Forex factory is an online community that is dedicated to helping forex traders with education, news, and current statistics. This site on the web is fantastic because there are professional traders that aren’t that different than you or I who have been successful in forex trading. As someone that I knew from long ago used to say: if you want to be successful, then you should hang around people who are successful.
The Forex Factory has three primary functions that are all extremely valuable. The first function is the forums. This is probably the most used area of the site with topics that include trading systems, interactive trading, brokers, commodities and stocks, and also a topic for new traders called Rookie Discussion. The forums are very tightly monitored for content and there is no selling allowed in any forum. So that makes it possible to read unbiased comments on various subjects. You don’t even need to register to read the discussions, but if you want to participate, then you’ll need to register as a new member.
The next important thing that Forex Factory provides is a calendar. This feature represents one of the most unique database sites on the web. It gives you all kinds of information such as events that are happening, what the details of the event are, why you would care, or not care, and financial metrics for reviewing the results versus the forecast. It also includes information on the level of impact that a certain event has by color coding it. When you see all the events lined up, you can quickly determine whether or not you want more information, or in some cases, just don’t bother. The result is that timeliness of important trades can be accomplished without wasting your time on fluff.
The third major function on the Forex Factory site is the news section. What makes this area unique is that it provides a good summary of the most current news items of the day, but as a registered member, you can vote on the usefulness of the story. A quick run down the list will show you that many of the news stories aren’t that helpful, but some definitely are. When you click on the link, it presents you with the headline, the summary, and the opportunity to vote either “useful”, or “fade”. It also provides you with a summary of the votes. This feature is extremely valuable because news stories that don’t matter fall off the radar, which means that the news that matters is what shows up.
While these are the major features of Forex Factory, there are other golden nuggets of information that will help almost anyone. There are forum entries that list articles for beginners. And not just a few, there are hundreds of resources. Anyone learning forex trading from Traders International will want to register for this great site and take advantage of the wealth of information and knowledge that is contained there.