Forex Factory is a comprehensive website for forex traders, designed to provide the necessary information and tools for successful trading in this global market. This website has various sections, each of which can be useful for traders in its own way.
One of the prominent advantages of Forex Factory is free access to many of its features and resources. This provides a great opportunity for those interested in currency trading to access a wealth of useful and educational information without cost and to enhance their knowledge and skills in this field.
Forex Factory now functions beyond just a discussion forum. This website has evolved into a comprehensive platform offering a wide range of tools and resources for traders. Among these tools are the following:
Latest News and Analysis
Forex Factory continuously publishes news and analysis related to the forex market, which you can access for free. These updates help you stay informed about the latest market developments and make more informed trading decisions.
Trading Tools
Forex Factory offers various trading tools such as the economic calendar, pip calculator, and currency converter, all available for free. These tools can assist you in managing your trades and improving your accuracy and efficiency.
Discussion Forum
Forex Factory’s forum provides a space for discussion and Q&A among traders of different experience levels. You can ask your questions and benefit from the experiences and knowledge of other traders.
Free Education
Forex Factory offers multiple free courses in currency trading. These courses help you get familiar with the basic concepts of the forex market and acquire the necessary skills for trading.
Library
Forex Factory features a comprehensive library of educational articles and books on forex trading, which you can access for free. These resources help you enhance your knowledge of technical analysis, fundamental analysis, and trading psychology.
Economic News
Forex Factory is one of the most reputable sources for tracking economic news that impacts the foreign exchange market.
Economic Calendar
This calendar displays major economic events that can affect exchange rates.
Technical and Fundamental Analyses
In various sections of Forex Factory, analysts review and forecast the market using different methods.
In addition to the mentioned items, Forex Factory offers other free features and tools that you can access by visiting the website.
With the volume of information and tools it provides, Forex Factory has become an essential tool for many forex traders. This website helps them enter the market with more knowledge and preparation, achieving better results.
The fast and volatile nature of the forex market can lead to high levels of psychological stress for traders. Emotions such as fear and greed can disrupt logical decision making and lead to costly mistakes.
You can also prepare yourself mentally and emotionally for entering the forex market by learning and gaining awareness. The best free educational resource available to everyone, including Iranian traders, is the "Zero to One Thousand" course. By watching this course, you can reach your goals and dreams.
Becoming familiar with specialized terminology is the first step in entering any field. The complex and dynamic world of forex is no exception. We will explore and explain the key terms in using Forex Factory in detail, taking a meaningful step toward enhancing your forex trading knowledge and skills.
1. PIP: A Unit for Measuring Price Fluctuation Precision
Abbreviation: Percentage in Point and Price Interest Point
Definition: Represents the smallest possible change in the price of a currency pair
Importance: Understanding PIP is essential for precise price fluctuation analysis and risk management in trading.
2. Lot: Determining Trade Volume in the Forex World
Definition: Represents the trade volume in each transaction
Calculation: Lot size is based on the number of currency units in each trade
Example: 1 Lot of EUR/USD equals 100,000 Euros.
3. Leverage: A Double Edged Sword of Trading with Borrowed Power
Definition: The amount of credit and loan available to execute forex trades
Advantage: Enables larger trades with less capital
Disadvantage: Increases trading risk and potential losses
4. Spread: The Cost of Trading, a Gift to the Broker
Definition: The difference between the bid and ask price of a currency pair
Importance: Spread indicates the trading cost paid to the broker
Choosing a Broker with Competitive Spreads: A crucial step in reducing costs and increasing profitability
5. Margin Call: A Warning to Inject More Capital
Condition: Occurs when the trader’s account falls below the minimum margin requirement to maintain positions
Broker Action: Sends a margin call to the trader
Solution: Deposit additional funds or close some positions to maintain account balance
6. Stop Loss Order: The Loss Brake in Trades
Definition: A predetermined price level for automatically closing a trade to limit losses
Advantage: An effective tool for risk management and capital protection
Proper Stop Loss Setup: The key to maintaining peace of mind during volatile trades
7. Take Profit Order: The Sweet Taste of Profit in Trading
Definition: Similar to a stop loss order, but aimed at closing a trade at a target profit level
Advantage: Ensures profitability and prevents greed from overriding logic
Using Take Profit Orders: A key step toward trading discipline
8. Margin: The Balance Rope in Trading
Definition: The additional capital required to keep a position open
Relation to Account Equity: Margin is determined based on the trader’s account equity
Proper Margin Management: A guarantee for maintaining stability and flexibility in trading
9. Long and Short: Two Sides of the Coin in Trading
Long: Buying a currency pair in anticipation of a price increase
Short: Selling a currency pair in anticipation of a price decrease
Choosing the Right Strategy: Understanding the difference between Long and Short for effective trading decisions
Always remember that trading in financial markets involves risk. Before starting to trade, conduct proper research and use your capital responsibly.
