the ability to estimate the movement of the market, although it is rather difficult to understand the data presented by forex site, forex factory. There are special techniques that must be mastered so that the data can facilitate you in entering the market, waiting, or out of the market.
There are several aspects that can help you in reading the direction and purpose of the market related to the news that is on the fundamental calendar.
- Currency information to be released
On the calendar of the forex site, you will be able to find the currency pair whose news will be loaded. Pay attention to the currency pair column that will be broadcast because not all currency pairs will be published on that day. This information will help you to decide whether today you will transact currencies containing such currency by using volatility. You can also choose other currency pairs so that your technical analysis can run normally by avoiding transactions in pairs containing currency.
- Impact – Impact or impact on the forex factory calendar can be illustrated with colored symbols. White color means no effect caused by the bank in a state holiday. Yellow color means the effect on the market can be said small. The orange emblem shows that the impact on the middle market, about 25 to 60 pips only. The red color on this feature means that news will be able to have a big effect on the market can even impact the price up to more than 160 pips. In general, traders are more often alert to the impact symbols are red.
- News time – You can find out the timing of a news release by looking at the clock column on the right. To convert it to Indonesian time you can click on the current hour’s writing then set its time zone into the appropriate time of the market on your MetaTrader trading platform.
- The value of previous news releases – You will be able to find the previous column on the forex factory calendar in the right-hand column, which is the value of last month released from a news type. This value can be used as a benchmark and a comparison with the latest news value published officially.
- Value forecast – The forecast or so-called forecast value is the data predicted by competent sources before the official value is published. These sources are banks and economic observers. This estimation value in some traders has been enough information into the direction of market movement, and if prospects are good they also do not hesitate to transact.
- Actual – Value What is meant by the actual value eagerly awaited on the website of forex factory is the release number of the official agency. But only in the state of numbers that are far from estimates that can have a major impact move the market.
As has been said before, understanding this forex website is not an easy matter. But this is not the only way to win your deal. As a trader, you can choose to learn how to get information from forex factory to generate profits or as additional knowledge only because you are more suitable to use forex technical analysis. Good luck and good luck!