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HomeFinance and AccountingMarket TradingForex Factory: What It Means and How Is It Beneficial For You?

Forex Factory: What It Means and How Is It Beneficial For You?

Fair Company Inc.’s most successful venture, Forex Factory has turned out to be a sophisticated trading platform for seasoned and budding traders alike. While the platform was created for professionals who find themselves scouring the foreign exchange market often, amateurs seem to have learned a lot from it. Let’s do a short Forex Factory review to understand how to become a member of the community and how it can help you gain an advantage over other traders. 

How to Become a Member?

One can sign up on Forex for free. All you need to do is provide just the basic information and you’re good to go – like any other website. 

As a member, one has to adhere to some rules. This includes maintaining polite speech with other traders, not trying to scam or spamming the forums, or spewing out conspiracy theories. Racism and nationalism are deeply discouraged and people with personal agendas aren’t favored. The Forex team works day and night to ensure that the members on the platform adhere to the code of conduct. If not, they are kicked out immediately. 

Once your account has been verified, you can post and comment on the forums, directly message other users, subscribe to other members, and follow their stories and threads. You can also post your own stories on the website’s new section. 

The Forex Calendar

You can customize the Forex Calendar to your needs. First, you have to set the time zone so that you get real-time updates on events. You can further filter the type of news you want to see and the currencies you trade in. Check the calendar at regular intervals to stay updated. The news that you can’t keep up on, the Market tab will have it ready for you. 

The Market Tab

The Market tab provides real-time updates on the market through the live chart. The ups and downs the market is going through are laid down for you to analyze. This feature can be used to make quick decisions. Moreover, the Forex Calendar is synced with it so the time zone updates are according to your location. 

Brokers on Forex Factory

There are too many stories on the internet about new traders getting duped by their broker. Forex Factory skips this problem by providing a Brokers tab where a list of vetted brokers is available. You can get details on their headquarters, languages, the markets they work on, their platforms and their minimum deposit fee. Most importantly, you get to analyze their real-time spread. 

Forex Indicators and Journal

A decent amount of indicator tools is available on the platform so that you can take into account the current price and volume of an instrument to see what the future price would be. 

You can create a journal on the website where you can fill in the information on your past activities in trading, along with graphs, strategies and other valuable data. The advantageous part is that other traders can inspect your activities and give you valuable insights. Thanks to it being stored in a cloud system, you never lose the data. 

Final Thoughts

While all the valuable tools on Forex Factory are useful to you, the best thing about the platform has to be the access it provides to various forums. On these forums, you can find other experienced users who don’t mind sharing a few trade tricks. 

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