If you wish to invest professionally in financial markets, you must first learn trading strategies properly. By doing so, you will execute more successful trades. Also, keep in mind that using appropriate timeframes based on trading strategies is essential to ensuring success in your trades.
The "Zero to One Thousand" course by Mohammad Ahangari is a suitable resource for learning concepts from basic to advanced, including technical analysis, fundamental analysis, trading psychology, and trading strategies. This course helps you logically trade in financial markets by using technical analysis tools and techniques.
To use the features of Forex Factory, you first need to register on the website. After registering, you can visit different sections of the Forex Factory website, such as news, analyses, tools, and the discussion forum, and select the tool or resource you need. Once you've chosen your desired tool or resource, you can start using it.
For example, if you want to access forex news, you can go to the News section of the website and read your preferred news articles.
Main Sections of Forex Factory:
The Forex Factory home page presents a summary of important forex market news and events, the economic calendar, and various trading tools.
In this section, you can view forex market news categorized by topic and country.
In this section, Forex Factory analysts analyze and forecast the market using various methods.
This section offers various tools such as a pip calculator, economic calendar, and currency converter.
This section provides multiple courses related to forex trading.
In this section, traders can exchange opinions, ask questions, and engage in discussions.
To view news related to the forex market, go to the “News” section at the top of the Forex Factory homepage.
In this section, you can filter news by topic and country.
To read a news article, click on its title.
Example:
To view news related to the EUR/USD pair, go to “News,” then “Currency Pairs,” and select “EUR/USD.”
To view market analyses, go to the “Analysis” section at the top of the Forex Factory homepage.
In this section, you can view analyses categorized by topic and analyst.
To read an analysis, click on its title.
Example:
To view analyses related to the Federal Reserve’s interest rate, go to “Analysis,” then “Fundamental Analysis,” and select “Interest Rate.”
To access Forex Factory's various tools, go to the “Tools” section at the top of the homepage.
This section provides tools such as the pip calculator, economic calendar, and currency converter.
To use a tool, click on its title.
Example:
To calculate profit or loss in a forex trade, use the pip calculator.
To access Forex Factory’s training courses, go to the “Education” section at the top of the homepage.
This section offers various courses on forex trading.
To enroll in a course, click on its title.
Example:
To register for the “Technical Analysis Basics” course, go to “Education,” then “Courses,” and select “Technical Analysis Basics.”
To enter the Forex Factory discussion forum, go to the “Forum” section at the top of the homepage.
Here, you can engage in discussions and Q&A with other traders.
To enter a topic, click on its title.
Example:
To ask questions about trading strategies, go to “Forum,” then select “Trading Strategies.”
In the previous sections, we introduced Forex Factory and provided a step by step guide to using its different features. In this section, we offer practical tips and tricks for making better use of this website’s tools.
This extension allows you to quickly access Forex Factory’s news, analysis, and tools directly from your Chrome browser.
This tool allows you to quickly convert exchange rates for different currency pairs.
This tool enables you to calculate your profit or loss in a forex trade.
By using these tips and tools, you can fully utilize Forex Factory’s features and enhance your knowledge and skills in forex trading.
Setting the time on the Forex Factory is a useful tool for synchronizing the timing of economic announcements and financial events with your own time zone. This helps you stay informed about important developments in the forex market in a timely manner and use that information for your trading decisions.
Steps to Set the Time:
Go to the Forex Factory website (forexfactory.com).
At the top of the page, click onCalendar.
At the bottom right of the calendar page, go to theTime Zonesection.
Click onSet your time zone.
In the pop up window, you can:
Select your time zone from the list of countries.
Use theSearch for a city or time zonebox to find your desired time zone.
Manually adjust the time using the drop down menu.
After selecting your time zone, clickSave Settings.
Tips:
If your time zone is not set correctly, announcements and events may be displayed at incorrect times.
To ensure correct time settings, you can use global time display websites like TimeandDate.com.
Forex Factory uses the 24 hour time format for displaying time.
The Market section on the Forex Factory website goes beyond merely displaying real time currency prices. This section offers valuable analytical tools that help you gain deeper insight into the overall market sentiment. One of these useful tools is the Sentiment Indicator.
What is the Sentiment Indicator?
The Sentiment Indicator shows how many forex traders are inclined to buy (Long) or sell (Short) a specific currency pair. This information is based on the volume of buy and sell orders recorded on Forex Factory.
Why is the Sentiment Indicator Important?
Market sentiment analysis is one of the pillars of technical analysis. By reviewing this indicator, you can understand whether most traders are optimistic (buying) or pessimistic (selling) about a particular currency pair. This can help you identify trading opportunities and the potential direction of price movement.
Successful traders are always looking for tools to enhance their skills and performance. Among them, the trading journal plays a vital role as an effective tool in the path of progress. Forex Factory, by offering its powerful trading journal, helps traders to record, analyze, and evaluate their trades.
Benefits of Using the Forex Factory Trading Journal:
Accurate Record of Trades:
The Forex Factory trading journal allows you to record complete details of each trade, including date, currency pair, trade size, entry and exit prices, profit and loss, and the strategy used.
Analyzing Trading Performance:
By recording trade data in the journal, traders can analyze their performance over time. This leads to identifying strengths and weaknesses and ultimately improving trading skills.
Learning from Past Mistakes:
Recording and reviewing trading mistakes in the journal helps traders learn from past experiences and avoid repeating similar mistakes in the future.
Increasing Trading Discipline:
Using a trading journal brings structure and discipline to the trading process and helps traders engage in trades with a clear plan and strategy.
Identifying Behavioral and Psychological Patterns:
By reviewing the trading journal, traders can identify their behavioral and psychological patterns in trading and take steps to improve them.
The Forex Factory trading journal is a powerful and efficient tool for improving traders’ skills and performance in the forex market. Using this tool helps traders gain deeper insights into their strengths and weaknesses through recording, analyzing, and reviewing their trades and take steps forward on their path of improvement.
A deep understanding of trading journals in financial markets and investing only surplus capital is an undeniable necessity. If you are looking for an opportunity to enter the exciting and profitable world of financial markets, Fenefx Prop Trading can be an ideal option for you. This platform, by offering multiple benefits, provides the opportunity to earn significant income without the need for initial capital, relying solely on your knowledge and skills.
Forex Factory, by offering a comprehensive set of information, tools, and educational resources, is recognized as a reputable and reliable reference for forex traders and analysts. By using the diverse features of this website, you can enhance your knowledge and skills in currency trading and take effective steps toward success in this dynamic market.
Also, to learn how to properly use a Forex Factory, you must reach complete knowledge and awareness and rely on credible and high level learning sources. Education is a fundamental pillar in achieving success in any field, including forex.
Among the best free educational resources for Iranian traders is the "Zero to One Thousand Forex" course by Mohammad Ahangari, which plays a vital role. This course comprehensively and completely delivers basic to advanced concepts in forex trading and serves as an effective step in improving the audience’s knowledge and skills in this field.
